Financial Data and Key Metrics Changes - Lifecore achieved full year revenue growth of over 11% to $109.3 million and adjusted EBITDA growth of 18% to $28.9 million [20][45] - For the fiscal fourth quarter of 2022, total revenues increased 6.9% to $27.6 million, with a gross profit increase of 19% to $13.4 million, resulting in a gross margin of 48.4% [42][43] - Adjusted EBITDA for the fourth quarter increased 15.9% to $8.9 million, with an adjusted EBITDA margin of 32.3% [44] Business Line Data and Key Metrics Changes - The CDMO business saw a 2% increase, while the fermentation business experienced a 34.1% increase in the fourth quarter [42] - Lifecore's project portfolio remains strong with 24 active projects across various phases of development, representing a potential revenue opportunity of up to $200 million [26][28] Market Data and Key Metrics Changes - Approximately 55% of all new drug applications are injectables, with prefilled syringe demand growing at a 13% compound annual rate, indicating a favorable market environment for Lifecore [22] - The company is well-positioned to fill unmet demand in the injectable drug manufacturing market due to limited industry capacity [23] Company Strategy and Development Direction - The company is transitioning its focus to Lifecore Biomedical, with plans to change its corporate name and ticker symbol [10][39] - Lifecore aims for a multiyear acceleration of annual revenue growth into the mid to high-teens, driven by a robust development project portfolio and favorable industry trends [33][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complexities added by the shifting macroeconomic environment but remains optimistic about future growth opportunities [18] - The company is preparing for growth by modernizing systems and expanding operational capacity, with a CapEx budget of $34 million to $38 million for fiscal 2023 [38][39] Other Important Information - The company has made leadership changes to align with the new strategy, including the appointment of Jim Hall as CEO [4][11] - Lifecore's balance sheet reflects a reduction in net bank debt from $192.7 million to $136.4 million due to asset monetization efforts [51] Q&A Session Summary Question: Regarding the Curation Foods sale, will it involve multiple transactions? - Management confirmed that the sale involves two different processes for the remaining assets, which are expected to occur simultaneously [56][58] Question: Will the name and ticker change wait for the sale of Curation assets? - The process for the name and ticker change has already started and will not wait for asset sales [71] Question: What are the goals for the project pipeline? - The focus is on the quality of projects rather than just quantity, with an internal goal of upper double-digit growth in new development revenue [73] Question: How is the onboarding process for new projects managed? - The onboarding process is staged based on resources, but the organization is prepared to handle multiple new projects simultaneously [75] Question: What is the outlook for cash flow from operations? - Guidance on cash flow is difficult to provide at this time due to uncertainties surrounding asset sales [76] Question: What is the interest expense outlook? - Interest rates are expected to be in the range of 8% to 9% due to a combination of term and revolver debt [82]

Revenue Performance - Lifecore's revenues for the three months ended February 27, 2022, increased by 28% to $34.8 million compared to $27.2 million for the same period last year[185]. - Curation Foods' revenues for the three months ended February 27, 2022, increased by 5% to $18.3 million compared to $17.5 million for the same period last year[185]. - Total revenues for the Company for the three months ended February 27, 2022, increased by 19% to $53.1 million compared to $44.7 million for the same period last year[185]. - Lifecore's revenue increase for the nine months ended February 27, 2022, was driven by a $10.6 million increase in