Landec Corporation Reports First Quarter Fiscal Year 2022 Results
Landec Corporation (Nasdaq: LNDC) reported a net loss of $9.5 million for the first quarter of fiscal 2022, despite a 7% increase in gross profit to $17.5 million and an Adjusted EBITDA rise of 42% to $4.4 million. Revenue decreased 5.1% to $128.8 million due to a planned reduction in its Curation Foods segment. Lifecore segment showed resilience with a 1% revenue increase. Landec reiterated its full-year guidance, expecting annual revenues between $545 million and $554 million.
- 7% increase in gross profit year-over-year.
- 42% rise in Adjusted EBITDA to $4.4 million.
- Reiteration of fiscal year 2022 guidance with expected revenue growth.
- Net loss of $9.5 million, including $2.7 million in restructuring charges.
- Revenue decrease of 5.1% year-over-year, driven by Curation Foods segment.
- Quarterly net loss of
$9.5 million , EBITDA of$1.1 million , and Adjusted EBITDA of$4.4 million - Reiterates Fiscal Year 2022 Guidance
SANTA MARIA, Calif., Sept. 29, 2021 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company with two operating businesses, Lifecore Biomedical, Inc. and Curation Foods, Inc., reported results for the fiscal 2022 first quarter ended August 29, 2021. Looking forward, Landec’s strategy to continue to create shareholder value is to seek to deliver against its long-term targets, strengthen its balance sheet, drive top-line growth at Lifecore, and selectively invest in innovation and growth while implementing strategic priorities to improve operating margins at Curation Foods.
CEO COMMENTS:
“We had a strong start to fiscal 2022 with a first quarter performance that was highlighted by a
FISCAL FIRST QUARTER 2022 BUSINESS HIGHLIGHTS:
- Revenues of
$128.8 million , a planned decrease of5.1% year-over-year - Gross profit of
$17.5 million , an increase of7.2% year-over-year - Net loss of
$9.5 million , which includes$2.7 million of restructuring and other non-recurring charges such as legal expenses, net of tax - Diluted net loss per share of
$0.32 ; adjusted diluted net loss per share of$0.23 , which excludes$0.09 per share of restructuring and other non-recurring charges, net of tax - Adjusted EBITDA of
$4.4 million , compared to$3.1 million in the prior year period - Lifecore segment adjusted EBITDA of
$2.3 million , compared to$1.5 million in the prior year period - Curation Foods segment adjusted EBITDA of
$3.0 million , compared to$2.4 million in the prior year period
FISCAL FIRST QUARTER 2022 RESULTS:
Fiscal first quarter 2022 results compared to fiscal first quarter 2021 are as follows:
(Unaudited and in thousands, except per-share data) | Three Months Ended | Change | ||||||||||||||
August 29, 2021 | August 30, 2020 | Amount | % | |||||||||||||
Revenues | $ | 128,788 | $ | 135,643 | $ | (6,855 | ) | (5 | ) | % | ||||||
