CHASKA, Minn., May 16, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) ("Lifecore" or the "Company"), a fully integrated contract development and manufacturing organization ("CDMO"), announced certain incremental liquidity measures and housekeeping matters related to divested businesses through a series of 8-K filings over the past week. James G. Hall, President and Chief Executive Officer of Lifecore, commented, "We believe these incremental liquidity improvements will provide Lifecore wi ...

2 Investor Present April 2024 Important Information Regarding Forward-Looking St This presentation contains forward-looking statements regarding future events and the future results of Lifecore Biom‹ "Company") that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and ot the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as "anticipate", "estimate", "expect", "pro "believe", "may", "might", "will", "should", "can have", "likely" an ...

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 28, 2023, 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 LIFECORE BIOMEDICAL, INC. (Exact name of registrant as specified in its charter) Delaware 94-3025618 ( ...

Lifecore Biomedical, Inc. (NASDAQ:LFCR) Q4 2023 Results Conference Call August 31, 2023 8:30 AM ET Company Participants Jeff Sonnek - IR-ICR Jim Hall - President, CEO John Morberg - CFO Operator Good morning, and thank you for joining Lifecore's Fiscal 2023 Fourth Quarter Earnings Call. [Operator Instructions]. Now I'd like to turn the call over to Jeff Sonnek, Investor Relations at ICR. Jeff Sonnek Good morning, and thank you for joining us today to discuss Lifecore Biomedical's Fourth Quarter and Full Yea ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Quarter Ended February 26, 2023, or For the Transition period for _________ to _________. Commission file number: 000-27446 LIFECORE BIOMEDICAL, INC. Delaware 94-3025618 (State or other jurisdiction of incorporation ...

Financial Data and Key Metrics Changes - Lifecore segment revenue for Q3 2023 decreased by 24% to $26.3 million, driven by a 28% decrease in the CDMO business and a 15% decrease in HA raw material manufacturing [51] - Lifecore segment gross profit decreased by $6.8 million to $6.1 million, resulting in a gross margin of 23.1%, down from 37.1% in the prior year [52] - Adjusted EBITDA for the Lifecore segment was $3 million for Q3 2023, representing an adjusted EBITDA margin of 11.6% [40] Business Line Data and Key Metrics Changes - The decrease in CDMO revenue was primarily due to a shift in the timing of scaled-up processes for commercial products and a higher mix of earlier-stage projects with lower net revenue [51] - The HA raw material manufacturing revenue decline was attributed to the timing of customer shipments compared to the prior year [22] - The corporate and other segment reported an adjusted EBITDA of approximately negative $2 million for Q3, which was slightly above expectations [41] Market Data and Key Metrics Changes - Lifecore is the only manufacturer of pharmaceutical injectable-grade HA with CDMO expertise in the market, with approximately 55% of all new drug applications being injectables [30] - The demand for prefilled syringes is growing at an estimated 13% compound annual rate [30] Company Strategy and Development Direction - Lifecore is focused on becoming a standalone CDMO following the divestment of the Curation Foods segment and is exploring strategic alternatives to maximize shareholder value [6] - The company aims to leverage its unique expertise and ongoing industry trends towards outsourcing new drug development to expand its growth opportunities [31] - Lifecore has entered into a significant supply agreement with Alcon, which has the potential to increase HA raw material manufacturing by approximately 70% over the next several years [33] Management's Comments on Operating Environment and Future Outlook - Management expects a sequential improvement in Q4 2023, the largest quarter of the year, due to the shift in project timing and an improved revenue mix [24] - The company anticipates returning to more normalized revenue and adjusted EBITDA levels realized in fiscal year 2022, reflecting substantial growth over fiscal year 2023 results [54] - Lifecore is well positioned for significant growth ahead, with a strong foundation and ongoing investments in commercial capabilities [48] Other Important Information - The company incurred $8.9 million in restructuring and non-recurring charges in Q3 due to divestment and refinancing activities [42] - CapEx for Q3 was $6.3 million, focused on supporting long-term growth initiatives, including two multiuse isolator fillers [43] - Lifecore's net bank debt decreased to $120 million from $143.7 million at the end of fiscal 2022, following refinancing efforts [25] Q&A Session Summary - The company did not conduct a live Q&A session during the call due to ongoing exploration of strategic alternatives [5]

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 November 27, 2022, 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 LIFECORE BIOMEDICAL, INC. (Exact name of registrant as specified in its charter) Delaware 94 ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the Fiscal Quarter Ended August 28, 2022, 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) Delaware 94-3025618 ...

Financial Restatement - Landec Corporation is restating its previously issued financial statements for the year ended May 29, 2022, including unaudited consolidated balance sheets and statements of comprehensive income[13]. - The restatement primarily involves corrections related to the classification of certain expenses and accruals, which will now be classified as selling, general and administrative expenses[14]. - The company has assessed the materiality of these corrections and concluded that the prior financial statements should be restated in accordance with SEC guidelines[15]. - The financial information previously reported is superseded by the information in the current Annual Report on Form 10-K[17]. Internal Controls - Management identified a material weakness in internal controls over financial reporting, particularly concerning non-standard transactions as of May 29, 2022[18]. - The updated disclosures regarding controls and procedures are reflected in the Annual Report on Form 10-K[16]. Forward-Looking Statements - Forward-looking statements in the report are subject to risks and uncertainties that may cause actual results to differ materially from expectations[20]. - Potential risks include the timing and expenses associated with operations and the ability to achieve market acceptance of new products[20]. - The company emphasizes that actual results could differ from projections due to various risk factors outlined in the report[21]. - All forward-looking statements are qualified by cautionary statements regarding the inherent uncertainties in predicting future events[22]. - The company emphasizes the importance of evaluating forward-looking statements in the context of identified risks and uncertainties[23]. - The company does not undertake any obligation to publicly update or revise forward-looking statements unless required by law[23]. - Risks and uncertainties mentioned may not encompass all factors significant to stakeholders[23]. - The forward-looking statements are only valid as of the date of the report[23].

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].