Lifecore Biomedical Inc (LFCR) 2025 Q1 法說會逐字稿

Good morning, and thank you for joining Lifecore's fiscal 2025 first quarter earnings call.

早安，感謝您參加 Lifecore 2025 財年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

Now, I'd like to turn the call over to Stephanie Diaz, Manager of Investor Relations for Lifecore.

現在，我想將電話轉給 Lifecore 投資者關係經理 Stephanie Diaz。

Good morning, and thank you for joining us today to discuss Lifecore Biomedical's first quarter fiscal 2025 earnings results.

早安，感謝您今天加入我們討論 Lifecore Biomedical 2025 財年第一季的獲利結果。

Hosting the call today from Lifecore are Paul Josephs, President and Chief Executive Officer; and Ryan Lake, Chief Financial Officer.

今天主持 Lifecore 電話會議的是總裁兼執行長 Paul Josephs；瑞安‧萊克 (Ryan Lake)，財務長。

Before we begin today, I'd like to remind everyone that certain statements made in the course of this conference call contain forward-looking statements.

在今天開始之前，我想提醒大家，本次電話會議中的某些陳述包含前瞻性陳述。

It is important to note that the forward-looking statements made during this call reflect management's judgment and analysis only as of today, October 4, 2024, and the company's actual results could differ materially from those projected in such forward-looking statements.

值得注意的是，本次電話會議中所做的前瞻性陳述僅反映管理階層截至今天（2024 年10 月4 日）的判斷和分析，本公司的實際結果可能與此類前瞻性陳述中的預測存在重大差異。

For a more thorough discussion of the risks and uncertainties associated with any forward-looking statements, please see the disclaimer regarding forward-looking statements that is included in our fiscal 2025 first quarter earnings release, which was furnished to the SEC today, on Form 8-K as well as our other filings with the Securities and Exchange Commission, including but not limited to the company's Form 10-Q for Q1 fiscal 2025 which was filed this morning.

如需對與任何前瞻性陳述相關的風險和不確定性進行更全面的討論，請參閱我們今天向 SEC 提供的 2025 財年第一季度收益報告中表格 8 中包含的有關前瞻性陳述的免責聲明-K 以及我們向美國證券交易委員會提交的其他文件，包括但不限於今天上午提交的公司2025 財年第一季的10-Q 表。

With that, I'd like to turn the call over to Paul Josephs, Chief Executive Officer.

說到這裡，我想將電話轉給執行長保羅約瑟夫斯 (Paul Josephs)。

Thank you, Stephanie.

謝謝你，斯蒂芬妮。

Good morning, everyone, and thank you for joining our fiscal 2025 first quarter update.

大家早安，感謝您參與我們的 2025 財年第一季更新。

I joined Lifecore last spring with a commitment to position the company for long-term success.

我去年春天加入 Lifecore，致力於幫助公司長期成功。

Today, I'm pleased to report that in my first 100 days, Lifecore has streamlined its operations, added talented new leaders, signed multiple new customers, regain compliance with Nasdaq's listing requirements, and successfully raised funds.

今天，我很高興地向大家報告，在我上任的第一個100 天裡，Lifecore 精簡了運營，增加了才華橫溢的新領導者，簽約了多個新客戶，重新符合納斯達克的上市要求，並成功籌集了資金。

As a result of these achievements, I am even more confident that our company is now on a path to reaching its business potential and creating great value for our customers, employees, partners, and shareholders.

由於這些成就，我更加相信我們的公司現在正在發揮其業務潛力，並為我們的客戶、員工、合作夥伴和股東創造巨大價值。

I will provide additional details on business development and operations for the period following an overview of our first quarter fiscal 2025 financial results.

在概述 2025 財年第一季財務業績之後，我將提供有關該期間業務發展和營運的更多詳細資訊。

For that, I'll turn the call over to Ryan.

為此，我會將電話轉給瑞安。

Thank you, Paul.

謝謝你，保羅。

Good morning, everyone.

大家早安。

Before discussing our results, I'd like to say that I'm very pleased to be joining you today in my first earnings results call with Lifecore.

在討論我們的業績之前，我想說，我很高興今天能與大家一起參加 Lifecore 的第一次盈利業績電話會議。

The prior experience as a CFO and a public CDMO is highly relevant to the work here at Lifecore, and I'm excited to bring my skill set to the company.

之前擔任 CFO 和公共 CDMO 的經驗與 Lifecore 的工作高度相關，我很高興能將我的技能帶到公司。

I'm grateful to all of our stakeholders, including our employees, shareholders, debt holders, vendors, and customers for the support they have shown me as they've come up to speed over the past month.

我感謝所有利害關係人，包括我們的員工、股東、債務持有人、供應商和客戶，感謝他們在過去一個月為我提供的支持。

I believe the company will have an exciting future, and I look forward to the many opportunities that lie ahead.

我相信公司將會有一個令人興奮的未來，我期待未來的許多機會。

I'll now provide an overview of Lifecore's first quarter results.

