LIFECORE BIOMEDICAL, INC. \DE\ (LFCR) Company Report

Lifecore Biomedical reported $130 million in revenue and $20 million in EBITDA last year, and provided guidance for the seven-month stub period ending December 31, 2025, projecting $74-$76 million in revenue and $12-$14 million in EBITDA.
The company targets a low double-digit Compound Annual Growth Rate (CAGR) over the next three to four years and aims to expand EBITDA margins from 15% to 25% in the midterm. This growth is underpinned by escalating contractual commitments and a late-stage pipeline of 12 programs scheduled for launch between 2026 and 2029.
Lifecore possesses an annual revenue generating capacity of $300 million, with current utilization at approximately 20% of its 45 million units of Fill finish capacity. The company expects to reach 40% utilization in the midterm.
Strategic investments include $90 million in CapEx over the past five years to expand capacity, with future annualized CapEx expected to be $7.5 million-$10 million. The company reported $42.5 million in liquidity at the end of the last quarter, comprising $18.9 million in cash and $23.5 million in Revolver availability.

Nov 20, 2025, 3:00 PM

Transcript

Lifecore Biomedical Updates on Financial Performance, Growth Strategy, and Capacity

LFCR

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Lifecore Biomedical (LFCR) reported approximately $130 million in revenue and $20 million in EBITDA for the last fiscal year, and projects $74-$76 million in revenue and $12-$14 million in EBITDA for the seven-month stub period ending December 31, 2025. The company targets a 12% CAGR over the midterm and aims to expand EBITDA margins from 15% to 25%+.
The company has invested $90 million in CapEx over the past five years, resulting in $300 million in annual revenue generating capacity, currently utilized at 20%. This capacity is expected to reach approximately 40% utilization in the midterm.
Key growth drivers include escalating contractual commitments with its largest customer, expecting volumes to more than double in 2027 , and a late-stage pipeline of 12 programs with launches anticipated between 2026 and 2029. Recent wins, including a commercial site transfer and a GLP-1 opportunity, each have the potential to generate over $10 million in annualized revenue at peak sales.

Nov 20, 2025, 3:00 PM

Transcript

Lifecore Biomedical Outlines Growth Strategy and Financial Outlook at Stephens Conference

LFCR

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Lifecore Biomedical has transitioned into a standalone CDMO, focusing on sterile injectables, which is the fastest-growing segment of the CDMO market. The company has invested $90 million in CapEx over the past five years, establishing an annual revenue generating capacity of $300 million, with current utilization at 20%.
For the seven-month stub period ending December 31, 2025, Lifecore Biomedical has guided for $74-$76 million in revenue and $12-$14 million in EBITDA.
The company's midterm objectives include achieving a 12% CAGR and expanding EBITDA margins from 15% to 25%. This growth is expected to be driven by escalating contractual commitments, with volumes from a large customer projected to more than double in 2027, and a late-stage pipeline of 12 programs scheduled for launch between 2026 and 2029.
Lifecore Biomedical reported $42.5 million in liquidity at the end of the last quarter, including $18.9 million in cash and $23.5 million in revolver availability. Annualized CapEx is anticipated to be in the range of $7.5 million-$10 million.

Nov 20, 2025, 3:00 PM

Transcript

Lifecore Biomedical Outlines Growth Strategy and Financial Updates

LFCR

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Lifecore Biomedical is transitioning its fiscal year to a January-to-December calendar, with a seven-month stub period (June-December) for which it guided to $74-$76 million in revenue and $12-$14 million in adjusted EBITDA.
The company significantly improved its liquidity, reporting $42.5 million at the end of September, comprising $19 million in cash and $23.5 million in its revolver.
Lifecore targets a 12% revenue CAGR over the next 36-42 months, aiming for $178-$205 million in revenue and improving adjusted EBITDA margins from 15% to over 25%.
Significant capital investments of over $90 million have been made, resulting in $300 million of revenue-generating capacity, with future CapEx primarily for maintenance and compliance.
The company has signed four new programs since the end of its fiscal year, including a late-stage GLP-1 program and a commercial site transfer, and has a late-stage pipeline of 12 programs with potential launches from 2026 to 2029.

Nov 18, 2025, 9:30 AM

Transcript

Lifecore Biomedical outlines growth strategy and financial targets at Jefferies conference

LFCR

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

Lifecore Biomedical reported approximately $129 million in revenue and $19.5 million in adjusted EBITDA for its last fiscal year (FY2025, ended May). For the seven-month stub period (June-December), the company guided to $74 million-$76 million in revenue and $12 million-$14 million in adjusted EBITDA.
The company targets a 12% revenue CAGR over the midterm (36-42 months), aiming for $178 million-$205 million in revenue and improving adjusted EBITDA margins from 15% to over 25%. Lifecore has $300 million of revenue-generating capacity, currently utilizing 20%, with significant growth capital expenditures already completed.
Lifecore significantly improved its liquidity to $42.5 million at the end of September 2025, comprising almost $19 million in cash and $23.5 million in its revolver. The company's late-stage pipeline includes 12 programs (Phase III or equivalent) with $150 million-$200 million in revenue potential, and anticipates an inflection point in 2027 with its largest customer due to contractual minimum volume commitments.

