Lifecore Biomedical reported a significant decline in revenue for the third quarter of 2026, totaling $25.3 million compared to $31.1 million in the prior year. The contraction was driven by double-digit declines in both CDMO and HA manufacturing segments. Despite the top-line pressure, the company improved its Adjusted EBITDA and expanded gross margins through aggressive operating expense reductions.
Key Highlights
- Net loss widened significantly to $40.1 million, or $1.08 per diluted share, primarily due to a $31.3 million non-cash charge from the change in fair value of debt derivative liabilities.
- Adjusted EBITDA increased to $4.0 million, up from $3.1 million in the prior year quarter, supported by a 28.9% reduction in total operating expenses.
- CDMO segment revenue fell 18% to $17.8 million, while HA manufacturing revenue declined 19% to $7.5 million for the quarter.