Lifecore Biomedical Q1 Revenue Falls 34% to $23.2M, Reaffirms $120M-$125M Guidance
LFCR•Lifecore Biomedical posted Q1 revenues of $23.2 million, down 34% year-over-year, with gross margin falling to 19% and a net loss of $15.0 million (-$0.43 per share). The company signed three new commercial site transfer programs and reaffirmed full-year revenue guidance of $120-125 million and adjusted EBITDA of $20.5-25 million.
1. Q1 Revenue and Profit Performance
Lifecore reported Q1 revenues of $23.2 million, a 34% year-over-year decline, driven by a 24% drop in CDMO sales to $15.8 million and a 48% fall in HA manufacturing to $7.4 million. Gross profit fell 55% to $4.5 million, compressing gross margin to 19.2%, while net loss amounted to $15.0 million, or $0.43 per share.
2. Liquidity and Cash Flow Management
Cash from operations reached $4.7 million, with free cash flow of $3.6 million. Lifecore ended the quarter with $20.8 million in cash and $17.3 million in revolving credit availability, totaling $38.1 million in liquidity.
3. New Commercial Site Transfer Programs
The company signed three new commercial site transfer programs, two with an existing CDMO client and one with a leading medical aesthetics firm. In January, Lifecore implemented a new ERP system to strengthen inventory control, support financial management, and drive cost efficiencies.
4. 2026 Guidance and Cost Initiatives
Lifecore reaffirmed full-year 2026 guidance of $120–125 million in revenue and $20.5–25 million in adjusted EBITDA. Ongoing cost containment and organizational optimization efforts reduced operating expenses by 52% year-over-year, supporting the goal of achieving EBITDA margins above 25% by 2029.
