Business
Lifecore Biomedical Reports First Quarter of Fiscal 2025 Financial Results and Provides Corporate Update
-- Recorded Revenues of $24.7 Million for Q1 Fiscal 2025 -- -- Signed Multiple New Business Agreements with New and Existing Customers -- -- More than Doubled
About this update from Lifecore Biomedical, Inc.
[{"type":"text","content":"-- Recorded Revenues of $24.7 Million for Q1 Fiscal 2025 -- -- Signed Multiple New Business Agreements with New and Existing Customers -- -- More than Doubled Capacity with Installation of 5-Head Isolator Filler; Increased Revenue Generating Potential to Up to $300 Million Annually -- -- Successfully Closed Financing Raising Approx. $24.3 Million, Providing Financial Runway for Current Liquidity Needs and Future Growth -- Conference Call Today at 8:30 a.m. ET CHASKA, Minn., Oct. 04, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced its financial results for the first quarter of fiscal 2025. Highlights from First Quarter Fiscal 2025: “I joined Lifecore last spring with a commitment to position the company for long-term success. To that end, we implemented a growth strategy based on three primary efforts: maximizing our existing business and customer base; advancing our development pipeline toward commercialization; and aggressively pursuing new business. I am pleased to report that, during the first quarter, Lifecore’s operational and business development achievements supported each of these priorities,” stated Paul Josephs, president & chief executive officer of Lifecore. “Regarding operations. the company recently completed the installation and qualification of its high-speed, multi-purpose 5-head isolator filler, which is now GMP-ready. This new system positions the company to offer existing and future customers the speed and aseptic isolation benefits associated with this state-of-the-art, closed-system platform. With the addition of the 5-head isolator filler, which is designed for fill/finish activities for vials, cartridges, and pre-filled syringes, the company has more than doubled its prior capacity, significantly increasing our maximum revenue generating potential to up to approximately $300 million annually. This new system not only expands Lifecore’s leadership in the fill/finish of highly viscous, complex formulations, but we believe it will also create an opportunity to win new, previously unsupported business, including fulfilling the needs of customers with less viscous, less complex protein, peptide and antibody products. We have already received significant interest from...