Revenue volatility remains a critical concern, with the company reporting a 34.0% year-over-year decline in 2026Q3 alongside a sharp contraction in gross margins to 19.2%.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 135.16M | 128.87M | 128.26M | 103.27M | 111.27M | 100.87M | 160.07M | 557.56M | 524.23M | 532.26M | 541.1M | 539.26M | 476.81M | 441.71M | 317.55M | 276.73M | 238.22M | 235.94M | 238.53M | 210.5M | 231.95M | 205.23M | 192.09M | 183.16M | 190.88M | 209.55M | 35.4M | 33.5M | 9.5M | 2.5M |
| Revenue Growth % | 3.72% | 0.47% | 24.2% | -7.19% | 10.31% | -36.98% | -71.29% | 6.36% | -1.51% | -1.63% | 0.34% | 13.1% | 7.95% | 39.1% | 14.75% | 16.16% | 0.97% | -1.09% | 13.32% | -9.25% | 13.02% | 6.84% | 4.88% | -4.05% | -8.91% | 491.95% | 5.67% | 252.63% | 280% | - |
| Cost of Goods Sold | 93.03M | 88.57M | 86.41M | 75.28M | 72.2M | 61.94M | 120.68M | 476.56M | 445.89M | 449.07M | 470.14M | 473.85M | 414.25M | 378.95M | 265.41M | 230.03M | 204.46M | 201.66M | 200.3M | 178.11M | 191.91M | 173.26M | 162.3M | 151.81M | 163.29M | 170.12M | 19.3M | 18.2M | 5.1M | 500K |
| COGS % of Revenue | - | 68.73% | 67.37% | 72.9% | 64.89% | 61.4% | 75.39% | 85.47% | 85.06% | 84.37% | 86.89% | 87.87% | 86.88% | 85.79% | 83.58% | 83.13% | 85.83% | 85.47% | 83.97% | 84.61% | 82.74% | 84.42% | 84.49% | 82.89% | 85.55% | 81.18% | 54.52% | 54.33% | 53.68% | 20% |
| Gross Profit | 42.13M | 40.3M | 41.85M | 27.98M | 39.07M | 38.94M | 39.39M | 81M | 78.34M | 83.19M | 70.96M | 65.41M | 62.56M | 62.76M | 52.14M | 46.7M | 33.77M | 34.28M | 38.23M | 32.39M | 40.04M | 31.97M | 29.79M | 31.34M | 27.59M | 39.43M | 16.1M | 15.3M | 4.4M | 2M |
| Gross Margin % | 31.17% | 31.27% | 32.63% | 27.1% | 35.11% | 38.6% | 24.61% | 14.53% | 14.94% | 15.63% | 13.11% | 12.13% | 13.12% | 14.21% | 16.42% | 16.87% | 14.17% | 14.53% | 16.03% | 15.39% | 17.26% | 15.58% | 15.51% | 17.11% | 14.45% | 18.82% | 45.48% | 45.67% | 46.32% | 80% |
| Gross Profit Growth % | - | -3.71% | 49.54% | -28.36% | 0.33% | -1.14% | -51.38% | 3.4% | -5.83% | 17.23% | 8.49% | 4.54% | -0.31% | 20.37% | 11.66% | 38.29% | -1.5% | -10.33% | 18.04% | -19.12% | 25.25% | 7.32% | -4.94% | 13.6% | -30.03% | 144.89% | 5.23% | 247.73% | 120% | - |
| Operating Expenses | 42.21M | 57.54M | 50.69M | 49.78M | 50.86M | 47.76M | 65.26M | 75.53M | 64.75M | 67.68M | 56.74M | 46.95M | 42.37M | 37.89M | 36.14M | 33.88M | 22.06M | 21.68M | 23.05M | 2.02M | 31.02M | 25.95M | 25.74M | 30.08M | 30.24M | 39.64M | 19.2M | 18.6M | 13.4M | 7.6M |
| OpEx % of Revenue | - | 44.65% | 39.52% | 48.21% | 45.71% | 47.35% | 40.77% | 13.55% | 12.35% | 12.72% | 10.49% | 8.71% | 8.89% | 8.58% | 11.38% | 12.24% | 9.26% | 9.19% | 9.66% | 0.96% | 13.37% | 12.65% | 13.4% | 16.42% | 15.84% | 18.92% | 54.24% | 55.52% | 141.05% | 304% |
