Lifecore Biomedical Inc (LFCR) 2026 Q1 法說會逐字稿

Good afternoon and thank you for joining Lifecore's Q3 2025 earnings call for the three months ended September 30, 2025. During the call, all participants will be in a listen-only mode.

下午好，感謝各位參加 Lifecore 2025 年第三季（截至 2025 年 9 月 30 日）收益電話會議。通話期間，所有參與者將處於唯讀模式。

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

現在，我將把電話交給 Lifecore 的投資人關係經理 Stephanie Diaz。

Good afternoon and thank you for joining us today to discuss Lifecore Biomedical's third-quarter 2025 earnings results for the three months ended September 30, 2025. As we announced in August, the company has changed its fiscal year end to align with the calendar year, beginning with today's Q3 2025 results for the three months ended September 30, 2025.

下午好，感謝各位今天蒞臨，與我們共同探討 Lifecore Biomedical 截至 2025 年 9 月 30 日的第三季財報業績。正如我們在 8 月宣布的那樣，該公司已將其財政年度結束日期更改為與日曆年一致，從今天公佈的 2025 年第三季業績（截至 2025 年 9 月 30 日的三個月）開始。

We will be comparing our 2025 results to the closest comparable period in the prior year. Today, we will be comparing our Q3 2025 period for the three months ended September 30, 2025 with the period ending August 25, 2024.

我們將 2025 年的業績與前一年最接近的可比較時期進行比較。今天，我們將把截至 2025 年 9 月 30 日的 2025 年第三季業績與截至 2024 年 8 月 25 日的季度業績進行比較。

Going forward, our fiscal year end will end on December 31, and we plan to announce results for Q4 and the approximately seven-month transition period from May 26 to December 31, 2025, in March of 2026.

今後，我們的財政年度將於 12 月 31 日結束，我們計劃在 2026 年 3 月公佈 2025 年 5 月 26 日至 12 月 31 日這大約七個月的過渡期內第四季度的業績。

Hosting a 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 和財務長 Ryan Lake。

Before we begin today, we'd like to remind everyone that certain statements made in the course of this conference call contain forward-looking statements. It is important to note that the forward-looking statements made during this call reflect management's judgment and analysis only as of today, November 6, 2025, and the company's actual results could differ materially from those projected in such forward-looking statements.

在今天的會議開始之前，我們想提醒大家，本次電話會議中某些陳述包含前瞻性陳述。值得注意的是，本次電話會議中所作的前瞻性陳述僅反映管理階層截至 2025 年 11 月 6 日的判斷和分析，本公司的實際表現可能與此類前瞻性陳述中預測的績效有重大差異。

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 earnings press release for our third quarter ended September 30, 2025, which was furnished to the SEC today on Form 8-K and is available on our corporate website at lifecore.com, as well as our other filings with the Securities and Exchange Commission, including but not limited to the company's Form 10-Q for the third quarter ended September 30, 2025, which was filed this afternoon and is also available on our website.

有關任何前瞻性聲明相關的風險和不確定性的更詳細討論，請參閱我們截至 2025 年 9 月 30 日的第三季度盈利新聞稿中包含的關於前瞻性聲明的免責聲明。新聞稿已於今日以 8-K 表格的形式提交給美國證券交易委員會 (SEC)，並可在我們公司網站 lifecore.com 上查閱。此外，請參閱我們向美國證券交易委員會提交的其他文件，包括但不限於本公司於今天下午提交的截至 2025 年 9 月 30 日的第三季 10-Q 表格，該表格也可在我們網站上查閱。

In addition, our earnings press release includes a discussion of, and during this call, we will reference certain non-GAAP information. You can find relevant non-GAAP reconciliations in our earnings press release.

此外，我們的獲利新聞稿中包含對某些非GAAP資訊的討論，並且在本次電話會議中，我們將提及這些資訊。您可以在我們的獲利新聞稿中找到相關的非GAAP財務指標調整表。

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

接下來，我想把電話交給執行長保羅·約瑟夫斯。

Thank you, Stephanie. Good afternoon, everyone, and thank you for joining us for our third-quarter 2025 update for the three months ended September 30, 2025.

謝謝你，斯蒂芬妮。各位下午好，感謝各位參加我們2025年第三季（截至2025年9月30日）的業績更新會議。

Lifecore is a differentiated injectable CDMO with a strong foundation in high-grade hyaluronic acid that has served as our entry point into this exciting and growing market. We are well positioned for future growth with a forecasted inflection point with our largest customer in 2027, a promising late-stage pipeline which has significant revenue potential, and finally a revamped commercial strategy that has expanded our target market and is already delivering impressive results. Collectively, we believe these strengths will drive meaningful growth in the midterm while increasing EBITDA margins.

Lifecore 是一家差異化的注射劑 CDMO，擁有強大的高品質透明質酸基礎，這為我們進入這個令人興奮且不斷增長的市場奠定了基礎。我們已做好充分準備迎接未來的成長，預計 2027 年將迎來與最大客戶的轉折點，我們擁有前景廣闊的後期研發管線，具有巨大的收入潛力，最後，我們改進了商業戰略，擴大了目標市場，並已取得了令人矚目的成果。我們相信，這些優勢將在中期內推動公司實現有意義的成長，同時提高 EBITDA 利潤率。

We are thrilled with the progress made during this period as we made advancements in all key areas. Our financial outcomes were strong as we recorded a 26% increase in revenue as compared to the comparable prior-year period with other significant improvements in adjusted EBITDA and associated margins. These financial results reflect management's disciplined approach to cost control and the continued improvement in our workforce productivity driven by initiatives we implemented earlier this year.

