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Lifecore Biomedical revises past financial statements

EditorEmilio Ghigini
Published 03/20/2024, 07:29 AM
© Reuters.

CHASKA, Minn. - Lifecore Biomedical, Inc. (NASDAQ: LFCR), a contract development and manufacturing organization, has filed its Annual Report on Form 10-K for the fiscal year ended May 28, 2023, with the Securities and Exchange Commission (SEC), which includes a restatement of its financials for previous years. The restatements correct errors in capitalized interest calculations, inventory valuations, and adjustments related to divested businesses.

The restatements primarily affect the financial statements for the fiscal years ended May 29, 2022, and May 30, 2021. Key adjustments include writedowns of inventory to net realizable value, recording of reserves for excess and obsolete inventories, recording of capitalized interest on assets under construction, and adjustments to revenues and costs of sales for certain performance obligations. Additionally, an accounts receivable reserve was recorded for a specific customer.

The company's former Curation Foods segment also underwent restatements, including adjustments to non-current other receivables and the presentation of certain operating costs and expenses of continuing and discontinued operations.

To aid investors, Lifecore has provided a supplementary summary of select financial data related to its ongoing Lifecore business. This supplementary financial data is available in the Investors section of the Lifecore website.

Lifecore Biomedical specializes in the development, fill, and finish of complex sterile injectable pharmaceutical products. With over 40 years of experience, the company partners with biopharmaceutical and biotechnology companies to bring their products to market.

The press release also contains forward-looking statements, including the company's ability to become current with its SEC reports, regain compliance with Nasdaq listing standards, and expand relationships with existing customers. These statements are subject to risks and uncertainties that could cause actual results to differ materially.

This news is based on a press release statement from Lifecore Biomedical, Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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