Gross profit | 17,519 | 16,347 | 1,172 | 7 | % | |||||||||||
Net loss | (9,477 | ) | (11,000 | ) | 1,523 | 14 | % | |||||||||
Adjusted net income (loss)* | (6,732 | ) | (3,199 | ) | (3,533 | ) | (110 | ) | % | |||||||
Diluted net loss per share | (0.32 | ) | (0.38 | ) | 0.06 | 16 | % | |||||||||
Adjusted diluted net income (loss) per share* | (0.23 | ) | (0.11 | ) | (0.12 | ) | (109 | ) | % | |||||||
EBITDA* | 1,065 | (7,460 | ) | 8,525 | N/M | |||||||||||
Adjusted EBITDA* | $ | 4,422 | $ | 3,110 | $ | 1,312 | 42 | % | ||||||||
* See “Non-GAAP Financial Information” at the end of this release for more information and for a reconciliation of certain financial information. |
Revenues decreased
Gross profit increased
Net loss decreased
Adjusted EBITDA increased
SEGMENT RESULTS:
(Unaudited and in thousands) | Three Months Ended | Change | ||||||||||||
August 29, 2021 | August 30, 2020 | Amount | % | |||||||||||
Revenues: | ||||||||||||||
Curation Foods | $ | 106,836 | $ | 113,839 | $ | (7,003 | ) | (6)% | ||||||
Lifecore | 21,952 | 21,804 | 148 | |||||||||||
Total revenues | $ | 128,788 | $ | 135,643 | $ | (6,855 | ) | (5)% | ||||||
Gross profit: | ||||||||||||||
Curation Foods | $ | 11,755 | $ | 11,345 | $ | 410 | ||||||||
Lifecore | 5,764 | 5,002 | 762 | |||||||||||
Total gross profit | $ | 17,519 | $ | 16,347 | $ | 1,172 | ||||||||
Net (loss) income: | ||||||||||||||
Curation Foods | $ | (2,128 | ) | $ | (8,271 | ) | $ | 6,143 | ||||||
Lifecore | 580 | 112 | 468 | N/M | ||||||||||
Other | (7,929 | ) | (2,841 | ) | (5,088 | ) | (179)% | |||||||
Total net loss | $ | (9,477 | ) | $ | (11,000 | ) | $ | 1,523 | ||||||
EBITDA: | ||||||||||||||
Curation Foods | $ | 1,759 | $ | (6,097 | ) | $ | 7,856 | (129)% | ||||||
Lifecore | 2,291 | 1,457 | 834 | |||||||||||
Other | (2,985 | ) | (2,820 | ) | (165 | ) | (6)% | |||||||
Total EBITDA | $ | 1,065 | $ | (7,460 | ) | $ | 8,525 | N/M | ||||||
Lifecore Segment:
(Unaudited and in thousands) | Three Months Ended | Change | ||||||||||||||
August 29, 2021 | August 30, 2020 | Amount | % | |||||||||||||
Revenue: | ||||||||||||||||
CDMO | $ | 17,789 | $ | 16,488 | $ | 1,301 | 8 | % | ||||||||
Fermentation | 4,163 | 5,316 | (1,153 | ) | (22 | ) | % | |||||||||
Total revenue | $ | 21,952 | $ | 21,804 | $ | 148 | 1 | % |
Lifecore is the Company’s CDMO business focused on product development and manufacturing of sterile injectable products. Lifecore continues to expand its presence in the robust CDMO marketplace by utilizing its specialized capabilities to partner with and provide value added services to biopharmaceutical and medical device companies. Lifecore continues to drive growth and profitability with a focus on building its business development pipeline, maximizing capacity and advancing product commercialization for innovative new therapies that improve patients’ lives.