我現在將概述 Lifecore 第一季的業績。

Revenues for the quarter ended August 25, 2024, were $24.7 million compared to $24.5 million for the comparable 2023 period.

截至 2024 年 8 月 25 日的季度營收為 2,470 萬美元，而 2023 年同期營收為 2,450 萬美元。

The increase of $0.2 million was primarily driven by a $1.5 million the increase in HA manufacturing revenues from our largest customer due to timing of shipments, partially offset by a $1.3 million decrease in CDMO revenues, primarily as a result on customer working down inventory levels built in the prior year period.

增加 20 萬美元主要是由於我們最大客戶的 HA 製造收入因發貨時間而增加了 150 萬美元，部分被 CDMO 收入減少 130 萬美元所抵消，這主要是由於客戶降低了庫存水平在上一年期間。

Gross profit for the quarter ended August 25, 2024, was $5.4 million compared to $2.7 million for the comparable period of 2023.

截至 2024 年 8 月 25 日的季度毛利為 540 萬美元，而 2023 年同期為 270 萬美元。

The increase of $2.7 million was primarily due to a favorable sales mix between customers and price increases to our customers within CDMO revenues.

增加 270 萬美元主要是由於客戶之間有利的銷售組合以及 CDMO 收入中對客戶的價格上漲。

Selling, general and administrative expense for the first quarter of fiscal 2025 was $14.8 million compared to $9.2 million for the comparable prior year period.

2025 財年第一季的銷售、一般及管理費用為 1,480 萬美元，而上年同期為 920 萬美元。

The increase of $5.6 million was primarily due to increases in professional fees of $4.7 million, consisting of $2.4 million in audit fees and legal fees of $2.3 million, and non-cash stock-based compensation expense, primarily due to the impact of performance stock unit grants of $0.9 million.

增加 560 萬美元主要是由於專業費用增加了 470 萬美元，其中包括 240 萬美元的審計費用和 230 萬美元的法律費用，以及非現金股票補償費用，主要是由於績效股票單位的影響90萬美元的贈款。

Interest expense was $5.4 million for the three months ended August 25, 2024, an increase compared to $3.9 million for the comparable period of 2023.

截至 2024 年 8 月 25 日的三個月，利息支出為 540 萬美元，較 2023 年同期的 390 萬美元有所增加。

The increase of $1.4 million was primarily a result of increased interest expense primarily related to the amortization of the debt discount on the Alcon term loan debt facility, along with a reduction in capitalized interest compared to the prior period.

增加 140 萬美元主要是由於利息支出增加，主要與愛爾康定期貸款債務融資的債務折扣攤銷有關，同時資本化利息較上一期間減少。

For the quarter ended August 25, 2024, the company recorded a net loss of $16.2 million or $0.53 per diluted share as compared to a net loss of $10.8 million or $0.35 per diluted share.

截至 2024 年 8 月 25 日的季度，該公司錄得淨虧損 1,620 萬美元，即稀釋後每股 0.53 美元，而淨虧損為 1,080 萬美元，即稀釋後每股 0.35 美元。

For the comparable period of 2023, EBITDA as adjusted for the period of negative $1.8 million was consistent with the negative $2 million in the prior year period.

2023 年同期，調整後的 EBITDA 為負 180 萬美元，與去年同期的負 200 萬美元一致。

This morning, we were pleased to announce the successful closing of a $24.3 million pipe offering with various new and existing shareholders.

今天早上，我們很高興地宣布與眾多新舊股東成功完成了 2,430 萬美元的管道發行。

There's a great sign of confidence and support of management by our shareholder base, our plan for value creation, and the tremendous opportunity we have in this growing market.

這是我們的股東基礎、我們的價值創造計劃以及我們在這個不斷增長的市場中擁有的巨大機會對管理層的信心和支持的明顯跡象。

We believe this offering, along with other non-dilutive actions, will address the company's near term liquidity needs.

我們相信，此次發行以及其他非稀釋性行動將滿足公司近期的流動性需求。

We currently do not have plans to raise additional capital in the near term.

我們目前沒有計劃在短期內籌集額外資金。

Importantly, we believe that the financial stability created with this financing will allow management to focus on growing the business aggressively and without distraction.

重要的是，我們相信，此次融資所帶來的財務穩定性將使管理層能夠專注於積極發展業務，而不會分心。

In one final note, as previously announced on September 12, we were pleased to announce that the company received written notice from the Nasdaq listing qualifications department, stating that the company has regained compliance with the filing and annual meeting requirements in the Nasdaq Listing Rules and Nasdaq has ceased any action to delist the company's common stock.

在最後的說明中，正如先前在9 月12 日宣布的那樣，我們很高興地宣布，公司收到了納斯達克上市資格部門的書面通知，表示公司已重新遵守納斯達克上市規則中的備案和年度會議要求，並且納斯達克已停止採取任何將該公司普通股摘牌的行動。

This concludes my financial overview.

