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

Good morning, and thank you for joining Lifecore's earnings call for the first quarter ended March 31, 2026. (Operator Instructions)

早安，感謝各位參加 Lifecore 截至 2026 年 3 月 31 日止第一季的財報電話會議。(接線員指示)

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

現在我想把電話會議交給 Lifecore 投資人關係經理 Stephanie Diaz。

Good morning, and thank you for joining us.

早安，感謝各位加入我們。

Today, Lifecore Biomedical will provide its earnings for the first quarter ended March 31, 2026, and corporate update. As the company has recently changed its fiscal year-end to align with the calendar year, we will be comparing our results for the first quarter ended March 31, 2026, with the comparable prior year quarter ended February 23, 2025.

今天，Lifecore Biomedical 將公布截至 2026 年 3 月 31 日止第一季的財務結果，並提供公司最新進展。由於公司近期已將會計年度年結日調整為與曆年一致，我們將比較截至 2026 年 3 月 31 日止第一季的結果，與可比的前一年度季度（截至 2025 年 2 月 23 日止）之結果。

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

今天代表 Lifecore 主持電話會議的是總裁兼執行長 Paul Josephs，以及財務長 Ryan Lake。

Before we begin, I'd like to remind everyone that today's conference call will 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, May 6, 2026, and the company's actual results could differ materially from those projected in such forward-looking statements.

在開始之前，我想提醒各位，今天的電話會議將包含前瞻性陳述。請注意，本次電話會議中的前瞻性陳述僅反映管理團隊截至今日（2026 年 5 月 6 日）的判斷與分析，公司的實際結果可能與該等前瞻性陳述所預測者存在重大差異。

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 earnings press release, which was furnished to the Securities and Exchange Commission this morning 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 Q1 2026, which was filed with the SEC this morning and is also available on our website.

如需更完整了解與任何前瞻性陳述相關的風險與不確定性，請參閱我們的財報新聞稿中所載之前瞻性陳述之免責聲明。該新聞稿已於今晨以 8-K 表格提交至美國證券交易委員會（SEC），並可於我們的公司網站 lifecore.com 查閱；亦請參閱我們向 SEC 提交的其他文件，包括但不限於公司 2026 年第一季的 10-Q 表格（已於今晨向 SEC 提交，亦可於我們網站取得）。

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

此外，我們的財報新聞稿包含對某些非 GAAP 財務資訊的討論，且在本次電話會議中我們也將引用部分非 GAAP 財務資訊。您可在我們的財報新聞稿中找到相關的非 GAAP 調節表。

With that, I would like to turn the call over to Paul Josephs, President and Chief Executive Officer.

接下來，我想把電話會議交給總裁兼執行長 Paul Josephs。

Thank you, Stephanie. Good morning, everyone, and thank you for joining us today.

謝謝你，Stephanie。各位早安，感謝今天加入我們。

During the first quarter of 2026, we continue to execute on each of the three pillars of our growth strategy: maximizing our existing commercial business, advancing our development pipeline towards commercialization and adding high-quality new programs to our pipeline through business development. We believe consistent execution across these pillars positions Lifecore for sustained long-term growth, supporting our goal of achieving a 12% revenue CAGR and EBITDA margins above 25% by the end of 2029.

在 2026 年第一季，我們持續落實成長策略的三大支柱：最大化既有商業業務、推進開發管線朝商業化邁進，以及透過業務開發將高品質的新專案納入管線。我們相信，在這三大支柱上持續且一致的執行，將使 Lifecore 具備長期且可持續的成長動能，並支持我們的目標：至 2029 年底達成營收年複合成長率（CAGR）12%，以及 EBITDA 利潤率高於 25%。

We remain confident in our full year expectations and reaffirm our 2026 guidance. Ryan will provide additional details on our financial results following my overview of our Q1 achievements. I will begin today with the progress made with each of our growth strategy pillars, starting with our revamped commercial strategy and priority to add high-quality programs to our development pipeline. I am encouraged by the progress made with regard to this initiative.

我們對全年展望仍具信心，並重申 2026 年指引。在我概述第一季的成果之後，Ryan 將就我們的財務結果提供更多細節。今天我將先從各項成長策略支柱的進展談起，首先是我們重新調整的商業策略，以及將高品質專案納入開發管線的優先事項。我對此項倡議所取得的進展感到鼓舞。

As previously discussed, we have transformed our business development strategy and team to expand our target market and drive an increase in the number of high-quality customer wins. This effort generated a strong expansion of our pipeline in 2025, and we are encouraged by the continued progress we have seen in 2026.

如先前所述，我們已轉型業務開發策略與團隊，以擴大目標市場並推動高品質客戶得標數量的提升。此一努力在 2025 年帶動我們管線的強勁擴張，而我們也對 2026 年持續看到的進展感到振奮。

In the first quarter alone, we have signed three new commercial site transfer programs. In March, we announced the signing of a manufacturing services agreement for the commercial site transfer of a marketed approved product with a new aesthetics customer.

僅在第一季，我們就簽下三項新的商業化廠址移轉（commercial site transfer）專案。3 月，我們宣布與一位新的醫美客戶簽署製造服務協議，內容為一項已上市且已獲核准產品的商業化廠址移轉。

Under the terms of the agreement, we will perform technical transfer activities for a product that is currently manufactured outside the US. Our clients' goal is to establish US-based manufacturing for products sold in the US. This is an exciting opportunity for us with a customer relationship that we expect to grow over time.

依協議條款，我們將為目前在美國境外製造的產品執行技術移轉作業。客戶的目標是為在美國銷售的產品建立美國本土製造能力。這對我們而言是令人振奮的機會，我們預期與該客戶的合作關係將隨時間持續成長。

Importantly, we believe this product may generate commercial revenue in 2028. In addition, during the first quarter, we announced the signing of two CDMO manufacturing services agreements with an existing US biopharmaceutical customer. This customer is a publicly traded US-based pharmaceutical company that has successfully developed multiple marketed products and continues to drive growth in its commercial pipeline.

