Business
Lifecore Biomedical Provides Business Update Outlining Fiscal 2024 Outlook and Year-to-date Progress
Year-to-date Results Consistent with Prior Expectations; Experiencing Fiscal Second Half Lift Provides Fiscal 2024 Full Year Guidance Commercial Momentum
About this update from Lifecore Biomedical, Inc.
[{"type":"text","content":"Year-to-date Results Consistent with Prior Expectations; Experiencing Fiscal Second Half Lift Provides Fiscal 2024 Full Year Guidance Commercial Momentum Continues within Development Portfolio Capacity Expansion Projects Progressing CHASKA, Minn., April 01, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today provided a business update, including certain select preliminary financial data, outlook for full year fiscal 2024, the status of its development portfolio and pipeline and capacity expansion. James G. Hall, President and Chief Executive Officer of Lifecore, commented, \"I’m excited to deliver today’s business update, which is consistent with the expectations that we laid out last August. Our team has been doing a great job of ramping up our commercial presence in the market over the past two years in advance of our expanded capacity and this has proven to be a timely initiative given recent disruptions within the industry that has created a heightened desire for quality filling capacity. We remain in a strong position with our demonstrated capabilities and focus on quality and are working diligently to bring in new projects and convert existing commercial opportunities within our development portfolio.” Mr. Hall continued, “Lifecore has a lengthy runway of growth ahead with approximately 70 million units of theoretical capacity when our new fillers are installed, tested, and qualified. The current estimates for theoretical capacity have resulted from extensive factory acceptance testing associated with the new isolator fillers, including evaluating filling speeds and volumes, modeling the types of product formulations under evaluation with our pipeline. With the successful installation and validation of our new isolator fillers, we have the potential to triple our current manufacturing capacity and revenue generating capacity from anticipated fiscal year 2024 levels, depending on the types of products being filled and the average unit price. The opportunities we are seeing are as diverse as they’ve ever been and our team is working diligently to bring this new capacity online to capitalize on the opportunities in the robust market, while simultaneously ensuring we have the human capital to supp...