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Nov 27, 2022
Lifecore Biomedical Q2 2023 Earnings Report
Lifecore Biomedical reported results for the second quarter of fiscal year 2023.
Key Takeaways
Lifecore Biomedical reported a decrease in consolidated revenues by 10.7% year-over-year, with a net loss from continuing operations of $12.4 million. The company also announced its intention to explore strategic alternatives to maximize value for stockholders.
Consolidated revenues were $38.8 million, a decrease of 10.7% year-over-year.
Consolidated gross profit was $7.1 million, a decrease of $7.6 million, or 51.7% year-over-year.
Consolidated net loss from continuing operations was $12.4 million, including a non-cash intangibles impairment charge of $1.3 million and $4.1 million of restructuring and other non-recurring charges.
Consolidated adjusted EBITDA was $(0.4) million, compared to $8.2 million in the prior year period.
Lifecore Biomedical
Lifecore Biomedical
Forward Guidance
Due to the Company's announcement of its intention to explore strategic alternatives, the Company is withdrawing its previously announced full year fiscal 2023 guidance.