重要的是，我們認為該產品可能在 2028 年帶來商業化營收。此外，在第一季期間，我們也宣布與一位既有的美國生物製藥客戶簽署兩項 CDMO 製造服務協議。該客戶為一家在美國上市的製藥公司，已成功開發多項已上市產品，並持續推動其商業化管線成長。

The first of these agreements is a commercial site transfer under which we will assume manufacturing of a currently marketed product produced by another CDMO. This is a new product to Lifecore. We will perform technical transfer services required to support regulatory approval at our site.

其中第一項協議為商業化廠址移轉，我們將承接目前由另一家 CDMO 生產之已上市產品的製造。這對 Lifecore 而言是一項新產品。我們將提供支援在本廠取得法規核准所需的技術移轉服務。

Upon successful approval of this transfer, the agreement provides for the commercial manufacturing of this product at Lifecore. Consistent with previously discussed commercial site transfers, we believe this product may generate commercial revenue in 2028.

在此移轉成功獲准後，協議將規範由 Lifecore 進行該產品的商業化製造。與先前討論的商業化廠址移轉一致，我們認為該產品可能在 2028 年帶來商業化營收。

The second agreement with the same customer reflects an expansion of our relationship. Lifecore currently manufactures this commercial ophthalmic product in one delivery format and will now begin to manufacture it in a second delivery system. This additional delivery system is currently manufactured in Europe.

與同一客戶的第二項協議反映了我們合作關係的擴大。Lifecore 目前以一種給藥形式製造該商業化眼科產品，現在將開始以第二種給藥系統進行製造。此新增的給藥系統目前在歐洲製造。

We believe the secondary -- second delivery system will be additive to our existing commercial revenue for this product. We are motivated to have been selected for all these high-value programs as we believe it reflects the continued progress in becoming a partner of choice for our current and future customers.

我們認為第二—第二種給藥系統將為該產品既有的商業化營收帶來增量貢獻。我們很振奮能被選中承接這些高價值專案，因為我們相信這反映出我們在成為現有與未來客戶首選合作夥伴方面持續取得進展。

Our unwavering commitment to best-in-class quality and strong technical expertise are key drivers for those customers that continue to place a trust in us for the development and manufacturing of their important programs.

我們對一流品質的堅定承諾，以及強大的技術專業能力，是驅動客戶持續信任我們、將其重要專案交由我們開發與製造的關鍵因素。

During the quarter, our business development team spent considerable time and effort strengthening our business development pipeline, resulting in a growing number of meaningful meetings with customers and prospects.

本季期間，我們的業務開發團隊投入大量時間與心力強化業務開發管線，促成與客戶及潛在客戶之間越來越多具實質意義的會議。

A meaningful highlight for us was the significant engagement our team experienced with our customers at the recent Drug, Chemical & Associated Technologies or DCAT Association meeting in New York. DCAT is our largest and most important sales and marketing event in North America. This year's engagement was unprecedented for us with our team participating in a record number of meetings with both existing and potential customers.

對我們而言，一項重要亮點是團隊在近期於紐約舉行的 Drug, Chemical & Associated Technologies（DCAT）協會年會上，與客戶的互動顯著提升。DCAT 是我們在北美最大且最重要的銷售與行銷活動。今年的互動對我們而言前所未見，我們團隊與既有及潛在客戶進行的會議數量創下新高。

Given the strong engagement and the growing momentum of our business development team is building, we believe we are well positioned to capitalize on the positive market dynamics, including the growth of manufacturing in the United States, and the fact that approximately 50% of the US drug development pipeline are injectable therapies. We believe that this current environment points in our favor and leaves us well positioned to aggressively pursue new business and capitalize on the opportunity in front of us.

鑑於強勁的互動，以及我們業務開發團隊正在累積的動能持續增強，我們相信公司已具備良好定位，可把握正向的市場動態，包括美國境內製造的成長，以及美國藥物開發管線中約 50% 為注射型療法的事實。我們認為目前的環境對我們有利，使我們能以更積極的態度爭取新業務，並把握眼前的機會。

With respect to our first growth strategy, expanding our existing commercial business, we continue to work closely with our commercial partners during the quarter to deliver outstanding service with a clear focus on readying our organization for the doubling of commercial demand with our largest customer, which is expected to begin in 2027.

就我們的第一項成長策略——擴大既有商業業務而言，本季我們持續與商業合作夥伴緊密合作，以提供卓越服務，並明確聚焦於讓組織為最大客戶商業需求倍增做好準備；該需求預計將於2027年開始。

Concurrently, we remain committed to commercial excellence. And during the quarter, we implemented targeted pricing initiatives to maintain and expand our product margins. Turning to the second growth strategy pillar of advancing development programs to commercialization. We are encouraged about our growing and diverse pipeline.

同時，我們仍致力於商業卓越。本季我們推動具針對性的定價措施，以維持並擴大產品毛利。接著談第二項成長策略支柱：推進開發計畫走向商業化。我們對日益成長且多元的產品管線感到鼓舞。

One of the highlights during the quarter was the expansion of our work with Indomo, a clinical-stage therapeutics company. In January of this year, we signed a second agreement with Indomo, having previously been selected to provide formulation and process optimization activities in support of their DT-001 program.

本季亮點之一，是我們與Indomo（一家臨床階段治療公司）的合作擴大。今年1月，我們與Indomo簽署第二份協議；此前我們已獲選為其DT-001計畫提供配方與製程最佳化活動支援。

Under the terms of our latest agreement, we will be responsible for producing and supplying clinical batches of DT-001, planned studies designed to prepare the product for advancement into Phase II clinical trials in 2026.

