Lifecore Biomedical, Inc. · NASDAQ:LFCR
Lifecore Biomedical — Q1 2026 Earnings Presentation
23 slides from Lifecore Biomedical's earnings presentation, May 6, 2026
Slide 1: Building a high-performing, growth-focused, sterile injectable CDMO
Building a high-performing, growth-focused, sterile injectable CDMO May 2026
Slide 2: Important Information Regarding Forward-Looking Statements
2 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 Se
Slide 3: Non-GAAP Financial Measures
3 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 income or loss and operating cash flows to free cash flow, the most directly comparable financial
Slide 4: Lifecore at a Glance
4 Lifecore at a Glance 400 Employees Inclusive, Performance- Driven Culture Fully integrated CDMO offering development and fill/finish of sterile injectable pharmaceuticals Leader in Sodium Hyaluronate (HA) Global Regulatory Capabilities Founded in 1965 • Non-GAAP Measure. See disclaimers on slides
Slide 5: Campus Overview
5 Campus Overview Site 1 – HQ (Lyman Blvd.) 150,000 sqft Site 2 (Lakeview Drive) 78,000 sqft Site 3 (Shelby Court) 20,000 sqft Manufacturing Operations • Sodium hyaluronate manufacturing (fermentation) • Drug and medical device formulation and filling • Secondary packaging • Microbiology and analyti
Slide 6: Executing Our Strategy to Drive Sustainable Growth
6 Executing Our Strategy to Drive Sustainable Growth Strong commercial foundation with long-term customer relationships High-potential late-stage development pipeline representing significant future recurring revenue opportunity Revamped commercial strategy positioned to drive impactful growth over
Slide 7: Financial Highlights
7 Financial Highlights Q1 Performance Recent Developments • Ended March 2026 with $38.1 million in liquidity, including cash of $20.8 million and availability under our revolver of $17.3 million • Cash from operations of $4.7 million and free cash flow* of $3.6 million during Q1 • Continued improvem
Slide 8: We Serve Large and Growing Markets with Strong Tailwinds
8 We Serve Large and Growing Markets with Strong Tailwinds Global Injectable CDMO $10B Market1 +10% CAGR Acceleration of US-based Manufacturing Global CDMO $120B Market1 +8% CAGR 50%+ of Annual US Drug Approvals are Injectables2 GLP-1 $47B Market3 Expected to Increase 10X 1. Jefferies September 2024
Slide 9: $90M Invested over Previous Five Years
9 $90M Invested over Previous Five Years • Significant growth CapEx complete – enables execution of mid-term plan • State-of-the-art, 5-head isolator filler – ~100% increase in annual production capacity* – Full isolator technology, state-of-the-art containment – Significantly expanded available cap
Slide 10: The Lifecore Difference
10 The Lifecore Difference Technical Expertise Decades of proven experience in complex injectables Integrated Model Development to commercialization Quality Multi-compendial regulatory system
Slide 11: Our Journey
Our Journey 11 Position Company for Growth • Build new leadership team • Expand capabilities and capacity • Refine and rebuild development pipeline • Revamp commercial strategy • Stabilize and right-size business • Implement performance- driven culture Sustained Growth • Achieve CAGR and margin targ
Slide 12: Aggressive and Achievable Growth Strategy
12 Aggressive and Achievable Growth Strategy • Strong commercial foundation • High-potential late-stage development pipeline • Revamped commercial strategy • Disciplined cost structure approach • Experienced and proven leadership team Targeting 12% Revenue CAGR and Adjusted EBITDA Margins of 25%+ by
Slide 13: Revenue Outlook: Maximizing Utilization of Available Capacity
13 FOCUSED ON MAXIMIZING UTILIZATION OF AVAILABLE CAPACITY Revenue Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business 45M Units 45M Units 45M Units ~20% ~60% ~100% Available Capacity Capacity Utilization The information provided is
Slide 14: Mid-Term Revenue Trajectory
14 Mid-Term Revenue Trajectory Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business FY 2025 2029 ~$212-$225M HA Existing Commercial Expansion of Existing Commercial Contracts Portfolio Commercialization Development Revenue The informa
Slide 15: Efficiency and Revenue Growth Drive Margin Improvement
15 FY 2025 2029 Efficiency and Revenue Growth Drive Margin Improvement Operational Efficiency • Successfully executed one regulatory inspection and 10 customer audits • Improved Adjusted EBITDA margins through ongoing cost initiatives • Successfully launched ERP system in January 2026 to strengthen
Slide 16: Executing Three-Pronged Growth Strategy
Executing Three-Pronged Growth Strategy 16 Maximizing Existing Customer Business Advancing Programs Towards Commercialization Driving New Business
Slide 17: Fill & Finish: Pathway to Increased Commercial Demand
17 Fill & Finish: Pathway to Increased Commercial Demand • Significant inflection point expected from total demand beginning in 2027 • Largest customer’s injectable unit demand projected to more than double beginning in 2027 • Potential upside to contractual minimums • New Growth includes existing p
Slide 18: Strong, Diverse Pipeline
18 Strong, Diverse Pipeline • Impactful commercial revenue potential over the mid- and long-term • Strong development project pipeline: vials and syringes • Diversification across broad customer base Total Pipeline Represents1 $150M - $200M in Incremental Commercial Revenue Potential 1. Assumes full
Slide 19: Late-Stage Development Portfolio: Impactful Revenue Potential
19 Late-Stage Development Portfolio: Impactful Revenue Potential Customer Product Type Phase/Eqv. 2026 2027 2028 2029 2030 Specialty Pharma BLA Phase III Specialty Pharma NDA Phase III Large Pharma Med Device Phase III Large Pharma NDA Commercial Site Transfer Large Pharma NDA Commercial Site Transf
Slide 20: Attracting New High-Value Business
20 Attracting New High-Value Business Leveraging state-of-the-art capabilities Strategically expanding target market Upgrading sales/marketing strategy and talent D R I V I N G N E W B U S I N E S S • Increase in quality and quantity of business development pipeline • Recent addition of late stage G
Slide 21: Key Takeaways
21 Key Takeaways High-Growth Market Expected to Increase by 100% by 2030 Capital Investments Enable Clear Path to Scale Experienced Leadership & Exceptional Track Record of Success Aggressive and Achievable Growth Strategy of Both Top and Bottom Line
Slide 22: Reconciliation of Non-GAAP Financial Measures
22 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 these tables the following non-GAAP information about Adjusted EBITDA and free cash flow. See “Non-GAAP Fi
Slide 23: Thank you
<> Lifecore BIOMEDICAL yi ie Thank you »~ =
Lifecore Biomedical, Inc. \de\ — Q1 2026 Earnings Presentation on 6ix