Lifecore Q2 FY2023 net loss $12.4M; revenue down 11% to $38.8M; initiates strategic alternatives review

LIFECORE BIOMEDICAL, INC. DE

Revenue $38.8M, down 11% YoY; net loss $12.4M vs net income $4.2M a year ago.
Adjusted EBITDA $(0.4)M compared to $8.2M; Lifecore segment EBITDA $3.0M vs $9.1M.
Board initiates strategic alternatives review; retains Morgan Stanley; contingent on lender forbearance.
Signed term sheet with existing customer for substantial expansion including up-front payments.
Development pipeline grew to 25 active projects; 3 projects received FDA approval, expanding commercial products to 29.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

LIFECORE BIOMEDICAL, INC. DE reported the fiscal 2023 second quarter ended November 27, 2022 results: revenue $38.8 million, net income $(12.4) million, EPS $(0.42) per diluted share.

Period: the fiscal 2023 second quarter ended November 27, 2022
Revenue: $38.8 million
Net income: $(12.4) million
EPS: $(0.42) per diluted share
Result: reported results

Exact text from the filing

Foods assets are reflected as part of the Curation Foods segment in all periods presented within the Company’s financial statements reported herein. • Consolidated revenues of $38.8 million, a decrease of (10.7)% year-over-year. • Consolidated gross profit of $7.1 million, a decrease of $7.6 million, or 51.7% year-over-year, primarily due to a $5.0 million decline

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LIFECORE BIOMEDICAL, INC. DE filing history →

Source: SEC EDGAR

accession 0001005286-23-000059

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