Lifecore Biomedical, Inc. · NASDAQ:LFCR
Lifecore Biomedical — Q3 2025 Earnings Presentation
33 slides from Lifecore Biomedical's earnings presentation, Nov 6, 2025
Slide 1: August 2025
a? ee August 2025
Slide 2: Important Information Regarding Forward-Looking Statements
Important Information Regarding Forward-Looking Statements This presentation includes 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 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains non-GAAP financial information including Adjusted EBITDA. The Company has included a reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable financial measure calculated in accordance with GAAP. We define Adjusted EB
Slide 4: Key Takeaways
Aggressive Growth Key CDMO Industry Strategy Targeting High-Growth Takeaways Leader with Broad 12%+ Revenue Market Expected to Capabilities in CAGR and Adj. Increase by 100% Injectables EBITDA margins of by 2030 25%+ in Mid-Term High-Value Pipeline Expanded Capacity Experienced Including Multiple &
Slide 5: 2025: A Strong and Successful Transition Year
2025: A Strong and Successful Transition Year Completed leadership and board transition Strengthened financial position Enhanced business development resources & strategy Expanded customer base and pipeline across new modalities Implemented efficiencies & enhanced productivity Established performanc
Slide 6: Lifecore at a Glance
Lifecore at a Glance Corporate Headquarters Fully integrated 400 Approx. CDMO offering development and fill/finish of Employees sterile injectable Inclusive, Performance- pharmaceuticals Driven Culture Transition Period Projections (May 26 – Dec 31, 2025) Founded in 1965 Projected Revenues* (7 mo. e
Slide 7: Campus Overview
Campus Overview 248,000sqft State-of-the-art facilities, within 2 square miles ~400 Employees Site 1 – HQ (Lyman Blvd.) Site 2 (Lakeview Drive) Site 3 (Shelby Court) 150,000 sqft 78,000 sqft 20,000 sqft Manufacturing Operations Manufacturing Operations Manufacturing Operations • Sodium hyaluronate m
Slide 8: Experienced Industry Leadership
Experienced Industry Leadership Paul Josephs Ryan Lake Mark DaFonseca Jackie Klecker Thomas Guldager Tom Salus President & CEO Chief Financial Officer Chief Commercial Officer EVP, Quality & Dev. SVP of Operations Chief Legal & Services Administration Officer Former President & Former CFO at Societa
Slide 9: We Serve Large and Growing Markets with Strong Tailwinds
We Serve Large and Growing Markets with Strong Tailwinds Global CDMO Hyaluronic Acid Global Injectable CDMO $120B $9.8B $10B Market1 Market2 Market1 +8% CAGR +7% CAGR +10% CAGR 50%+ GLP-1 Acceleration $47B of US-based of annual US drug Market3 Manufacturing approvals are Expected to Increase 10X inj
Slide 10: Executing Three-Pronged Growth Strategy
Executing Three-Pronged Growth Strategy Maximizing Advancing Driving New Existing Customer Programs Towards Business Business Commercialization 10
Slide 11: Mid-Term and Long-Term Revenue Outlook
Mid-Term and Long-Term Revenue Outlook Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business $300M1 Addition of new 5-Head New Business Isolator Filler ~12% CAGR $178M-$205M Portfolio Commercialization $129M Expansion of existing commercial co
Slide 12: Maximizing Existing Customer Business
MAXIMIZING EXISTING CUSTOMER BUSINESS Expanding Existing Customer Relationships Establish Lifecore as a partner-of- choice for the CDMO needs of existing customers Consistent engagement Lifecore prides itself on building Collaborate on evolving supply-chain strategies: long-term relationships, with
Slide 13: Fill & Finish: Pathway to Doubling Commercial Demand
MAXIMIZING EXISTING CUSTOMER BUSINESS Fill & Finish: Pathway to Doubling Commercial Demand Commercial Unit Projection • Significant inflection point expected from total demand in 2027 ~2x • Largest customer’s injectable unit demand projected to more than double in 2027 • Potential upside to contract
Slide 14: HA Fermentation: Strong Foundation and Technical Expertise
MAXIMIZING EXISTING CUSTOMER BUSINESS HA Fermentation: Strong Foundation and Technical Expertise Lifecore manufactures >20 commercially approved HA injectable products LIFECORE’S PREMIUM SODIUM HYALURONATE: Broad Applications Worldwide: More than • Ophthalmology • Aesthetics 150 million doses sold w
Slide 15: Strong, Diverse Pipeline
ADVANCING PROGRAMS TOWARDS COMMERCIALIZATION Strong, Diverse Pipeline Late Stage: Total Pipeline Represents Active 11 $150M - $200M 1 Projects2 Early-Mid Stage: in Incremental Commercial Revenue Potential 19 • Impactful commercial revenue potential over the mid-term • Strong development project pipe
Slide 16: Late-Stage Development Portfolio: Impactful Revenue Potential
ADVANCING PROGRAMS TOWARDS COMMERCIALIZATION Late-Stage Development Portfolio: Impactful Revenue Potential1 Customer Product Type 2026 2027 2028 2029 2030 Specialty Pharma Med Device Specialty Pharma* BLA Large Pharma Med Device Specialty Pharma NDA Specialty Pharma Med Device Specialty Pharma Med D
Slide 17: Successfully Expanding & Diversifying Pipeline