In the fiscal first quarter 2022, Lifecore realized total revenues of
Lifecore drove a
Curation Foods Segment:
(Unaudited and in thousands) | Three Months Ended | Change | ||||||||||||||
August 29, 2021 | August 30, 2020 | Amount | % | |||||||||||||
Revenue: | ||||||||||||||||
Fresh packaged salads and vegetables | $ | 89,496 | $ | 96,179 | $ | (6,683 | ) | (7 | ) | % | ||||||
Avocado products | 16,962 | 17,017 | (55 | ) | — | % | ||||||||||
Technology | 378 | 643 | (265 | ) | (41 | ) | % | |||||||||
Total revenue | $ | 106,836 | $ | 113,839 | $ | (7,003 | ) | (6 | ) | % |
Curation Foods is the Company’s natural food business. Curation Foods is focused on providing access to innovative and nutritious
Curation Foods realized total revenues of
Curation Foods generated gross profit of
CASH FLOW & BALANCE SHEET
Cash provided by operations was
The Company had cash and cash equivalents of
FISCAL 2022 OUTLOOK:
Excluding restructuring and other nonrecurring charges, tax implications and any unforeseen potential impact from the ongoing COVID-19 pandemic, the Company is reiterating its full year fiscal 2022 guidance, which is detailed below with growth figures that are compared to fiscal 2021:
Revenue from continuing operations:
- Consolidated Revenues: range of
$545 million to$554 million (flat to +1.8% ) - Lifecore segment: range of
$105 million to$108 million (+7% to +10% ) - Curation Foods segment: range of
$440 million to$446 million (-1.4% to0.0% )
Adjusted EBITDA:
- Consolidated: range of
$33.3 million to$35.5 million (+6% to +13% ) - Lifecore segment: range of
$26 million to$27 million (+6% to +10% ) - Curation Foods segment: range of
$12 million to$13 million (+9% to +18% ) - Other (Corporate Expense): range of (
$4.5) million to ($4.7) million
Seasonality:
- From an adjusted EBITDA perspective, the Company now anticipates that less than
30% of its annual consolidated adjusted EBITDA will be generated in its fiscal first half. This is due to customer inventory re-balancing at Lifecore as a result of the COVID-19 pandemic which results in relatively flat year-over-year revenue growth in the first half of fiscal 2022 followed by an anticipated substantial double-digit growth in the second half of fiscal 2022 at Lifecore. From a gross margin perspective, the Company expects Lifecore to realize a lower gross margin rate in the first half of fiscal 2022 compared to the first half of fiscal 2021 due to product mix. At Curation Foods, the Company continues to expect annual adjusted EBITDA growth in segment gross margin, which is expected to meet its steady-state target of11% to14% for the full fiscal year 2022. However, the Company now expects to face inflationary pressures beginning in the second quarter that it believes will be offset by price increases and cost saving initiatives in the second half of fiscal 2022. Despite these incremental headwinds, the Company still expects Curation Foods to achieve segment gross margin improvement in the second quarter of fiscal 2022.
Conference Call
The live webcast can be accessed via Landec’s website on the Investor Events & Presentations page. The webcast will be available for 30 days.
Date: Wednesday, September 29, 2021
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Direct Webcast link: http://ir.Landec.com/events.cfm
To participate in the conference call via telephone, dial toll-free: (877) 407-3982 or (201) 493-6780. Please call the conference telephone number 5-10 minutes prior to the start time so the operator can register your name and organization. If you have any difficulty with the webcast or connecting to the call, please contact ICR at (646) 277-1263.
A replay of the call will be available through Wednesday, October 6, 2021 by calling toll-free: (844) 512-2921 or direct (412) 317-6671, and entering code 13722422.
About Landec Corporation
Landec Corporation (Nasdaq: LNDC) is a leading innovator of diversified health and wellness solutions with two operating businesses: Lifecore Biomedical, Inc. and Curation Foods, Inc. Landec designs, develops, manufactures and sells products for the biopharmaceutical and food industries. Lifecore Biomedical is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes and vials. As a leading manufacturer of premium, injectable grade Hyaluronic Acid, Lifecore brings 35 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market. Curation Foods is focused on innovating and distributing plant-based foods with
Non-GAAP Financial Information
This press release contains non-GAAP financial information, including with respects to EBITDA, adjusted EBITDA, Lifecore segment adjusted EBITDA, Curation Foods segment adjusted EBITDA, Other segment adjusted EBITDA, adjusted net income (loss), and adjusted diluted net income (loss) per share. The Company has included reconciliations of these non-GAAP financial measures to their respective most directly comparable financial measures calculated in accordance with GAAP. See the section entitled “Non-GAAP Financial Information and Reconciliations” in this release for definitions of EBITDA, adjusted EBITDA, Lifecore segment adjusted EBITDA, Curation Foods segment adjusted EBITDA, Other segment adjusted EBITDA, adjusted net income (loss), and adjusted diluted net income (loss) per share, and those reconciliations.
