• Pharmaceutical-grade Sodium Hyaluronate (HA): Manufactures high-purity sodium hyaluronate in bulk form for pharmaceutical and medical device applications.
• Aseptic Filling and Finishing Services: Provides contract development and manufacturing services for formulated and filled syringes and vials for injectable products.
• Product Development Services: Offers a range of support services, including technology transfer, analytical method development, process validation, and production for clinical studies.

Major Customers for Lifecore Biomedical (LFCR)

Based on the provided company description for Landec Corporation (LFCR), which encompasses the Lifecore Biomedical operations, the company primarily sells its products and services to other companies. Specific customer names are not disclosed in the description, but the major categories of customers served by its two operating segments are as follows:

• For the Curation Foods Segment:

  • Retail grocery chains
  • Club stores
  • Food service operators

• For the Lifecore Segment:

  • Pharmaceutical companies (as "partners" for pharmaceutical-grade sodium hyaluronate (HA) in bulk form, formulated and filled syringes/vials for injectable products, and product development services)
  • Medical device companies (for non-HA based aseptically formulated and filled products for medical use primarily in the ophthalmic, orthopedic, and other markets)

Paul Josephs, President & CEO

Paul Josephs brings more than 30 years of pharmaceutical industry experience to Lifecore, with over 25 years specifically in Contract Development and Manufacturing Organization (CDMO) roles. He was appointed President & CEO of Lifecore Biomedical in May 2024. From 2021 until April 2024, Mr. Josephs served as President & Chief Executive Officer and a board member at Woodstock Sterile Solutions, a specialized, full-service CDMO. Prior to Woodstock, he held the position of Head of CDMO – Global Business Development at Viatris (formerly Mylan) since 2016, following its acquisition of DPT Laboratories. His tenure with DPT Laboratories began in 1997, where he progressed through various sales and business development roles, ultimately becoming Senior Vice President, Sales, Marketing & Corporate Development.

Ryan D. Lake, CPA, Chief Financial Officer

Ryan Lake has over 20 years of senior financial and strategic leadership experience in the life sciences sector. He is skilled in guiding and advising corporations through various financial and strategic transactions, including mergers, acquisitions, spin-offs, recapitalizations, integrations, and equity and debt transactions. Mr. Lake joined Lifecore in September 2024. Before joining Lifecore, he served as the CFO of Societal CDMO, Inc. (formerly Recro Pharma, Inc.), a global, publicly traded pharmaceutical CDMO, from January 2018 until its sale and integration with CoreRx, Inc. in May 2024. Concurrently, he was also the Chief Financial Officer of Baudax Bio, Inc., a publicly traded specialty pharmaceutical company, which he took public through a spin-out from Recro Pharma, Inc. from November 2019 to March 2021.

Mark DaFonseca, Chief Commercial Officer

Mark DaFonseca serves as Chief Commercial Officer at Lifecore, bringing over 25 years of industry experience and leadership in the life science services sector. He has spent several decades in commercial leadership at companies such as CoreRx, AmbioPharm, and CordenPharma, where he consistently achieved strong market expansion, revenue growth, and client engagement. Mr. DaFonseca started his career as an analytical chemist at AAI Development Services (now Alcami).

Tom Salus, Chief Legal and Administration Officer

Tom Salus brings more than 30 years of legal and management experience to Lifecore, accumulated from his time with major law firms and multi-billion-dollar corporations. He has a proven track record across various legal and operational areas, including corporate governance, Securities and Exchange Commission (SEC) reporting and compliance, complex domestic and international business transactions, financings, and corporate compliance. Mr. Salus joined Lifecore in April 2025.

Thomas Guldager, Sr. Vice President, Operations

Thomas Guldager possesses 20 years of pharmaceutical industry experience, having managed, developed, and enhanced teams and organizations to drive performance. Most recently, he held the position of Senior Director, Manufacturing and Site Leader for Xellia Pharmaceuticals, a specialty pharmaceutical company and wholly owned subsidiary of Novo Holdings A/S. During his more than 12 years with Xellia, he also served as director of business excellence and director of operational excellence.

The key risks to Lifecore Biomedical's business include:

1. Customer Concentration and Ability to Retain and Attract Customers: Lifecore Biomedical's revenue growth and profitability are significantly impacted by its ability to retain existing customers, attract new ones, and sell additional products and services. The potential loss of development customers, particularly if they do not secure necessary funding or regulatory approvals, poses a substantial risk. Recent financial reports have indicated a decrease in CDMO revenues attributed to the completion of specific development projects and the cyclical nature of customer project timelines.
2. Financial Stability and Capital Needs: The company faces risks related to its ability to timely raise additional capital, comply with covenants under its credit agreements, and make required interest and principal payments. If adequate funds cannot be secured, Lifecore Biomedical may be compelled to substantially reduce operating expenses, which could hinder sales and marketing efforts, affect talent acquisition and retention, limit CDMO capabilities, and undermine customer relationships. Such a situation could also make it difficult to respond to competitive pressures or unexpected working capital demands, potentially forcing the divestment of assets at unfavorable prices.
3. Regulatory Compliance: As a manufacturer of pharmaceutical products, Lifecore Biomedical must adhere to stringent U.S. and foreign government regulations, including current Good Manufacturing Practice (cGMP). Non-compliance with these regulations could lead to significant penalties, operational disruptions, and harm to the company's reputation.