| Selling, General & Admin | 33.33M | 44.05M | 40.46M | 38.97M | 34.66M | 27.72M | 40.67M | 64.06M | 51.95M | 58.21M | 49.52M | 39.96M | 35.17M | 32.53M | 26.52M | 24.61M | 17.7M | 18.02M | 19.8M | 21.62M | 27.98M | 23.41M | 22M | 26.42M | 26.97M | 28.88M | 11.2M | 10.8M | 4.7M | 3.3M |
| SG&A % of Revenue | - | 34.18% | 31.55% | 37.74% | 31.15% | 27.48% | 25.41% | 11.49% | 9.91% | 10.94% | 9.15% | 7.41% | 7.38% | 7.36% | 8.35% | 8.89% | 7.43% | 7.64% | 8.3% | 10.27% | 12.06% | 11.41% | 11.45% | 14.42% | 14.13% | 13.78% | 31.64% | 32.24% | 49.47% | 132% |
| Research & Development | 7.58M | 8.26M | 8.57M | 8.74M | 7.84M | 6.68M | 7.58M | 11.47M | 12.8M | 9.47M | 7.23M | 6.99M | 7.2M | 9.29M | 9.63M | 9.28M | 4.36M | 3.67M | 3.25M | 3.07M | 3.04M | 2.54M | 3.73M | 3.66M | 3.27M | 4.7M | 5.8M | 5.7M | 7.6M | 3.8M |
| R&D % of Revenue | - | 6.41% | 6.69% | 8.46% | 7.04% | 6.63% | 4.74% | 2.06% | 2.44% | 1.78% | 1.34% | 1.3% | 1.51% | 2.1% | 3.03% | 3.35% | 1.83% | 1.55% | 1.36% | 1.46% | 1.31% | 1.24% | 1.94% | 2% | 1.71% | 2.24% | 16.38% | 17.01% | 80% | 152% |
| Other Operating Expenses | 0 | 5.24M | 1.66M | 2.08M | 8.36M | 13.36M | 17.01M | 0 | 0 | -333K | 0 | 0 | 0 | 8.1M | 0 | 0 | 0 | 0 | 0 | -22.67M | 0 | 0 | 0 | 0 | 0 | 6.07M | 2.2M | 2.1M | 1.1M | 500K |
| Operating Income | -78K | -17.25M | -8.84M | -21.8M | -11.79M | -8.82M | -25.88M | -8.01M | 11.85M | 15.51M | -19.79M | 18.46M | 20.19M | 24.87M | 14.58M | 8.03M | 11.71M | 12.6M | 15.18M | 30.36M | 9.02M | 6.02M | 4.05M | 1.26M | -2.65M | -213K | -3.1M | -3.3M | -9M | -5.6M |
| Operating Margin % | -0.06% | -13.38% | -6.9% | -21.11% | -10.6% | -8.75% | -16.17% | -1.44% | 2.26% | 2.91% | -3.66% | 3.42% | 4.23% | 5.63% | 4.59% | 2.9% | 4.91% | 5.34% | 6.36% | 14.43% | 3.89% | 2.93% | 2.11% | 0.69% | -1.39% | -0.1% | -8.76% | -9.85% | -94.74% | -224% |
| Operating Income Growth % | - | -94.99% | 59.42% | -84.85% | -33.64% | 65.9% | -223.05% | -167.61% | -23.59% | 178.36% | -207.18% | -8.56% | -18.81% | 70.6% | 81.49% | -31.39% | -7.07% | -16.99% | -50.02% | 236.53% | 49.96% | 48.38% | 222.34% | 147.53% | -1142.72% | 93.13% | 6.06% | 63.33% | -60.71% | - |
| EBITDA | 9.69M | -9.22M | -844K | -8.62M | 6.27M | 11.04M | -7.04M | 6.59M | 23.82M | 26.18M | -10.72M | 25.55M | 27.3M | 32.16M | 20.2M | 13.35M | 15.07M | 15.74M | 18.38M | 33.63M | 12.23M | 9.48M | 7.76M | 4.76M | 2.78M | 5.85M | -900K | -1.2M | -7.9M | -5.1M |
| EBITDA Margin % | 7.17% | -7.15% | -0.66% | -8.35% | 5.63% | 10.95% | -4.4% | 1.18% | 4.54% | 4.92% | -1.98% | 4.74% | 5.73% | 7.28% | 6.36% | 4.82% | 6.33% | 6.67% | 7.71% | 15.97% | 5.27% | 4.62% | 4.04% | 2.6% | 1.46% | 2.79% | -2.54% | -3.58% | -83.16% | -204% |
| EBITDA Growth % | 180.34% | -992.18% | 90.21% | -237.46% | -43.23% | 256.92% | -206.8% | -72.33% | -9.03% | 344.26% | -141.95% | -6.42% | -15.11% | 59.24% | 51.35% | -11.45% | -4.23% | -14.38% | -45.34% | 175.03% | 28.91% | 22.22% | 63.09% | 70.97% | -52.45% | 750.33% | 25% | 84.81% | -54.9% | - |