The Company has disclosed these non-GAAP financial measures to supplement its consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures exclude/include certain items that are included in the Company’s results reported in accordance with GAAP. Management believes these non-GAAP financial measures provide useful additional information to investors about trends in the Company’s operations and are useful for period-over-period comparisons. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to the potential differences in methods of calculation and items being excluded/included. These non-GAAP financial measures should be read in conjunction with the Company’s consolidated financial statements presented in accordance with GAAP.
Important Cautions Regarding Forward-Looking Statements
This press release 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 Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”, “will”, “should”, “can have”, “likely” and similar expressions are used to identify forward-looking statements. All forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the timing and expenses associated with operations, the ability to achieve acceptance of the Company’s new products in the market place, weather conditions that can affect the supply and price of produce, government regulations affecting our business, the timing of regulatory approvals, uncertainties related to COVID-19 and the impact of our responses to it, the ability to successfully integrate Yucatan Foods into the Curation Foods business, and the mix between domestic and international sales. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.
LANDEC CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except par value) | |||||||
August 29, 2021 | May 30, 2021 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 1,447 | $ | 1,295 | |||
Accounts receivable, less allowance for credit losses | 61,956 | 70,013 | |||||
Inventories | 69,415 | 69,663 | |||||
Prepaid expenses and other current assets | 9,591 | 7,350 | |||||
Total Current Assets | 142,409 | 148,321 | |||||
Investment in non-public company, fair value | — | 45,100 | |||||
Property and equipment, net | 180,460 | 179,559 | |||||
Operating leases | 14,299 | 20,827 | |||||
Goodwill | 69,386 | 69,386 | |||||
Trademarks/tradenames, net | 25,328 | 25,328 | |||||
Customer relationships, net | 10,295 | 10,792 | |||||
Other assets | 3,442 | 3,611 | |||||
Total Assets | $ | 445,619 | $ | 502,924 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 46,355 | $ | 47,569 | |||
Accrued compensation | 9,173 | 12,304 | |||||
Other accrued liabilities | 10,855 | 7,996 | |||||
Current portion of lease liabilities | 4,054 | 3,889 | |||||
Deferred revenue | 1,216 | 1,130 | |||||
Line of credit | 32,000 | 29,000 | |||||
Total Current Liabilities | 103,653 | 101,888 | |||||
Long-term debt, net | 123,833 | 164,902 | |||||
Long-term lease liabilities | 17,072 | 23,611 | |||||
Deferred taxes, net | 4,091 | 6,140 | |||||
Other non-current liabilities | 3,105 | 3,599 | |||||
Total Liabilities | 251,754 | 300,140 | |||||
Stockholders’ Equity: | |||||||
Common stock, issued and outstanding at August 29, 2021 and May 30, 2021, respectively | 29 | 29 | |||||
Additional paid-in capital | 165,725 | 165,533 | |||||
Retained earnings | 29,103 | 38,580 | |||||
Accumulated other comprehensive loss | (992 | ) | (1,358 | ) | |||
Total Stockholders’ Equity | 193,865 | 202,784 | |||||
Total Liabilities and Stockholders’ Equity | $ | 445,619 | $ | 502,924 | |||
LANDEC CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) (In thousands, except per share amounts) | |||||||
Three Months Ended | |||||||
August 29, 2021 | August 30, 2020 | ||||||
Product sales | $ | 128,788 | $ | 135,643 | |||
Cost of product sales | 111,269 | 119,296 | |||||
Gross profit | 17,519 | 16,347 | |||||
Operating costs and expenses: | |||||||
Research and development | 2,826 | 2,508 | |||||
Selling, general and administrative | 15,939 | 17,903 | |||||
