Lifecore Biomedical Inc. reported fourth‑quarter revenue of $35.7 million, a 10% increase from the comparable period in 2024, and transition‑period revenue of $75.5 million, up 20% year‑over‑year. Adjusted EBITDA turned positive for the quarter, reflecting the company’s ongoing margin‑improvement initiatives.
The growth was driven by expanded contract‑manufacturing volumes and new program wins, including two commercial site‑transfer programs added in the fourth quarter. Management highlighted workforce‑productivity gains and cost‑control measures that have begun to lift margins, supporting the positive EBITDA result.
"We are very proud of our accomplishments in 2025 and look forward to achieving sustainable growth in the years ahead," said President and CEO Paul Josephs. He added, "Our financial and business performance during the 2025 transition period was strong, and we continue to position the Company for sustained, long‑term growth. We expect calendar year 2026 to reflect a period of continued operational progress and disciplined execution."
For 2026, Lifecore guided to total revenue of $120 million to $125 million, a net loss of $32.9 million to $28.9 million, and adjusted EBITDA of $20.5 million to $25 million. The guidance reflects continued demand for sterile injectable and hyaluronic‑acid services, while acknowledging the impact of a key customer’s inventory rebalancing and a delayed commercial launch.
The transition period, covering May 26 to December 31 2025, ended with approximately $38.9 million in liquidity. The company faces debt obligations that will shift to cash payments in May 2026 and a Series A convertible preferred stock liquidation preference of $50.2 million due June 29 2026. Despite a negative Altman Z‑Score, management remains confident in its operational progress and long‑term growth strategy.
The results demonstrate revenue growth and margin expansion, but the 2026 guidance’s net‑loss outlook signals ongoing investment and the need to manage debt. The company’s focus on contract‑manufacturing expansion and operational efficiencies positions it to capture demand in its core sterile injectable and hyaluronic‑acid markets while navigating the identified headwinds.
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