CHASKA, Minn. — May 6, 2026 — Leads & Copy — Lifecore Biomedical, Inc. (NASDAQ: LFCR) announced its first quarter results for the period ended March 31, 2026, reaffirming its 2026 guidance. The fully integrated injectables contract development and manufacturing organization (CDMO) also reported the signing of three new commercial site transfer programs and ongoing cost containment initiatives.
Revenues for the first quarter of 2026 totaled $23.2 million, a 34% decrease compared to $35.2 million for the prior year quarter ended February 23, 2025. Gross profit margin was 19%, down from 28% in the comparable prior year quarter. Operating expenses decreased by 52% to $9.1 million, compared to $18.9 million for the same period last year.
The company reported a net loss of $15.0 million, or $0.43 loss per diluted share, compared to a net loss of $14.8 million, or $0.42 loss per diluted share, for the prior year quarter. Adjusted EBITDA for the first quarter of 2026 was $1.0 million, a decrease of $4.7 million compared to $5.7 million for the prior year quarter. Cash from operations was $4.7 million, and free cash flow was $3.6 million.
Lifecore ended the first quarter with approximately $38.1 million in liquidity, including $20.8 million in cash and $17.3 million in revolving credit availability.
According to Paul Josephs, President and Chief Executive Officer of Lifecore, the company continued to execute its growth strategy by maximizing existing commercial business, advancing the development pipeline, and adding new programs through business development. Josephs believes this positions Lifecore for sustained growth, with a goal of achieving a 12% revenue CAGR and EBITDA margins above 25% by the end of 2029. The company reaffirmed its 2026 guidance.
Other key developments include the signing of three new commercial site transfer programs, one with a leading medical aesthetics company and two with an existing customer. Lifecore successfully launched a new enterprise resource planning (ERP) system in January 2026, which is expected to strengthen inventory control, support financial management, and help reduce costs. The company also completed multiple positive audits from new business prospects, existing customer expansions, and international regulatory bodies.
Lifecore Biomedical will host a conference call on May 6, 2026, at 8:00 a.m. ET to discuss the financial results. The live webcast and archived version will be available on Lifecore’s Investor Events & Presentations page.
For calendar year 2026, Lifecore reaffirms its revenue guidance to be in the range of $120 to $125 million and Adjusted EBITDA to be in the range of $20.5 – $25 million.
*Adjusted EBITDA and free cash flow are non-GAAP financial measures and exclude certain items from net income or loss and operating cash flows, respectively.
Source: Lifecore Biomedical