CDMO revenues due to higher sales to new and existing customers[187]. - Curation Foods' revenue increase for the nine months ended February 27, 2022, was primarily driven by increased volume of guacamole, avocado products, and olive oil and wine vinegars[188]. Profitability - Lifecore's gross profit increased by $1.344 million (12%) to $12.905 million for the three months ended February 27, 2022, compared to $11.561 million for the same period last year[191]. - Curation Foods' gross profit decreased by $1.890 million (66%) to $990 thousand for the three months ended February 27, 2022, primarily due to increased freight and raw product sourcing costs[191][193]. - Total gross profit for the company decreased by $546 thousand (4%) to $13.895 million for the three months ended February 27, 2022, compared to $14.441 million for the same period last year[191]. Expenses - R&D expenses increased by $468 thousand (31%) to $1.978 million for Lifecore for the three months ended February 27, 2022, driven by higher salary and benefits expenses[195]. - Total SG&A expenses increased by $1.591 million (20%) to $9.725 million for the three months ended February 27, 2022, primarily due to higher salary and benefits expenses in the Lifecore segment[198]. - Restructuring costs for the three months ended February 27, 2022, were $5.9 million, compared to $2.0 million for the same period last year[200]. Cash Flow and Financing - Net cash used in operating activities was $24.4 million for the nine months ended February 27, 2022, compared to $10.6 million of net cash provided for the same period last year[208]. - Net cash provided by investing activities was $101.2 million for the nine months ended February 27, 2022, primarily due to the receipt of $73.5 million related to the Eat Smart Disposition[210]. - Net cash used in financing activities was $76.2 million for the nine months ended February 27, 2022, primarily due to $86.4 million of debt pay downs[211]. - Capital expenditures during the nine months ended February 27, 2022, were $18.5 million, compared to $11.4 million for the same period last year[212]. Debt and Credit Agreements - As of February 27, 2022, $39.9 million was outstanding on the Refinance Revolver, with an interest rate of 3.00%[219]. - The Refinance Term Loan had an interest rate of 9.5% as of February 27, 2022[219]. - The Company incurred debt issuance costs of $10.5 million in connection with the New Credit Agreements[217]. - A loss of $1.1 million was recognized in fiscal year 2021 due to the non-cash write-off of unamortized debt issuance costs related to the refinancing[218]. - The New Credit Agreements allow the Company to increase revolver commitments by up to $15.0 million, subject to certain conditions[216]. - The Company was in compliance with all financial covenants and had no events of default under the New Credit Agreements as of February 27, 2022[219]. - The interest on the Refinance Term Loan is based on either the base rate plus a spread of 7.50% or the LIBOR rate plus a spread of 8.50%[215]. - The Refinance Revolver interest is based on the LIBOR rate plus a spread of 2.00% to 2.50% or the base rate plus a spread of 1.00% to 1.50%[215]. - The Company terminated the previous Credit Agreement upon closing the New Credit Agreements[218]. Strategic Initiatives - Lifecore is a leading manufacturer of pharmaceutical-grade sodium hyaluronate, leveraging 36 years of expertise in the biopharmaceutical sector[161]. - Curation Foods focuses on innovating and distributing plant-based foods with 100% clean ingredients across North America[162]. - Lifecore has made strategic capital investments to extend its aseptic filling capacity to meet increasing partner demand[169]. - The Company expects to continue assessing the evolving impact of the COVID-19 pandemic on its operations and make necessary adjustments[182]. Long-term Obligations - There have been no material changes to long-term contractual obligations as reported in the most recent Annual Report[221].