Restructuring costs | 2,562 | 8,404 | |||||
Total operating costs and expenses | 21,327 | 28,815 | |||||
Operating loss | (3,808 | ) | (12,468 | ) | |||
Dividend income | — | 281 | |||||
Interest income | 27 | 8 | |||||
Interest expense, net | (7,917 | ) | (3,109 | ) | |||
Other (expense) income, net | 109 | (21 | ) | ||||
Net loss before tax | (11,589 | ) | (15,309 | ) | |||
Income tax benefit | 2,112 | 4,309 | |||||
Net loss | $ | (9,477 | ) | $ | (11,000 | ) | |
Diluted net loss per common share | $ | (0.32 | ) | $ | (0.38 | ) | |
Shares used in diluted per share computation | 29,424 | 29,242 | |||||
LANDEC CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited and in thousands) | |||||||
Three Months Ended | |||||||
August 29, 2021 | August 30, 2020 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (9,477 | ) | $ | (11,000 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation, amortization of intangibles, debt costs, and right-of-use assets | 5,054 | 5,102 | |||||
Stock-based compensation expense | 620 | 892 | |||||
Provision (benefit) for expected credit losses | 60 | 35 | |||||
Deferred taxes | (2,138 | ) | (4,349 | ) | |||
Net gain on disposal of property and equipment held and used | 16 | (11 | ) | ||||
(Gain) loss on disposal of property and equipment related to restructuring, net | (92 | ) | 6,005 | ||||
Other, net | (70 | ) | 21 | ||||
Changes in current assets and current liabilities: | |||||||
Accounts receivable, net | 7,997 | 11,144 | |||||
Inventories | 248 | 6,313 | |||||
Prepaid expenses and other current assets | (2,697 | ) | 1,353 | ||||
Accounts payable | 1,517 | 917 | |||||
Accrued compensation | (3,131 | ) | (139 | ) | |||
Other accrued liabilities | 2,838 | 613 | |||||
Deferred revenue | 86 | 125 | |||||
Net cash provided by operating activities | 831 | 17,021 | |||||
Cash flows from investing activities: | |||||||
Sale of investment in non-public company | 45,100 | — | |||||
Purchases of property and equipment | (7,913 | ) | (4,623 | ) | |||
Proceeds from sales of property and equipment | 1,082 | 4,855 | |||||
Net cash provided by investing activities | 38,269 | 232 | |||||
Cash flows from financing activities: | |||||||
Payments on long-term debt | (41,388 | ) | (8,030 | ) | |||
Proceeds from lines of credit | 8,000 | 11,000 | |||||
Payments on lines of credit | (5,000 | ) | (19,400 | ) | |||
Payments for debt issuance costs | (132 | ) | (512 | ) | |||
Taxes paid by Company for employee stock plans | (428 | ) | (82 | ) | |||
Net cash used in financing activities | (38,948 | ) | (17,024 | ) | |||
Net increase in cash, cash equivalents and restricted cash | 152 | 229 | |||||
Cash and cash equivalents and restricted cash, beginning of period | 1,295 | 553 | |||||
Cash and cash equivalents and restricted cash, end of period | $ | 1,447 | $ | 782 | |||
Supplemental disclosure of non-cash investing and financing activities: | |||||||
Purchases of property and equipment on trade vendor credit | $ | 1,994 | $ | 978 | |||
Non-GAAP Financial Information and Reconciliations
EBITDA, adjusted EBITDA, adjusted net income (loss), and adjusted diluted net income (loss) per share are non-GAAP financial measures. We define EBITDA as earnings before interest expense, income tax expense (benefit), and depreciation and amortization. We define adjusted EBITDA as EBITDA before certain restructuring and other non-recurring charges. We define adjusted net income (loss) and adjusted diluted net income (loss) per share as net income (loss) and diluted net income (loss) per share, respectively, before certain restructuring and other non-recurring charges, net of tax. The table below presents the reconciliation of these non-GAAP financial measures to their respective most directly comparable financial measures calculated in accordance with GAAP and other supplemental information. See “Non-GAAP Financial Information” above for further information regarding the Company’s use of non-GAAP financial measures.
