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Landec (LNDC)

Landec Corporation is a leading innovator of diversified health and wellness solutions with two operating businesses: Curation Foods, Inc. and Lifecore Biomedical, Inc.Landec designs, develops, manufactures and sells products for the food and biopharmaceutical industry. Curation Foods is focused on innovating and distributing plant-based foods with 100% clean ingredients to retail, club and foodservice channels throughout North America. Curation Foods is able to maximize product freshness through its geographically dispersed family of growers, refrigerated supply chain and patented BreatheWay® packaging technology. Curation Foods brands include Eat Smart® fresh packaged vegetables and salads, O Olive Oil & Vinegar® premium artisan products and Yucatan® and Cabo Fresh® avocado products. Lifecore Biomedical is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes and vials. As a leading manufacturer of premium, injectable grade Hyaluronic Acid, Lifecore brings 35 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market.

Company profile

Ticker
LNDC
Exchange
Website
CEO
Albert Bolles
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Curation Foods, Inc. • Lifecore Biomedical, Inc. ...
IRS number
943025618

LNDC stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

7 Apr 22
17 May 22
30 May 22
Quarter (USD) Feb 22 Nov 21 Aug 21 May 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) May 21 May 20 May 19 May 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.85M 1.85M 1.85M 1.85M 1.85M 1.85M
Cash burn (monthly) (no burn) 32.83K 2.46M 7.57M 6.71M 1.67M
Cash used (since last report) n/a 88.27K 6.62M 20.36M 18.04M 4.48M
Cash remaining n/a 1.77M -4.76M -18.51M -16.18M -2.63M
Runway (months of cash) n/a 53.8 -1.9 -2.4 -2.4 -1.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Jan 22 Raymond H Diradoorian RSU Common Stock Grant Acquire A No No 0 2,768 0 2,768
13 Jan 22 Wynnefield Partners Small Cap Value LP I Common Stock, $0.001 par value per share Buy Acquire P Yes No 10.425 22,800 237.69K 2,008,694
13 Jan 22 Wynnefield Partners Small Cap Value LP I Common Stock, $0.001 par value per share Buy Acquire P No No 10.425 14,600 152.21K 1,524,593
13 Jan 22 Wynnefield Partners Small Cap Value LP I Common Stock, $0.001 par value per share Buy Acquire P Yes No 10.405 30,480 317.14K 1,985,894
13 Jan 22 Wynnefield Partners Small Cap Value LP I Common Stock, $0.001 par value per share Buy Acquire P No No 10.405 19,520 203.11K 1,509,993
12 Jan 22 Schechter Joshua Common Stock Buy Acquire P Yes No 10.41 2,000 20.82K 2,000
12 Jan 22 Schechter Joshua Common Stock Buy Acquire P No No 10.39 8,000 83.12K 13,398
12 Jan 22 Wynnefield Partners Small Cap Value LP I Common Stock, $0.001 par value per share Buy Acquire P Yes No 10.407 209,872 2.18M 1,955,414
12 Jan 22 Wynnefield Partners Small Cap Value LP I Common Stock, $0.001 par value per share Buy Acquire P No No 10.407 90,128 937.96K 1,490,473
14 Oct 21 Schechter Joshua Common Stock Grant Acquire A No No 9.77 5,398 52.74K 5,398
13F holders Current Prev Q Change
Total holders 101 95 +6.3%
Opened positions 18 14 +28.6%
Closed positions 12 15 -20.0%
Increased positions 30 26 +15.4%
Reduced positions 38 34 +11.8%
13F shares Current Prev Q Change
Total value 437.47M 258.91M +69.0%
Total shares 30.1M 27.87M +8.0%
Total puts 10.5K 10.6K -0.9%
Total calls 0 0
Total put/call ratio Infinity Infinity NaN%
Largest owners Shares Value Change
Wynnefield Capital 3.15M $34.92M 0.0%
Legion Partners Asset Management 2.93M $32.5M 0.0%
Wynnefield Partners Small Cap Value LP I 2.3M $23.16M 0.0%
Dimensional Fund Advisors 1.97M $21.91M -2.9%
BLK Blackrock 1.95M $21.61M -7.8%
Iszo Capital 1.93M $0 NEW
Iszo Capital Management 1.93M $21.37M +16.8%
Cove Street Capital 1.8M $19.94M -0.9%
Vanguard 1.26M $13.96M -12.7%
Heartland Advisors 1.22M $13.59M -0.4%
Largest transactions Shares Bought/sold Change
Iszo Capital 1.93M +1.93M NEW
Assenagon Asset Management 454.99K +439.34K +2807.1%
22NW 1.22M +369.87K +43.3%
Iszo Capital Management 1.93M +276.79K +16.8%
Acuitas Investments 0 -273.85K EXIT
Russell Investments 293.59K -246.8K -45.7%
Vanguard 1.26M -182.22K -12.7%
Point72 Asset Management 177.02K +177.02K NEW
BLK Blackrock 1.95M -165.72K -7.8%
Tocqueville Asset Management 421.95K +131.85K +45.4%