| D&A (Non-Cash Add-back) | 9.77M | 8.03M | 8M | 13.18M | 18.06M | 19.87M | 18.84M | 14.6M | 11.97M | 10.68M | 9.07M | 7.09M | 7.11M | 7.29M | 5.62M | 5.31M | 3.36M | 3.14M | 3.2M | 3.26M | 3.2M | 3.47M | 3.71M | 3.5M | 5.43M | 6.07M | 2.2M | 2.1M | 1.1M | 500K |
| EBIT | -7.04M | -16.84M | 27.6M | -46.35M | -5.22M | -20.85M | -26M | 8.87M | 13.59M | 16M | -16.86M | 18.46M | 20.19M | 34.27M | 21.21M | 9.26M | 8.82M | 13.9M | 15.18M | 30.36M | 9.02M | 6.02M | 4.05M | 1.26M | -2.65M | -825K | -3.75M | -3.3M | -9M | -4.3M |
| Net Interest Income | -22.48M | -21.84M | -18.09M | -17.58M | -15.47M | -8.88M | -4.57M | -5.08M | -1.74M | -1.81M | -1.92M | -1.51M | -1.39M | -1.83M | -749K | -390K | 746K | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 401K | 0 | 0 | 68K | 81K | 48K | 72K | 145K | 211K | 16K | 71K | 315K | 260K | 179K | 180K | 430K | 834K | 1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.88M | 21.84M | 18.09M | 17.65M | 15.55M | 8.93M | 4.65M | 5.23M | 1.95M | 1.83M | 1.99M | 1.83M | 1.65M | 2.01M | 929K | 820K | 88K | 8K | 0 | 0 | 0 | 0 | 29K | 0 | 2.21M | 4.28M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -33.6M | -21.43M | 18.36M | -42.13M | -8.9M | -20.96M | -4.77M | -1.83M | 2.81M | -493K | 934K | 3.01M | 9.73M | 7.4M | 5.71M | 410K | 746K | 743K | 2.2M | 1.69M | -24K | -4K | 29K | -1.06M | -2.19M | -1.3M | 290K | 600K | 1.7M | 200K |
| Pretax Income | -33.67M | -38.67M | 9.51M | -63.93M | -20.69M | -29.79M | -30.64M | 3.64M | 16.4M | 15.01M | -18.85M | 21.47M | 29.93M | 32.26M | 20.28M | 8.44M | 8.73M | 13.34M | 16.9M | 31.64M | 9M | 6.01M | 4.08M | 201K | -4.84M | -2.13M | -2.7M | -2.7M | -7.3M | -4.1M |
| Pretax Margin % | -24.92% | -30.01% | 7.42% | -61.9% | -18.59% | -29.53% | -19.15% | 0.65% | 3.13% | 2.82% | -3.48% | 3.98% | 6.28% | 7.3% | 6.39% | 3.05% | 3.66% | 5.65% | 7.08% | 15.03% | 3.88% | 2.93% | 2.13% | 0.11% | -2.53% | -1.01% | -7.63% | -8.06% | -76.84% | -164% |
| Income Tax | 413K | 43K | 183K | 308K | -5.21M | -6.35M | -8.77M | 1.52M | -9.36M | 4.33M | -7.4M | 7.75M | 10.58M | 9.45M | 7.18M | 4.18M | 4.26M | 5.61M | 3.35M | 2.46M | 396K | 619K | 1.13M | 0 | 0 | -42K | 100K | 200K | -2.1M | -1.4M |
| Effective Tax Rate % | -1.23% | -0.11% | 1.92% | -0.48% | 25.19% | 21.32% | 28.63% | 41.7% | -57.1% | 28.88% | 39.27% | 36.08% | 35.37% | 29.3% | 35.42% | 49.53% | 48.83% | 42.06% | 19.85% | 7.76% | 4.4% | 10.29% | 27.57% | 0% | 0% | 1.98% | -3.7% | -7.41% | 28.77% | 34.15% |
| Net Income | -34.09M | -38.72M | 12.01M | -99.56M | -116.72M | -32.29M | -38.19M | 2.12M | 24.83M | 10.59M | -11.64M | 13.54M | 19.14M | 22.59M | 12.7M | 3.92M | 3.98M | 7.73M | 13.54M | 29.19M | 8.65M | 5.4M | 2.9M | -1.49M | -18.79M | -4M | -2.8M | -2.9M | -8.6M | -4.2M |
| Net Margin % | -25.22% | -30.04% | 9.37% | -96.41% | -104.89% | -32.01% | -23.86% | 0.38% | 4.74% | 1.99% | -2.15% | 2.51% | 4.02% | 5.11% | 4% | 1.42% | 1.67% | 3.28% | 5.68% | 13.87% | 3.73% | 2.63% | 1.51% | -0.81% | -9.84% | -1.91% | -7.91% | -8.66% | -90.53% | -168% |