我們非常高興在此期間取得的進展，因為我們在所有關鍵領域都取得了進步。我們的財務表現表現強勁，營收比去年同期成長了 26%，調整後的 EBITDA 和相關利潤率也出現了顯著改善。這些財務表現反映了管理層在成本控制方面採取的嚴格方法，以及我們今年稍早實施的各項措施所帶來的員工生產力的持續提高。

From a quality perspective, following our successful FDA inspection in March, we conducted five customer audits during the period, including a due diligence audit with a large multinational pharmaceutical company. All audits were positive, reinforcing our confidence in the organization's ability to support the growing quality demands of our clients.

從品質角度來看，繼 3 月成功通過 FDA 檢查後，我們在此期間進行了五次客戶審核，其中包括對一家大型跨國製藥公司進行的盡職調查審核。所有審核結果均為正面，這增強了我們對本組織滿足客戶日益增長的品質要求的能力的信心。

From a growth perspective, we achieved critical milestones in expanding our commercial business and advancing our latest pipeline programs. Finally, we continue to accelerate our business development efforts and we are seeing progress. During the third quarter, we signed two new business wins and made substantial progress on two additional new projects that were signed subsequent to quarter end.

從成長的角度來看，我們在拓展商業業務和推動最新研發專案方面取得了關鍵里程碑式的成就。最後，我們繼續加快業務拓展步伐，並且已經看到了進展。第三季度，我們贏得了兩項新的業務合作，並在季度末之後簽署的另外兩個新項目上取得了實質進展。

On all fronts, this third quarter was a very productive time at Lifecore, and I'll now provide a little bit more detail on our achievements during this period. During my initial year at Lifecore, I spent considerable time learning our business and laying the foundation for our future by recruiting a first-class leadership team and building the right culture.

從各方面來看，Lifecore 第三季都取得了非常豐碩的成果，現在我將詳細介紹一下我們在這段時期所取得的成就。在 Lifecore 的第一年，我花了大量時間了解我們的業務，並透過招募一流的領導團隊和建立正確的企業文化，為我們的未來奠定了基礎。

Today, we have the right team. We are aligned and we are -- have collectively turned our attention to growth. In the period, we continue to strengthen relationships with our existing commercial customers by delivering outstanding service and support.

今天，我們擁有了合適的團隊。我們目標一致，而且──我們共同將注意力轉向了成長。在此期間，我們將繼續透過提供卓越的服務和支援來加強與現有商業客戶的關係。

During the third quarter, we achieved significant milestones in supporting the aseptic fill-finish expansion program for one of our key customers. These milestones included successfully producing qualification badges on our new five-head isolator filler.

第三季度，我們在支援一位重要客戶的無菌灌裝擴展計畫方面取得了重大里程碑式的進展。這些里程碑包括成功生產出我們新型五頭隔離式灌裝機的合格證書。

Qualification of our isolator filler was a critical milestone as we prepared to support European and Asian markets for this key customer. This geographic expansion is a key component of an inflection point as this customer is projected to more than double its aseptic fill-finish demand in 2027.

我們的隔離器灌裝機獲得認證是一個重要的里程碑，因為我們準備為這家重要客戶提供歐洲和亞洲市場的支援。此次地域擴張是轉捩點的關鍵組成部分，因為預計到 2027 年，該客戶的無菌填充需求將增加一倍以上。

For this customer, we also developed and qualified our hyaluronic acid to meet the rigid specifications of the Japanese market. Meeting the specification will allow us to utilize our HA as part of the 2027 inflection point contemplated with this customer.

我們也為這位客戶開發並驗證了我們的透明質酸，以滿足日本市場的嚴格規格要求。滿足規範要求將使我們能夠利用我們的 HA 作為與該客戶共同設想的 2027 年轉折點的一部分。

We believe that this progress speaks to the trust our existing customers continue to place in our technical expertise and our excellent quality management system. I'll now turn to the progress made in advancing our development pipeline towards commercialization.

我們相信，這項進展體現了現有客戶對我們的技術專長和卓越的品質管理系統的持續信任。接下來，我將介紹我們在推動產品研發流程朝向商業化方向發展的進展。

As I mentioned earlier, we have built a promising late-stage pipeline of 11 programs that have potential launch dates between 2026 and 2029. We believe that commercial success at a modest conversion rate of 50% provides meaningful revenue potential in the mid and long term.

正如我之前提到的，我們已經建立了一個很有前途的後期研發項目庫，包含 11 個項目，這些項目的潛在啟動日期在 2026 年至 2029 年之間。我們相信，即使轉換率只有 50%，也能在中長期內取得可觀的商業成功，帶來可觀的收入潛力。

During the third quarter, Lifecore achieved a number of milestones supporting multiple late-stage aseptic customers. The highlights include the installation and operational qualification of automated manufacturing equipment to accommodate the scaleup and commercialization of a large pharma customer's program. We expect to produce validation batches for this customer in early 2026.

