LifeCore Biomedical Files 10-Q for Nov 24, 2024

TL;DR

LifeCore Biomedical 10-Q filed. Check financials for period ending Nov 24, 2024.

AI Summary

LifeCore Biomedical, Inc. filed a 10-Q for the period ending November 24, 2024. The company, formerly known as Landec Corp, is incorporated in Delaware and operates in the Pharmaceutical Preparations sector. Their business address is in Chaska, MN.

Why It Matters

This filing provides investors with an update on LifeCore Biomedical's financial performance and operational status for the specified period.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• LIFECORE BIOMEDICAL, INC. (company) — Filer
• LANDEC CORP (company) — Former Company Name
• DE (company) — State of Incorporation
• CHASKA, MN (company) — Business Address City and State
• 20241124 (date) — Conformed Period of Report
• 20250102 (date) — Filed As Of Date

FAQ

Key Financial Figures

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

Filing Documents

• lfcr-20241124.htm (10-Q) — 1103KB
• lfcr-20241124xexx311.htm (EX-31.1) — 11KB
• lfcr-20241124xexx312.htm (EX-31.2) — 11KB
• lfcr-20241124xexx321.htm (EX-32.1) — 6KB
• lfcr-20241124xexx322.htm (EX-32.2) — 5KB
• 0001005286-25-000012.txt ( ) — 7036KB
• lfcr-20241124.xsd (EX-101.SCH) — 42KB
• lfcr-20241124_cal.xml (EX-101.CAL) — 72KB
• lfcr-20241124_def.xml (EX-101.DEF) — 306KB
• lfcr-20241124_lab.xml (EX-101.LAB) — 670KB
• lfcr-20241124_pre.xml (EX-101.PRE) — 491KB
• lfcr-20241124_htm.xml (XML) — 887KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of November 24 , 2024 and May 26, 2024 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended November 24, 2024 and November 26, 2023 2 Condensed Consolidated Statements of Changes in Convertible Preferred Stock and S tock holders' Equity (Deficit) for the Three and Six Months Ended November 24, 2024 and November 26, 2023 3 Condensed Consolidated Statements of Cash Flows for the Six Months Ended November 24 , 20 24 and November 26, 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 9 6 Contract Assets and Liabilities 10 7 Accounts Receivable 11 8 Inventorie s, net 11 9 Property, Plant, and Equipmen t,ne t 12 10 Long-term D ebt 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 19 17 Subsequent Events 19 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4 .

Controls and Procedures

Controls and Procedures 28 Part II. Other Information 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 i Table of Contents PAR T I. FINANCIAL INFORMATION

Financial statements (unaudited)

Item 1. Financial statements (unaudited) LIFECORE BIOMEDICAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) November 24, 2024 May 26, 2024 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 9,455 $ 8,462 Accounts receivable, less allowance for credit losses 20,177 20,343 Accounts receivable, related party 10,126 10,810 Inventories, net 39,214 39,979 Prepaid expenses and other current assets 2,886 1,439 Total Current Assets 81,858 81,033 Property, plant, and equipment, net 150,576 149,165 Operating lease right-of-use assets 2,304 2,442 Goodwill 13,881 13,881 Intangible assets, net 4,200 4,200 Other long-term assets 2,567 3,239 Total Assets $ 255,386 $ 253,960 LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 14,967 $ 16,334 Accrued compensation 4,631 6,165 Other accrued liabilities 9,866 9,354 Current portion of lease liabilities 4,116 4,133 Deferred revenues 426 1,088 Deferred revenues, related party 511 1,025 Current portion of long-term debt, related party 773 773 Total Current Liabilities 35,290 38,872 Long-term debt, less current portion, net, related party 110,528 100,819 Revolving credit facility 8,500 19,691 Debt derivative liability, related party 23,300 25,400 Long-term lease liabilities, less current portion 7,423 4,944 Deferred taxes, net 552 543 Deferred revenues, less current portion, related party 4,880 4,703 Other non-current liabilities 5,153 5,086 Total Liabilities 195,626 200,058 Commitments and Contingencies, see Note 15 Convertible Preferred Stock, $ 0.001 par value; 2,000,000 shares authorized; 44,068 and 42,461 shares issued and outstanding, redemption value $ 44,619 and $ 42,991 44,311 42,587 Stockholders' Equity: Common Stock, $ 0.001 par value; 75,000,000 and 50,000,000 shares authorized; 36,980,790 and 30,562,961 shares issued and outstanding 37 30 Additional paid-in capital 206

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View this 10-Q filing on SEC EDGAR