依據最新協議條款，我們將負責生產並供應DT-001的臨床批次，用於規劃中的研究，以使該產品為於2026年推進至第二期臨床試驗做好準備。

We also made significant progress regarding our late-stage development pipeline, which includes 13 late-stage programs with the addition of the three programs mentioned earlier in my comments. Five of these programs are commercial site transfers. Unlike development programs, commercial site transfers have existing market demand and are significantly derisked. They do not require additional clinical trials and only require qualification at Lifecore, which gives us greater confidence in their financial projections.

我們在後期開發管線方面亦取得重大進展；隨著我先前評論中提到的三個計畫加入，後期計畫總數達到13個。其中五個計畫為商業場址移轉。不同於開發計畫，商業場址移轉已有既存市場需求，且風險顯著降低。其不需要額外臨床試驗，只需在Lifecore完成資格認證，這使我們對其財務預測更具信心。

Given our quality track record and proficiency in producing similar products, we are confident in our ability to successfully transfer all five products to Lifecore. Depending on timing of regulatory approvals, we expect that they will all generate commercial revenue at our site in 2028. It is also important to note that two of our late-stage customers nearing commercialization achieved important milestones that support their path towards regulatory approval and commercialization.

鑑於我們的品質紀錄與生產類似產品的熟練度，我們有信心能成功將這五項產品全數移轉至Lifecore。視法規核准時程而定，我們預期它們將於2028年在本廠址皆可產生商業營收。同時也必須指出，我們兩位接近商業化的後期客戶已達成重要里程碑，支持其邁向法規核准與商業化的路徑。

One of our late-stage ophthalmic customers recently announced positive top-line Phase 3 results. And after securing funding, another customer has a clear and actionable path toward commercialization potentially in 2028.

我們其中一位後期眼科客戶近期公布了正面的第三期頂線結果。此外，在取得資金後，另一位客戶已具備清晰且可執行的商業化路徑，可能於2028年實現商業化。

Beyond the achievements specific to our growth strategy, we made meaningful progress across several key areas of our business, including SG&A, operations and quality. Within SG&A, we continue to identify and act on opportunities for cost reductions and intend to continue to implement changes that we believe will drive sustained margin improvement over time.

除成長策略相關成果外，我們也在業務的多個關鍵領域取得實質進展，包括SG&A、營運與品質。在SG&A方面，我們持續辨識並採取降低成本的機會，並打算持續推動我們相信可隨時間帶來持續毛利改善的變革。

In addition to our operational achievements, during the quarter, we successfully launched our enterprise resource planning or ERP system in January. To date, this implementation has been smooth, and we ultimately expect the system to improve efficiencies in financial management, cost containment, productivity and inventory control. W

除營運成果外，本季我們於1月成功上線企業資源規劃（ERP）系統。截至目前，導入過程順利；我們最終預期該系統將提升財務管理、成本控管、生產力與庫存控制的效率。W

ith regard to quality, our commitment to industry-leading quality was again demonstrated during the quarter. During the quarter, we completed multiple inspections with new business prospects and existing customers. Each of these inspections had a positive outcome, which we believe further validates Lifecore's growing reputation as a leading CDMO and partner of choice for customers seeking high quality.

就品質而言，我們對業界領先品質的承諾在本季再次獲得展現。本季我們完成了多次針對新業務潛在客戶與既有客戶的稽核/查核。每一次查核結果皆為正面；我們相信這進一步驗證Lifecore作為領先CDMO以及追求高品質客戶之首選合作夥伴的日益提升聲譽。

Importantly, these inspections consistently serve as a learning opportunity for us, and allow us to strengthen our quality systems that are the foundation for all our development and commercial manufacturing activities.

重要的是，這些查核一再成為我們的學習機會，並使我們得以強化品質系統；品質系統是我們所有開發與商業製造活動的基礎。

During the first quarter of 2026, our team successfully executed against each pillar of our growth strategy. Concurrently, we continue to optimize our organization to drive cost reductions and improve efficiencies to support margin improvement, all while continuing to elevate our quality systems.

在2026年第一季，我們的團隊成功落實成長策略的各項支柱。同時，我們持續優化組織以推動成本降低並提升效率，以支持毛利改善，並持續提升我們的品質系統。

I am energized by our achievements during the quarter, and we remain committed to building on this momentum with discipline throughout the year.

本季的成果令我備受鼓舞；我們仍將在全年以紀律持續累積這股動能。

That concludes my update. I will now turn the call over to Ryan Lake to provide an overview of our financial results for the first quarter ended March 31, 2026. Ryan?

以上是我的更新。接下來我將把電話會議交給Ryan Lake，請他概述截至2026年3月31日止第一季的財務結果。Ryan？

Thank you, Paul, and good morning, everyone. In conjunction with my comments, I'd like to recommend that participants refer to Lifecore's Form 10-Q filing, which we filed with the SEC earlier today. As a reminder, today, we will compare our first quarter, which ended on March 31, 2026, with the comparable prior year quarter ending on February 23, 2025.

謝謝你，Paul，各位早安。配合我的說明，我建議與會者參閱Lifecore的Form 10-Q申報文件，我們已於今日稍早向美國證券交易委員會（SEC）提交。提醒各位，今天我們將把截至2026年3月31日止的第一季，與截至2025年2月23日止的可比去年同期季度進行比較。

Before providing the quarter's financials, I'd like to state that I concur with Paul's optimism for the path ahead, and I'm pleased to reaffirm our 2026 guidance for revenue and adjusted EBITDA.

在提供本季財務數據之前，我想先表示我同意Paul對未來路徑的樂觀展望，並很高興重申我們對2026年營收與調整後EBITDA的指引。

As a reminder, for 2026, Lifecore expects total revenue to be in a range of $120 million to $125 million, net loss to be in the range of $35.4 million to $30.9 million and adjusted EBITDA to be in the range of $20.5 million to $25 million.