第三季度，Lifecore 在支援多個後期無菌客戶方面取得了一系列里程碑式的成就。亮點包括安裝和運行驗證自動化生產設備，以適應大型製藥客戶專案的規模化和商業化。我們預計將於 2026 年初為該客戶生產驗證批次。

For another late-stage customer, the company successfully completed critical development work, setting the stage for validation batches to be produced in the first half of 2026. During the quarter, we also completed two Phase 3 clinical batches for another late-stage customer and initiated transfer work for one of the latest additions to our late-stage pipeline. This refers to the GLP-1 program we announced during our last earnings call. I am pleased with the collective progress we made with our development customers and look forward to sharing additional progress in the future.

對於另一位後期客戶，該公司成功完成了關鍵的開發工作，為在 2026 年上半年生產驗證批次奠定了基礎。本季度，我們也為另一家後期客戶完成了兩批 3 期臨床批次，並啟動了我們後期研發管線最新成員之一的轉移工作。這指的是我們在上次財報電話會議上宣布的 GLP-1 項目。我對我們與開發客戶共同取得的進展感到滿意，並期待在未來分享更多進展。

From a business development perspective, I am pleased to report that during the third quarter, we signed two new customers and we assigned an additional two customers subsequent to quarter end. For clarity, please note that the two customers signed during the current quarter were previously referenced in our August 7 earnings announcement as being one subsequent to the prior Q4 2025 period.

從業務發展的角度來看，我很高興地報告，在第三季度，我們簽約了兩名新客戶，並在季度末之後又分配了兩名客戶。為明確起見，請注意，本季簽約的兩名客戶先前在 8 月 7 日的收益公告中被提及，當時是 2025 年第四季之後的一個客戶。

This included a late-stage GLP-1 program with a leading specialty pharma company. Those referenced today as one subsequent to the Q3 period ended September 30, 2025, were initially announced on October 29, 2025.

這其中包括與一家領先的專業製藥公司合作進行的後期 GLP-1 專案。今天提到的那些在截至 2025 年 9 月 30 日的第三季之後發布的公告，最初是在 2025 年 10 月 29 日發布的。

One of the programs that closed subsequent to quarter end represent a significant development for our organization. This opportunity is a commercial site transfer of product that based on existing commercial volumes will make this large multinational pharmaceutical company one of our top customers once commercialized. This represents our second opportunity with this customer, and we are excited about the future potential of our working relationship.

在季度末之後關閉的項目之一，對我們組織而言是一項重大發展。這次機會是產品的商業化轉移，基於現有的商業規模，一旦產品商業化，這家大型跨國製藥公司將成為我們最重要的客戶之一。這是我們與該客戶第二次合作，我們對未來合作關係的潛力感到興奮。

Collectively, these wins continue to speak to the aggressive sales and marketing strategy that we have implemented and the talented professionals we have added to this group. As a result of these enhancements, the quality and number of new business opportunities have steadily increased.

總而言之，這些勝利繼續證明了我們所實施的積極進取的銷售和行銷策略，以及我們為這個團隊增添的優秀專業人才。由於這些改進措施，新的商業機會的品質和數量穩步提高。

In addition, there are a number of tailwinds that we believe support our efforts, including the expected ongoing regionalization of injectable manufacturing in the United States, along with 50% of the drug development pipeline in the United States being injectables. Our talent, strategy, technical capabilities, and high-quality standards combined with these tailwinds give me great confidence that we will continue to drive new and impactful business into our site going forward.

此外，我們認為還有一些有利因素支持我們的努力，包括美國注射劑生產預計將持續區域化，以及美國藥物研發管線中 50% 為注射劑。我們的人才、策略、技術能力和高品質標準，再加上這些有利因素，讓我非常有信心，我們將繼續為我們的網站帶來新的、有影響力的業務。

Concurrent with the execution of our growth strategy, we are committed to increasing our adjusted EBITDA margins through operational excellence and disciplined cost control. An example of the progress we are making is in the productivity of our workforce and our ability to produce similar production volumes despite a reduction in our manufacturing workforce by more than 20% over the last 18 months. This is a testament to the performance-based culture that we have instilled and the engagement of our entire team.

在執行成長策略的同時，我們致力於透過卓越的營運和嚴格的成本控制來提高調整後的 EBITDA 利潤率。我們所取得的進步的一個例子是，儘管過去 18 個月我們的製造業員工減少了 20% 以上，但我們仍然能夠生產類似的產量，這反映了我們員工的生產力。這證明了我們所灌輸的績效導向文化以及我們整個團隊的積極參與。

Looking forward, we continue to evaluate opportunities to improve our midterm target of 25% in adjusted EBITDA margins. We see great opportunity to further maximize efficiencies and productivity across our organization with further cost improvement, primarily via improved procurement strategies.

展望未來，我們將繼續評估各種機會，以提高我們中期調整後 EBITDA 利潤率 25% 的目標。我們看到了進一步提高整個組織效率和生產力的巨大機會，同時也能進一步降低成本，主要途徑是改善採購策略。

We believe that a key catalyst in this effort will be the launch of our new enterprise resource planning system, which we expect to go live in Q1 2026. We expect the system to strengthen inventory control, support sharper financial management, and help reduce costs as we grow.