我的財務概述到此結束。

For those interested in reviewing our non-GAAP reconciliations, please refer to our 8-K filing for the press release issued today.

對於有興趣查看我們的非 GAAP 調整表的人，請參閱我們今天發布的新聞稿的 8-K 文件。

I'll now turn the call back over to Paul for an update on operations and achievements during the period.

現在我將把電話轉回給保羅，以了解該期間運營和成就的最新情況。

Thank you, Ryan.

謝謝你，瑞安。

And let me just say welcome.

我只想說歡迎。

As many of you know, Ryan joined our company the first week of September and he's been in full sprint since his first day.

正如你們很多人所知，Ryan 在九月的第一周加入了我們公司，從第一天起他就一直在全力衝刺。

During the short time with us, he's recognized the need for capital, but he executed this initiative in record time, working hand in glove with our management team, our Board, and our shareholders, and achieving a very positive result.

在與我們合作的短時間內，他認識到對資本的需求，但他在創紀錄的時間內執行了這項舉措，與我們的管理團隊、董事會和股東密切合作，取得了非常積極的成果。

Welcome, Ryan.

歡迎，瑞安。

I couldn't be more excited to have you onboard and to partner with you going forward.

我非常高興您的加入並與您合作前進。

As discussed last quarter, following a comprehensive evaluation of our company's facility and operations, we implemented a growth strategy based on three primary elements: maximizing our existing base business, advancing our development pipeline towards commercialization, and aggressively pursuing new business.

正如上季所討論的，在對我們公司的設施和營運進行全面評估後，我們實施了基於三個主要要素的成長策略：最大化我們現有的基礎業務，推進我們的開發管道走向商業化，並積極尋求新業務。

I'm pleased to report that during the quarter, our operational and business development achievements supported each of these initiatives.

我很高興地報告，在本季度，我們的營運和業務發展成就支持了每一項舉措。

I would like to first address some operations.

我想先談談一些操作。

Subsequent to the quarter end, the company successfully completed the installation and qualification of its high-speed, multipurpose 5- head isolator filler.

季度末後，該公司成功完成了高速、多用途 5 頭隔離器填充機的安裝和鑑定。

It is now GMP ready.

現在已符合 GMP 要求。

The new system positions the car company to offer existing and future customers, the speed and aseptic isolation benefits associated with the state-of-the-art close system platform.

新系統使汽車公司能夠為現有和未來的客戶提供與最先進的封閉系統平台相關的速度和無菌隔離優勢。

With the addition of this 5-head isolator filler, which is designed for vials, cartridges, and pre-filled syringes.

增加了這款 5 頭隔離灌裝機，專為西林瓶、藥筒和預灌裝注射器而設計。

Our company has more than doubled its prior capacity and significantly increased its maximum revenue generating capacity up to $300 million annually.

我們公司的產能比之前增加了一倍多，並大幅提高了每年最大創收能力，達到 3 億美元。

This news system further expands Lifecore's leadership position in the fill finish of highly viscous and complex formulations.

這項新聞系統進一步擴大了 Lifecore 在高黏度和複雜配方填充劑領域的領導地位。

We have near term plans to utilize this system to qualify existing commercial products to support planned future growth for existing customers.

我們的近期計劃是利用該系統來驗證現有商業產品的資格，以支援現有客戶計劃的未來成長。

In addition, we believe this isolated filler creates an opportunity to win new, previously non-targeted business opportunities, including fulfilling the needs of customers with less viscous, less complex, protein, peptide, and antibody products.

此外，我們相信這種分離的填充劑創造了贏得新的、以前非針對性的商機的機會，包括用黏度較低、複雜性較低的蛋白質、勝肽和抗體產品來滿足客戶的需求。

We have already received significant interest from existing customers as well as new customers and accessing our state of the art isolator filling system.

我們已經引起了現有客戶和新客戶的極大興趣，並訪問了我們最先進的隔離器填充系統。

Beyond their efforts to sell into this isolator filler, our business development team had a very solid first quarter.

除了努力銷售這款隔離器填料之外，我們的業務開發團隊在第一季也取得了非常強勁的業績。

During the period, we signed agreements with four new customers each of which who brings a new novel program to Lifecore.

在此期間，我們與四個新客戶簽署了協議，每個客戶都為 Lifecore 帶來了一個新的新穎程序。

The highlight of these new business wins is our agreement with Lindy Biosciences.

這些新業務勝利的亮點是我們與 Lindy Biosciences 的協議。

Focusing on streamlining the formulation process for Lindy's innovation -- innovative micro gasification technology and scaling it for commercial manufacturing for their partners.

專注於簡化 Lindy 創新的配方流程—創新的微氣化技術，並將其擴展到其合作夥伴的商業生產。

In addition, we continue to sign expansion agreements with our current development customers.

此外，我們繼續與現有的開發客戶簽署擴展協議。

These new and expanded projects span the range of our capabilities.

這些新的和擴展的項目涵蓋了我們的能力範圍。

We are pleased to continue to be the partner of choice for so many of our existing and new customers.