提醒各位，針對2026年，Lifecore預期總營收介於1.20億至1.25億美元之間，淨損介於3,540萬至3,090萬美元之間，調整後EBITDA介於2,050萬至2,500萬美元之間。

Turning now to the quarter. Revenues for the first quarter of 2026 were $23.2 million, a decrease of $12 million or 34% compared to $35.2 million for the comparable prior year quarter ended February 23, 2025. The decrease in revenues was primarily a result of the factors we described during our fourth quarter earnings announcement, and we remain on track to deliver our stated revenue guidance by the end of 2026.

接著談本季。2026年第一季營收為2,320萬美元，較截至2025年2月23日止的可比去年同期季度之3,520萬美元減少1,200萬美元，降幅34%。營收下滑主要源於我們在第四季財報公告中所述因素；我們仍按計畫在2026年底前達成既定的營收指引。

Gross profit for the quarter was $4.5 million, a decrease of $5.4 million compared to $9.8 million for the comparable prior year quarter ended February 23, 2025. The $5.4 million decline in gross profit was primarily due to decreased revenues.

本季毛利為450萬美元，較截至2025年2月23日止的可比去年同期季度之980萬美元減少540萬美元。毛利減少540萬美元主要係因營收下降所致。

Selling, general and administrative expenses for the first quarter were $7.9 million, a decrease of $2.1 million or 21% compared to $10 million for the comparable prior year quarter ended February 23, 2025. SG&A decreased by $2.1 million, driven by $1.6 million of lower recurring legal and accounting costs, lower compensation and lower credit losses and $0.5 million of lower nonrecurring expenses primarily related to legacy legal matters.

第一季銷售、一般及行政費用為790萬美元，較截至2025年2月23日止的可比去年同期季度之1,000萬美元減少210萬美元，降幅21%。SG&A減少210萬美元，主要由以下因素帶動：經常性法律與會計成本減少160萬美元、薪酬降低、信用損失降低，以及與歷史法律事項相關的非經常性費用主要減少50萬美元。

The company recorded a net loss of $15 million and $0.43 of loss per diluted share as compared to a net loss of $14.8 million and $0.42 of loss per diluted share for the comparable prior year quarter ended February 23, 2025.

公司錄得淨損1,500萬美元、稀釋後每股虧損0.43美元；相較之下，截至2025年2月23日止的可比去年同期季度為淨損1,480萬美元、稀釋後每股虧損0.42美元。

Adjusted EBITDA for the quarter was $1 million, a decrease of $4.7 million compared to $5.7 million for the comparable prior year quarter ended February 23, 2025. The decrease in adjusted EBITDA was primarily due to the decrease in revenues and was partially offset by favorable operating expenses.

本季調整後 EBITDA 為 100 萬美元，較截至 2025 年 2 月 23 日止之去年同期季度的 570 萬美元減少 470 萬美元。調整後 EBITDA 的下降主要由於營收下滑，並部分被營運費用的有利變動所抵銷。

We are pleased with the company's financial performance during the first quarter and remain on track to achieve the guidance that I reiterated at the beginning of my comments.

我們對公司第一季的財務表現感到滿意，並仍按計畫達成我在發言開頭重申的財測指引。

Today, I'm pleased to report that the first quarter of 2026 represents the sixth consecutive quarter of period-over-period declines in SG&A and R&D expenses. Since initiating our expense reduction initiatives in late 2024, Lifecore's SG&A and R&D expenses have been reduced cumulatively by almost $8 million, including substantial reductions in accounting, consulting and legal expenses.

今天，我很高興報告 2026 年第一季為 SG&A 與 R&D 費用連續第六個季度呈現期對期下降。自 2024 年底啟動費用削減措施以來，Lifecore 的 SG&A 與 R&D 費用累計已降低近 800 萬美元，其中包括會計、顧問及法律費用的大幅下降。

These reductions drove the incremental improvements we recorded in EBITDA margins during 2025. And as reflected in our 2026 guidance, we expect continued reductions to support that trend in the future.

這些削減推動了我們在 2025 年錄得的 EBITDA 利潤率增量改善。並且如我們 2026 年指引所反映，我們預期未來持續的削減將支持該趨勢延續。

I'd now like to turn to liquidity, which has improved significantly since late 2024. We ended the first quarter of 2026 with overall liquidity of approximately $38 million, including approximately $21 million in cash and cash equivalents and approximately $17 million of availability under our revolver.

接下來我想談談流動性，自 2024 年底以來已顯著改善。我們在 2026 年第一季末的整體流動性約為 3,800 萬美元，其中包括約 2,100 萬美元的現金及約當現金，以及在循環信貸額度（revolver）下約 1,700 萬美元的可用額度。

Importantly, the first quarter of 2026 marked our fifth consecutive quarter generating positive cash flow from operations and excluding the registration rights payment in the fourth quarter of last year, represents the fourth consecutive quarter of being free cash flow positive.

重要的是，2026 年第一季是我們連續第五個季度產生正向營運現金流；若排除去年第四季的註冊權利付款，則為連續第四個季度自由現金流為正。

During the first quarter of 2026, we generated $4.7 million in cash from operations and free cash flow of $3.6 million. We are pleased with the improvements we've been able to achieve since late 2024, and we remain committed to further strengthening our financial standing with continued expense reductions and strategic financial management going forward.

在 2026 年第一季，我們產生 470 萬美元的營運現金流，自由現金流為 360 萬美元。我們對自 2024 年底以來所達成的改善感到滿意，並仍致力於透過持續的費用削減與策略性財務管理，進一步強化未來的財務體質。

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

以上為我的財務概述。接下來我把電話交回給 Paul 作最後結語。Paul？

Thank you, Ryan. During the first quarter, we believe that we continue to demonstrate that we are on the right path. We executed against our growth strategy, supporting our clients as they advance towards commercialization, expanding our capacity and capabilities to meet growing demand and addressing new modalities and aggressively pursuing and winning new business opportunities.

