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May 28, 2023
Lifecore Biomedical Q4 2023 Earnings Report
Lifecore Biomedical's Q4 2023 results were reported, highlighting a revenue increase and strategic advancements amidst a net loss impacted by debt refinancing and restructuring charges.
Key Takeaways
Lifecore Biomedical reported a 12.2% increase in consolidated revenues to $31.5 million for the fourth quarter of fiscal year 2023. However, the company experienced a net loss of $33.8 million, which included a $23.8 million loss on debt refinancing and $6.8 million in restructuring and other non-recurring charges. The company finalized its transition to a stand-alone life sciences company with divestitures and a strategic refinancing and supply agreement with Alcon.
Consolidated revenues increased by 12.2% year-over-year, reaching $31.5 million.
The company advanced its development portfolio, adding five projects with new customers.
Net loss from continuing operations was $33.8 million, impacted by debt refinancing and restructuring charges.
Lifecore segment revenues increased, driven by growth in HA raw material manufacturing and CDMO business.
Revenue by Segment
Forward Guidance
Lifecore anticipates continued commercial momentum and the addition of new projects to its development portfolio in the fiscal 2024 first quarter, with meaningful contributions to financial performance expected in the second quarter and greater impact in the second half of the fiscal year.
Positive Outlook
- Commercial momentum is expected to continue into fiscal year 2024.
- Several new projects will be added to the development portfolio in Q1 2024.
- Financial performance is expected to meaningfully improve in Q2 2024.
- Greater financial impact is anticipated in the second half of fiscal year 2024.
- Expanded HA capacity by up to 50% by June 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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