我們很高興繼續成為許多現有和新客戶的首選合作夥伴。

Our project management team currently manages an impressive development portfolio of 25 different programs amongst a diverse group of customers. 10 of these programs are in late-stage development and have the potential to provide impactful commercial revenue if and when approved.

我們的專案管理團隊目前在不同的客戶群中管理著由 25 個不同專案組成的令人印象深刻的開發組合。其中 10 個項目正處於後期開發階段，一旦獲得批准，就有可能提供可觀的商業收入。

As part of our growth strategy, the company is investing in both our business development infrastructure and our outreach.

作為我們成長策略的一部分，公司正在投資我們的業務發展基礎設施和外展。

During the first quarter, we added two new sales representatives who are expanding our reach into key pharma and biotech hubs in the United States.

在第一季度，我們增加了兩名新的銷售代表，他們正在將我們的業務範圍擴大到美國的主要製藥和生物技術中心。

We also have plans to add at least one additional industry veteran to our business development team to provide additional resources to maximize the sizable opportunity in front of us.

我們還計劃在我們的業務開發團隊中增加至少一名行業資深人士，以提供額外的資源，以最大限度地利用我們面前的巨大機會。

In addition, the company is increasing its participation in industry conferences and events.

此外，公司也加大對產業會議和活動的參與。

In September and October alone, our team has met with and will meet with prospective and existing customers at multiple industry conferences, including the Medical Aesthetic Injectable Summit in Spain, CPHI in Milan, PDA the Parenteral Drug Association meeting in Phoenix, and PODD, Partnering Opportunities in Drug Delivery.

僅在9 月和10 月，我們的團隊就已經並將在多個行業會議上與潛在客戶和現有客戶會面，包括西班牙醫學美容注射峰會、米蘭CPHI、鳳凰城PDA 注射藥物協會會議以及PODD、合作夥伴會議藥物輸送的機會。

Importantly, we will be leveraging our leadership position in the field of sterile injectables would like for management presenting and sitting on panels at several of these meetings.

重要的是，我們將利用我們在無菌注射劑領域的領導地位，希望管理層在其中幾次會議上進行演示並參加小組討論。

We are pleased with the performance of our business development team during the quarter, and we look forward to additional success in the coming quarters.

我們對本季業務開發團隊的表現感到滿意，並期待在未來幾季取得更多成功。

In closing, I believe the achievements of the first quarter demonstrate our early success in executing against our three pronged growth strategy that I outlined previously.

最後，我相信第一季的成就證明了我們在執行我之前概述的三管齊下的成長策略方面取得了早期成功。

We continue to focus on providing best-in-class services, and we are responding to our current customers' needs while working closely with them on expansion projects to support their planned growth.

我們繼續專注於提供一流的服務，我們在滿足當前客戶的需求的同時，與他們在擴展項目上密切合作，以支持他們的計劃成長。

I'm encouraged by activity and progression of our development portfolio.

我們的開發組合的活動和進展讓我深受鼓舞。

Through the signing of numerous agreements for the follow-on work, we are aggressively working through with our customers to advance these programs towards commercialization.

透過簽署多項後續工作協議，我們正積極與客戶合作，推動這些專案走向商業化。

And finally, through multiple new customer wins during the period as well as the addition of our two new sales representatives, we continue to invest and expand our new business development efforts to secure our future pipeline.

最後，透過在此期間贏得多個新客戶以及增加兩名新銷售代表，我們繼續投資和擴大新業務開發工作，以確保我們未來的管道。

With this as a backdrop, we are reaffirming our guidance for fiscal 2025 for both revenue and adjusted EBITDA.

在此背景下，我們重申 2025 財政年度收入和調整後 EBITDA 的指導。

Looking forward, we have established medium-term objectives, which target a range of double-digit revenue growth, improved adjusted EBITDA margins that are consistent with those of the most reputable peers in the injectable CDMO sector.

展望未來，我們制定了中期目標，目標是實現一系列兩位數的營收成長，提高調整後的 EBITDA 利潤率，與可注入 CDMO 領域最知名的同業保持一致。

Finally, I wish to invite you all to join us at Lifecore's upcoming virtual Investor Day to be held November 21 of this year.

最後，我想邀請大家參加 Lifecore 即將於今年 11 月 21 日舉行的虛擬投資者日。

During the event, we plan to provide additional detail and color regarding our growing pipeline, projections for future revenue, and adjusted EBITDA margins.

活動期間，我們計劃提供有關我們不斷增長的產品線、未來收入預測和調整後 EBITDA 利潤率的更多細節和色彩。

We are excited to offer this expanded look into the company's operations and objectives, and we hope you all participate.

我們很高興能夠對公司的營運和目標有更深入的了解，我們希望大家都能參與。

This concludes our prepared remarks for today.

我們今天準備好的演講到此結束。

Operator, you may now open the call for questions.

接線員，您現在可以發起提問。

(Operator Instructions) Matt Hewitt, Craig-Hallum Capital.

