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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.
Landec Corporation (Nasdaq: LNDC), a diversified health and wellness company, announced a conference call set for August 10, 2022, at 2:00 PM PT to discuss its fiscal 2022 fourth-quarter financial results. This call aims to provide insights into the performance of Lifecore Biomedical, a key division specializing in complex sterile injectable pharmaceutical products. Investors can access the live webcast on Landec's website, with a replay available until August 17, 2022. The company emphasizes its role as a leading contract development and manufacturing organization (CDMO) in the biopharmaceutical sector.
Landec Corporation (Nasdaq: LNDC) has successfully divested its BreatheWay packaging technology business for $3.2 million in cash. This sale aligns with the company’s strategy to focus on its CDMO segment, specifically its Lifecore Biomedical division. The BreatheWay Business, which generated $2.1 million in revenue over the past year, will be reported as discontinued operations starting fiscal Q1 2023. Proceeds will be used to repay existing debt, underlining Landec's commitment to simplifying its operations and enhancing shareholder value.
Custom Made Meals (CMM) has appointed Molly Montgomery as CEO, effective immediately. She previously served on the board since its acquisition by Stellex Capital Management in May 2021. Montgomery succeeds Dale Easdon, who led the company for three years. Montgomery brings extensive experience from her previous role as President & CEO of Landec Corporation (NASDAQ: LNDC), where she drove significant revenue growth. Her leadership is expected to enhance CMM's position in the ready-to-cook food sector, capitalizing on consumer trends.
Landec Corporation (Nasdaq: LNDC) reported a robust 27.9% revenue increase in its Lifecore segment for Q3 fiscal 2022, driven by normalized customer ordering patterns post-COVID. Total revenues rose to $53.1 million, but gross profit fell 3.8% to $13.9 million due to revenue mix. A net loss of $7.1 million includes $4.6 million in restructuring charges. Adjusted EBITDA decreased 12.3% to $6.4 million, while guidance for fiscal 2022 remains unchanged, with projected revenue of $179M-$185M. Lifecore's solid growth contrasts with Curation Foods, which faced margin pressures.
Landec Corporation (Nasdaq: LNDC) will host a conference call to discuss its fiscal 2022 third quarter financial results on April 5, 2022, at 2:00 p.m. Pacific time. The call will cover financial metrics from the company's Lifecore Biomedical segment, a contract development and manufacturing organization specializing in sterile injectable pharmaceuticals. A live webcast will be available on Landec's website for 30 days following the event. For participants, dialing information is provided, along with a replay availability until April 12, 2022.
Landec Corporation (Nasdaq: LNDC) announced Jim Hall and John Morberg will present at the 2022 ICR conference on January 10. The presentation will focus on Lifecore Biomedical, Landec’s contract development and manufacturing organization (CDMO), which has achieved over 15% compound annual revenue growth since 2010. They will discuss Lifecore's strategic growth initiatives and a developing pipeline aimed at sustaining long-term expansion in the injectables market. A webcast of the presentation will be available on their investor relations website.
Landec Corporation (Nasdaq: LNDC) reported its fiscal 2022 second quarter results, highlighting a net loss of $38.4 million impacted by a $29.1 million non-cash goodwill impairment due to the recent sale of its Curation Foods segment's Eat Smart business for $73.5 million. Lifecore saw a 7% revenue increase, contributing to overall revenues of $129.5 million. Pro forma revenues were up 8.8% year-over-year. Adjusted EBITDA rose 41.3% to $8.3 million, driven largely by Lifecore's growth. The company reaffirmed its fiscal 2022 guidance, expecting consolidated revenues to reach $179-$185 million.
Taylor Farms has acquired Curation Foods' fresh packaged salads, green beans, and fresh cut vegetables business from Landec Corporation (Nasdaq: LNDC), effective December 13, 2021. This strategic acquisition includes the Eat Smart® brand and production facilities in Guadalupe, CA, and Bowling Green, OH. The move aims to strengthen Taylor Farms' product offerings and improve assured supply for customers, addressing the increasing consumer demand for chopped salads and fresh vegetables.
Landec Corporation (Nasdaq: LNDC) announced the sale of its Curation Foods fresh packaged salads and vegetables business to Taylor Farms for $73.5 million. The proceeds will be used to reduce debt, significantly strengthening Landec's financial position. This strategic move aligns with Landec's focus on its rapidly growing Lifecore Biomedical business, a contract development and manufacturing organization. The transaction simplifies operations, allowing for increased investment in core growth categories. The fiscal second quarter earnings call is scheduled for January 5, 2022.
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.
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