Lifecore Biomedical (LFCR) Investor presentation summary

Strategic direction and growth initiatives

• Focused on building a high-performing, growth-oriented sterile injectable CDMO with a revamped commercial strategy and disciplined cost structure to drive sustainable growth and operational efficiency.

• Aggressive growth strategy targets a 12% revenue CAGR and adjusted EBITDA margins of 25%+ by 2029, supported by a strong commercial foundation and late-stage development pipeline.

• Three-pronged approach: maximizing existing customer business, advancing late-stage programs toward commercialization, and driving new business wins.

• Significant capital investments ($90M over five years) have doubled annual production capacity and enhanced compliance and technological capabilities.

• Leadership team with deep CDMO expertise is driving performance-driven culture and operational improvements.

Financial performance and outlook

• Projected 2026 revenue of $120–$125M and adjusted EBITDA of $20.5–$25M, with margins of 17–20%.

• For the seven-month transition period ending December 2025, revenues were $75.5M, net loss $18.0M, and adjusted EBITDA $13.1M, showing improved profitability and liquidity.

• Ended December 2025 with $38.9M in liquidity, including $17.5M in cash and $21.4M available under revolver.

• Operational improvements led to a $11.1M reduction in operating expenses and over 20% increase in manufacturing workforce productivity.

• Fiscal year changed to align with the calendar year, effective for the period beginning May 26, 2025.

Market positioning and opportunities

• Operates in large, high-growth markets: global CDMO ($120B, 8% CAGR), injectable CDMO ($10B, 10% CAGR), and GLP-1 ($47B, expected to increase 10x).

• Over 20 commercial products and annual production capacity of $300M, with a 248,000 sq. ft. facility and potential for further expansion.

• Commercial unit demand from largest customer expected to more than double starting in 2027, with significant inflection point in total demand.

• Late-stage development pipeline represents $150M–$200M in incremental commercial revenue potential, with 10 late-stage and 20 early-to-mid-stage projects.

• Recent wins include five new programs during the transition period, including a late-stage GLP-1 program and two commercial site transfers.