Financial Data and Key Metrics Changes - Lifecore business revenue grew by 28% to $34.8 million in the fiscal third quarter, with a 27.9% increase compared to the prior year period [7][24] - Adjusted EBITDA for Lifecore increased by 5.9% to $8.6 million, representing an adjusted EBITDA margin of 24.6% [25] - Curation Foods revenue increased by 4.6% to $18.3 million, with an adjusted EBITDA loss of $0.9 million compared to a profit of $1.2 million in the prior year [29] Business Line Data and Key Metrics Changes - Lifecore's CDMO business saw a 33.1% revenue increase, while the fermentation business grew by 16.4% [24] - Curation Foods' avocado products represented approximately 85% of the segment's revenue mix, with a 1.9% increase in avocado product sales [28][29] Market Data and Key Metrics Changes - The avocado products business is positioned well within a growing industry, supported by favorable consumer trends despite recent inflationary impacts [9] - The High Pressure Processing (HPP) investment is opening new opportunities with major customers for private label placements, which are growing at more than double the industry rate [9][10] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through optimizing remaining assets and deploying excess cash towards debt repayment and growth initiatives [10][12] - Lifecore is capitalizing on the growing CDMO opportunities, with a strong development pipeline of 24 projects across various phases [14][15] - The company is committed to continuous operational improvements and enhancing its quality control labs to support growth [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full fiscal year 2022 guidance, anticipating a normalization of operations and improved ordering patterns [8][26] - The company expects a sequential improvement in gross margins in the fiscal fourth quarter, despite a projected decrease in the second half of the fiscal year [27] Other Important Information - The company has shifted the Eat Smart business into discontinued operations following its sale, which does not impact the comparability of performance metrics [11][28] - The company has made significant progress in simplifying its business and enhancing financial flexibility, with net bank debt reduced to $117.6 million [30] Q&A Session Summary Question: What caused the margin squeeze during the quarter despite strong orders in Lifecore? - Management explained that the margin squeeze was due to inventory rebalancing and a mix of lower-margin products, with expectations for improved margins in the fourth quarter [36][37] Question: Is there conservatism in the guidance? - Management expressed confidence in the guidance based on strong insights into customer activities and reiterated their comfort with the current numbers [39] Question: Were the two new projects with new customers or existing relationships? - The two new projects were with new customers, bringing the total project load to 24 with 21 customers [40][41] Question: What was the impact of product mix on margins? - The negative margin mix was primarily due to the CDMO side, particularly the legacy ophthalmic business, which had a significant impact on the third quarter [44][45] Question: What is the status of the services contract with Taylor? - The services contract is winding down and is expected to be completed in the next two months [49] Question: Is there interest in the Yucatan asset? - Management indicated that they are working to maximize shareholder value and continue to implement Project SWIFT, but did not provide specific details on third-party interest [55] Question: What is the expected CapEx for Q4? - The expected CapEx for Q4 is approximately $13 million, with a total of $27 million for the fiscal year [62]

www.lifecore.com CONFIDENTIAL 1 (Nasdaq: LNDC) Lifecore Biomedical Investor Presentation January 2022 Progress made possible Important Information Regarding Forward-Looking Statements This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as "anticipate", ...

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the quarter and six months ended November 28, 2021, including balance sheets, comprehensive loss, equity, and cash flows, highlighting goodwill impairment and business dispositions Consolidated Balance Sheet Highlights (unaudited) | (In thousands) | Nov 28, 2021 | May 30, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $154,521 | $148,321 | | Goodwill | $37,329 | $69,386 | | **Total Assets** | **$422,124** | **$502,924** | | **Total Current Liabilities** | $122,264 | $101,888 | | Long-term debt, net | $124,194 | $164,902 | | **Total Liabilities** | **$265,922** | **$300,140** | | **Total Stockholders' Equity** | **$156,202** | **$202,784** | Consolidated Statements of Comprehensive Loss Highlights (unaudited) | (In thousands, except per share) | Three Months Ended Nov 28, 2021 | Three Months Ended Nov 29, 2020 | Six Months Ended Nov 28, 2021 | Six Months Ended Nov 29, 2020 | | :--- | :--- | :--- | :--- | :--- | | Product sales | $129,492 | $130,904 | $258,280 | $266,547 | | Gross profit | $12,992 | $20,637 | $30,511 | $36,983 | | Impairment of goodwill | $32,057 | $— | $32,057 | $— | | Operating loss | $(37,030) | $(1,466) | $(40,838) | $(13,935) | | **Net loss** | **$(38,441)** | **$(13,301)** | **$(47,918)** | **$(24,301)** | | **Diluted net loss per share** | **$(1.30)** | **$(0.45)** | **$(1.63)** | **$(0.83)** | Consolidated Statements of Cash Flows Highlights (unaudited) | (In thousands) | Six Months Ended Nov 28, 2021 | Six Months Ended Nov 29, 2020 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(4,306) | $18,456 | | Net cash provided by investing activities | $33,172 | $5,478 | | Net cash used in financing activities | $(29,070) | $(21,996) | | **Net (decrease) increase in cash** | **$(204)** | **$1,938** | - The company recorded a goodwill impairment charge of **$32.057 million** related to its Eat Smart business, driven by lower market valuations and decreased projected cash flows[64](index=64&type=chunk) - On June 1, 2021, the company sold all equity interests in Windset for an aggregate purchase price of **$45.1 million**[96](index=96&type=chunk)[49](index=49&type=chunk) - Subsequent to quarter end, on December 13, 2021, the company completed the sale of its Eat Smart business to Taylor Farms for **$73.5 million** in cash[139](index=139&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial condition and results of operations, comparing current and prior periods, covering segment performance, operating expenses, liquidity, cash flows, and debt obligations, including a significant refinancing [Corporate Overview and Strategy](index=26&type=section&id=2.1%20Corporate%20Overview%20and%20Strategy) The company operates through Curation Foods (plant-based foods) and Lifecore Biomedical (CDMO for sterile injectables), with Curation Foods implementing 'Project SWIFT' and the company completing key business divestitures - The company's two main reportable segments are **Curation Foods** (natural foods) and **Lifecore Biomedical** (CDMO for sterile injectable pharmaceuticals)[151](index=151&type=chunk)[153](index=153&type=chunk) - Curation Foods' strategy includes **'Project SWIFT'**, a program designed to improve profitability by simplifying the business, realigning resources, and optimizing its operational network[155](index=155&type=chunk) - Lifecore is a fully integrated CDMO specializing in the development, fill, and finish of sterile, injectable-grade pharmaceutical products, with expertise in **Hyaluronic Acid (HA)**[151](index=151&type=chunk)[162](index=162&type=chunk) [Results of Operations](index=28&type=section&id=2.2%20Results%20of%20Operations) Total revenues decreased by 1% in Q2 FY22, driven by Curation Foods' decline offset by Lifecore's growth, while gross profit significantly dropped due to Curation Foods' challenges, partially mitigated by Lifecore's improved gross profit and lower SG&A expenses Revenues by Segment (In thousands) | Segment | Three Months Ended Nov 28, 2021 | Three Months Ended Nov 29, 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Curation Foods | $104,546 | $107,685 | $(3,139) | (3)% | | Lifecore | $24,946 | $23,219 | $1,727 | 7% | | **Total Revenues** | **$129,492** | **$130,904** | **$(1,412)** | **(1)%** | Gross Profit by Segment (In thousands) | Segment | Three Months Ended Nov 28, 2021 | Three Months Ended Nov 29, 2020 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Curation Foods | $1,277 | $10,163 | $(8,886) | (87)% | | Lifecore | $11,715 | $10,474 | $1,241 | 12% | | **Total Gross Profit** | **$12,992** | **$20,637** | **$(7,645)** | **(37)%** | - The decrease in Curation Foods' revenues and gross profit was driven by planned reductions in its legacy vegetable business under **Project SWIFT**, COVID-19 headwinds, and increased raw product sourcing costs[175](index=175&type=chunk)[180](index=180&type=chunk) - The increase in Lifecore's revenues and gross profit was due to a **$3.1 million** increase in CDMO revenues from higher development services activities and a favorable sales mix[176](index=176&type=chunk)[181](index=181&type=chunk) - Total SG&A expenses decreased by **14%** for the three months ended November 28, 2021, primarily due to a decrease in legal fees from compliance and other litigation matters[185](index=185&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=2.3%20Liquidity%20and%20Capital%20Resources) As of November 28, 2021, the company had $1.1 million in cash, with net cash used in operating activities of $4.3 million, while investing activities provided $33.2 million from the Windset sale, and financing activities used $29.1 million primarily for debt repayments - Cash and cash equivalents stood at **$1.1 million** as of November 28, 2021[194](index=194&type=chunk) - Net cash used in operating activities was **$4.3 million** for the six months ended November 28, 2021, a significant shift from **$18.5 million** provided in the prior year[195](index=195&type=chunk) - Investing activities provided **$33.2 million** in