LifeCore Biomedical Files 10-Q

TL;DR

LifeCore Biomedical filed its 10-Q for the quarter ending Aug 25, 2024. Financials TBD.

AI Summary

LifeCore Biomedical, Inc. reported its quarterly results for the period ending August 25, 2024. The company's fiscal year ends on May 25th. Specific financial figures for this quarter were not detailed in the provided header information, but the filing indicates a transition from its former name, Landec Corp., in 1995.

Why It Matters

This filing provides an update on LifeCore Biomedical's financial performance and operational status for the recent quarter, which is crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard SEC filing header and does not contain specific financial performance data or forward-looking statements that would indicate a high risk.

Key Players & Entities

• LIFECORE BIOMEDICAL, INC. (company) — Filer
• LANDEC CORP (company) — Former Company Name
• 20240825 (date) — Reporting Period End Date
• 19951222 (date) — Date of Name Change

FAQ

Key Financial Figures

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

Filing Documents

• lfcr-20240825.htm (10-Q) — 951KB
• lfcr-20240825xexx311.htm (EX-31.1) — 11KB
• lfcr-20240825xexx312.htm (EX-31.2) — 12KB
• lfcr-20240825xexx321.htm (EX-32.1) — 6KB
• lfcr-20240825xexx322.htm (EX-32.2) — 6KB
• 0001005286-24-000145.txt ( ) — 6801KB
• lfcr-20240825.xsd (EX-101.SCH) — 42KB
• lfcr-20240825_cal.xml (EX-101.CAL) — 69KB
• lfcr-20240825_def.xml (EX-101.DEF) — 304KB
• lfcr-20240825_lab.xml (EX-101.LAB) — 657KB
• lfcr-20240825_pre.xml (EX-101.PRE) — 494KB
• lfcr-20240825_htm.xml (XML) — 833KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of August 25, 2024 and May 26, 2024 1 Condensed Consolidated Statements of Operations for the Three Months Ended August 25, 2024 and August 27, 2023 2 Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Shareholders' Equity (Deficit) for the Three Months Ended August 25, 2024 and August 27, 2023 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended August 25, 2024 and August 27, 2023 4 Notes to the Condensed Consolidated Financial Statements 5 1 Organization, Basis of Presentation and Summary of Significant Accounting Policies 5 2 Revenue 7 3 Restructuring Costs 7 4 Earnings Per Share 8 5 Fair Value Measurements 8 6 Contract Assets and Liabilities 9 7 Accounts Receivable 10 8 Inventories 11 9 Property, Plant, and Equipment 12 10 Debt 13 11 Leases 14 12 Stock-based Compensation 15 13 Convertible Preferred Stock and Common Stock 16 14 Income Taxes 17 15 Commitments and Contingencies 17 16 Discontinued Operations 18 17 Subsequent Events 18 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4 .

Controls and Procedures

Controls and Procedures 25 Part II. Other Information 27 Item 1.

Legal Proceedings

Legal Proceedings 27 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

Signatures

Signatures 29 i Table of Contents LIFECORE BIOMEDICAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and par values) August 25, 2024 May 26, 2024 (unaudited) ASSETS Current Assets: Cash $ 5,520 $ 8,462 Accounts receivable, less allowance for credit losses 17,674 20,343 Accounts receivable, related party 7,471 10,810 Inventories, net 41,642 39,979 Prepaid expenses and other current assets 1,876 1,439 Total Current Assets 74,183 81,033 Property, plant, and equipment, net 148,756 148,598 Operating lease right-of-use assets 2,373 2,442 Goodwill 13,881 13,881 Intangible assets, net 4,200 4,200 Other long-term assets 3,431 3,806 Total Assets $ 246,824 $ 253,960 LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 18,010 $ 16,334 Accrued compensation 5,565 5,533 Other accrued liabilities 11,380 9,986 Current portion of lease liabilities 4,141 4,133 Deferred revenues 339 1,088 Deferred revenues, related party 315 1,025 Current portion of long-term debt, net, related party 773 773 Total Current Liabilities 40,523 38,872 Long-term debt, less current portion, net, related party 105,545 100,819 Revolving credit facility 21,605 19,691 Debt derivative liability, related party 24,500 25,400 Long-term lease liabilities, less current portion 4,800 4,944 Deferred taxes, net 443 543 Deferred revenues, less current portion, related party 4,791 4,703 Other non-current liabilities 5,114 5,086 Total Liabilities 207,321 200,058 Commitments and Contingencies, see Note 15 Convertible Preferred Stock, $ 0.001 par value; 2,000,000 shares authorized; 43,257 and 42,461 shares issued and outstanding at August 25, 2024 and May 26, 2024, respectively 43,441 42,587 Shareholders' Equity: Common Stock, $ 0.001 par value; 75,000,000 and 50,000,000 shares authorized; 30,898,255 and 30,562,961 shares issued and outstanding at August 25, 2024 and May 26, 2024, respectively

View Full Filing

View this 10-Q filing on SEC EDGAR