Q2 2026 Lifecore Biomedical Inc Earnings Call Transcript
Key Points
- Successfully completed seven audits and inspections, including a PMDA inspection for the Japanese market, with no material issues reported.
- Added six new programs to the pipeline in Q2, including two expected to generate commercial revenue in 2028-2029, with a total of nine new wins year-to-date.
- Contractually committed fill-finish demand from largest customer is expected to double in 2027 and increase by more than 200% in 2028 compared to 2026.
- SG&A expenses decreased for the fifth consecutive quarter, with cumulative cost reductions of $16.2 million since late 2024.
- Liquidity improved significantly to $38.8 million, including cash of $17.2 million and revolving credit availability of $21.6 million.
- Benefiting from industry tailwinds including increased FDA enforcement actions at competitors and regionalization of drug manufacturing in the U.S.
- Q2 revenues decreased 6.2% year-over-year to $34.2 million, primarily due to timing, mix, and lower development revenue.
- Net loss widened to $6.2 million in Q2, compared to a net loss of $1.1 million in the prior-year quarter.
- Six-month revenues declined 19.9% year-over-year to $57.4 million, with gross profit down $7.3 million.
- Adjusted EBITDA for the six-month period decreased to $9.6 million from $14.8 million in the prior-year period.
- Potential payment of Series A preferred dividends, due December 2028, may require approval under credit agreements and accrue interest at 1% per month if unpaid.
Good morning and thank you for joining Lifecorp earnings call for the second quarter and six months ended June 30th, 2026.
During the call, all participants will be in listen-only mode. Now I'd like to turn the call over to Stephanie Diaz, Manager of Investor Relations for Lifecorp.
Good morning, and thank you for joining us. Today, Lifecor Biomedical will provide its earnings results for the second quarter and six months ended June 30, 2026, and a corporate update.
As the company has recently changed its fiscal year-end to align with the calendar year, we will be comparing our results for the second quarter ended June 30, 2026, with the comparable prior-year quarter ended May 25, 2025.
For the six-month period, we will be comparing our results from January 1st through June 30th, 2026, with the prior year period from November 24th, 2024, through May 25th, 2025.
Hosting the call today from LifeCorps are Paul Josephs, President and Chief Executive
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