Landec(LFCR) Globenewswire·2025-01-02 21:05Core Insights - Lifecore Biomedical, Inc. reported revenues of $32.6 million for Q2 Fiscal 2025, reflecting an 8% increase compared to $30.2 million in the same period last year [8][12] - The company signed multiple development agreements with new customers, enhancing its early-stage development pipeline [3][2] - Lifecore strengthened its balance sheet by raising approximately $24.3 million through equity financing and restructuring its credit facility with BMO [5][6] Financial Performance - Revenues for the six months ended November 24, 2024, were $57.3 million, a 5% increase from $54.7 million in the prior year [13] - Gross profit for Q2 was $11.1 million, up from $10.0 million year-over-year, driven by increased CDMO gross profit [9] - The company recorded a net loss of $6.6 million for Q2, compared to a net income of $14.2 million in the same period last year [12] Operational Developments - Lifecore successfully installed and qualified a high-speed, multi-purpose 5-head isolator filler, doubling its capacity and creating a potential revenue-generating capacity of up to $300 million annually [4] - The company appointed several key executives to support its growth strategy, including a new CFO and senior vice president of human resources [7] Business Development - Lifecore signed two new project agreements with Nirsum Laboratories, focusing on CDMO services for clinical development [3] - The business development team achieved significant milestones during the quarter, contributing to the overall growth strategy [2] Balance Sheet and Financing - The company completed a $24.3 million private placement of shares, enhancing its financial position [5] - Lifecore amended its revolving credit facility with BMO, resulting in a three-year extension and reduced interest rates [6]