Lifecore Biomedical, Inc. Files 2024 10-K Report

Ticker: LFCR · Form: 10-K · Filed: Mar 20, 2024 · CIK: 1005286

Lifecore Biomedical, Inc. \De\ 10-K Filing Summary
FieldDetail
CompanyLifecore Biomedical, Inc. \De\ (LFCR)
Form Type10-K
Filed DateMar 20, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$0.001
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Lifecore Biomedical, Landec Corp, Annual Report, Financials

TL;DR

<b>Lifecore Biomedical, Inc. (formerly Landec Corp) has filed its annual 10-K report for the fiscal year ending May 28, 2023.</b>

AI Summary

LIFECORE BIOMEDICAL, INC. \DE\ (LFCR) filed a Annual Report (10-K) with the SEC on March 20, 2024. Lifecore Biomedical, Inc. (formerly Landec Corp) filed its 10-K for the fiscal year ending May 28, 2023. The company is incorporated in Delaware and operates in the Pharmaceutical Preparations sector (SIC 2834). Its principal business address is 3515 Lyman Boulevard, Chaska, MN 55318. The filing covers the fiscal year ending May 28, 2023, with a filing date of March 20, 2024. The company was formerly known as Landec Corp (CA) with a name change date of December 22, 1995.

Why It Matters

For investors and stakeholders tracking LIFECORE BIOMEDICAL, INC. \DE\, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Lifecore Biomedical's financial performance, business operations, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: low — LIFECORE BIOMEDICAL, INC. \DE\ shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Lifecore Biomedical's performance and outlook.

Key Numbers

  • 2023-05-28 — Fiscal Year End (Conformed period of report)
  • 2024-03-20 — Filing Date (Filed as of date)
  • 1995-12-22 — Former Company Name Change Date (Former company name change date)

Key Players & Entities

  • LIFECORE BIOMEDICAL, INC. (company) — Filer name
  • 0001005286-24-000030 (other) — Accession number
  • 20230528 (date) — Conformed period of report
  • 20240320 (date) — Filed as of date
  • 2834 (other) — Standard Industrial Classification
  • 3515 LYMAN BOULEVARD (other) — Business address street 1
  • CHASKA (other) — Business address city
  • MN (other) — Business address state

FAQ

When did LIFECORE BIOMEDICAL, INC. \DE\ file this 10-K?

LIFECORE BIOMEDICAL, INC. \DE\ filed this Annual Report (10-K) with the SEC on March 20, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by LIFECORE BIOMEDICAL, INC. \DE\ (LFCR).

Where can I read the original 10-K filing from LIFECORE BIOMEDICAL, INC. \DE\?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by LIFECORE BIOMEDICAL, INC. \DE\.

What are the key takeaways from LIFECORE BIOMEDICAL, INC. \DE\'s 10-K?

LIFECORE BIOMEDICAL, INC. \DE\ filed this 10-K on March 20, 2024. Key takeaways: Lifecore Biomedical, Inc. (formerly Landec Corp) filed its 10-K for the fiscal year ending May 28, 2023.. The company is incorporated in Delaware and operates in the Pharmaceutical Preparations sector (SIC 2834).. Its principal business address is 3515 Lyman Boulevard, Chaska, MN 55318..

Is LIFECORE BIOMEDICAL, INC. \DE\ a risky investment based on this filing?

Based on this 10-K, LIFECORE BIOMEDICAL, INC. \DE\ presents a relatively low-risk profile. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

What should investors do after reading LIFECORE BIOMEDICAL, INC. \DE\'s 10-K?

Review the detailed financial statements and risk factors within the 10-K to understand Lifecore Biomedical's performance and outlook. The overall sentiment from this filing is neutral.

How does LIFECORE BIOMEDICAL, INC. \DE\ compare to its industry peers?

Lifecore Biomedical operates within the Pharmaceutical Preparations industry, focusing on products related to healthcare and life sciences.

Are there regulatory concerns for LIFECORE BIOMEDICAL, INC. \DE\?