謝謝你，Ryan。在第一季，我們相信我們持續展現正走在正確的道路上。我們依照成長策略執行，支持客戶推進商業化、擴充產能與能力以滿足日益成長的需求、因應新型態（modalities），並積極追求且贏得新的業務機會。

In addition, we continue to strengthen our organization by driving efficiencies, improving our cost discipline while maintaining exceptional quality as a foundation that supports everything that we do. We believe we are well positioned to achieve our 2026 objectives and have a clear strategy that we have built and are continuing to make progress that give us every reason to look forward to our midterm goals with great optimism.

此外，我們持續透過推動效率、提升成本紀律來強化組織，同時維持卓越品質，作為支撐我們一切工作的基礎。我們相信我們已具備良好條件以達成 2026 年目標，並擁有清晰的策略；我們已建立並持續取得進展，讓我們有充分理由以高度樂觀展望中期目標。

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

以上為我們今天的預備發言。接線員，您現在可以開放提問。

(Operator Instructions) Michael Petusky, Barrington Research.

(接線員指示) Michael Petusky，Barrington Research。

Congrats on all the progress related to the contract -- new contracts, et cetera. So Ryan, I guess I wanted to take -- get the sort of the numbers and how that connects to the full year guide. Both the revenue and EBITDA came in sort of meaningfully below what we were expecting. And it just feels like the decline in Q1 was considerably above sort of the -- certainly the run rate of the headwinds that you guys identified last conference call, meaning $12 million down this quarter versus I believe it was something like an $18 million headwind for the full year.

恭喜你們在合約相關方面取得的所有進展——新合約等等。Ryan，所以我想我想先了解一下這些數字以及它們如何與全年指引連結。營收與 EBITDA 都明顯低於我們的預期。而且感覺第一季的下滑幅度遠高於你們在上次法說會所提到的逆風的「常態」水準；也就是說，本季下滑 1,200 萬美元，而我記得全年逆風大約是 1,800 萬美元左右。

Can you sort of help me bridge that and just talk about maybe how this plays for the rest of the year in terms of -- are you expecting sequential revenue growth? Like how -- percentage of revenue in the second half versus first half? Can you just speak to some of that?

你能否協助我把這之間的落差串起來，並談談今年剩餘期間可能會如何發展——你們是否預期營收會逐季成長？例如，下半年營收占比相對於上半年會是多少？你能談談其中一些嗎？

Thanks, Michael. So I guess maybe to start with the second part of your question first. And as we communicated on the year-end earnings call, we expect revenue to roughly be in the mid-40% range in the first half of the year and then in the mid-50% range in the second half of the year. So that hasn't changed. I think that it's really just timing or split between Q1 and Q2.

謝謝你，Michael。我想也許先從你問題的後半段開始回答。如同我們在年終財報電話會議中所溝通的，我們預期上半年營收約落在 40% 中段區間，而下半年約落在 50% 中段區間。這點沒有改變。我認為主要只是 Q1 與 Q2 之間的時點或分配問題。

So I think in terms of the way that you're looking at some of your models, I think it's basically just pushing that, I guess, miss for Q1 and putting that in Q2. We didn't give specific guidance previously between the breakouts, between Q1 and Q2. But I'd say largely, we're still on track for that mid-40% range in the first half and then mid-50% range in the second half.

因此，就你在模型中看待的方式而言，基本上就是把 Q1 的落差往後推，放到 Q2。我們先前並未就 Q1 與 Q2 的拆分提供具體指引。但我會說，整體而言，我們仍按計畫達成上半年 40% 中段、下半年 50% 中段的分配。

And I would also say just from an EBITDA perspective that we remain kind of committed to that in terms of roughly split in the 40% range in the first half for adjusted EBITDA and 60% range in the second half. As far as some of the items that we communicated at year-end in terms of the headwinds with regard to one of our customer supply chain initiatives as well as the termination of agreement.

另外，從 EBITDA 的角度來看，我們也仍致力於維持該分配：調整後 EBITDA 約在上半年 40% 區間、下半年 60% 區間。至於我們在年終所溝通的部分項目，包括某位客戶的供應鏈措施以及協議終止所帶來的逆風。

I'd say a big part of that is really front-loaded into this year in terms of timing and comparison. So I want to say like 50% of that was roughly in Q1. And I think as we look at the first half of the year, roughly 80% of that impact will be kind of bled through the financials.

我會說其中很大一部分在今年的時點與比較基期上是前置的。所以我想大約有 50% 是落在第一季。而且我認為就上半年來看，約 80% 的影響將會在財務數字中逐步反映出來。

Okay. All right. That's super helpful. Okay. So Paul, I guess one of the -- I guess, to me, one of the early indicators in terms of future success for you guys is getting folks to Chaska. Can you just talk about potential customer traffic in Chaska to whatever extent you can? I mean, are you seeing sort of a pickup relative to where it was 6, 12 months ago?

好的。好。這非常有幫助。好的。那麼 Paul，我想對我而言，你們未來成功的一個早期指標之一，是讓人們到 Chaska 參訪。你能否在可分享的範圍內談談 Chaska 的潛在客戶來訪情況？我的意思是，相較於 6 個月或 12 個月前，你們是否看到來訪量有所增加？

Is the quality of the projects that are potentially being looked at increasing? Can you just sort of talk, I guess, to traffic in terms of getting folks to travel to Minnesota and just the potential customers you're talking to?

