Lifecore Biomedical, Inc. · NASDAQ:LFCR
Lifecore Biomedical — Q4 2025 Earnings Presentation
20 slides from Lifecore Biomedical's earnings presentation, Mar 16, 2026
Slide 1: Fourth Quarter and Seven-Month Transition Period Ending December 31, 2025 Results
Fourth Quarter and Seven-Month Transition Period Ending December 31, 2025 Results March 16, 2026
Slide 2: Fiscal Year Change
Fiscal Year Change On August 1, 2025, our Board of Directors approved a change in the Company’s fiscal year that ended on the last Sunday of May to a fiscal year that corresponds with the calendar year, ending on December 31st, effective for the fiscal period beginning May 26, 2025, and ending Decem
Slide 3: Important Information Regarding Forward-Looking Statements
Important Information Regarding Forward-Looking Statements This presentation contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Secu
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains non-GAAP financial information, including Adjusted EBITDA and free cash flow. The Company has included a reconciliation of Adjusted EBITDA to net (loss) income and operating cash flows to free cash flow, the most directly comparable financial me
Slide 5: Revenue Outlook
Revenue Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business $300M1 ~12% CAGR ~$212-$225M Development Revenue Portfolio $129M Commercialization Expansion of Existing Commercial Contracts Existing Commercial HA FY 2025 2029 Long-Term A
Slide 6: Strong Performance During Transition Period
Strong Performance During Transition Period Strategic Progress Financial Performance Expanded commercial foundation Q4 2025 Revenue • Maximized performance of existing commercial programs • $35.7 Million (10% increase over most comparable period) • Continued growth in fermentation business 7–Month T
Slide 7: Growth Strategy Highlights
2025 Commercial Expansion Growth • Expansion expected to more than double largest customer’s aseptic fill/finish demand beginning in 2027 Strategy – Successfully qualified 5-head isolator filler to supply European and Asian markets Highlights – Hyaluronic acid met stringent specifications for the Ja
Slide 8: Growth Strategy Highlights
2025 Commercial Expansion Growth • Expansion expected to more than double largest customer’s aseptic fill/finish demand beginning in 2027 – Successfully qualified 5-head isolator filler to supply European and Asian markets Strategy – Hyaluronic acid met stringent specifications for the Japanese mark
Slide 9: Late-Stage Development Portfolio: Impactful Revenue Potential
A D V A N CI N G P R O GR A M S T O W A RD S CO M ME R CI A L IZ A T I O N Late-Stage Development Portfolio: Impactful Revenue Potential Lifecore’s late-stage development portfolio showcases impactful commercial revenue potential over the mid- and long-term Customer Product Type Phase/Eqv. 2026 2027
Slide 10: Late-Stage Development Portfolio: Impactful Revenue Potential
A D V A N CI N G P R O GR A M S T O W A RD S CO M ME R CI A L IZ A T I O N Late-Stage Development Portfolio: Impactful Revenue Potential Lifecore’s late-stage development portfolio showcases impactful commercial revenue potential over the mid- and long-term Customer Product Type Phase/Eqv. 2026 2027
Slide 11: Growth Strategy Highlights
2025 Commercial Expansion Growth • Expansion expected to more than double largest customer’s aseptic fill/finish demand beginning in 2027 – Successfully qualified 5-head isolator filler to supply European and Asian markets Strategy – Hyaluronic acid met stringent specifications for the Japanese mark
Slide 12: Efficiency and Revenue Growth Drive Margin Improvement
Efficiency and Revenue Growth Drive Margin Improvement Operational Efficiency • Successfully executed one regulatory inspection and 10 customer audits • Improved EBITDA margins through ongoing cost initiatives • Successfully launched ERP system in January 2026 to 25%+ Adj. EBITDA Margin strengthen i
Slide 13: Revenue Outlook
Revenue Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business $300M1 ~12% CAGR ~$212-$225M Development Revenue Portfolio $129M Commercialization Expansion of Existing Commercial Contracts Existing Commercial HA FY 2025 2029 Long-Term A
Slide 14: 2025 Transition Period Results
2025 Transition Period Results Three months ended Seven months ended • Revenues: CDMO increased due to higher Dec 2024 sales volumes. HA manufacturing (in thousands) Dec 2025 Nov 2024 change % Dec 2025 change % (unaudited) increased due to timing of a customer’s Revenues: supply chain initiatives CD
Slide 15: 2025 Transition Period Financial Highlights
2025 Transition Period Financial Highlights Revenue Net loss Adjusted EBITDA* $75.5M $(18.0M) $13.1M Guidance $74–76M Guidance Guidance +20% growth $(18.4)–(16.4M) $12–14M Operating expenses Operating cash flow Liquidity $24.4M $7.3M $38.9M down 31% Free cash flow* includes $17.5M cash $2.5M lower r
Slide 16: 2026 Guidance
2026 Guidance Year ended Year ending Key Factors Impacting YOY Revenue: December 31, 2025 December 31, 2026 • Anticipated loss of customer due to (in thousands) (pro-forma unaudited) (estimated) change in supply strategy Revenues $141,432 $120,000 – $125,000 • Customer decision to build excess hyalu
Slide 17: Mid-Term Revenue Trajectory Outlook
Mid-Term Revenue Trajectory Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business ~$212-225M Development Revenue Portfolio Commercialization Expansion of Existing Commercial Contracts Existing Commercial HA FY 2025 2029 17 The informat
Slide 18: Compelling Growth Outlook
Compelling Growth Outlook 2029 + Sustained Growth 2027 – 2028 • Achieve CAGR and margin 2024 – 2026 Drive Growth targets • Grow commercialized Position Company • Increase production to program revenue for Growth address doubling of fill finish • Continue to enable pipeline demand for largest custome
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures To supplement the company’s financial results determined by U.S. generally accepted accounting principles (“GAAP”), the company has disclosed in this table the following non-GAAP information about Adjusted EBITDA.1 Adjusted EBITDA is net (loss) income as
Slide 20: Reconciliation of Non-GAAP Financial Measures, continued
Reconciliation of Non-GAAP Financial Measures, continued In connection with our transition to a December 31 fiscal year-end, the Company is presenting its 2026 guidance compared to proforma, unaudited results for the year ended December 31, 2025(1). These pro forma unaudited results for the year end