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Lifecore Biomedical Inc. (LFCR) has submitted its 10-Q filing for the quarterly period ended February 23, 2025.
The filing includes financial statements for the quarter, showing total revenues of $35,154,000, a decrease from $35,704,000 in the same quarter the previous year. The decline in revenues is attributed to a decrease in CDMO revenues due to lower sales volumes and development revenue.
Cost of goods sold for the quarter was $25,309,000, compared to $23,810,000 in the same quarter of the previous year. The increase in cost is due to a write-off of inventory and equipment following a customer termination.
The company reported a gross profit of $9,845,000 for the quarter, down from $11,894,000 in the previous year, with the decline attributed to a decrease in CDMO gross profit.
Research and development expenses for the quarter were $2,045,000, a decrease from $2,170,000 in the previous year, primarily due to fewer headcount.
Selling, general, and administrative expenses increased to $10,093,000 from $9,848,000, primarily due to increased stock-based compensation expenses.
The company recorded a loss on sale or disposal of assets of $6,851,000, primarily due to the sale of a not yet installed isolator-filler.
Net loss for the quarter was $14,769,000, compared to a net income of $15,632,000 in the previous year. The loss is attributed to increased operating expenses and a loss on asset disposal.
Cash used in operating activities was $5,553,000, while cash used in investing activities was $4,318,000, primarily due to capital expenditures.
Lifecore had cash and cash equivalents of $5,417,000 as of February 23, 2025. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various legal proceedings, including a class action complaint and an investor dispute, which the company intends to vigorously defend against.
Lifecore continues to focus on expanding its CDMO capabilities and maintaining strategic relationships with market leaders to drive future growth.
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 April 3, 2025. To report an error, please email earnings@qz.com.