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Lifecore Biomedical Inc. (LFCR+1.49%) has submitted its 10-Q filing for the quarterly period ended November 24, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $32,564,000 from $30,150,000 in the same quarter the previous year. This increase was primarily due to higher sales volume from the company's largest customer.
Cost of goods sold for the quarter was $21,480,000, compared to $20,193,000 in the same quarter of the previous year. The gross profit for the quarter was $11,084,000, up from $9,957,000 the previous year.
Operating expenses increased to $13,043,000 from $11,440,000 in the previous year, primarily due to an increase in selling, general, and administrative expenses.
The company reported an operating loss of $1,959,000 for the quarter, compared to an operating loss of $1,483,000 in the previous year.
Interest expense for the quarter increased to $5,465,000 from $4,073,000 in the previous year, primarily due to increased interest expense related to the Alcon term loan debt.
The company recorded a change in fair value of debt derivative liability, related party, resulting in income of $1,200,000, compared to $20,700,000 in the previous year.
Lifecore does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its contract development and manufacturing organization (CDMO) capabilities and maintaining strategic relationships with market leaders.
Lifecore identified material weaknesses in its internal controls over financial reporting and is in the process of implementing a remediation plan to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lifecore Biomedical Inc. quarterly 10-Q report dated January 2, 2025. To report an error, please email earnings@qz.com.