Lifecore files FY23 10-K with restatements for FY21-22; corrects inventory and interest errors

LIFECORE BIOMEDICAL, INC. DE

Filed FY23 Annual Report on Form 10-K with SEC on March 20, 2024, restating FY22, FY21, and multiple quarterly periods.
Restatements correct errors in capitalized interest, inventory valuation (write-downs to net realizable value), and excess/obsolete reserves.
Lifecore segment adjustments include gross-up of revenues for principal arrangements and accounts receivable reserve for a specific customer.
Curation Foods segment restatements involve non-current other receivables and reclassification of operating costs between continuing and discontinued ops.
Company furnished supplementary summary of select financial data on its website to assist investor analysis.

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