我們相信，推動這項工作的關鍵因素將是推出我們新的企業資源規劃系統，我們預計該系統將於 2026 年第一季上線。我們期望該系統能夠加強庫存控制，支持更精準的財務管理，並幫助我們在發展過程中降低成本。

To further accelerate momentum in this area, we recently hired a seasoned industry professional in the role of Head of Business Transformation. This newly created position will champion our efforts to improve our cost structure, productivity, and efficiencies to maximize the EBITDA opportunity in front of us.

為了進一步加快這一領域的發展勢頭，我們最近聘請了一位經驗豐富的行業專家擔任業務轉型主管。這個新設立的職位將致力於改善我們的成本結構、生產力和效率，以最大限度地發揮我們面前的 EBITDA 機會。

In conclusion, we continue to execute according to plan. We've made significant progress related to our growth strategy, including important wins with new customers that have the potential to meaningfully contribute to our revenue growth in the midterm. We believe that these results, combined with our discipline cost structure and our uncompromising quality, position us well to achieve our mid-term objectives and to capitalize on the favorable market conditions for CDMOs here in the United States.

總之，我們繼續按計畫執行。我們在成長策略方面取得了重大進展，包括贏得了一些新客戶，這些客戶有可能在中期內為我們的收入成長做出重大貢獻。我們相信，這些成果，加上我們嚴格的成本結構和毫不妥協的質量，使我們能夠很好地實現其中期目標，並充分利用美國CDMO的有利市場條件。

That concludes my update. I will now turn the call over to Ryan Lake to provide an overview of our financial results for the Q3 2025 period ended September 30, 2025.

我的更新就到這裡。現在我將把電話交給 Ryan Lake，讓他概述我們截至 2025 年 9 月 30 日的 2025 年第三季財務業績。

Thank you, Paul, and good afternoon, everyone. In conjunction with my comments, I'd like to recommend that participants refer to Lifecore's Form 10-Q filing with the Securities and Exchange Commission, which we filed today. As a reminder, today we will be comparing our Q3 2025 period which ended on September 30, 2025, with the period ending August 25, 2024.

謝謝你，保羅，大家下午好。結合我的發言，我建議各位參閱 Lifecore 今天向美國證券交易委員會提交的 10-Q 表格文件。提醒一下，今天我們將把截至 2025 年 9 月 30 日的 2025 年第三季與截至 2024 年 8 月 25 日的季度進行比較。

Revenues for the three months ended September 30, 2025, were $31.1 million, an increase of 26% compared to $24.7 million for the comparable prior period ended August 25, 2024. The increase in revenues of $6.4 million was primarily due to a $4.8 million increase in HA manufacturing revenues, primarily from increased demand from a customer due to its supply chain initiatives.

截至 2025 年 9 月 30 日止三個月的收入為 3,110 萬美元，比截至 2024 年 8 月 25 日止的上一可比期間的 2,470 萬美元增長了 26%。收入增加 640 萬美元，主要原因是 HA 製造收入增加 480 萬美元，這主要是由於客戶供應鏈措施帶來的需求增加。

In addition, CDMO revenues increased $1.6 million, which was primarily from $2.6 million of higher sales volumes and $0.3 million of pricing and other revenue, partially offset by $1.3 million of lower development revenue due to completion of a discrete development project in the prior comparable period and timing of customer project life cycle.

此外，CDMO 收入增加了 160 萬美元，主要來自 260 萬美元的銷售量增長和 30 萬美元的定價和其他收入增長，部分被 130 萬美元的開發收入減少所抵消，這是由於在上一個可比期間完成了一個獨立的開發項目以及客戶項目生命週期的時間安排所致。

Gross profit for the three months ended September 30, 2025, was $7.8 million compared to $5.4 million for the comparable prior period ended August 25, 2024. The increase of $2.4 million in gross profit is due to $4.3 million increase in HA manufacturing gross profit due to increased sales volume and manufacturing absorption partially offset by $1.9 million decrease in CDMO gross profit. The CDMO decline was due to lower development revenues of $1.4 million and a decrease in aseptic gross profit of $1.9 million due to product mix and costing, partially offset by favorable manufacturing absorption of $1.4 million.

截至 2025 年 9 月 30 日止三個月的毛利為 780 萬美元，而截至 2024 年 8 月 25 日止的同期毛利為 540 萬美元。毛利增加 240 萬美元，其中 HA 生產毛利增加 430 萬美元，原因是銷售量增加和生產吸收率提高，但 CDMO 毛利減少 190 萬美元，部分抵消了 HA 生產毛利的增加。CDMO 業務下滑是由於研發收入減少 140 萬美元，以及無菌產品毛利因產品組合和成本調整而減少 190 萬美元，部分被有利的生產吸收 140 萬美元所抵消。

Selling, general, and administrative expenses for the three months ended September 30, 2025, or $8.9 million compared to $14.8 million for the comparable prior period ended August 25, 2024. The $5.9 million decrease in SG&A expenses included a reduction of $2.2 million in recurring accounting, legal, and consulting expenses and a net $3.7 million reduction in non-recurring expenses primarily related to legacy matters.