（操作員說明）Matt Hewitt，Craig-Hallum Capital。

Good morning and thanks for taking the questions.

早上好，感謝您提出問題。

Maybe first up on some of the new wins.

也許首先是一些新的勝利。

Obviously, congratulations -- on the efforts there.

顯然，祝賀您所做的努力。

Obviously, you provided some details on the Lindy opportunity.

顯然，您提供了有關 Lindy 機會的一些詳細資訊。

I guess regarding that one, they -- and you noted this in your press release that they have recently signed a new contract.

我想關於這一點，他們——你在新聞稿中指出，他們最近簽署了一份新合約。

Is there an opportunity for you to -- once you've proven that you can manufacture to their needs that you could expand into some of their partner base?

一旦您證明您可以滿足他們的需求，您是否有機會擴展到他們的一些合作夥伴基礎？

And then secondly, could you provide a little bit of color on the other wins, maybe market size, the early stage, late stage?

其次，您能否提供一些有關其他勝利的信息，也許是市場規模、早期階段、後期階段？

Any additional color on those would be helpful.

任何額外的顏色都會有幫助。

Ladies and gentlemen, please standby, your conference will resume momentarily.

女士們、先生們，請稍候，您的會議即將恢復。

Once again, please standby.

再次請大家待機。

Your conference call will resume momentarily.

您的電話會議將立即恢復。

Matt Hewitt, Craig-Hallum Capital Group.

馬特·休伊特，克雷格-哈勒姆資本集團。

Could you please proceed with your question again?

您能再次繼續您的問題嗎？

Absolutely.

絕對地。

All right.

好的。

Good morning, gentlemen.

早安，先生們。

Thank you for taking the questions.

感謝您提出問題。

Maybe congratulations on the wins here this past quarter.

也許祝賀上個季度的勝利。

First off, on the Lindy, you provided a little bit of detail in the press release, but I'm just curious if you could expand on that a little bit.

首先，關於 Lindy，您在新聞稿中提供了一些細節，但我很好奇您是否可以對此進行擴展。

You noted that they had recently won a new contract themselves.

您注意到他們最近自己贏得了一份新合約。

Will there be an opportunity once you've gotten through the process development for you to expand into their customer base?

一旦完成流程開發，您是否有機會擴展到他們的客戶群？

And then as a second part to that, if you could provide a little bit of color on the other three wins in the quarter, whether they're early stage, later stage, size of the company?

然後作為第二部分，您是否可以提供有關本季度其他三項勝利的一些信息，無論它們是早期階段、後期階段還是公司規模？

Any additional color there would be helpful.

任何額外的顏色都會有幫助。

Sure, Matt.

當然，馬特。

Sorry about that, too.

對此我也很抱歉。

The interruption brought to you by Verizon, just a little joke there.

Verizon 帶給你的中斷，只是一個小玩笑。

Certainly, as it relates to Lindy, we couldn't be more excited about that opportunity and to partner with them.

當然，由於與 Lindy 相關，我們對這個機會並與他們合作感到無比興奮。

I think it's just indicative of the technical strength of our technical talent here at Lifecore.

我認為這只是表明了我們 Lifecore 技術人才的技術實力。

It was a very competitive process, one in which they looked at a broad range of competitors and chose us not because of price but because of our technical capability.

這是一個競爭非常激烈的過程，他們考察了廣泛的競爭對手，選擇我們不是因為價格，而是因為我們的技術能力。

And it just validated one of the reasons I'm so excited to be part of the organization.

這證實了我很高興成為該組織的一員的原因之一。

With regard to the deal itself, it gives us the opportunity to scale Lindy's proprietary technology to commercial scale and then from there on out, partner with their licensees on the commercial manufacturing of their various programs.

就交易本身而言，它使我們有機會將 Lindy 的專有技術擴展到商業規模，然後從此與他們的被許可人合作進行各種程序的商業製造。

So that's how we see it playing out over a period of time.

這就是我們在一段時間內看到的情況。

Obviously, as they're more successful signing on more and more partners like the global, multinational pharmaceutical company that they announced in the past month, it will add to our development portfolio going forward.

顯然，隨著他們更成功地與越來越多的合作夥伴（例如他們上個月宣布的全球跨國製藥公司）簽約，這將增加我們未來的開發組合。

As it relates to the three other opportunities that we closed, those are all early stage, really specialty pharma, two of them being specialty pharma, one being a large multinational pharmaceutical company.

由於它與我們關閉的其他三個機會有關，這些都是早期階段，真正的專業製藥公司，其中兩個是專業製藥公司，一個是大型跨國製藥公司。

Got it.

知道了。

And then you noted obviously some puts and takes in the revenues this quarter.

然後您顯然注意到本季度收入中的一些看跌期權和賣出期權。

Regarding the CDMO customer, do you feel like they've gotten their inventories?