Successfully Expanding & Diversifying Pipeline • Since beginning of FY25, added 11 new programs • Building momentum outside legacy areas of strength Pipeline by Treatment Area Pipeline by Modality Obesity 1 GLP-1 1 Immunology 1 Urology 2 Biologic 4 Neurology 2 Large Molecule 7 Regenerative Medicine
Slide 18: Attracting New High-Value Business
DRIVING NEW BUSINESS Attracting New High-Value Business Strategically expanding Upgrading target market sales/marketing strategy and Leveraging talent state-of-the-art capabilities 18
Slide 19: Successfully Driving New Business
Successfully Driving New Business • Restructured business development team under new leader • Increased investment in sales & marketing activities • Aligned internal resources to optimize new business outcomes People Process Promotion Fully staffed team with Prioritization of targets External agency
Slide 20: Strategically Expand Target Markets
DRIVING NEW BUSINESS Strategically Expand Target Markets • Expanding beyond Injectable high-viscosity legacy Medical Device • Attractive therapeutic areas • NCEs in Phase 2, Phase 3 Biosimilars Small Molecule • Unique, injectable delivery mAbs systems Biologics • Ophthalmic and orthopedic medical de
Slide 21: Expanded Targets Lead to Growing Pipeline
DRIVING NEW BUSINESS Expanded Targets Lead to Growing Pipeline Prospective Opportunities In process of being qualified • Strong, diverse and growing universe - Inform & educate on Lifecore capabilities - of ~50 potential future business opportunities1 • Mix of both large and specialty pharma • Subse
Slide 22: New Technology Opens Door to New Business
DRIVING NEW BUSINESS New Technology Opens Door to New Business State-of-the-Art, 5-Head Isolator Filler • Full isolator technology, state-of-the-art Approximately 100% containment • Significantly expanded available capacity • Broad capability: vials, syringes & cartridges increase in annual • Streng
Slide 23: Room to Grow
DRIVING NEW BUSINESS Room to Grow Flexibility for tailored To be driven build and equipment; partial and full-site Site 3 – additional by CDMO options 122,000 ft2 available collaboration i.e. 10-head isolator filler equivalent to 100M units capacity 23
Slide 24: Sustaining Objectives Support Value Creation
Reduced Operational Expenses Sustaining Objectives Support Performance-Driven Culture Value Creation Commitment to Quality 24
Slide 25: Reduced Operational Expenses
Reduced Operational Expenses Lean Practices Working to drive operational efficiency Track, Report Aggressive and make OpEx a progressively smaller & Adjust Targets percentage of revenue: Continuous • Cost-conscious practices Improvement • Optimize key processes Optimize Procurement Processes and & S
Slide 26: Enhanced Productivity Throughout Organization
Enhanced Productivity Throughout Organization Implemented real-time data tracking of production performance metrics driving increased output and operating efficiencies Aseptic HA Fermentation Packaging Revenue Units per direct labor employee Units per direct labor employee Units per direct labor emp
Slide 27: Efficiency and Revenue Growth Drive Margin Improvement
Efficiency and Revenue Growth Drive Margin Improvement 25%+ Adj. EBITDA Margin New Portfolio business commercialization ~15% Adj. EBITDA Margin Operating Expansion of leverage Reduction existing in operating commercial expenses contracts FY 2025 Mid-Term For illustrative purposes only, timing, estim
Slide 28: Performance-Driven Culture
Performance-Driven Culture Commitment to a high-performance culture driven by exceptional talent Performance Talent Incentivize Manage, Driven Management and Recognize Monitor and Metrics / KPI driven Define “A” players Aligned with Adjust Linked to strategic Local / National shareholder value Consi
Slide 29: 40+ Years of Strong Track Record with Global Regulatory Bodies
40+ Years of Strong Track Record with Global Regulatory Bodies World-class quality system Ability to support multiple geographies Successful general FDA audit – March 2025 29
Slide 30: Financial Highlights
Financial Highlights Fiscal 2025 7-month Transition Financial Results Period 2025 Guidance Full Year Fiscal 2025 Developments Revenues • Nine new programs signed with new $128.9M Revenues +0.5% vs FY24 $74-$76M customers during fiscal 2025, reflecting growth into modalities beyond the company's trad
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Guidance To supplement the company’s financial results determined by U.S. generally accepted accounting Reported Fiscal Year Results 7-Month Period principles (“GAAP”), the company has disclosed in the table below the following non-GAAP Fiscal year Fisca
Slide 32: Key Takeaways
Aggressive Growth Key CDMO Industry Strategy Targeting High-Growth Takeaways Leader with Broad 12%+ Revenue Market Expected to Capabilities in CAGR and Adj. Increase by 100% Injectables EBITDA margins of by 2030 25%+ in Mid-Term High-Value Pipeline Expanded Capacity Experienced Including Multiple &
Slide 33: Thank you
iS? ra Thank you