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Landec Corporation (Nasdaq: LNDC) is a pioneering force in the realm of diversified health and wellness solutions, operating primarily through its two main subsidiaries: Curation Foods, Inc. and Lifecore Biomedical, Inc.
Curation Foods focuses on delivering plant-based foods made from 100% clean ingredients. Their product lines include the Eat Smart® brand of fresh packaged vegetables and salads, O Olive Oil & Vinegar® premium artisan products, and Yucatan® and Cabo Fresh® avocado products. Curation Foods ensures the utmost freshness of its offerings through a robust family of geographically dispersed growers, a refrigerated supply chain, and its patented BreatheWay® packaging technology. These products are distributed across retail, club, and foodservice channels throughout North America.
Lifecore Biomedical, on the other hand, is a fully integrated Contract Development and Manufacturing Organization (CDMO) specializing in the development, fill, and finish of sterile injectable pharmaceutical products in syringes and vials. Lifecore is renowned for its production of premium, injectable-grade Hyaluronic Acid and has over 35 years of experience serving global and emerging biopharmaceutical and biotechnology companies. The company's capabilities span multiple therapeutic categories, making it a trusted partner in bringing innovative drugs to market.
Recently, Lifecore Biomedical has entered into a non-exclusive co-marketing partnership agreement with SHL Medical, a world-leading solutions provider of advanced drug delivery systems such as autoinjectors. This partnership aims to leverage SHL's expertise in drug delivery device solutions and Lifecore's proficiency in aseptic pharmaceutical manufacturing to offer a comprehensive support system for the development and commercialization of autoinjector products.
This collaboration will enable both companies to provide their customers with unparalleled guidance in CDMO services and innovative options for drug delivery device development. The partnership is expected to enhance Lifecore's service offerings, enabling customers to deliver the benefits and convenience of cutting-edge drug delivery systems to patients worldwide.
Landec Corporation continues to adapt and evolve with industry trends, maintaining a strong financial position and strategic partnerships that bolster its market presence and operational capabilities.
Lifecore Biomedical has officially completed its transition from Landec Corporation, adopting its new name and Nasdaq ticker symbol, LFCR, effective November 15, 2022. This change reflects the company's strategic focus on its contract development and manufacturing organization (CDMO) business, specializing in sterile injectable pharmaceutical products and Hyaluronic Acid. The corporate headquarters has relocated to Chaska, MN, and a new investor relations website has been launched. Leadership remains stable as the company aims for revenue and EBITDA growth.
Landec Corporation (Nasdaq: LNDC) announced a fireside chat featuring CEO Jim Hall and CFO John Morberg at the Stephens Annual Investment Conference in Nashville, TN, scheduled for November 17 at 8:00 AM CT. The event will be available via live audio webcast on the company's investor relations website. Landec operates through two segments: Lifecore Biomedical and Curation Foods, with Lifecore specializing in contract development and manufacturing of sterile injectable products.
Landec Corporation (NASDAQ: LNDC) will change its corporate name to Lifecore Biomedical, Inc. and its ticker symbol to LFCR on November 14, 2022. This shift reflects a strategic pivot towards high-growth CDMO operations focusing on complex sterile injectable products. The stock will continue trading on Nasdaq under the new symbol. No action is needed from shareholders, and their existing rights remain untouched. The company will also relocate its headquarters to Chaska, MN, where it has operated since 1992, enhancing its operational focus in the biotechnology sector.
Landec Corporation (LNDC) reported its fiscal 2023 first-quarter earnings, revealing consolidated revenues of $43.4 million, a 4.1% increase from the previous year. Lifecore segment revenues rose by 8.0% to $23.7 million, driven by a 31.1% increase in its Hyaluronic Acid (HA) raw material manufacturing. However, the company incurred a net loss of $12.1 million, a 58% increase compared to the prior period, influenced by restructuring costs. Landec reiterated its fiscal 2023 guidance for Lifecore, projecting revenues between $122 million and $126 million. The corporate rebranding to Lifecore Biomedical is expected to take place in November.
Landec Corporation (Nasdaq: LNDC) announced a change to its fiscal 2023 first quarter earnings conference call date, now set for October 6, 2022, due to Yom Kippur. The company will release financial results before the market opens, with a conference call at 8:00 AM ET. Lifecore Biomedical, Landec's CDMO, specializes in developing and manufacturing complex sterile injectable pharmaceutical products. A replay of the call will be available until October 13, 2022. For more details, visit their website.
Landec Corporation (Nasdaq: LNDC) announced it will host a conference call on October 5, 2022, at 2:00 PM PT to discuss its fiscal 2023 first quarter financial results. The live webcast will be available for 30 days on Landec's website. Participants can join the call by dialing toll-free numbers for U.S. and international calls. A replay will be accessible until October 12, 2022. As a diversified health and wellness company, Landec's Lifecore Biomedical business specializes in contract development and manufacturing of sterile injectable pharmaceutical products.
Landec Corp (NASDAQ: LNDC) received a notice from Nasdaq on September 2, 2022, indicating non-compliance with Listing Rule 5250(c)(1) due to a failure to file its Annual Report on Form 10-K for the year ended May 29, 2022. The company has until November 1, 2022, to submit a compliance plan, potentially extending the filing deadline up to February 28, 2023, if accepted. The notice does not affect the company's current listing or trading status. Landec is actively working on filing the 2022 Form 10-K to regain compliance.
Landec Corporation (Nasdaq: LNDC) reported a 6.9% increase in Lifecore segment revenues for fiscal Q4 2022, totaling $27.6 million, and an 11.5% rise for the full year at $109.3 million. EBITDA also grew, with Q4 adjusted EBITDA up 15.9% to $8.9 million, and full-year adjusted EBITDA up 17.9% to $28.9 million. The company projects fiscal 2023 Lifecore revenues between $122 million and $126 million, reflecting 12% to 15% growth.
Landec Corporation (Nasdaq: LNDC) is set to transition its corporate identity to Lifecore Biomedical, with a new ticker symbol 'LFCR'. This change reflects a strategic focus on Lifecore's CDMO capabilities, which have seen 15% revenue and 25% EBITDA growth since fiscal 2015. James G. Hall has been appointed CEO, while the Board expects changes to enhance its life sciences expertise. The company also plans to sell remaining Curation Foods assets, anticipating completion during fiscal year 2023. Upcoming fiscal fourth quarter results will be announced on August 10, 2022.
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