Financial report summary

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Competition
Taylor Farms
Risks
  • Our shareholder value creation program, Project SWIFT, may not have the anticipated results, exposes us to additional restructuring costs and operational risks, and may be negatively perceived in the markets.
  • The COVID-19 Pandemic, or any other pandemic, epidemic or outbreak of an infectious disease in the United States or worldwide may adversely affect our business.
  • Our credit facilities provides our lenders with a lien against substantially all of our assets, and contains financial covenants that may limit our operational flexibility and cash flow available to invest in the ongoing needs of our business or otherwise adversely affect our results of operations.
  • Cancellations or delays of orders by our customers may adversely affect our business and the sophistication and buying power of our customers could have a negative impact on profits
  • Our sale of some products may expose us to product liability claims
  • We must identify changing consumer preferences and develop and offer food products to meet their preferences
  • Our operations are subject to regulations that directly impact our business
  • We may not be able to achieve acceptance of our new products in the marketplace
  • Changes to U.S. trade policy, tariff and import/export regulations may have a material adverse effect on our business
  • We may be exposed to employment related claims and costs that could materially adversely affect our business
  • We may be subject to unionization, work stoppages, slowdowns or increased labor costs
  • We are dependent on our key employees and if one or more of them were to leave, we could experience difficulties in replacing them, or effectively transitioning their replacements and our operating results could suffer
  • Our reputation and business may be harmed if our computer network security or any of the databases containing our trade secrets, proprietary information or the personal information of our employees are compromised
  • We may be unable to adequately protect our intellectual property rights or may infringe intellectual property rights of others
  • The global economy is experiencing continued volatility, which may have an adverse effect on our business
  • Litigation costs and the outcome of litigation could have a material adverse effect on our business
  • Lapses in disclosure controls and procedures or internal control over financial reporting could materially and adversely affect the Company’s operations, profitability or reputation
Management Discussion
  • Lifecore generates revenues from the development and manufacture of pharmaceutical-grade sodium hyaluronate (“HA”) products and providing contract development and aseptic manufacturing services to customers. Lifecore generates revenues from two integrated activities: (1) CDMO and (2) fermentation.
  • Curation Foods revenues consist of revenues generated from the sale of (1) Yucatan, Cabo Fresh, and private label branded guacamole and avocado products, (2) O olive oils and wine vinegars, and (3) our proprietary BreatheWay packaging to license partners.
  • The increase in Lifecore’s revenues for the three months ended February 27, 2022, compared to the same period last year, was due to a $6.2 million increase in CDMO revenues from an increase in aseptic commercial shipments, resulting from increased demand from existing customers and an increase in development services activities resulting in higher sales to new and existing customers, as well as a $1.4 million increase in fermentation sales primarily due to the timing of shipments within the fiscal year.

Content analysis

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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: belonging, freight, greater, met, physical, possession, ready, recruiting, repay, substantive, undue
Removed: addition, blending, British, Columbia, Costco, creation, derived, designed, developing, disaggregation, dispersed, edge, family, favorable, flagship, fluctuation, geographically, greenhouse, grower, improve, integrate, launching, legacy, maximize, maximizing, nationwide, optimizing, pack, packaged, planned, ranging, realigning, recently, redefined, redesigning, simplifying, sorting, successfully, SWIFT, transform, trimming, Walmart, washed, washing, Wholesale