Aug 14, 2026 earnings call — Focus on First Defense and capacity expansion
Announced an approximately $8 million investment to expand freeze-drying and colostrum processing capacity.
Revenue $0.0B (est $0.0B) · EPS $0.20 (est $0.05)
Key quotes
"Since we introduced this focus on First Defense and enhanced our yield improvement efforts, we have accelerated our growth and increased our share."
"The new processes are expected to reduce total processing time from 2 to 3 months today to less than 1 month in the future and more than triple our current capacity."
"As Tim also noted, we incurred approximately $150,000 of scrap related to a relatively minor purchased material."
Analyst Q&A 5
Re-Tain investigational study timing
Q: The analyst asked for an update on the Re-Tain study and whether Michigan State gave a timeline for completion.
A: They asked Michigan State to investigate an additional use case and the study is ongoing. Management said the study should be completed around end of September, maybe even beginning of October, and they will share full results with investors then.
"Discussions about the interim results are ongoing, and it will not be completed until, I would say, end of September, maybe even beginning of October." — P. F. Te Boekhorst (CEO)
Why two big customers' share fell
Q: The analyst asked whether the drop in percent from the two primary customers was caused by adding salespeople.
A: They sell through distributors and have a commercial team that wins new customers who then order through those distributors. Management said shifts in which distributors show up are about timing and where new customers are located, not a purposeful change by the company, and they noted strong recent customer acquisition.
"But it's more a question of a little bit of timing and just where those new customers happen to be located and which distributors those new customers prefer to use than a purposeful change on our end." — P. F. Te Boekhorst (CEO)
Re-Tain data and licensing plans
Q: The analyst asked if Re-Tain data are collected and if the company has prepared a package for possible licensing.
A: They are awaiting results of the investigational study by Michigan State before making decisions about Re-Tain. Management expects the study to be completed in the September, October time frame and will decide after seeing those results.
"So we're, in fact, awaiting the results of the investigational study by Michigan State, which we expect to be completed September, October time frame before we make any further decisions on our Re-Tain product." — P. F. Te Boekhorst (CEO)
Seasonality and sell-through growth details
Q (George Melas · MKH Management): He asked about seasonality differences between dairy and beef and whether the 24% sell-through growth was from the two big distributors or from all distributors and how long they have tracked it.
A: Different distributors have strengths by industry and geography; the company ensures national distribution coverage and focuses on winning new customers. Dairy use is year-round, beef has a calving season causing peaks in Q4 and Q1, and the 24% figure is volume growth out-the-door by all distributors from national data the company purchases and has had access to for years.
"So the 24% growth is volume growth out-the-door by all our distributors." — P. F. Te Boekhorst (CEO)
Margin impact and building cost detail
Q: The analyst asked whether the Re-Tain-related margin impact is recurring and whether the dollar amount is fixed.
A: Management said the recurring impact is fair to expect and explained Q2 showed a larger percentage effect because revenue was smaller and the dollar amount was slightly higher. They said the amount reflects building costs — mainly utilities and depreciation — which are pretty stable but can vary a bit with utility bills and maintenance.
"So it's utilities, depreciation associated with the building." — Timothy Fiori (CFO)