{"id":740907,"date":"2023-03-16T16:41:26","date_gmt":"2023-03-16T20:41:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lifecore-biomedical-reports-second-quarter-fiscal-year-2023-results\/"},"modified":"2023-03-16T16:41:26","modified_gmt":"2023-03-16T20:41:26","slug":"lifecore-biomedical-reports-second-quarter-fiscal-year-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lifecore-biomedical-reports-second-quarter-fiscal-year-2023-results\/","title":{"rendered":"Lifecore Biomedical Reports Second Quarter Fiscal Year 2023 Results"},"content":{"rendered":"
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\n Company Announces Intention to Explore Strategic Alternatives
<\/em>
\n Signs Term Sheet with Key Customer to Materially Expand Commercial Relationship
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\n Expands Development Pipeline from 24 to 25 Active Projects as of Fiscal Second Quarter-end
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\n Subsequently Transitioned Three Projects to Commercialization with FDA Approval in Fiscal Third Quarter, Expanding Commercial Products from 26 to 29 with 14 Customers
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\n Fiscal Second Quarter Earnings Call Scheduled for March 17th, 2023 at 8:30 am Eastern Time<\/em>\n <\/p>\n

CHASKA, Minn., March 16, 2023 (GLOBE NEWSWIRE) — Lifecore Biomedical, Inc. (\u201cLifecore\u201d or the \u201cCompany\u201d), a fully integrated contract development and manufacturing organization (\u201cCDMO\u201d), reported results for the fiscal 2023 second quarter ended November\u00a027, 2022.<\/p>\n

\n ANNOUNCEMENT OF INTENTION TO EXPLORE STRATEGIC ALTERNATIVES:<\/strong>\n <\/p>\n

Concurrently with the issuance of this press release, Lifecore also announced its intention to explore the Company\u2019s potential strategic alternatives to maximize value for stockholders, which may include an evaluation of a potential sale of the Company, potential debt or equity financing transactions, or other possible strategic transactions.<\/p>\n

\n CEO COMMENTS:
<\/strong>James G. Hall, President and Chief Executive Officer of Lifecore, commented, “We continue to make important progress toward unlocking the potential of Lifecore as a CDMO business and today announced that we intend to explore the Company\u2019s strategic alternatives to maximize value for our stockholders.\u00a0\u00a0 Today, we also announced the entry into a term sheet with an existing customer that contemplates a meaningful expansion of our relationship with this customer and includes substantial up-front payments, demonstrating the quality of our development portfolio as well as the benefits of our significant capacity investment strategy we have executed over the past several years.\u00a0\u00a0\u00a0 During the second quarter, our revenues and adjusted EBITDA were negatively impacted by timing differences resulting from delayed customer orders and postponed onboarding of new development projects.\u00a0\u00a0\u00a0 Despite these issues and the near term challenges the Company faces with its current capital structure, we believe Lifecore remains an excellent business with attractive growth characteristics and a compelling development pipeline that we intend to convert into stockholder value.”<\/p>\n

\n LIFECORE FISCAL <\/strong>
\n SECOND<\/strong>
\n QUARTER 2023 BUSINESS HIGHLIGHTS:<\/strong>
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As previously reported, on December 13, 2021, the Company closed on the sale of its Curation Foods’ fresh packaged salads and vegetables business (the \u201cEat Smart Disposition\u201d), and as such, those results are reflected as discontinued operations in all periods presented within the Company\u2019s financial statements reported herein. The operations associated with the Company’s remaining Curation Foods assets are reflected as part of the Curation Foods segment in all periods presented within the Company\u2019s financial statements reported herein.<\/p>\n