截至 2025 年 9 月 30 日止三個月的銷售、一般及行政費用為 890 萬美元，而截至 2024 年 8 月 25 日止的同期為 1,480 萬美元。銷售、一般及行政費用減少了 590 萬美元，其中包括經常性會計、法律和諮詢費用減少了 220 萬美元，以及主要與歷史遺留問題相關的非經常性費用淨減少了 370 萬美元。

For the three months ended September 30, 2025, the company recorded a net loss of $10 million and a loss of $0.29 per diluted share as compared to a net loss of $16.2 million and a loss of $0.53 per diluted share for the comparable prior period ended August 25, 2024. In addition to the reasons described previously, the loss in 2025 included a small effect from an unfavorable debt derivative adjustment, while the loss in 2024 included a small net effect from a favorable debt derivative adjustment that was partially offset by registration rights penalty expense.

截至 2025 年 9 月 30 日止的三個月，該公司錄得淨虧損 1,000 萬美元，每股攤薄虧損 0.29 美元，而截至 2024 年 8 月 25 日止的同期淨虧損為 1,620 萬美元，每股攤薄虧損 0.53 美元。除了前面描述的原因外，2025 年的虧損還包括不利的債務衍生品調整帶來的較小影響，而 2024 年的虧損還包括有利的債務衍生品調整帶來的較小淨影響，該影響被註冊權罰款支出部分抵消。

Adjusted EBITDA for the three months ended September 30, 2025, was $3.1 million, an increase of $4.9 million compared to a negative $1.8 million in the comparable prior period ended August 25, 2024. The improvement in adjusted EBITDA was primarily due to the increase in gross profit and the reduction in recurring selling, general, administrative expenses.

截至 2025 年 9 月 30 日止三個月的調整後 EBITDA 為 310 萬美元，比截至 2024 年 8 月 25 日止的同期虧損 180 萬美元增加了 490 萬美元。調整後 EBITDA 的改善主要歸功於毛利的增加和經常性銷售、一般及行政費用的減少。

In addition to reporting results for the period, we also wish to reaffirm the guidance that we previously provided for the approximately seven-month transition period from May 26 through December 31, 2025. Specifically for this transition period, the company expects revenue to be approximately $74 million to $76 million, net loss to range from $18.4 million to $16.4 million, and adjusted EBITDA to range from $12 million to $14 million based on the expectations that Lifecore would exclude for items similar to its historic definition of adjusted EBITDA.

除了報告該期間的業績外，我們還希望重申我們先前提供的 2025 年 5 月 26 日至 12 月 31 日期間約七個月過渡期的指導意見。具體而言，在這段過渡時期，公司預計收入約為 7,400 萬美元至 7,600 萬美元，淨虧損約為 1,840 萬美元至 1,640 萬美元，調整後 EBITDA 約為 1,200 萬美元至 1,400 萬美元，這是基於 Lifecore 預期將排除與以往調整後的 EBITDA 定義類似項目。

This guidance takes into consideration existing market forces, contracts, and customer order timing as well as the company's current beliefs and estimations with respect to success and timing related to growing and diversifying the company's new business development revenue.

該指導意見考慮了現有的市場力量、合約和客戶訂單時間，以及公司目前對公司新業務發展收入成長和多元化相關的成功和時間的看法和估計。

This concludes my financial overview. I'll now turn the call back over to Paul for his final comments.

我的財務概覽到此結束。現在我將把電話轉回給保羅，請他做最後的總結發言。

Thank you, Ryan. In closing, I would like to emphasize our discipline and effective execution over the last 18 months. We have learned a tremendous amount in this period. We have improved our business in a number of meaningful ways, and we have now turned our full efforts to growth of both our top and bottom line. We are energized by the progress we have made to date and highly optimistic about the future that lies ahead.

謝謝你，瑞恩。最後，我想強調我們在過去18個月展現的紀律和高效執行力。在這段期間，我們學到了很多。我們已從多個方面改進了業務，現在我們將全力以赴，實現營收和利潤的雙重成長。我們對迄今為止的進展感到振奮，並對未來的發展前景充滿樂觀。

This concludes our prepared remarks for today. Operator, you may now open the call for questions.

我們今天的演講到此結束。操作員，現在可以開始接受提問了。

Thank you. At this time, we will now conduct a question-and-answer session. (Operator Instructions) Matt Hewitt, Craig Hallum Capital Group.

謝謝。接下來，我們將進行問答環節。（操作說明）Matt Hewitt，Craig Hallum Capital Group。

Thanks for taking the questions and congratulations on your progress. Maybe first up, obviously with the stub period, it makes it a little bit difficult to run the math here. But I'm trying to get a sense for what the missing month would have been or what that would have meant implied, maybe even for Q4 just as we're looking at the period-to-period numbers.