| Net Income Growth % | 23.66% | -422.29% | 112.07% | 14.7% | -261.41% | 15.44% | -1899.76% | -91.45% | 134.46% | 190.97% | -185.95% | -29.26% | -15.24% | 77.91% | 223.88% | -1.61% | -48.46% | -42.92% | -53.61% | 237.41% | 60.14% | 86.28% | 295.02% | 92.08% | -369.91% | -42.79% | 3.45% | 66.28% | -104.76% | - |
| Net Income (Continuing) | -34.09M | -38.72M | 9.33M | -64.24M | -15.48M | -23.44M | -21.87M | 2.12M | 25.76M | 10.13M | -11.99M | 13.72M | 19.34M | 22.81M | 13.1M | 4.26M | 4.47M | 8.29M | 13.54M | 29.19M | 9.18M | 5.81M | 2.9M | 201K | -4.84M | -2.07M | -3.46M | -2.9M | -7.6M | -2.9M |
| Discontinued Operations | 0 | 0 | 2.68M | -35.33M | -101.24M | -8.86M | -16.32M | 0 | 0 | 542K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.54M | 1.62M | 1.68M | 1.69M | 1.72M | 1.82M | 1.67M | 1.69M | 1.79M | 1.55M | 1.84M | 1.77M | 1.47M | 1.55M | 1.58M | 1.03M | 1.14M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.91 | -1.27 | 0.33 | -3.32 | -3.97 | -1.12 | -1.31 | 0.07 | 0.89 | 0.38 | -0.43 | 0.50 | 0.71 | 0.85 | 0.49 | 0.15 | 0.15 | 0.29 | 0.50 | 1.07 | 0.32 | 0.21 | 0.11 | -0.08 | -1.15 | -0.25 | -0.28 | -0.22 | -0.77 | -0.54 |
| EPS Growth % | 30.72% | -484.85% | 109.94% | 16.37% | -254.46% | 14.5% | -1865.5% | -91.66% | 134.21% | 188.37% | -186% | -29.58% | -16.47% | 73.47% | 226.67% | 0% | -48.28% | -42% | -53.27% | 234.38% | 52.38% | 90.91% | 234.47% | 92.89% | -360% | 10.71% | -27.27% | 71.43% | -42.59% | - |
| EPS (Basic) | - | -1.27 | 0.39 | -3.32 | -3.97 | -1.12 | -1.31 | 0.07 | 0.90 | 0.39 | -0.43 | 0.50 | 0.71 | 0.87 | 0.50 | 0.15 | 0.15 | 0.29 | 0.52 | 1.16 | 0.35 | 0.23 | 0.11 | -0.08 | -1.15 | -0.25 | -0.28 | -0.23 | -0.77 | -0.54 |
| Diluted Shares Outstanding | 37.48M | 34.82M | 36.66M | 29.96M | 29.47M | 29.29M | 29.16M | 28.61M | 27.91M | 27.65M | 27.15M | 27.34M | 27.12M | 26.63M | 26.13M | 26.63M | 26.63M | 26.75M | 26.93M | 26.56M | 25.66M | 24.61M | 23.56M | 18.17M | 16.37M | 15.8M | 10M | 13.33M | 11.17M | 7.82M |
| Basic Shares Outstanding | 37.48M | 34.82M | 30.47M | 29.96M | 29.47M | 29.29M | 29.16M | 28.36M | 27.7M | 27.5M | 27.04M | 26.99M | 26.82M | 25.83M | 25.64M | 26.4M | 26.36M | 26.18M | 26.07M | 25.26M | 24.55M | 23.7M | 21.4M | 18.17M | 16.37M | 15.8M | 10M | 12.61M | 11.17M | 7.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As reported in recent financial filings, LFCR experienced a sharp 34.0% revenue contraction in 2026Q3, highlighting the inherent instability of its current business model as it attempts to transition away from legacy food operations while struggling to scale its core CDMO pharmaceutical services segment effectively.