(Unaudited and in thousands) | Three Months Ended | |||||||
August 29, 2021 | August 30, 2020 | |||||||
Net loss | $ | (9,477 | ) | $ | (11,000 | ) | ||
Interest expense, net of interest income | 7,890 | 3,101 | ||||||
Income tax benefit | (2,112 | ) | (4,309 | ) | ||||
Depreciation and amortization | 4,764 | 4,748 | ||||||
Total EBITDA | 1,065 | (7,460 | ) | |||||
Restructuring and other non-recurring charges (1) | 3,357 | 10,570 | ||||||
Total adjusted EBITDA | $ | 4,422 | $ | 3,110 |
(Unaudited and in thousands) | Three Months Ended | |||||||
August 29, 2021 | August 30, 2020 | |||||||
Net loss | $ | (9,477 | ) | $ | (11,000 | ) | ||
Restructuring and other non-recurring charges, net of tax (1) | 2,745 | 7,801 | ||||||
Adjusted net loss | $ | (6,732 | ) | $ | (3,199 | ) |
(Unaudited) | Three Months Ended | |||||||
August 29, 2021 | August 30, 2020 | |||||||
Diluted net loss per share | $ | (0.32 | ) | $ | (0.38 | ) | ||
Restructuring and other non-recurring charges, net of tax, per diluted share (1) | $ | 0.09 | $ | 0.27 | ||||
Adjusted diluted net loss per share | $ | (0.23 | ) | $ | (0.11 | ) |
(Unaudited and in thousands) | Curation Foods | Lifecore | Other | Total | ||||||||||||
Three Months Ended August 29, 2021 | ||||||||||||||||
Net (loss) income | $ | (2,128 | ) | $ | 580 | $ | (7,929 | ) | $ | (9,477 | ) | |||||
Interest expense, net of interest income | 1,376 | (20 | ) | 6,534 | 7,890 | |||||||||||
Income tax (benefit) expense | (679 | ) | 183 | (1,616 | ) | (2,112 | ) | |||||||||
Depreciation and amortization | 3,190 | 1,548 | 26 | 4,764 | ||||||||||||
Total EBITDA | 1,759 | 2,291 | (2,985 | ) | 1,065 | |||||||||||
Restructuring and other non-recurring charges (1) | 1,195 | — | 2,162 | 3,357 | ||||||||||||
Total adjusted EBITDA | $ | 2,954 | $ | 2,291 | $ | (823 | ) | $ | 4,422 | |||||||
Three Months Ended August 30, 2020 | ||||||||||||||||
Net (loss) income | $ | (8,271 | ) | $ | 112 | $ | (2,841 | ) | $ | (11,000 | ) | |||||
Interest expense, net of interest income | 1,376 | — | 1,725 | 3,101 | ||||||||||||
Income tax (benefit) expense | (2,612 | ) | 35 | (1,732 | ) | (4,309 | ) | |||||||||
Depreciation and amortization | 3,410 | 1,310 | 28 | 4,748 | ||||||||||||
Total EBITDA | (6,097 | ) | 1,457 | (2,820 | ) | (7,460 | ) | |||||||||
Restructuring and other non-recurring charges (1) | 8,464 | — | 2,106 | 10,570 | ||||||||||||
Total adjusted EBITDA | $ | 2,367 | $ | 1,457 | $ | (714 | ) | $ | 3,110 |
(1) | During fiscal year 2020, the Company announced a restructuring plan to drive enhanced profitability, focus the business on its strategic assets, and redesign the organization to be the appropriate size to compete and thrive. This included a reduction-in-force, a reduction in leased office spaces, and the sale of non-strategic assets. Related to these continued activities, in the first quarter of fiscal year 2022, the Company incurred (1) |
Contact Information:
Investor Relations
Jeff Sonnek
(646) 277-1263
jeff.sonnek@icrinc.com
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