LNDC - LNDC STOCK NEWS

Landec Corporation (LNDC) reported fiscal 2021 results, showing a 14.3% revenue growth and 23.1% net income growth, while adjusted EBITDA rose 22.0%. Total revenues reached $544.2 million but net loss was $32.7 million. Lifecore Biomedical's revenue grew 14% with adjusted EBITDA of $24.5 million, whereas Curation Foods faced a 12% revenue decline. The company expects fiscal 2022 revenues between $545 million and $554 million, reflecting flat growth. CEO Dr. Albert Bolles emphasized ongoing efforts to drive shareholder value via strategic investments and operational improvements.

Landec Corporation (Nasdaq: LNDC) will hold a conference call on July 28, 2021, at 2 p.m. Pacific Time to discuss its fiscal fourth quarter 2021 results. The results, covering the period ending May 31, 2021, will be announced after market close on the same day. The call will feature CEO Dr. Albert Bolles, CFO John Morberg, and Lifecore President Jim Hall, followed by a Q&A session. Interested parties can access the call via telephone or webcast, with a replay available for a week after the event.

Landec Corporation (LNDC) announced the sale of its equity interests in Windset Holdings for $45.1 million to affiliates of Windset's founding investors. The sale, equaling the carrying value, enables Landec to repay $41.2 million in term debt, reducing its net debt leverage from 5.8x to 4.6x. This strategic move is part of Landec’s Project SWIFT framework aimed at enhancing shareholder value. The company anticipates a reduction in annual interest expense by approximately $3.9 million following the debt repayment, though it expects to incur fees of $3.9 million related to this transaction.

Lifecore Biomedical, a subsidiary of Landec Corporation (LNDC), has announced the FDA approval of ZYNRELEF on May 13, 2021. This extended-release local anesthetic, combining bupivacaine and meloxicam, is designed for postoperative pain management following surgeries like bunionectomy and total knee arthroplasty. ZYNRELEF offers longer analgesia (up to 72 hours) and has shown to reduce opioid use post-surgery. Lifecore's role in developing the manufacturing process showcases its capabilities in meeting stringent pharmaceutical standards.

Landec Corporation (Nasdaq: LNDC) has entered into a strategic logistics partnership with Castellini Company to enhance Curation Foods' operations. This partnership aims to expand market reach, streamline logistics, and reduce costs. The agreement includes outsourcing logistics for fresh packaged salads and vegetables, leading to anticipated annual savings of $1.0 million starting fiscal 2022. However, Landec expects $3.0 million in restructuring costs in Q4 2021, mostly non-cash, due to facility closures and staff reductions. The company seeks to optimize its operations and improve profitability.

Lifecore Biomedical, a segment of Landec Corporation (Nasdaq: LNDC), reported significant year-to-date revenue growth of 20%, with net income increasing by 39% and adjusted EBITDA up 34% for the fiscal year-to-date period ended February 28, 2021. Total revenues reached $404.3 million, despite a 10% decrease in third-quarter revenues due to challenges in Curation Foods, whose revenues fell 13%. The company maintains its guidance for Lifecore while adjusting outlook for Curation Foods amid COVID-19 impacts.

Landec Corporation (Nasdaq: LNDC) is set to hold a conference call on April 7, 2021, at 2 p.m. Pacific time to discuss its financial results for the fiscal third quarter 2021, ending February 28, 2021. This teleconference follows the release of financial results after market close on the same day. CEO Dr. Albert Bolles will lead the discussion, joined by CFO John Morberg and Lifecore President Jim Hall. A Q&A session will follow the presentation, and interested parties can access the call via toll-free numbers or a webcast.

Landec Corporation (NASDAQ: LNDC) mourns the passing of board member Charles “Mac” Macaluso on February 22, 2021. He was a key advisor, whose expertise contributed significantly to Curation Foods' growth strategies and company refinancing. Macaluso served on the board since October 2019, participating in the Audit and Curation Focus Committees. His extensive cross-industry experience left a lasting impact, although his board seat will remain unfilled for now. The company emphasizes his legacy of excellence and the void his departure creates in leadership.

Landec Corporation (Nasdaq: LNDC) has appointed John D. Morberg as the new Chief Financial Officer, effective January 18, 2021, succeeding Brian McLaughlin, who has retired. Morberg brings over 25 years of experience in corporate finance and executive leadership, having previously served as CFO and General Counsel for a national restaurant chain. His appointment is seen as a strategic move to enhance Landec’s financial and operational capabilities as the company aims for growth and profitability.