感謝您回答問題，並祝賀您的進步。首先，顯然由於存在存根期，這使得在這裡進行計算變得有點困難。但我正在努力了解缺失的那個月會是什麼樣的，或者這意味著什麼，甚至可能對第四季度產生什麼影響，就像我們正在查看各季度之間的數字一樣。

Hey, Matt, thanks for your question. So the June estimated revenues were about $8.7 million, with about $6.6 million of that coming from CDMO revenues and $2.1 million from HA revenues. So year to date through September 30, the stub period revenue is expected to be approximately $39.8 million. So that leaves for the remaining stub period revenue guidance for Q4 to be in a range of $34 million to $36 million or about $35 million at the midpoint, which represents for the fourth quarter about an 8% increase over the comparable prior-year quarter.

嘿，馬特，謝謝你的提問。因此，6 月的預計收入約為 870 萬美元，其中約 660 萬美元來自 CDMO 收入，210 萬美元來自 HA 收入。因此，截至 9 月 30 日，本年度剩餘期限收入預計約為 3,980 萬美元。因此，第四季剩餘的業績預期收入將在 3,400 萬美元至 3,600 萬美元之間，中間值約為 3,500 萬美元，這意味著第四季度比去年同期增長約 8%。

And then for adjusted EBITDA, June estimated adjusted EBITDA was $1.5 million. So year to date through September 30, the stub period adjusted EBITDA would have been approximately $4.6 million. So that leaves the remaining stub period guidance to be in a range of $7 million to $9 million or about $8 million at the midpoint for Q4.

在調整後的 EBITDA 方面，6 月估計的經調整 EBITDA 為 150 萬美元。因此，截至 9 月 30 日，本年度調整後的 EBITDA 約為 460 萬美元。因此，剩餘的過渡期預期範圍為 700 萬美元至 900 萬美元，或第四季中點約為 800 萬美元。

Super helpful. Thank you. And then just kind of looking and listening to your prepared remarks, you guys have made some substantial improvements on the cost side. I think you mentioned some pretty significant reductions on the recurring piece as well as some of those legacy.

非常有用。謝謝。然後，僅僅透過觀看和聆聽你們事先準備好的發言，就可以看出你們在成本方面取得了實質的改進。我認為你提到過經常性支出以及一些遺留支出都有相當大的削減。

Is there much left to do on that front? Or as we look out whether it's Q4 or now the new fiscal/calendar year '26, are there some additional levers to pull there? Or at this point, does it become more about driving incremental volume through the facility? Thank you.

這方面還有很多工作要做嗎？或者，當我們審視現在是第四季還是新的 2026 財年/日曆年時，是否還有一些其他的槓桿可以利用？或者，到了這個階段，重點是否就變成了提高工廠的產能？謝謝。

Thanks, Matt. So I'm really excited to talk about the positive results this quarter that reflects some of the great progress that we've made across the organization.

謝謝你，馬特。因此，我非常高興能和大家談談本季的正面成果，這些成果反映了我們在整個組織中取得的一些巨大進步。

First, I think this represents our fourth or fifth sequential quarter of period-over-period declines in operational expenses. The operational expenses were down over $6 million or 36% compared to the prior year comparable quarter. And over $2 million of that is primarily related to the reduction in the recurring accounting, legal and consulting expenses; and $4 million was related to legacy matters.

首先，我認為這代表著我們營運費用連續第四或第五個季度較上季下降。與上年同期相比，營運支出減少了 600 多萬美元，降幅達 36%。其中超過 200 萬美元主要與經常性會計、法律和諮詢費用的減少有關；400 萬美元與歷史遺留問題有關。

I think that to the second part of your question, there's a lot of hard work left, but I'm even more encouraged than I was earlier on kind of in this journey that we have the ability to continue to strengthen the foundation of the company and set us up for continued growth.

我認為對於你問題的第二部分，還有很多艱苦的工作要做，但我比之前更有信心，因為我們有能力繼續加強公司的基礎，並為持續成長做好準備。

I think overall, over time, as we get past some of these legacy matters, I think we could see another $1.5 million or so a quarter in SG&A that it could come down so that we were at a quarterly run rate of like in that $7.5 million, $8 million range.

我認為總體而言，隨著時間的推移，隨著我們解決一些遺留問題，我認為我們每個季度的銷售、一般及行政費用可能會減少約 150 萬美元，從而使我們的季度運行率達到 750 萬美元至 800 萬美元左右。

That's great. Thank you very much.

那太棒了。非常感謝。

Mac Etoch, Stephens.

Mac Etoch，Stephens。

Hey, good afternoon. This is actually Hannah on for Mac. Thanks for taking my question.

嘿，下午好。這其實是 Mac 版的 Hannah。謝謝您回答我的問題。

Given the recent manufacturing capacity announcements, can you just talk about how early conversations are progressing, given the current macro dynamics and how those might translate to the pipeline over time?

鑑於最近公佈的產能調整計劃，您能否談談在當前宏觀經濟形勢下，早期洽談的進展情況，以及這些進展將如何隨著時間的推移影響到未來的產品線？

Hannah, thanks for the question. This is Paul. I think that the -- I'll call it the regionalization of manufacturing and the investments that have been announced recently -- are only a tailwind for CDMOs in general and certainly for Lifecore. We have seen a buoy in our pipeline of, I would say, commercial site transfer opportunities from other regions, whether it's Asia, Europe, Israel, India, that heretofore we have -- we haven't seen.

