Welcome to our dedicated page for Lifecore Biomedical news (Ticker: LFCR), a resource for investors and traders seeking the latest updates and insights on Lifecore Biomedical stock.
Lifecore Biomedical, Inc. (symbol: LFCR) is a fully integrated contract development and manufacturing organization (CDMO) specializing in the development, filling, and finishing of complex sterile injectable pharmaceutical products in syringes and vials. The company is renowned for its expertise in manufacturing injectable-grade Hyaluronic Acid, which is utilized in a variety of medical applications, including ophthalmic, orthopedic, and oncology fields.
One of Lifecore's core strengths lies in its comprehensive capabilities that span fermentation, specialty formulation, aseptic filling, and final packaging for FDA-regulated medical devices and drugs. This makes Lifecore a preferred partner for both global and emerging biopharmaceutical and biotechnology companies, helping them bring their innovations to market with high-quality standards.
Founded as part of Landec Corporation, Lifecore has leveraged its robust technological foundation and industry expertise to achieve significant milestones. Recent financial updates indicate a strong focus on liquidity, with the company securing approximately $8 million in non-dilutive, incremental liquidity through various amendments with lenders. As of April 21, 2024, Lifecore reported total debt of $178.9 million and cash reserves of $11.0 million on a pro forma basis.
Lifecore's dedication to innovation is evident in its recent leadership transition, aiming to bolster its strategic direction under new CEO guidance. This move aligns with their efforts to enhance operational efficiency and financial management. For those looking to stay updated on the company's latest developments, Lifecore consistently disseminates news and reports, such as the recent completion of its First Quarter Fiscal 2024 Report on Form 10-Q.
For more information about Lifecore Biomedical and its services, visit their website.
Lifecore Biomedical (NASDAQ: LFCR) has appointed Brikkelle Thompson as Senior Vice President of Human Resources. With nearly 25 years of HR leadership experience, including 14 years in medical technology and healthcare industries, Thompson will focus on enhancing the company's performance-driven culture and strengthening the team. Her background includes roles at Teleflex, Nonin Medical, and Medtronic, where she demonstrated expertise in building top-performing teams and implementing strategic HR initiatives.
CEO Paul Josephs emphasized the importance of corporate culture and talent in executing Lifecore's growth strategy. Thompson's appointment is seen as a strategic move to align the company's mission, values, and team towards consistent and meaningful growth. Her experience spans from small organizations to Fortune 100 companies in both public and private sectors.
Lifecore Biomedical (NASDAQ: LFCR), a contract development and manufacturing organization (CDMO), has granted equity awards to its newly hired CFO, Ryan D. Lake. The awards, approved on September 3, 2024, include:
1. A Restricted Stock Unit (RSU) award for 262,500 shares, vesting over five years.
2. A Performance Stock Unit (PSU) award for up to 750,000 shares, vesting based on stock price performance over five years.
These awards were granted as inducement equity under Nasdaq Listing Rule 5635(c)(4) and Lifecore's Equity Inducement Plan. The PSU award is tied to stock price targets ranging from $5.00 to $30.00 per share.
Lifecore Biomedical (NASDAQ: LFCR), a fully integrated contract development and manufacturing organization (CDMO), has announced its participation in the 17th Annual Barrington Research Virtual Fall Investment Conference. The event is scheduled for Thursday, September 12, 2024, and will be held virtually.
During the conference, Lifecore's management team will engage in one-on-one meetings with investors. This participation provides an opportunity for the company to connect with potential investors and discuss its operations, strategies, and future prospects in the CDMO industry.
The announcement highlights Lifecore's commitment to investor relations and its efforts to maintain open communication with the financial community. By participating in such events, the company aims to increase its visibility among investors and provide insights into its business model and growth potential.
Lifecore Biomedical (NASDAQ: LFCR) announced a significant leadership change with the appointment of Ryan Lake as the new Chief Financial Officer, effective September 3, 2024. Lake, an experienced CDMO industry financial executive, succeeds John Morberg, who is stepping down to pursue other opportunities. Lake brings valuable experience from his previous role as CFO of Societal CDMO, where he led the company's transition into a dedicated CDMO and played a key role in its strategic growth and eventual acquisition by CoreRx.
CEO Paul Josephs expressed confidence in Lake's ability to drive Lifecore's growth strategy, citing his expertise in investor relations, financial strategy, and experience in navigating complex transactions within the CDMO space. Lake's appointment is seen as a strategic move to enhance Lifecore's position in the CDMO market and drive long-term value for stakeholders.
Lifecore Biomedical (NASDAQ: LFCR) reported its fiscal year 2024 results, showing strong revenue growth of 24.2% to $128.3 million. The company's CDMO business grew 27%, while its HA raw material manufacturing increased 18%. Gross profit rose 49.5% to $41.9 million, with margin expanding to 32.6%.
Key highlights include:
- Net income from continuing operations of $9.3 million, compared to a loss of $64.2 million in FY2023
- Adjusted EBITDA increased 82.2% to $20.2 million
- New 5-head isolator filler expected to be GMP-ready in September 2024
For fiscal 2025, Lifecore projects revenue between $126.5-$130 million and Adjusted EBITDA of $19-$21 million.
Lifecore Biomedical has announced a new cooperation agreement with 22NW, which will result in the addition of four new members to its Board of Directors. The new board members include Humberto Antunes, Jason Aryeh, Paul Johnson, and Matthew Korenberg. This change is effective immediately following the 2023 Annual Meeting of Stockholders. The agreement allows Lifecore to avoid a proxy fight and focuses on strengthening its business strategy. 22NW will withdraw its nomination notice and demand for a special meeting. The board will recommend declassifying itself for one-year terms starting in 2025. Large stockholders Legion Partners and Wynnefield Capital have also entered into support agreements. The full agreement will be filed with the SEC.
Lifecore Biomedical announced the granting of restricted stock unit (RSU) and performance stock unit (PSU) awards to Paul Josephs, their new President and CEO. The RSU comprises 525,000 shares and the PSU up to 1,500,000 shares. Approved by Lifecore's compensation committee, these inducement awards were granted under Nasdaq Listing Rule 5635(c)(4) and Lifecore's Equity Inducement Plan. The RSU will vest in tranches over five years, while the PSU's vesting depends on meeting share price performance targets within a five-year period. This move aims to align Josephs’ incentives with company performance and shareholder value.
Lifecore Biomedical (NASDAQ: LFCR) has announced several initiatives to improve liquidity, resulting in an additional $8 million of non-dilutive liquidity. This brings the total non-dilutive incremental liquidity to $18.5 million for fiscal year 2024. Key measures include amendments with lenders and the winding down of subsidiary Curation Foods.
On May 2, 2024, Lifecore secured a $5.5 million prepayment from a term lender. Additionally, a 'first-in, last-out' tranche amendment with an ABL lender added $2.5 million in revolving loan capacity, though it will increase annual interest expenses by $44,000.
The company also finalized an assignment for the benefit of creditors for Curation Foods. As of April 21, 2024, Lifecore reported total debt and cash of $178.9 million and $3.0 million, respectively, which would be $178.9 million and $11.0 million on a pro forma basis.
Moreover, amendments to the 2024 Annual Incentive Plan will see executives compensated in fully vested shares rather than cash.
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