Lifecore Biomedical, Inc. · NASDAQ:LFCR
Lifecore Biomedical — FY2025 Earnings Presentation
33 slides from Lifecore Biomedical's earnings presentation, Nov 6, 2025
Slide 1: Lifecore Biomedical
<> Lifecore BIOMEDICAL
Slide 2: Important Information Regarding Forward-Looking Statements
2 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 Se
Slide 3: Non-GAAP Financial Measures
3 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
Slide 4: Key Takeaways
4 Key Takeaways CDMO Industry Leader with Broad Capabilities in Injectables Aggressive Growth Strategy Targeting 12%+ Revenue CAGR and Adj. EBITDA margins of 25%+ in Mid-Term High-Growth Market Expected to Increase by 100% by 2030 High-Value Pipeline Including Multiple Programs Expected to Commercia
Slide 5: 2025: A Strong and Successful Transition Year
5 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 performa
Slide 6: Lifecore at a Glance
6 Lifecore at a Glance 400 Employees Inclusive, Performance- Driven Culture Fully integrated CDMO offering development and fill/finish of sterile injectable pharmaceuticals Projected Revenues* (7 mo. estimate) $74M - $76M Projected Adj. EBITDA* (7 mo. estimate) $12M - $14M Leader in Sodium Hyalurona
Slide 7: Campus Overview
7 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 8: Leadership team
8 Paul Josephs President & CEO Ryan Lake Chief Financial Officer Mark DaFonseca Chief Commercial Officer Jackie Klecker EVP, Quality & Dev. Services Thomas Guldager SVP of Operations Tom Salus Chief Legal & Administration Officer Former President & CEO at Woodstock Sterile Solutions Prior role as He
Slide 9: We Serve Large and Growing Markets with Strong Tailwinds
9 We Serve Large and Growing Markets with Strong Tailwinds Global Injectable CDMO $10B Market1 +10% CAGR Acceleration of US-based Manufacturing Hyaluronic Acid $9.8B Market2 +7% CAGR Global CDMO $120B Market1 +8% CAGR 50%+ of annual US drug approvals are injectables4 GLP-1 $47B Market3 Expected to I
Slide 10: Executing Three-Pronged Growth Strategy
Executing Three-Pronged Growth Strategy Maximizing Existing Customer Business Advancing Programs Towards Commercialization Driving New Business 10
Slide 11: Mid-Term and Long-Term Revenue Outlook
11 FOCUSED ON MAXIMIZING UTILIZATION OF AVAILABLE CAPACITY Mid-Term and Long-Term Revenue Outlook Expansion of existing commercial contracts Portfolio Commercialization New Business Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business 20M Uni
Slide 12: Expanding Existing Customer Relationships
12 Expanding Existing Customer Relationships Establish Lifecore as a partner-of- choice for the CDMO needs of existing customers Consistent engagement Collaborate on evolving supply-chain strategies: – Onshoring initiatives – International market expansion Focus on commercial excellence Customer-spe
Slide 13: Fill & Finish: Pathway to Doubling Commercial Demand
13 Fill & Finish: Pathway to Doubling Commercial Demand • Significant inflection point expected from total demand in 2027 • Largest customer’s injectable unit demand projected to more than double in 2027 • Potential upside to contractual minimums For illustrative purposes only, timing, estimates, as
Slide 14: HA Fermentation: Strong Foundation and Technical Expertise
14 HA Fermentation: Strong Foundation and Technical Expertise LIFECORE’S PREMIUM SODIUM HYALURONATE: doses sold worldwide 150 million1 • Ophthalmology • Orthopedics • Drug delivery • Biomaterials • Aesthetics • Oncology • Pain management • Regenerative medicine Broad Applications Worldwide: M A X I
Slide 15: Strong, Diverse Pipeline
15 Strong, Diverse Pipeline • Impactful commercial revenue potential over the mid-term • Strong development project pipeline: vials and syringes • Diversification across broad customer base Total Pipeline Represents $150M - $200M1 in Incremental Commercial Revenue Potential 1. Assumes full realizati
Slide 16: Late-Stage Development Portfolio: Impactful Revenue Potential
16 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 Device Specialty Pharma Med Device Specialt
Slide 17: Successfully Expanding & Diversifying Pipeline
17 Successfully Expanding & Diversifying Pipeline • Since beginning of FY25, added 11 new programs • Building momentum outside legacy areas of strength 8 10 7 4 1 HA Small Molecule Large Molecule Biologic GLP-1 Pipeline by Treatment Area Pipeline by Modality 8 8 5 3 2 2 1 1 Dermatology Ophthalmic Pa
Slide 18: Attracting New High-Value Business
