Business
Lifecore Biomedical Reports Fourth Quarter and Fiscal Year End 2024 Financial Results and Provides Corporate Update
-- Recorded Revenues of $128.3 million for Fiscal 2024; Year-Over-Year Increase of 24.2% ---- High Value Pipeline Continues to Advance Toward
About this update from Lifecore Biomedical, Inc.
[{"type":"text","content":"-- Recorded Revenues of $128.3 million for Fiscal 2024; Year-Over-Year Increase of 24.2% ---- High Value Pipeline Continues to Advance Toward Commercialization ---- State-of-the-Art Technology Enhancements to Expand Capacityand New Business Opportunities – Conference Call Tomorrow Morning at 8:30 a.m. ET CHASKA, Minn., Aug. 26, 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 fourth quarter and full year of fiscal 2024. Highlights from Fiscal 2024: “Operationally, fiscal 2024 was a strong year for the Company as we recorded $128.3 million in revenues, representing a 24.2% increase over fiscal 2023,” stated Paul Josephs, president & chief executive officer of Lifecore. “We are exceedingly pleased with this performance and top line growth. I am proud of the progress made by the Company to overcome its recent challenges and very pleased to have submitted our fiscal 2024 10-K today, bringing us current with all SEC filings. “During my first 90 days as chief executive officer, I have been evaluating all aspects of the organization in an effort to identify opportunities to optimize processes, reduce operating expenses, and enhance productivity. Following my initial operational review, it was clear that the Company’s headcount was oversized for its current business. While such decisions are difficult, a reduction in force was required, which we executed in July. We are now confident that we are right sized for our current pipeline as well as near-term growth. With respect to capabilities and capacity, the Company currently expects its new 5-head isolator filler to be GMP-ready in September. “Looking ahead, a primary focus is the financial growth of our organization. We expect to accomplish this by focusing on three key areas (1) maximizing our base business; (2) advancing our development portfolio towards commercialization; and, (3) attracting new business spanning our complete range of capabilities and services. We believe we can accomplish this while maintaining superior support for the growing needs of our existing customers. Leaning on my extensive experience building and executing commercial strategies at multiple CDMO’s, I am leading the team in refining our...