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Feb 23, 2020
Lifecore Biomedical Q3 2020 Earnings Report
Reported third quarter and first nine months fiscal 2020 results.
Key Takeaways
Landec Corporation reported a decrease in revenues and gross profit for the third quarter of fiscal 2020, with revenues at $152.9 million and gross profit at $20.0 million. The company experienced a net loss of $11.5 million, which includes $12.7 million of restructuring and other non-recurring charges, net of tax. Adjusted EBITDA was $6.8 million, excluding $16.8 million of restructuring and other non-recurring charges.
Revenues of $152.9 million, a decrease of 2% year over year
Gross profit of $20.0 million, a decrease of 7% year over year
Net loss of $11.5 million, which includes $12.7 million of restructuring and other non-recurring charges, net of tax.
Adjusted EBITDA was $6.8 million, which excludes $16.8 million of restructuring and other non-recurring charges
Lifecore Biomedical
Lifecore Biomedical
Forward Guidance
Excluding restructuring and other nonrecurring charges, tax implications and any potential impact of the COVID-19 pandemic, the Company is reiterating its full year fiscal 2020 guidance
Positive Outlook
- Consolidated Revenues: range of $580 million to $590 million (growth of 4% to 6%)
- Lifecore: range $84 million to $85 million (growth of 10% to 12%)
- Curation Foods: range of $496 million to $504 million (growth of 3% to 5%)
- Consolidated Adjusted EBITDA: range $30 million to $34 million (growth of 15% to 30%)
- Lifecore Adjusted EBITDA: range of $21 million to $23 million (growth of 5% to 15%)
Challenges Ahead
- Curation Foods Adjusted EBITDA: range of $12 million to $14 million (growth of 70% to 90%)
- Consolidated Adjusted diluted net income per share: range of $0.16 to $0.20