Lifecore Biomedical (NASDAQ: LFCR) operates in key addressable markets primarily focused on pharmaceutical-grade sodium hyaluronate (HA) and sterile injectable contract development and manufacturing organization (CDMO) services, which include applications in ophthalmic and orthopedic medical products.

Addressable Markets for Lifecore Biomedical's Main Products and Services:

• Pharmaceutical-Grade Sodium Hyaluronate (HA): The global market for hyaluronic acid in healthcare is projected to grow from approximately $8 billion in 2025 to $10.5 billion by the end of 2030. Another estimate indicates the global hyaluronic acid market size was around USD 11.14 billion in 2024 and is predicted to increase to approximately USD 19.94 billion by 2034.
• Sterile Injectable Contract Development and Manufacturing Organization (CDMO) Services: The global sterile injectables CDMO market was valued at approximately USD 10.1 billion in 2023 and is anticipated to grow to USD 33.7 billion by 2034. Other projections estimate the global sterile injectables CDMO market size at USD 4.31 billion in 2024, reaching about USD 10.91 billion by 2034. Another report projects the market size at USD 14.93 billion in 2025, reaching USD 29.21 billion by 2031.
• Ophthalmic Medical Products: The global ophthalmic devices market was valued at USD 31.45 billion in 2025 and is projected to grow to USD 48.44 billion by 2034. Another analysis estimates the global ophthalmic devices market size at USD 46.14 billion in 2024, anticipated to reach around USD 73.74 billion by 2034. The broader ophthalmology drugs and devices market, which includes both drugs and devices, is estimated at USD 97.27 billion in 2026 and is expected to reach USD 127.55 billion by 2031 globally.
• Orthopedic Medical Products: The global orthopedic devices market size was valued at USD 65.28 billion in 2025 and is projected to grow to USD 105.45 billion by 2034. Another source indicates the global orthopedic devices market size was estimated at USD 60.4 billion in 2023 and is anticipated to reach USD 80.8 billion by 2030. North America held a significant share of this market, with 54.92% in 2025.

Lifecore Biomedical (LFCR) anticipates several key drivers of future revenue growth over the next 2-3 years:

1. Expansion of Existing Customer Programs: Lifecore expects significant revenue growth driven by the expansion of existing customer programs, including a planned doubling of aseptic demand from its largest customer, particularly starting in 2027.
2. Commercialization of Late-Stage Pipeline Products: The company foresees increasing revenue contributions from development programs and the commercialization of its late-stage pipeline. This includes new program signings and commercial site transfers, with some programs having the potential to generate over $10 million in annualized revenue at peak sales.
3. Diversification of Customer Base: Lifecore plans to broaden and diversify its customer base by incorporating additional specialty pharma and large pharma companies. This strategy aims to achieve a more balanced revenue mix and reduce dependency on any single customer, with nine new programs signed with new customers in fiscal year 2025 alone.
4. Increased Capacity Utilization: The company has made substantial investments in capacity and technology upgrades, including a new high-speed, multi-purpose 5-head isolator filler that nearly doubles its annual production capabilities. The long-term strategy involves filling this remaining unused capacity, which is expected to significantly drive revenues.

Share Issuance

• The number of issued and outstanding shares of common stock for Lifecore Biomedical increased from 30,562,961 on May 26, 2024, to 37,026,234 on May 25, 2025, and further to 37,477,386 by December 31, 2025.
• As of October 30, 2025, there were 37,466,352 shares of common stock outstanding.
• The company has Series A convertible preferred stock with a redemption exposure of $50.2 million due by June 29, 2026.

Inbound Investments

• Lifecore Biomedical has a term loan credit facility with Alcon Research, LLC. Interest on this loan is currently payable-in-kind but will partially convert to cash payments at 3% per year starting May 2026, with maturity in May 2029.
• The company's liquidity improved to $42.5 million as of the end of September (likely 2025), comprising nearly $19 million in cash and $23.5 million in its revolver.

Capital Expenditures

• Lifecore Biomedical has invested $90 million in growth capital expenditures over the past five years to expand its annual revenue-generating capacity to $300 million.
• These strategic investments primarily focused on the CDMO business, including extending aseptic filling capacity and capabilities, such as the installation of a new fully automated high-speed, multi-purpose 5-head aseptic isolator filler in September 2024.
• Future annualized capital expenditures are expected to be under $10 million annually, primarily for maintenance and compliance.