漢娜，謝謝你的提問。這是保羅。我認為——我稱之為製造業區域化和最近宣布的投資——對 CDMO 來說總體上都是順風，對 Lifecore 來說更是如此。我們看到，來自其他地區的商業場地轉移機會增加，無論是亞洲、歐洲、以色列或印度，這些都是我們以前從未見過的。

I've been in this commercial side of the CDMO business now, had exposure to it for 31 years, and I've never seen this many -- or this amount or percentage of commercial site transfers become -- that you have the opportunity to compete on. So, I look at it as only buoying the market from a CDMO perspective.

我已經在CDMO業務的商業方面工作了31年，從未見過如此多的商業場地轉移——或者說商業場地轉移的數量或比例如此之高——讓你有機會參與競爭。所以，我認為它只是從CDMO（合約研發生產機構）的角度來看，對市場起到了提振作用。

Awesome, that's helpful. And then on performance in 3Q and then current guidance, it seems to suggest a pretty strong calendar second half compared to normal seasonality. And I believe you have prior expectations for a flat fiscal 2026 using your prior fiscal year. So can you just talk about what's driving the uptick in revenue?

太好了，這很有幫助。根據第三季業績和目前的業績指引來看，下半年的業績似乎將比往年同期表現得更強勁。我相信，根據上一財年的數據，您對 2026 財年持平的預期已經形成。那麼，您能否談談推動營收成長的因素是什麼？

Thanks, Hannah. So we had a very strong kind of back half of what was our fiscal year '25 that ended in May. And comparatively, primarily due to timing and customer ordering patterns, revenue for this seven-month stub period or essentially the second half of calendar year 25 are expected to be up significantly, so over 20% or about $14 million compared to an estimate of that same period of the prior year.

謝謝你，漢娜。因此，我們在 2025 財年下半年（截至 5 月）取得了非常強勁的業績。相較之下，主要由於時間安排和客戶訂購模式，預計這七個月的過渡期（即25年下半年）的收入將大幅增長，比上年同期增長超過20%，即約1,400萬美元。

Because of that nice uptick in revenue for the stub period in calendar year '25 due to the timing and customer ordering patterns, we currently expect the back half of calendar year '26 to be stronger than the first half of calendar year '26 with revenue split probably in that 45% in the first half and about 55% in the back half.

由於 2025 年日曆年期間的收入因時間安排和客戶訂購模式而出現良好增長，我們目前預計 2026 年日曆年下半年將比上半年強勁，收入分配可能為上半年 45% 和下半年 55% 左右。

Thanks. That's helpful. I'll leave it there.

謝謝。那很有幫助。我就說到這兒吧。

Lucas Baranowski, KeyBanc.

Lucas Baranowski，KeyBanc。

Yeah, this is Lucas on for Paul Knight here at KeyBanc. You recently won a tech transfer for a commercial product from a large pharma company. I know those types of transfers typically take over a year to complete. But what are you expecting in terms of the timeline for this particular agreement?

是的，我是盧卡斯，這裡是KeyBanc的保羅奈特為您報道。您最近從一家大型製藥公司獲得了商業產品的技術轉移。我知道這類轉帳通常需要一年以上的時間才能完成。但您對這項協議的時間表有何預期？

Hey, Lucas, this is Paul. Thanks for the question. We expect that that commercial site transfer will take approximately 24 to 30 months. We're working with our customer on the exact timeline, but we'll obviously work to accelerate as quickly as we can. But based on current projections, I would anticipate 24 to 30 months.

嘿，盧卡斯，我是保羅。謝謝你的提問。我們預計商業用地轉移大約需要 24 至 30 個月。我們正在與客戶商定具體的時間表，但顯然我們會盡一切努力加快進度。但根據目前的預測，我預計需要 24 到 30 個月。

Yeah, that's good color. You recently also signed a collaboration agreement with a peptide-based CDMO called PolyPeptide. Based upon your discussions with them, would you expect the opportunities coming out of that collaboration to be centered around GLP-1, where you got your first win last quarter, or do you think it could be broader than that?

是的，這個顏色不錯。您最近也與一家名為 PolyPeptide 的勝肽 CDMO 簽署了合作協議。根據你與他們的討論，你認為這次合作帶來的機會會以 GLP-1 為中心嗎？ （上個季度你在這個領域取得了第一個成功），還是你認為合作的範圍會更廣？

I think it could be broader than that, Lucas. Certainly, that GLP-1s are contemplated as part of that, but certainly, it could be broader.

盧卡斯，我覺得它的範圍可能比這更廣。當然，GLP-1 類藥物被認為是其中的一部分，但當然，它的範圍可以更廣。

Excellent. That's all I had.

出色的。這就是我全部的家當。

Thank you. Thank you for the question.

謝謝。謝謝你的提問。

Max Smock, William Blair.

馬克斯·斯莫克，威廉·布萊爾。

Hi, great. It's Christine Rains on for Max. So kind of piggybacking a little bit off the last question, in terms of the -- in commercial injectable one, just hoping if you could give a little bit more context here. So it was helpful that 24 to 30 months potentially as being sort of fully rammed commercially, but wondering if you expect revenues before this whole transfer is complete and if you expect to be the sole product manufacturer. And just anything you can give in terms of the scope of the contract in terms of annual revenue expected.