對於CDMO客戶，您覺得他們已經拿到庫存了嗎？

Or do you have a sense of they've gotten their inventories in line and whether they'll be coming back here in Q2 or Q3?

或者您是否感覺他們的庫存已經到位，以及他們是否會在第二季或第三季回到這裡？

As it relates to that, Matt, I think that will play itself out through the fiscal year.

與此相關的是，馬特，我認為這將在整個財年中發揮作用。

We've factored that into our fiscal year plans and revenue projections.

我們已將其納入我們的財政年度計劃和收入預測。

We anticipate that they will return to what I'll call normalized demand in FY26.

我們預計他們將在 2026 財年恢復到我所說的需求正常化水準。

Got it.

知道了。

Okay.

好的。

One last one from me.

我的最後一張。

Regarding that you've added two sales hires.

關於這一點，您增加了兩位銷售人員。

It sounds like you're going to be adding one more.

聽起來你還要再增加一個。

What is the size of that team now and once you've got this -- the third person added, do you feel like you're in a good position?

現在該團隊的規模是多少，一旦你得到了第三個人的補充，你覺得自己處於一個好的位置嗎？

Thank you.

謝謝。

That would bring our entire -- our full sales force to four individuals, Matt, along with the Vice President of Sales and then we have marketing resources on top of that.

這將使我們的整個銷售隊伍由四人組成，馬特和銷售副總裁，然後我們擁有行銷資源。

We're prepared to add additional resources if required, but I feel good with a team of four.

如果需要，我們準備添加額外的資源，但我對四人團隊感覺很好。

Understood.

明白了。

Thank you.

謝謝。

(Operator Instructions) [Steven Etoch], Stephens, Inc.

（操作員說明）[Steven Etoch]，Stephens, Inc.

Good morning.

早安.

This is Mac on for Jacob.

這是為 Jacob 準備的 Mac。

Just a few quick ones, Ryan, good to hear from you again, given it's been your first 30 days in the seat, I figured I'd tell you a question real quick.

簡單說幾句，Ryan，很高興再次收到您的來信，因為這是您就任該席位的頭 30 天，我想我應該盡快告訴您一個問題。

So where are you focusing your efforts in the near term and where do you see the opportunities to improve margins beyond what has already been announced over the past couple of months?

那麼，您近期的工作重點在哪裡？ 除了過去幾個月已經宣布的情況之外，您認為還有哪些機會可以提高利潤率？

And do you feel appropriately sized to support sustainable growth moving forward from here?

您認為規模是否適合支持未來的永續成長？

Thanks, Mac, for the questions.

謝謝麥克的提問。

And it’s nice to be talking to you as well.

很高興與您交談。

Please give Jacob my regards.

請代我向雅各問好。

I think, just in terms of my key areas of focus here, the first month that's been one on the team, primarily the finance team.

我認為，就我在這裡關注的關鍵領域而言，第一個月是在團隊中，主要是在財務團隊中。

It's also been on quite a few SEC filings that we've had come due over the past 30 days and also capital financing with the recent announcement with the capital raise as well.

我們在過去 30 天內已經提交了相當多的 SEC 文件，並且最近宣布了融資，並且還進行了資本融資。

I think -- and this touches on Matt's question as well.

我認為——這也涉及馬特的問題。

But I think -- and this will get to the EBITDA question that you have.

但我認為——這將涉及您提出的 EBITDA 問題。

But I think as we look at the revenue guidance for the year of $126.5 million to $130 million, we expect that to be split in the low 40% range in the first half of the year.

但我認為，當我們審視今年 1.265 億至 1.3 億美元的收入指引時，我們預計今年上半年的收入將在 40% 的低區間內。

And we expect that to ramp, so in the mid-50% range in the back half of the year.

我們預計這一數字將在今年下半年上升至 50% 左右。

And yeah, this is a tremendous workload and complexity our teams are managing as the business evolves, there's supply chain juggling and timing of production runs, completion of those services and also the complexity of trying to figure out the expectation of timing to sign some of the new top -- top new business opportunities that we have that are either outside the pipeline, on top of the pipeline, and when we expect to be able to earn that backlog.

是的，隨著業務的發展，我們的團隊正在管理巨大的工作量和複雜性，其中包括供應鏈的雜耍和生產運行的時間安排、這些服務的完成，以及試圖弄清楚簽署某些協議的時間預期的複雜性。

So overall, we expect gross margins to be relatively consistent with the prior year in the low 30% range with some variability between quarter-to-quarter based on product mix and timing of shipments.

因此，總體而言，我們預計毛利率將與上年相對一致，在 30% 的低水平範圍內，但根據產品組合和發貨時間，季度與季度之間存在一定的差異。

And that split for the year will probably be about 30% of the overall gross profit in the first half versus 70% in the second half.

今年上半年的毛利佔比可能約為 30%，而下半年則為 70%。

And I think as we think about that over time, the majority of our costs are fixed.

我認為，隨著時間的推移，我們的大部分成本都是固定的。

So once we absorb our fixed costs, we should be able to see leverage improvement as volumes increase.

