Loading...
•
Nov 28, 2021
Lifecore Biomedical Q2 2022 Earnings Report
Reported results for the fiscal 2022 second quarter, reiterated fiscal 2022 guidance for Lifecore, provided pro forma Curation Foods segment results, and updated guidance for continuing segment operations.
Key Takeaways
Landec Corporation reported a net loss of $38.4 million for the second quarter of fiscal year 2022. However, pro forma revenues increased by 8.8% year-over-year, and pro forma adjusted EBITDA increased by 41.3% year-over-year. The company also closed the sale of its Eat Smart fresh packaged salads and vegetables business for $73.5 million in cash.
Revenues of $129.5 million, pro forma revenues of $43.5 million after adjustment for the Eat Smart Disposition, a pro forma increase of 8.8% year-over-year
Gross profit of $13.0 million, pro forma gross profit of $14.7 million, a pro forma increase of 8.2% year-over-year
Pro forma adjusted EBITDA of $8.3 million, compared to $5.9 million in the prior year period, a pro forma increase of 41.3% year-over-year
Lifecore segment adjusted EBITDA of $9.1 million, compared to $7.3 million in the prior year period, an increase of 25.6% year-over-year
Forward Guidance
The Company is reiterating guidance for its Lifecore segment. Additionally, it is updating its guidance to reflect the Curation Foods’ EatSmart Disposition on December 13, 2021, and incremental inflationary and supply chain headwind within the remaining Curation Foods business.
Positive Outlook
- Consolidated Revenues: range of $179 million to $185 million (+4% to +8%)
- Lifecore segment: range of $105 million to $108 million (+7% to +10%)
- Curation Foods segment (fiscal 2022, as reported): range of $261 million to $264 million
- Pro forma Curation Foods segment (fiscal 2022, pro forma for the completion of the Eat Smart Disposition as if it occurred on May 31, 2021): range of $74 million to $77 million (+1% to +5%)
- Consolidated Adjusted EBITDA: range of $20.5 million to $23 million (+10% to +24%)
Challenges Ahead
- Curation Foods segment (fiscal 2022, as reported) Adjusted EBITDA: range of ($2) million to ($3) million
- Other (Corporate Expense) Adjusted EBITDA: range of ($8.0) million to ($8.5) million
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...