18 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
Slide 19: Successfully Driving New Business
19 Fully staffed team with optimized activity focus Inside sales to support outreach and lead qualification Field sales to hunt high- priority targets Prioritization of targets based on size, stage, and region CRM system optimization Disciplined use of market intelligence tools External agency brand
Slide 20: Strategically Expand Target Markets
20 Strategically Expand Target Markets • Expanding beyond high-viscosity legacy • Attractive therapeutic areas • NCEs in Phase 2, Phase 3 • Unique, injectable delivery systems • Ophthalmic and orthopedic medical devices • Commercial site transfers mAbs Complex Generics Biologics Injectable Medical D
Slide 21: Expanded Targets Lead to Growing Pipeline
21 Expanded Targets Lead to Growing Pipeline • Strong, diverse and growing universe of ~50 potential future business opportunities1 • Mix of both large and specialty pharma • Subset of opportunities are HA-related, representing a broadening of our pipeline • Significant number of late-stage developm
Slide 22: New Technology Opens Door to New Business
22 New Technology Opens Door to New Business State-of-the-Art, 5-Head Isolator Filler • Full isolator technology, state-of-the-art containment • Significantly expanded available capacity • Broad capability: vials, syringes & cartridges • Strengthens compliance Approximately 100% increase in annual p
Slide 23: Room to Grow
23 Room to Grow D R I V I N G N E W B U S I N E S S To be driven by CDMO collaboration Flexibility for tailored build and equipment; partial and full-site options i.e. 10-head isolator filler equivalent to 100M units capacity Site 3 – additional 122,000 ft2 available
Slide 24: Sustaining Objectives Support Value Creation
Sustaining Objectives Support Value Creation 24 Commitment to Quality Reduced Operational Expenses Performance-Driven Culture
Slide 25: Reduced Operational Expenses
25 Reduced Operational Expenses Working to drive operational efficiency and make OpEx a progressively smaller percentage of revenue: • Cost-conscious practices • Optimize key processes • Eliminate low-value activities • Leverage technology • Culture of continuous improvement Build long–term efficien
Slide 26: Enhanced Productivity Throughout Organization
26 Enhanced Productivity Throughout Organization Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Aseptic HA Fermentation Packaging Revenue *Q1 and Q3 include maintenance periods. Units per direct labor employee Units per direct labor employee Units per direct labor employee Revenue per total employe
Slide 27: Efficiency and Revenue Growth Drive Margin Improvement
27 ~15% 25%+ FY 2025 Mid-Term Adj. EBITDA Margin Adj. EBITDA Margin Reduction in operating expenses Expansion of existing commercial contracts Portfolio commercialization New business Operating leverage Efficiency and Revenue Growth Drive Margin Improvement For illustrative purposes only, timing, es
Slide 28: Performance-Driven Culture
28 Performance-Driven Culture Performance Driven Metrics / KPI driven Linked to strategic goals Incentivize and Recognize Aligned with shareholder value enhancement Talent Management Define “A” players Local / National recruitment Manage, Monitor and Adjust Consistent review and evaluation of talent
Slide 29: 40+ Years of Strong Track Record with Global Regulatory Bodies
29 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
Slide 30: Financial Highlights
30 Financial Highlights Full Year Fiscal 2025 Developments • Nine new programs signed with new customers during fiscal 2025, reflecting growth into modalities beyond the company's traditional area of strength in ophthalmic therapeutics • Strengthened balance sheet with sale of 10-head filler, raisin
Slide 31: Reconciliation of Non-GAAP Financial Measures
31 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 the table below the following non-GAAP information about Adjusted EBITDA. 1 Adjusted EBITDA is net (loss)
Slide 32: Key Takeaways
32 Key Takeaways CDMO Industry Leader with Broad Capabilities in Injectables Aggressive Growth Strategy Targeting 12%+ Revenue CAGR and Adj. EBITDA margins of 25%+ in Mid-Term High-Growth Market Expected to Increase by 100% by 2030 High-Value Pipeline Including Multiple Programs Expected to Commerci
Slide 33: Thank you
<> Litecore => ; cl Thank you
Lifecore Biomedical, Inc. \de\ — FY2025 Earnings Presentation on 6ix