因此，一旦我們吸收了固定成本，隨著交易量的增加，我們應該可以看到槓桿率的提高。

And then in terms of areas where we're looking to improve, overall for the year, we believe OpEx will be in a similar range as the prior year.

然後就我們希望改進的領域而言，今年總體而言，我們認為營運支出將與上一年處於相似的範圍。

SG&A expenses, in particular this year, include some expenses that we don't expect to recur on a normalized basis.

SG&A 費用，特別是今年的費用，包括一些我們預計在正常化基礎上不會重複發生的費用。

And they're going to be heavier in the first half of the year primarily as a result of some increased professional fees.

上半年的情況將會更加嚴重，主要是因為專業費用的增加。

And then the cadence would be anticipated to be split about 60% versus the back half of about 40% based on expected reductions and cost savings initiatives that we expect to be able to help improve the run rate.

然後，根據我們期望能夠幫助提高運行率的預期減少和成本節約舉措，預計節奏將分為約 60%，而後半部分約為 40%。

And we estimate in the back half that we'll be able to take out mid-single-digit millions out of the OpEx base.

我們預計下半年我們將能夠從營運支出中獲得數百萬美元的收入。

And overall, that will mean adjusted EBITDA because of those items that I mentioned, including those increased professional fees, particularly in the first half of the year, we would expect adjusted EBITDA to be split in the 5% range for the first half of the year and 90% in the back half of the year.

總體而言，這將意味著調整後的EBITDA，因為我提到的這些項目，包括增加的專業費用，特別是在今年上半年，我們預計上半年調整後的EBITDA 將在5% 的範圍內分配。

But I think there's a lot of opportunities for us to improve that as time goes on as look at our medium-term guidance.

但我認為，隨著時間的推移，我們有很多機會改進這一點，看看我們的中期指導。

And I would just note that we did put a deck out or a slide out in our investor deck as well alluding to what those expectations are over the medium term as how we expect to be able to improve both the revenue CAGR as well as aspirations as it relates to our goal or targeted EBITDA margin range.

我想指出的是，我們確實在投資者的平台上放了一張紙或一張幻燈片，並暗示了中期的預期，以及我們期望如何提高收入複合年增長率和願望它與我們的目標或目標EBITDA 利潤率範圍有關。

Great.

偉大的。

Thank you for the color.

謝謝你的顏色。

I'll leave it there.

我會把它留在那裡。

Michael Petusky, Barrington Research.

邁克爾·佩圖斯基，巴靈頓研究中心。

Hi, good morning.

嗨，早安。

So, Paul, I wanted to make sure that I was tracking with a comment you made in your prepared remarks.

所以，保羅，我想確保我正在追蹤您在準備好的發言中發表的評論。

When you said -- I think you said 25 development programs, including 10 late stage.

當你說——我想你說的是 25 個開發項目，其中包括 10 個後期階段。

So the 10 late stage are not in addition to 25 other development programs, it's 25 total.

因此，這 10 個後期階段並不是除了 25 個其他開發案之外，而是總共 25 個。

Is that correct?

這是正確的嗎？

25 total.

共 25 個。

Correct.

正確的。

Okay.

好的。

So I guess I want to understand.

所以我想我想理解。

So I think when you guys reported in the spring, obviously prior to being in the air, there was something like, I think 33 development programs you guys look like you've added four in this quarter, which to me would the math would seem to leave 12 that either you guys shut down or that ended?

所以我認為，當你們在春季報告時，顯然是在播出之前，有一些類似的內容，我認為你們看起來在本季度增加了 33 個開發項目，對我來說，數學似乎是這樣的離開12，要嘛你們關閉，要嘛就結束了？

Or can you just speak to that that gap if we are if I'm doing the math, right?

或者，如果我在做數學計算的話，你能談談我們之間的差距嗎？

You're doing the math right, Mike.

你算對了，麥克。

And so first of all, thank you for the question.

首先，謝謝你提出這個問題。

Here's how I look at it, and I want to be very clear is that, we have these 25 programs that we believe are active or we know are active, that we're working on towards commercialization with our partners.

我的看法是這樣的，我想非常明確的是，我們有 25 個項目，我們認為它們是活躍的，或者我們知道它們是活躍的，我們正在與我們的合作夥伴一起努力將它們商業化。

We do have another approaching 10 or so programs that are in some level of quiescent period that we've taken out of our forward-looking projections.

我們確實還有另外大約 10 個項目處於某種程度的靜止期，我們已將其從前瞻性預測中剔除。

So, to your point, yeah, whether it's a clinical stall or financing related, we've just taken those out of our forward-looking projections.

所以，就你的觀點而言，是的，無論是臨床停滯還是與融資相關，我們剛剛將這些從我們的前瞻性預測中剔除。

And the other piece I would add, there's a couple of programs that were in there that also were just HA-related.

我要補充的另一件事是，其中有幾個程序也與 HA 相關。

I will say no forward-looking, commercial, potential revenue, but it was just a single stage development program, taking that out of our forward-looking projection as well.

