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Aug 28, 2022
Lifecore Biomedical Q1 2023 Earnings Report
Landec Corporation reported first quarter fiscal year 2023 results, with Lifecore segment revenues and EBITDA increasing.
Key Takeaways
Landec Corporation reported a 4.1% increase in consolidated revenues, driven by an 8.0% increase in Lifecore segment revenues. The company is progressing with its strategy to divest Curation Foods assets and focus on Lifecore CDMO business.
Consolidated revenues increased by 4.1% year-over-year to $43.4 million.
Lifecore segment revenues increased by 8.0% to $23.7 million year-over-year.
Consolidated net loss from continuing operations was $12.1 million, including $2.7 million of restructuring and non-recurring charges.
The company is reiterating its full year fiscal 2023 guidance for Lifecore and Corporate segments.
Forward Guidance
The Company is reiterating its full year fiscal 2023 guidance for its Lifecore and Corporate segments.
Positive Outlook
- Lifecore segment revenue: range of $122 million to $126 million (+12% to +15%)
- Lifecore segment adjusted EBITDA: range of $31.0 million to $32.5 million (+7% to +12%)
Challenges Ahead
- Other segment (corporate expense): range of ($7.0) million to ($7.5) million
- Consolidated adjusted EBITDA*: range of $23.5 million to $25.5 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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