正在被評估的專案品質是否也在提升？你能否談談來訪流量——也就是讓人們前往明尼蘇達州出差參訪——以及你們正在接觸的潛在客戶情況？

Michael, thank you for the question. Yes, we're very encouraged and energized by the amount of traffic that we're seeing from potential new customers, not only from a business perspective, but a key or a leading indicator of new business is quality audits. So we have a significant increase in the number of audits that we're seeing from prospective customers.

Michael，感謝你的提問。是的，我們對於看到來自潛在新客戶的流量感到非常振奮且充滿動能；不僅從業務角度來看，而且新業務的一個關鍵或領先指標是品質稽核。因此，我們看到來自潛在客戶的稽核數量大幅增加。

And now we're actually into mid-June before we're able to entertain audits from new customers. So that gives me great optimism. And in fact, we'll have the CEO or US CEO of a large multinational in our site this week talking about new opportunities.

而且現在實際上要到 6 月中旬，我們才有能力接待新客戶的稽核。所以這讓我非常樂觀。事實上，本週我們將有一家大型跨國公司的執行長或美國區執行長到我們現場，洽談新的機會。

So the quality of visitors that we're seeing from -- on the business side is up and the increase in the number of audits are up from prospective customers as well, which give us, again, as leading indicators of new business. they're trending in a positive manner.

因此，我們在業務端看到的訪客品質提升了，而來自潛在客戶的稽核數量也增加了；這些再次作為新業務的領先指標，正呈現正向趨勢。

Matt Hewitt, Craig-Hallum Capital Group.

Matt Hewitt，Craig-Hallum Capital Group。

Regarding that pipeline and that increasing pipeline, you noted that the aesthetic win, the tech transfer was because they were looking to onshore manufacturing here in the United States. I'm curious, as you look at your pipeline, as you look at the existing tech transfers as well as those that are in the pipeline, how much of that is a function of the tariffs and the desire to repatriate or to add manufacturing here in the States versus how much of it is because of the market that you serve, the sterile injectables and some of the capacity constraints that, that market is facing globally?

關於那個管線以及不斷增加的管線，你提到美學（aesthetic）方面的贏單、技術轉移，是因為他們希望把製造移回美國本土。我想了解的是，當你看你們的管線、以及既有的技術轉移與正在管線中的技術轉移時，其中有多少是關稅與希望回流（repatriate）或在美國增加製造的因素所驅動；又有多少是因為你們所服務的市場——無菌注射劑——以及該市場在全球面臨的一些產能限制所驅動？

Matt, thanks for the question. I think it's meaningful, certainly not the majority, but I'd say maybe low double digits as it relates to reshoring. So it's a meaningful part of it. The other thing that's really manifested itself, if you don't mind me conflating this answer is there is meaningful FDA enforcement or increase in FDA enforcement or actions that is going on in the industry.

Matt，感謝你的提問。我認為這是有意義的因素，當然不是大多數，但我會說就回流（reshoring）而言，可能是低雙位數百分比。所以它是其中一個重要部分。另外一件真正顯現出來的事——如果你不介意我把這個答案合併來談——是產業內 FDA 的執法力度或行動確實在加強、也在增加。

So when I think about high quality and maybe some of the situations that our competitors are in with regard to warning letters or FDA enforcement, that has also increased the opportunity for a company like Lifecore, which has a high-quality track record.

因此，當我想到高品質，以及我們一些競爭對手在警告信或 FDA 執法方面所處的情況時，這也增加了像 Lifecore 這樣、擁有高品質紀錄公司的機會。

So as I think about the site transfers, it's not only now the reshoring, but it's also the opportunity to take advantage of the regulatory market because we think that's a strong tailwind based on our quality systems led by Jackie Klecker, our EVP of Quality. So it's exciting times for us, and we're energized moving forward.

所以當我思考這些廠址轉移時，現在不僅是回流（reshoring），也包括利用監管環境所帶來的機會；我們認為這是一股強勁的順風，基於我們由品質系統支撐的能力，而這由我們品質執行副總裁 Jackie Klecker 領導。所以對我們而言是令人振奮的時刻，我們也充滿動能地向前推進。

That's helpful. I guess maybe just to extrapolate on that a little bit. With some of your peers facing (inaudible) and in some cases, warning letters, does that create an opportunity for maybe some of these or one of these at least tech transfers to accelerate, meaning instead of having to go through the full 18-plus month process, the FDA recognizes, hey, we're going to be in a shortage situation if we don't address this faster and maybe they help move things along a little bit faster.

這很有幫助。我想也許再延伸追問一下。在你的一些同業面臨（聽不清）且在某些情況下收到警告信時，這是否會創造機會讓其中一些、或至少其中一個技術轉移加速？也就是說，不必走完整個 18 個月以上的流程；FDA 會認知到，如果不更快處理就會出現短缺情況，於是他們可能協助把流程推進得更快一些。

I think we saw that with some [bags] a couple of years ago where they basically knocked down some of the barriers to get product to market faster because of some companies that were having issues.

我想我們幾年前在某些[袋子]上就看到過這種情況，當時他們基本上降低了一些障礙，讓產品能更快上市，因為有些公司遇到了問題。

Thanks for the question, Matt. Certainly, it's a possibility. As I think about one opportunity within our pipeline, there may be that opportunity. But that is something that Lifecore doesn't necessarily control. It's on our -- it's really within the control of our customers as we partner with them on their regulatory strategy.

感謝你的提問，Matt。當然，這是有可能的。就我們管線中的某個機會而言，可能存在那樣的機會。但那並不是 Lifecore 一定能控制的事情。這主要在我們客戶的掌控之中，而我們會與他們合作其法規策略。

So nothing that we could say today that would point to an acceleration of anything within our pipeline, but certainly something that may become a reality in the future.

所以目前我們沒有任何可以指出管線中某項目會加速的資訊，但這確實可能在未來成為現實。

Mac Etoch, Stephens.