嗨，太好了。克莉絲汀‧雷恩斯正在為馬克斯解說。所以，我想稍微接續一下上一個問題，關於商業注射劑，希望您能提供更多背景資訊。因此，預計 24 至 30 個月內可能會完全商業化，這很有幫助。但我想知道，在整個轉移完成之前，您是否預期會有收入，以及您是否預期成為唯一的產品製造商。還有，請您提供任何與合約範圍相關的信息，例如預期年收入。

No, great. Hey, Christine, thank you so much for the question. We do expect to be the sole manufacturer when fully qualified. Based on 2025 revenues, once this product is commercialized, demand remains the same. We anticipate this will be a top five customer or top five product at Lifecore, and as a consume, I will say, material capacity within the facility between 5% and 10%.

不，太好了。嗨，克里斯汀，非常感謝你的提問。我們預計在完全具備資格後成為唯一的製造商。根據 2025 年的收入預測，一旦該產品實現商業化，需求將保持不變。我們預計這將是 Lifecore 的前五名客戶或前五名產品，作為消耗品，我認為將佔用工廠 5% 到 10% 的材料產能。

We will make what I call or characterize as one-time development revenue where we qualify and validate the program and product within our facility. And then once we get regulatory approval, obviously, we'll get into that recurring revenue cadence.

我們將獲得我稱之為一次性開發收入的收入，這筆收入來自我們在我們自己的工廠內對程序和產品的鑑定和驗證。然後，一旦獲得監管部門的批准，很顯然，我們就會進入經常性收入的節奏。

Great, thank you. That was very helpful. So maybe even for you, Ryan, echoing kind of what was said before, there's a lot of moving pieces with the transition period and your financials, so apologize for the bit of the rough approach here. It was kind of already asked on the revenue side. But thinking simplistically in terms of margins, looking at your implied EBITDA margin guide of 17% at the midpoint for the stub period compared to roughly 10% adjusted EBITDA margin in this three-month period, hoping you can speak to the factors driving margin expansion in the remainder of the stub period in order to achieve your stub margin target. Thanks.

太好了，謝謝。那很有幫助。所以，瑞恩，也許對你來說也是如此，正如之前所說，過渡期和你的財務狀況有很多變數，所以對於我在這裡採取的略顯粗糙的方式，我深表歉意。這個問題之前在營收方面已經有人問過了。但從利潤率的角度來看，簡單來說，你預期剩餘期限的隱含 EBITDA 利潤率指引值為 17%（中點），而這三個月期間的調整後 EBITDA 利潤率約為 10%，希望你能說明推動剩餘期限利潤率擴張的因素，以實現你的剩餘期限利潤率目標。謝謝。

Yeah, I think one of the pieces that you're missing and I gave was the EBITDA for, I guess, the year-to-date stub period, right, and that -- and it's pretty significant again if you add $1.5 million or so to the year-to-date stub period from the June period. So about $4.6 million. So leaving that roughly $7 million to 9 million, or $8 million at the midpoint for that.

是的，我認為你漏掉了一部分，而我提供了，那就是年初至今的 EBITDA，對吧？而且——如果你把 6 月的 150 萬美元左右加到年初至今的 EBITDA 中，那又會相當可觀。所以大約是460萬美元。所以，剩下的大約是 700 萬到 900 萬美元，或是取中間值 800 萬美元。

And again, a lot of that has to do with the improvement in revenue over the period as well as all the improvements we've made from a gross profit perspective as well as improvements in the SG&A line. So, overall, I think that the improvements -- about a 200-basis point improvement for the stub period to get you to roughly those 17% EBITDA margins.

這很大程度與該期間收入的改善、毛利方面的改善以及銷售、一般及行政費用的改善有關。所以總的來說，我認為這些改進——在過渡期內大約有 200 個基點的改進，使 EBITDA 利潤率達到大約 17%。

Great. Thanks to you both and congrats on the progress.

偉大的。謝謝你們兩位，也祝賀你們的進展。

Thank you.

謝謝。

Thank you for your question. At this time, I'm showing no other questions. So this concludes the Q&A portion of this program. I would now like to hand it over to Paul Josephs of management for closing remarks. The floor is yours.

謝謝你的提問。目前我沒有其他問題要問。至此，問答環節結束。現在我謹將發言權交給管理階層的保羅‧約瑟夫斯，請他作總結發言。現在輪到你發言了。

Thank you, operator. I wish to thank all of Lifecore's stakeholders and supporters, including our investors, customers, and collaborators for their ongoing support and partnership. I also wish to thank our talented and committed employees for all they do to elevate Lifecore and maximize our successes.

謝謝接線生。我謹向 Lifecore 的所有利害關係人和支持者，包括我們的投資者、客戶和合作夥伴，感謝他們一直以來的支持與合作。我還要感謝我們才華橫溢、盡職盡責的員工，感謝他們為提升 Lifecore 的水平、最大限度地取得成功所做的一切努力。

We are very pleased with the progress that made during this period, which we believe puts us on a path to achieving growth and sustained profitability for the years ahead. Thank you very much.

我們對這段時期的進展感到非常滿意，我們相信這將使我們走上未來幾年實現成長和持續獲利的道路。非常感謝。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。