The erratic revenue performance suggests that the company remains heavily dependent on lumpy milestone payments rather than a predictable base of recurring commercial supply agreements. Investors should monitor whether the recent decline reflects a permanent loss of market share or merely the timing of project-based development services.
Based on the provided income statement data, gross margins plummeted to 19.2% in 2026Q3, a significant deterioration from the 38.4% peak observed in 2025Q4, suggesting that the company is failing to achieve the necessary economies of scale within its capital-intensive aseptic fill-finish manufacturing facilities.
This margin volatility indicates that fixed costs associated with FDA-validated cleanrooms are not being adequately absorbed by current production volumes. The inability to maintain consistent margins implies that the company lacks the pricing power required to offset rising input costs or operational inefficiencies in its manufacturing processes.
According to the latest quarterly figures, LFCR reported an operating margin of -20.1%, confirming that the company's high fixed-cost structure continues to outpace its revenue generation, leaving little room for operational flexibility as it navigates a period of significant strategic restructuring and persistent bottom-line losses.
The persistent negative operating income suggests that the company is currently unable to leverage its existing infrastructure to drive profitability. Without a substantial increase in utilization rates for its specialized fermentation and fill-finish lines, the company may continue to face significant challenges in achieving a sustainable break-even point.
Financial statements indicate that with a cash position of only $8.2M against a high debt-to-equity ratio of 97.92%, the company faces a precarious liquidity profile that may force dilutive financing or fire-sale asset divestitures to sustain operations through the current period of negative net income.
Short-sellers would likely focus on the widening gap between cash burn and the company's ability to generate internal funding. The reliance on non-core asset sales to bridge the liquidity gap suggests that the company's long-term viability is contingent upon external market conditions rather than internal operational success.
Quick answers to the most common questions about buying LFCR stock.
For fiscal year 2025, Lifecore Biomedical, Inc. (LFCR) reported total revenue of $128.9M. This represents a 5054.7% increase compared to $2.5M in 1996.
Lifecore Biomedical, Inc. (LFCR) reported a net loss of $38.7M for the fiscal year ending 2025.
Lifecore Biomedical, Inc. (LFCR) reported an operating income of $-17.2M, resulting in an operating profit margin of -13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Lifecore Biomedical, Inc. (LFCR) generated $40.3M in gross profit for the year, representing a gross profit margin of 31.3%. This demonstrates the company's core pricing power and production efficiency.