Lifecore Biomedical, Inc. · NASDAQ:LFCR
Lifecore Biomedical — Transition period en Earnings Presentation
25 slides from Lifecore Biomedical's earnings presentation, Mar 16, 2026
Slide 1: Building a high-performing, growth-focused, sterile injectable CDMO
Building a high-performing, growth-focused, sterile injectable CDMO March 2026
Slide 2: Fiscal Year Change
2 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 Dec
Slide 3: Important Information Regarding Forward-Looking Statements
3 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 4: Non-GAAP Financial Measures
4 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
Slide 5: Lifecore at a Glance
5 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 6: Campus Overview
6 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 7: Executing Our Strategy to Drive Sustainable Growth
7 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 8: Financial Highlights
8 Financial Highlights Comparison to comparable prior-year period Recent Developments • Ended December 2025 with over $38.9 million in liquidity, including cash of $17.5 million and availability under our revolver of $21.4 million • Cash from operations of $7.3 million and free cash flow of $3.6 mil
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 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 10: Significant Investment in Capabilities Supporting Growth
10 $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 ca
Slide 11: The Lifecore Difference
11 The Lifecore Difference Technical Expertise Decades of proven experience in complex injectables Integrated Model Development to commercialization Quality Multi-compendial regulatory system
Slide 12: Our Journey
Our Journey 12 Position Company for Growth • 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 targets • Grow commercialized pr
Slide 13: Aggressive and Achievable Growth Strategy
13 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 14: Focused on Maximizing Utilization of Available Capacity
14 FOCUSED ON MAXIMIZING UTILIZATION OF AVAILABLE CAPACITY Revenue Outlook Expansion of existing commercial contracts Portfolio Commercialization Development Revenue Revenue growth driven by maximization of existing customer base, portfolio commercialization, and new business 45M Units 45M Units 45M
Slide 15: Mid-Term Revenue Trajectory Outlook
15 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 informat
Slide 16: Efficiency and Revenue Growth Drive Margin Improvement
16 FY 2025 2029 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 strengthen inventory
Slide 17: Executing Three-Pronged Growth Strategy
Executing Three-Pronged Growth Strategy 17 Maximizing Existing Customer Business Advancing Programs Towards Commercialization Driving New Business
Slide 18: Fill & Finish: Pathway to Increased Commercial Demand
18 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 19: Strong, Diverse Pipeline
19 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 20: Late-Stage Development Portfolio: Impactful Revenue Potential
20 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 21: Attracting New High-Value Business
21 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 22: Key Takeaways
22 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 23: Reconciliation of Non-GAAP Financial Measures
23 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
Slide 24: Reconciliation of Non-GAAP Financial Measures, continued
24 Reconciliation of Non-GAAP Financial Measures, continued 1. See disclaimers and important information on Slides 2, 3 & 4 In connection with our transition to a December 31 fiscal year-end, the Company is presenting its 2026 guidance compared to pro forma, unaudited results for the year ended Dece
Slide 25: Thank you
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