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

Industry Context

Lifecore Biomedical operates within the Pharmaceutical Preparations industry, focusing on products related to healthcare and life sciences.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

  1. Analyze the financial statements for revenue, net income, and cash flow for FY 2023.
  2. Review the 'Risk Factors' section for any new or evolving business and financial risks.
  3. Examine management's discussion and analysis (MD&A) for insights into operational performance and strategic initiatives.

Key Dates

  • 2023-05-28: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-03-20: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Lifecore Biomedical, Inc. under its current name, following a previous filing under the former name Landec Corp.

Filing Stats: 4,303 words · 17 min read · ~14 pages · Grade level 17.2 · Accepted 2024-03-19 20:03:56

Key Financial Figures

  • $0.001 — ch registered Common Stock, par value $0.001 per share LFCR The NASDAQ Global Select

Filing Documents

Risk Factors

Risk Factors 7 1B. Unresolved Staff Comments 18 2.

Legal Proceedings

Legal Proceedings 18 4. Mine Safety Disclosures 18 Part II 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 6.

Selected Financial Data

Selected Financial Data 19 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 35 9A.

Controls and Procedures

Controls and Procedures 35 9B. Other Information 37 9C. Disclosure Regarding Jurisdictions that Prevent Inspections 37 Part III 10. Directors, Executive Officers and Corporate Governance 38 11.

Executive Compensation

Executive Compensation 43 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 60 13. Certain Relationships and Related Transactions, and Director Independence 63 14. Principal Accountant Fees and Services 65 Part IV 15. Exhibits and Financial Statement Schedules 66 16. Form 10-K Summary 66

Signatures

Signatures 243 1 Table of Contents Cautionary Note About Forward-Looking Statements This Annual Report on Form 10-K, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," 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 are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. Potential risks and uncertainties include, without limitation, the timing and expenses associated with operations, the ability to achieve acceptance of our new products in the market place, government regulations affecting our business, the timing of regulatory approvals, the impact of adverse and uncertain economic conditions in the U.S. and international markets, the mix between domestic and international sales, and those other risks mentioned in Item 1A. "Risk Factors" of this report. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Accordingly, our actual results could differ materially from those projected in the forward-looking statements for many reasons, including the risk factors listed in Item 1A. "Risk Factors" of this report. All forward-looking statements attributable to us are expressly qua

Business

Item 1. Business Corporate Overview Lifecore Biomedical, Inc. and its subsidiaries ("Lifecore Biomedical", the "Company", "we" or "us", previously Landec Corporation) design, develop, manufacture, and sell differentiated products for biomaterials markets, and license technology applications to partners. Lifecore Biomedical's biomedical company, Lifecore Biomedical Operating Company, Inc. ("Lifecore"), is a fully integrated contract development and manufacturing organization ("CDMO") that offers highly differentiated capabilities in the development, fill and finish of sterile, injectable-grade pharmaceutical products in syringes and vials. As a leading manufacturer of premium, injectable grade sodium hyaluronic ("HA"), Lifecore brings over 40 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market. Lifecore recognizes revenue in two different product categories, CDMO and fermentation. Lifecore Biomedical previously operated a natural food company, through its wholly owned subsidiary, Curation Foods, Inc. ("Curation Foods"), which was previously focused on the distribution of plant-based foods to retail, club and foodservice channels throughout North America, which was presented in Lifecore Biomedical's prior financial statements as the Curation Foods segment. However, upon the sale of Yucatan Foods ("Yucatan") on February 7, 2023 and O Olive Oil & Vinegar ("O Olive") on April 6, 2023, the Company ceased to operate the Curation Foods business. Accordingly, commencing in the fourth quarter of fiscal year 2023, the Curation Foods segment of Lifecore Biomedical is presented as a discontinued operation in its entirety. We are focused on driving profitable growth with product development and manufacturing of sterile injectable products. Lifecore seeks to expand its presence in the CDMO marketplace by partnering with biopharmaceutical and biotechnol

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