Mac Etoch，Stephens。

This is Hannah on for Mac. HA performance was relatively strong this quarter and carries a higher margin profile for you guys. So were there any production inefficiencies, scrap or other dynamics that you would point to that may have impacted this quarter?

我是代 Mac 發言的 Hannah。本季 HA 的表現相對強勁，而且對你們而言屬於較高毛利的組合。所以，本季是否有任何生產效率不彰、報廢（scrap）或其他動態因素，可能對本季造成影響？

Nothing specifically, Hannah, to call out for the quarter in terms of fermentation production, nothing in particular there. I mean, I would say, and maybe just to reiterate a prior comment, we do have good visibility in general to our revenue coverage for the year. I think about 85% -- from an aseptic volume perspective, we have firm POs for.

Hannah，就本季而言，在發酵生產方面沒有特別需要點出的事項，沒有什麼特別的。我的意思是，我會說——也許只是重申先前的評論——我們整體而言對今年的營收覆蓋度有良好的能見度。我想大約 85%——從無菌產量（aseptic volume）的角度——我們已拿到確定的採購訂單（PO）。

And then I think from an HA side, close to 100% PO coverage for the year, which gives us great confidence in the guidance that we've put out.

然後我想在 HA 方面，今年接近 100% 的 PO 覆蓋度，這讓我們對所提出的財測指引非常有信心。

That's helpful. And then given demand trends across onshoring GLP-1s, et cetera. How do you view current industry capacity for injectable fill/finish?

這很有幫助。另外，考量到 GLP-1 回流在地生產等需求趨勢。你如何看待目前產業在注射劑充填/包裝（fill/finish）方面的產能？

Hannah, thanks for the question. I would say this that as it relates to prefilled syringes and cartridges, there still remains opportunity where demand exceeds current available capacity for your traditional vials that where you're supported, whether it's your flu vaccine or COVID vaccine, et cetera.

Hannah，感謝你的提問。我會這麼說：就預充式注射器與藥匣（cartridges）而言，仍然存在需求高於目前可用產能的機會；至於你們所支援的傳統小瓶（vials），不論是流感疫苗或 COVID 疫苗等。

There remains a lot of capacity because of the drop in COVID demand. And we're seeing the majority of our pipeline is in the prefilled syringes and cartridges.

由於 COVID 需求下滑，仍然有大量產能。而我們看到管線中的大多數項目都在預充式注射器與藥匣上。

Max Smock, William Blair.

Max Smock，William Blair。

It's Christine Rains on for Max. Ryan, maybe a question for you. You pointed a pretty significant sequential uptick in Q2 revenue, primarily a result of the timing. And I believe you said that half of the impact from the three headwinds you announced last quarter impacted Q1. So very helpful context there.

我是代 Max 發言的 Christine Rains。Ryan，可能有個問題想問你。你提到第二季營收季比有相當顯著的上升，主要是時點因素所致。而且我相信你說過，上季你們宣布的三項逆風影響中，有一半的影響落在第一季。所以這個背景資訊非常有幫助。

But also, I think you said that 80% of the headwind is expected in 1H. So correct me if I'm wrong here, but it sounds like another outsized roughly 30% headwind will impact Q2. So really hoping you can talk through what the offsets from a timing perspective are there on the positive? And what gives you confidence in the sequential growth next quarter?

但同時，我想你也說過，預期 80% 的逆風會發生在上半年。所以如果我沒理解錯的話，聽起來第二季還會受到另一個相對偏大的、約 30% 的逆風影響。因此很希望你能說明，從時點角度來看，正向的抵銷因素是什麼？以及是什麼讓你對下季的季比成長有信心？

Thanks, Christine. Yes, I mean, at this point, right, we have all orders in for the quarter, for the second quarter. So we've got really good visibility to that. And I think at the midpoint of the guidance, it's roughly in the $32 million to $34 million revenue range.

謝謝你，Christine。是的，我的意思是，就目前而言，對吧，我們第二季的所有訂單都已到位。所以我們對此有非常好的能見度。而且我認為在指引的中位數，大約是在 3,200 萬到 3,400 萬美元的營收區間。

Got it. That's helpful. And then congratulations on the new wins. Hoping you can discuss the potential incremental revenue to 2028 from each of -- I believe there was three commercial tech transfers that you announced since last quarter.

了解。這很有幫助。另外也恭喜你們拿下新的案子。希望你能談談到 2028 年為止、每一項帶來的潛在增量營收——我相信自上季以來你們宣布了三項商業技術移轉。

Yes, Christine, so the three that we signed, we believe that they would generate commercial revenue in the 2028 time frame. And those programs, as we think about those, they would be mid-seven-figure opportunities for us.

是的，Christine，我們簽下的這三項，我們相信會在 2028 年左右的時間框架開始產生商業營收。就這些專案而言，我們認為對我們來說會是中段七位數美元規模的機會。

Great. And then just one last one. Last quarter, you pointed to modest revenue growth expectation for 2027, but talked about how this could be impacted either positively or negatively by timing or outcomes of your customer programs.

很好。最後一個問題。上季你們提到 2027 年營收成長預期溫和，但也談到這可能會因客戶專案的時程或結果而受到正面或負面的影響。

So now that you have another quarter in your belt, hoping maybe you can put a finer point on this or help us frame out a range of possibilities or even just what the most important levers are that are influencing how this outlook ultimately shapes up?

那麼現在又過了一季，希望你們能把這點講得更具體一些，或協助我們建立一個可能性的區間，甚至只是說明哪些最重要的槓桿在影響這個展望最終會如何發展？

Yes, Christine. So again, we're not providing guidance for 2027 at this point. Certainly, as we get further in the year, I think we'll see some of those things. I think importantly, when you look at our 30-plus development programs, a number of very key important milestones associated with each of those programs this year, where a lot of those customers are either waiting for clinical results or we're doing some very late-stage manufacturing work.

