Lifecore Biomedical Q4 revenue up 12% to $31.5M; net loss widens to $33.8M on debt refinancing

LIFECORE BIOMEDICAL, INC. DE

2024-Q1 EPS reported -$0.35 revenue$24,522,000

Q4 consolidated revenue $31.5M (+12.2% YoY); gross profit $8.4M (-33.9% YoY); net loss from continuing ops $33.8M vs $1.0M loss prior year.
Full year FY2023 revenue $103.3M (-7.2% YoY); net loss from continuing ops $69.0M; adjusted EBITDA $5.8M vs $22.9M prior year.
Q4 net loss includes $23.8M loss on debt refinancing and $6.8M restructuring/legal charges; adjusted EBITDA fell to $3.7M from $9.1M.
CEO notes final divestitures of Curation Foods, expanded supply agreement with Alcon, and new customer projects added in Q4.
Capacity expansions: multi-use fillers to double filling capacity to ~45M units; HA fermentation moving to 24/7 to boost capacity up to 50% by June 2024.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LIFECORE BIOMEDICAL, INC. DE reported the fourth quarter and full year of fiscal 2023 ended May 28, 2023 results: revenue $31.5 million, net income Net loss from continuing operations of $33.8 million.

Period: the fourth quarter and full year of fiscal 2023 ended May 28, 2023
Revenue: $31.5 million
Net income: Net loss from continuing operations of $33.8 million
Result: reported results

Exact text from the filing

fiscal 2024 second quarter and to a greater degree in the second half of the fiscal year." LIFECORE FISCAL FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS: • Consolidated revenues of $31.5 million, an increase of 12.2% year-over-year. • Consolidated gross profit of $8.4 million, a decrease of $4.3 million, or 33.9% year-over-year • Consolidated net loss from continuing

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Source: SEC EDGAR

accession 0001005286-23-000108

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