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Aug 30, 2020
Lifecore Biomedical Q1 2021 Earnings Report
Landec Corporation's financial performance was reported for Q1 2021, showing a planned revenue decrease but an increase in gross profit and adjusted EBITDA.
Key Takeaways
Landec Corporation reported a decrease in revenues but an increase in gross profit and adjusted EBITDA for the first quarter of fiscal year 2021. The company is focused on improving its balance sheet, investing in innovation, and optimizing operations.
Revenues decreased by 2.2% year-over-year to $135.6 million.
Gross profit increased by 6.6% year-over-year to $16.3 million.
Net loss was $11.0 million, including $7.8 million in restructuring and other non-recurring charges.
Adjusted EBITDA increased by 890% year-over-year to $3.1 million.
Lifecore Biomedical
Lifecore Biomedical
Forward Guidance
Landec Corporation is reiterating its full year fiscal 2021 guidance, excluding restructuring and other nonrecurring charges, tax implications and any potential impact from the ongoing COVID-19 pandemic.
Positive Outlook
- Consolidated Revenues: range of $530 million to $550 million (-10% to -7%)
- Lifecore: range of $93 million to $97 million (+8% to +13%)
- Curation Foods: range of $437 million to $453 million (-13% to -10%)
- Consolidated Adjusted EBITDA: range of $33 million to $37 million (+50% to +68%)
- Lifecore Adjusted EBITDA: range of $22.5 million to $24.5 million (+12% to +22%)
Challenges Ahead
- Consolidated Revenues: range of $530 million to $550 million (-10% to -7%)
- Curation Foods: range of $437 million to $453 million (-13% to -10%)
- Consolidated Adjusted EBITDA: range of $33 million to $37 million (+50% to +68%)
- Curation Foods Adjusted EBITDA: range of $12 million to $14 million (+181% to +238%)
- Minimal quarterly variation due to seasonality is anticipated for both Lifecore and Curation Foods.