是的，Christine。再次強調，我們目前不提供 2027 年的指引。當然，隨著今年進一步推進，我想我們會看到其中一些因素的發展。我認為重要的是，當你看我們 30 多個開發專案時，今年每個專案都會有一些非常關鍵的重要里程碑；許多客戶不是在等待臨床結果，就是我們正在進行一些非常後期的製造工作。

So for example, PPQ batches for those customers, we'll get a better sense of timing of not only of success of those products, what their commercial strategies are that will help inform those outlooks for 2027.

例如，針對那些客戶的 PPQ 批次，我們會更清楚掌握時程——不僅是產品是否成功的時點，也包括他們的商業化策略，這些都將有助於形成對 2027 年的展望。

And I would also say, right, like we do not have some of the forecast from our customers that go out into 2027 and through 2027 yet. So as those become clear and as we start to inflect on the more than doubling of volumes with our largest customer, we'll be able to provide that additional clarity.

我也想說，對，我們目前還沒有從客戶那邊拿到延伸到 2027 年、並涵蓋 2027 年全年的一些預測。因此，當這些變得更明朗、以及我們開始反映最大客戶出貨量超過倍增的趨勢時，我們就能提供更多清晰度。

Great. That's helpful. I had to try to sneak in the guidance one, but thank you for taking your questions.

很好。這很有幫助。我得試著偷偷問一下指引那題，但謝謝你回答問題。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Paul, are you having most success in auto-injector pen or a prefilled syringe?

Paul，你們在自動注射筆（auto-injector pen）或預充式注射器（prefilled syringe）哪一個方面最成功？

Prefilled syringe, Paul.

預充式注射器，Paul。

What's driving that?

是什麼在驅動這個趨勢？

I think it's a lot of the -- just the trend in healthcare moving more to the patient and away from the hospital and the clinic. So that seems to be where the majority of the therapeutic modalities are going to moving away from your traditional vials that you have to either go to the hospital or the doctor to -- at every point to get your injection. So I think that's really what's driving it.

我認為很大一部分是——就是醫療保健的趨勢正更多轉向病患端、並遠離醫院與診所。因此，多數治療方式似乎都朝這個方向發展，逐步遠離傳統小瓶（vials）形式，因為那種方式你每次注射都得去醫院或醫師那裡——在每個環節都要去。所以我認為這確實是主要驅動因素。

And that's why I think 50% of the injectable pipeline is -- excuse me, 50% of the US drug pipeline is injectables more taking into the more home healthcare-related is how I see it.

也因此我認為可注射劑占了——不好意思，是美國藥物研發管線的 50% 是可注射劑；更多走向居家醫療相關的方向，這是我的看法。

And then with the $45 million, I believe, capacity at your facilities, is that a gating factor for some customers is $45 million adequate?

另外，關於你們廠區我記得是 4,500 萬美元的產能，這會不會成為某些客戶的限制因素？4,500 萬美元是否足夠？

That's a great question. I think that as I think about it, certainly, if somebody has an immediate -- I'll just make -- give you an example, 100 million unit GLP-1 opportunity, Lifecore is not the immediate partner of choice for that.

這是個很好的問題。我想，從我的角度來看，當然，如果有人有立即性的——我舉個例子，1 億支單位的 GLP-1 機會，Lifecore 並不是那種需求下的首選合作夥伴。

Now we have optionality to grow into what we call Site 3 to meet those growing needs, if necessary, but there would be timing-related aspects to that. I think where we fit a nice role in this market is for boutique, midsized opportunities where somebody -- there's a level of complexity and technical expertise that's required in development and commercial manufacturing in volumes that range from 5 million to 10 million units of market demand.

不過，如果有需要，我們有彈性可以擴建到我們所稱的 Site 3，以滿足成長中的需求，但這會牽涉到時程相關的因素。我認為我們在這個市場中很適合的定位，是一些精品型、中型規模的機會：當某個專案需要一定程度的複雜度與技術專長來進行開發與商業化製造，而市場需求量大約落在 500 萬到 1,000 萬支單位的區間。

And we're seeing that. There's just a great growth in our pipeline. And Mark DaFonseca, our Chief Commercial Officer and his team are doing a great job of continuing to expand and build upon our current pipeline.

而我們確實看到這樣的趨勢。我們的管線正在大幅成長。我們的商務長 Mark DaFonseca 及其團隊在持續擴大並深化現有管線方面做得非常出色。

And within your sales group, any changes in that group?

在你們的銷售團隊方面，有任何變動嗎？

We continue to optimize and upgrade that group, Paul. We want to ensure that we have the best possible talent in those roles to drive meaningful and impactful opportunities into our site. So we've made some minor changes in -- over the past quarter to continue to upgrade our talent.

我們持續優化並升級那個團隊，Paul。我們希望確保在這些職位上擁有最優秀的人才，將有意義且具影響力的機會帶進我們的廠區。因此在過去一季，我們做了一些小幅調整，以持續提升人才水準。

Thank you. I would now like to turn the call back over to Paul Josephs for any closing remarks.

謝謝。現在我想把電話交回給 Paul Josephs，請他做結語。

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 dedicated employees for their commitment to our success as well as the success of our customers. We are very pleased with the progress made during the first quarter of 2026 and look forward to future success in the growth ahead.

謝謝你，接線員。我想感謝所有 Lifecore 的利害關係人與支持者，包括我們的投資人、客戶與合作夥伴，感謝你們持續的支持與合作。我也要感謝我們敬業的員工，感謝他們對我們成功、以及客戶成功的承諾。我們對 2026 年第一季所取得的進展感到非常滿意，並期待未來在成長道路上持續成功。

That concludes our call today. Thank you for participating.

今天的電話會議到此結束。感謝各位參與。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。本次會議到此結束。感謝您的參與。您現在可以掛線。