Nov 18, 2025, 9:30 AM

Transcript

Lifecore Biomedical Outlines Growth Strategy and Financial Outlook at Jefferies Conference

LFCR

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Lifecore Biomedical, a sterile injectable CDMO, reported approximately $129 million in revenue and almost $20 million in adjusted EBITDA for FY2025. Due to a fiscal year change, the company provided guidance for a seven-month stub period (June-December) of $74-$76 million in revenue and $12-$14 million in adjusted EBITDA.
The company has significantly improved its liquidity to $42.5 million as of the end of September, consisting of almost $19 million in cash and $23.5 million in its revolver.
Lifecore targets a 12% revenue CAGR over the midterm (36-42 months), aiming for $178-$205 million in revenue and an increase in adjusted EBITDA margins from 15% to over 25%, projecting a $200 million business with $50 million of EBITDA.
With $300 million of revenue-generating capacity and over $90 million in growth capital expenditures completed, future CapEx is expected to be under $10 million annually for maintenance and compliance.
The company's pipeline includes 32 programs, with 12 late-stage (Phase 3 or equivalent) representing $150-$200 million in revenue potential, and it has secured nine new business wins in the past two months, including a late-stage GLP-1 program.

Nov 18, 2025, 9:30 AM

Transcript

Lifecore Biomedical, Inc. Announces Fiscal Year Change and Provides Financial Highlights and Guidance

LFCR

Guidance Update

Accounting Changes

New Projects/Investments

Lifecore Biomedical, Inc. changed its fiscal year end from the last Sunday of May to December 31st, effective for the fiscal period beginning May 26, 2025.
For fiscal year 2025 (ending May 25, 2025), the company reported $128.9 million in Revenues and $19.5 million in Adjusted EBITDA.
For the seven-month transition period from May 26, 2025, through December 31, 2025, Lifecore Biomedical, Inc. expects Revenues of $74 - $76 million and Adjusted EBITDA of $12 - $14 million.
The company ended September 2025 with over $42.5 million in liquidity, comprising $18.9 million in cash and $23.6 million available under its revolver.
Lifecore Biomedical, Inc. is targeting a 12% Revenue CAGR and Adjusted EBITDA Margins of 25%+ in the Mid-Term.

Nov 17, 2025, 9:10 PM

8-K

Lifecore Announces Q3 2025 Earnings Results and Fiscal Year-End Change

LFCR

Earnings

Guidance Update

New Projects/Investments

Lifecore reported Q3 2025 revenue of $31.1 million, a 26% increase compared to the prior comparable period, with adjusted EBITDA reaching $3.1 million (up from negative $1.8 million) and a net loss of $10 million.
The company changed its fiscal year-end to December 31 and provided guidance for the seven-month transition period (May 26 to December 31, 2025), projecting revenue of $74-$76 million, net loss of $18.4-$16.4 million, and adjusted EBITDA of $12-$14 million. Implied Q4 2025 guidance suggests revenue of $34-$36 million and adjusted EBITDA of $7-$9 million.
Lifecore secured two new business wins in Q3 2025 and two more subsequent to quarter-end, including a significant commercial site transfer expected to make a large multinational pharmaceutical company one of its top customers within 24-30 months. The company also achieved operational improvements, leading to a $5.9 million decrease in SG&A expenses and a more than 20% reduction in the manufacturing workforce over 18 months.

Nov 6, 2025, 9:30 PM

Transcript

Lifecore Reports Fiscal Year 2025 Results and Provides Transition Period Guidance

LFCR

Earnings

Guidance Update

New Projects/Investments

Lifecore reported Fiscal Year 2025 revenues of $128.9 million and an Adjusted EBITDA of $20,206 million ,.
For the 7-month transition period from May 26 to December 31, 2025, the company projects revenues between $74 million and $76 million and Adjusted EBITDA between $12 million and $14 million ,.
The company targets a 12%+ Revenue CAGR and 25%+ Adjusted EBITDA margins in the Mid-Term, with an expanded capacity revenue potential of ~$300 million annually ,.
Lifecore's pipeline includes 11 late-stage projects and represents $150 million to $200 million in incremental commercial revenue potential.

Nov 6, 2025, 9:30 PM

Presentation

Lifecore Biomedical Reports Q1 2026 Financial Results and Provides Corporate Update

LFCR

Earnings

Guidance Update

New Projects/Investments

Lifecore Biomedical reported revenue of $31.1 million for the three months ended September 30, 2025, a 26% increase from the comparable prior period of 2024, with Adjusted EBITDA increasing to $3.050 million from negative $1.793 million.
The company recorded a net loss of $(9.991) million and a loss of $(0.29) per diluted share for the three months ended September 30, 2025.
Lifecore signed two new programs during the quarter and an additional two programs subsequent to quarter end, while also improving workforce productivity in manufacturing by over 20% over approximately the past year.
For the seven-month transition period from May 26 through December 31, 2025, the company expects revenue between $74 million and $76 million and Adjusted EBITDA between $12 million and $14 million.
Lifecore is moving its fiscal year end to align with the calendar year, effective December 31, 2025.

Nov 6, 2025, 9:26 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for LIFECORE BIOMEDICAL, INC. \DE\.

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