Lifecore Biomedical Q4 Revenue Up 10% to $35.7M, 2026 Guide $120–125M
Lifecore Biomedical posted fourth-quarter revenues of $35.7 million, a 10% year-over-year increase, and transition-period revenues of $75.5 million, up 20%, driving adjusted EBITDA to $13.1 million from $2.6 million a year earlier. The CDMO improved gross margins to 31% and guided 2026 revenue of $120–125 million with $20.5–25 million EBITDA.
1. Fourth-Quarter and Transition Period Results
Lifecore recognized $35.7 million in fourth-quarter revenues, marking a 10% increase over the comparable prior quarter, and $75.5 million in revenues for the May–December transition period, a 20% rise from $62.9 million. Net loss narrowed to $18.0 million from $30.6 million a year earlier.
2. Margin Expansion and New Program Wins
Gross profit margin climbed to 31.4% from 25.9% in the prior transition period, while operating expenses fell 31% to $24.4 million. The company signed five new programs in 2025, including two commercial site transfers in the fourth quarter, bolstering its CDMO pipeline.
3. Liquidity and ERP Implementation
Lifecore ended December with $17.5 million in cash and $21.4 million in available credit, totaling $38.9 million in liquidity. In January 2026 the company launched a new enterprise resource planning system to strengthen inventory control and reduce future costs.
4. 2026 Financial Outlook
For calendar year 2026, Lifecore projects revenues between $120 million and $125 million, a net loss of $28.9 million to $32.9 million and adjusted EBITDA of $20.5 million to $25 million, reflecting continued focus on operational execution and margin improvement.