我會說沒有前瞻性的、商業性的、潛在的收入，但這只是一個單階段的開發計劃，這也從我們的前瞻性預測中剔除出來。

Okay.

好的。

And just real quickly, just finish it up.

很快，就完成它。

On the ones that you describe it clinical stall or et cetera, et cetera?

關於你所描述的臨床停滯或等等？

Or is it possible that some of those revive or that really we should just essentially look at this as 25 programs 10 late-stage?

或者其中一些項目是否有可能復活，或者我們實際上應該將其視為 25 個項目 10 個後期項目？

No, there is a potential for them to come back 100%.

不，他們有可能 100% 回來。

We just taken them out at this point to be very clear with regard to our active pipeline.

我們此時將它們取出來是為了非常清楚我們的活躍管道。

Got you.

明白你了。

Alright, excellent.

好吧，太棒了。

And then, Ryan, I guess you know, obviously congrats on the cap raise, gives you guys some room to focus on growing this business.

然後，瑞安，我想你知道，顯然祝賀上限提高，給了你們一些空間來專注於發展這項業務。

But I'm sure that people are still really super interested in cash flow.

但我確信人們仍然對現金流非常感興趣。

Looks like in terms of cash flow from ops slightly negative, free cash flow about negative $4 million.

看起來營運現金流略有負值，自由現金流約為負 400 萬美元。

Would you expect that the just reported quarter would be the low watermark in terms of cash flow generation?

您是否認為剛剛報告的季度將是現金流產生方面的低水位？

Or is there anything you can just speak to in terms of cash flow cadence throughout the year?

或者您可以談談全年的現金流節奏嗎？

Thanks.

謝謝。

Thanks.

謝謝。

So we are expected to burn cash in the first half of this fiscal year and then be cash neutral during the second half of the year as a result of the items I mentioned previously regarding cadence.

因此，由於我之前提到的有關節奏的項目，預計我們將在本財年上半年燒錢，然後在下半年保持現金中立。

We believe the equity raise that we just completed, along with other non-dilutive initiatives that we have ongoing, including cost savings initiatives will address the company's near-term liquidity needs and don't have any plans to raise additional capital in the near term.

我們相信，我們剛完成的股權融資以及我們正在進行的其他非稀釋性舉措（包括成本節約舉措）將解決公司的近期流動性需求，短期內沒有任何籌集額外資本的計劃。

Okay.

好的。

Let me just make sure, and I just want to clarify.

讓我確定一下，我只是想澄清一下。

In terms of cash neutral in the second half, that includes the impact of CapEx, right?

就下半年的現金中立而言，這包括資本支出的影響，對嗎？

So we're talking about free cash neutral, not cash from ops neutral.

所以我們談論的是自由現金中立，而不是來自營運中立的現金。

Correct?

正確的？

That is the expectation, yes.

這就是期望，是的。

Okay.

好的。

And would you expect somewhat of an improvement in terms of free cash -- understanding it will still be likely negative in the second quarter, would you expect some improvement in Q2 versus Q1?

您是否預計自由現金方面會有所改善—了解第二季仍可能為負數，您是否預計第二季與第一季相比會有所改善？

I don't have that in front of me, but we are expecting to be negative in the first half versus the second half.

我面前沒有這樣的情況，但我們預計上半場與下半場的比賽會是消極的。

All right, guys.

好吧，夥計們。

Thank you so much.

太感謝了。

Thanks, Michael.

謝謝，麥可。

Thank you.

謝謝。

And I'm currently showing no further questions at this time, I'd like to hand the call back over to Paul just for closing remarks.

目前我沒有提出任何進一步的問題，我想將電話轉交給保羅，僅作結束語。

Thank you so much.

太感謝了。

In closing, I wish to thank our investors who continue to support our growth strategy for the future.

最後，我要感謝我們的投資者，他們繼續支持我們未來的成長策略。

I wish to acknowledge our customers and collaborators who continue to entrust Lifecore -- as their partner of choice.

我要感謝我們的客戶和合作者，他們繼續信任 Lifecore 作為他們的首選合作夥伴。

And most importantly, I wish to extend my deepest gratitude to our incredibly hard-working and talented team for driving each of the successes at Lifecore, your dedication is inspiring and no doubt will continue to elevate our organization in the industry.

最重要的是，我謹向我們極其勤奮且才華橫溢的團隊致以最深切的謝意，他們推動了Lifecore 的每一項成功，你們的奉獻精神令人鼓舞，毫無疑問將繼續提升我們的組織在行業中的地位。

We have a bright future ahead of us.

我們有著光明的未來。

With the actions we've taken over the last 100 days as well as the recently announced achievements.

過去 100 天我們採取的行動以及最近宣布的成就。

I believe our company is positioned to achieve sustainable success in the future as a best-in-class CDMO.

我相信，作為一流的 CDMO，我們公司有能力在未來取得可持續的成功。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。