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Feb 28, 2021
Lifecore Biomedical Q3 2021 Earnings Report
Landec Corporation reported third quarter and first nine months fiscal 2021 results.
Key Takeaways
Landec Corporation reported a decrease in revenues of 9.9% year-over-year, but adjusted EBITDA increased by 13%. Lifecore Biomedical's revenue grew, while Curation Foods faced COVID-19 headwinds.
Revenues decreased by 9.9% year-over-year to $137.8 million.
Net loss was $5.5 million, including $2.9 million of restructuring and other non-recurring charges.
Adjusted EBITDA increased by 13% year-over-year to $7.6 million.
Lifecore segment adjusted EBITDA increased to $8.1 million, while Curation Foods segment adjusted EBITDA was $0.3 million.
Forward Guidance
The Company is reiterating its full year fiscal 2021 guidance for Lifecore Biomedical and revising its full year fiscal 2021 guidance for Curation Foods and Consolidated Landec to reflect the challenges experienced in fiscal third quarter and expectations for lower than expected sales in fiscal fourth quarter.
Positive Outlook
- Lifecore revenue growth of 8% to 13%
- Lifecore Adjusted EBITDA growth of 12% to 22%
- Curation Foods Adjusted EBITDA growth of 80% to 103%
- Consolidated Adjusted EBITDA growth of 23% to 32%
Challenges Ahead
- Consolidated Revenue decline of 11.5% to 10%
- Curation Foods revenue decline of 15% to 14%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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