LIFECORE BIOMEDICAL, INC. \DE\ LFCR
Lifecore Biomedical, Inc. and its subsidiaries ("Lifecore", the "Company", "we" or "us"), located in Chaska, Minnesota, is a fully integrated contract development and manufacturing organization ("CDMO") that offers highly differentiated clinical and commercial capabilities in the development, cGMP manufacturing and aseptic filling of complex formulations and highly viscous sterile injectable pharmaceutical drug or medical device products in syringes, vials and cartridges, across a wide variety of modalities. Lifecore has become a leading U.S. manufacturer of pharmaceutical-grade, non-animal-sourced hyaluronic acid ("HA") using our proprietary, fermentation-based HA process that we developed in 1981. We manufacture HA in bulk form as well as for use in formulated and filled syringes and vials for our customers' injectable products used in treating a broad spectrum of medical conditions and procedures, including ophthalmic and orthopedic applications. We have leveraged this expertise in HA fermentation, manufacturing and aseptic formulation and filling to also develop highly viscous non-HA-based sterile injectable products with our customers for multiple applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $128.9M | $128.3M | $103.3M | $111.3M | $100.9M | $160.1M | $557.6M | $524.2M | $469.8M |
| Cost of revenue | — | $88.6M | $86.4M | $75.3M | $72.2M | $61.9M | $120.7M | $476.6M | $445.9M | $390.6M |
| Gross profit | — | $40.3M | $41.9M | $28.0M | $39.1M | $38.9M | $39.4M | $81.0M | $78.3M | $79.2M |
| R&D | — | $8.3M | $8.6M | $8.7M | $7.8M | $6.7M | $7.6M | $11.5M | $12.8M | $9.5M |
| SG&A | — | $44.0M | $40.5M | $39.0M | $34.7M | $27.7M | $40.7M | $62.1M | $52.0M | $52.5M |
| Total operating expenses | — | — | $50.7M | $49.8M | $50.9M | $47.8M | $65.3M | $75.5M | $64.8M | $64.5M |
| Operating income | — | -$17.2M | -$8.8M | -$21.8M | -$11.8M | -$8.8M | -$25.9M | $5.5M | $13.6M | $14.7M |
| Interest expense | — | — | — | $17.6M | $15.6M | $8.9M | $4.6M | — | — | — |
| Pre-tax income | — | -$38.7M | $9.5M | -$63.9M | -$20.7M | -$29.8M | -$30.6M | $3.6M | $16.4M | $14.2M |
| Income tax | — | $43.0K | $183.0K | $308.0K | $5.2M | $6.3M | $8.8M | $1.5M | $9.4M | $4.0M |
| Net income | — | -$38.7M | $12.0M | -$99.6M | -$116.7M | -$32.3M | -$38.2M | $411.0K | $24.8M | $10.6M |
| EPS, basic | — | -1.27 | 0.39 | -3.32 | -3.97 | -1.10 | -1.31 | 0.01 | 0.90 | 0.39 |
| EPS, diluted | — | -1.27 | 0.33 | -3.32 | -3.97 | -1.10 | -1.31 | 0.01 | 0.89 | 0.38 |
| Shares, diluted (wtd. avg.) | — | $34.8M | $36.7M | $30.0M | $29.5M | $29.3M | $29.2M | $28.6M | $27.9M | $27.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $17.5M | $8.3M | $8.5M | $19.1M | $1.6M | $1.3M | $553.0K | $1.5M | $3.2M | $5.7M |
| Receivables | — | — | $31.2M | $29.0M | $38.3M | $27.2M | $76.2M | $69.6M | $53.9M | $45.9M |
| Inventory | $29.1M | $32.3M | $40.0M | $40.8M | $36.9M | $28.9M | $66.3M | $54.1M | $31.8M | $23.6M |
| Total current assets | $82.3M | $85.7M | $81.0M | $93.9M | $138.7M | $145.0M | $157.1M | $133.0M | $97.1M | $81.3M |
| Property, plant and equipment | $127.3M | $129.0M | $149.2M | $134.4M | $108.4M | $93.8M | $192.3M | $200.0M | $159.6M | $133.2M |
| Goodwill | $13.9M | $13.9M | $13.9M | $13.9M | $13.9M | $13.9M | $33.9M | $76.7M | $54.5M | $54.5M |
| Other intangibles | — | $4.2M | $4.2M | $4.2M | $1.1M | $8.0M | — | — | $21.8M | $22.8M |
| Total assets | $232.2M | $239.3M | $254.0M | $253.5M | $444.7M | $503.0M | $293.5M | $519.1M | $404.7M | $358.6M |
| Accounts payable | $5.8M | $8.2M | $16.3M | $22.1M | $8.6M | $6.4M | $51.6M | $54.0M | $34.7M | $24.5M |
| Short-term debt | $954.0K | $3.4M | $943.0K | $580.0K | $98.2M | $11.0M | $11.6M | $9.8M | $4.9M | $4.9M |
| Total current liabilities | $23.6M | $30.2M | $38.9M | $39.3M | $103.6M | $153.7M | $164.4M | $137.1M | $88.4M | $51.5M |
| Long-term debt | $142.2M | $130.4M | $124.7M | $84.3M | $123.8M | $93.9M | $101.4M | $87.2M | $37.4M | $42.3M |
| Total liabilities | $198.1M | $191.9M | $200.1M | $218.5M | $251.6M | $284.5M | $310.3M | $248.9M | $152.1M | $130.5M |
| Retained earnings | -$223.2M | -$205.2M | -$166.5M | -$178.5M | $28.4M | $57.6M | $71.2M | $109.7M | $109.3M | $84.5M |
| Total equity | -$14.2M | $1.3M | $11.3M | -$4.2M | $87.8M | $201.9M | $229.8M | $270.1M | $252.6M | $226.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | -$206.0K | $257.0K | -$17.4M | -$22.6M | $16.5M | -$17.0M | $16.0M | $19.8M | $29.8M |
| Depreciation and amortisation | — | $8.0M | $8.0M | $13.2M | $18.1M | $19.9M | $18.8M | $15.2M | $12.4M | $10.7M |
| Stock-based compensation | — | $10.2M | $6.2M | $3.6M | $2.6M | $3.4M | $2.4M | $3.6M | $4.4M | $4.0M |
| Capital expenditure | — | $13.4M | $18.4M | — | $26.2M | $19.3M | $12.2M | $44.7M | $33.6M | $23.0M |
| Investing cash flow | — | -$6.4M | -$18.4M | -$4.8M | $80.0M | -$12.3M | -$23.9M | -$96.8M | -$35.6M | -$25.4M |
| Financing cash flow | — | $6.4M | $7.5M | $39.7M | -$57.0M | -$3.4M | $40.0M | $79.0M | $13.3M | -$8.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001005286-26-000009.
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