cash, primarily from the **$45.1 million** sale of the Windset investment, partially offset by **$13.0 million** in capital expenditures[197](index=197&type=chunk) - Financing activities used **$29.1 million** in cash, primarily due to **$41.4 million** in term loan debt repayments, offset by a **$13.0 million** net increase in the line of credit[198](index=198&type=chunk) - The company refinanced its debt in December 2020, securing a **$75.0 million** revolving line of credit and a **$170.0 million** term loan facility, with **$42.0 million** outstanding on the revolver as of November 28, 2021[200](index=200&type=chunk)[207](index=207&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its quantitative and qualitative disclosures about market risk since its Annual Report on Form 10-K for the fiscal year ended May 30, 2021 - There have been no material changes to the information regarding market risk from the Form 10-K for the fiscal year ended May 30, 2021[209](index=209&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) As of November 28, 2021, management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures are effective as of November 28, 2021[210](index=210&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the six months ended November 28, 2021[211](index=211&type=chunk) Part II. Other Information [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including an internal investigation into potential environmental and FCPA compliance issues at its Tanok facility in Mexico - The company is involved in various legal proceedings and refers to Note 1 of the financial statements for detailed disclosures on legal contingencies[214](index=214&type=chunk) - A key legal matter involves an internal investigation into potential environmental and **Foreign Corrupt Practices Act (FCPA)** compliance issues at the Tanok facility in Mexico, which began prior to its acquisition[89](index=89&type=chunk)[90](index=90&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors as previously disclosed in its Annual Report on Form 10-K for the fiscal year ended May 30, 2021 - There have been no material changes to the company's risk factors since the last Annual Report on Form 10-K[215](index=215&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported for this item[216](index=216&type=chunk) [Defaults Upon Senior Securities](index=34&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported for this item[217](index=217&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[218](index=218&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - None reported for this item[219](index=219&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including the Asset Purchase Agreement for the Eat Smart business disposition and Sarbanes-Oxley Act certifications - A key exhibit filed is the Asset Purchase Agreement, dated December 13, 2021, for the sale of the Eat Smart business to Taylor Farms Retail, Inc[221](index=221&type=chunk) - Certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the **Sarbanes-Oxley Act of 2002** are included as exhibits[221](index=221&type=chunk)

Landec Corporation (LNDC) Q2 2022 Earnings Conference Call January 5, 2022 5:00 PM ET Company Participants Jeff Sonnek - Managing Director, ICR Albert Bolles - President and Chief Executive Officer Jim Hall - President-Lifecore John Morberg - Chief Financial Officer Conference Call Participants Gerry Sweeney - ROTH Capital Partners Mark Smith - Lake Street Capital Markets Mitchell Pinheiro - Sturdivant & Co Anthony Vendetti - Maxim Group Operator Good afternoon, and thank you for joining Landec's Fiscal 2 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Quarter Ended August 29, 2021, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period for _________ to _________. Commission file number: 000-27446 LANDEC CORPORATION (Exact name of registrant as specified in its charter) | Securities registe ...

Landec Corporation (LNDC) Q1 2022 Earnings Conference Call September 29, 2021 5:00 PM ET CorporateParticipants Jeff Sonnek - IR, ICR Albert Bolles - President and Chief Executive Officer John Morberg - Chief Financial Officer Jim Hall - President, Lifecore ConferenceCall Participants Mark Smith - Lake Street Capital Markets Anthony Vendetti - Maxim Group Mitch Pinheiro - Sturdivant & Company Mike Petusky - Barrington Research Operator Good afternoon and thank you for joining Landec's Fiscal 2022 First Quart ...

I N V E S T O R P R E S E N TAT I O N S e p t e m b e r 2 0 2 1 I M P O R T A N T C A U T I O N S R E G A R D I N G F O R W A R D - L O O K I N G S T A T E M E N T S Except for the historical information contained herein, the matters discussed in this presentation are forward- looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ mater ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended May 30, 2021, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from _________ to _________. Commission file number: 000-27446 LANDEC CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3025618 (State o ...