Mon Sep 23 21:12:38 UTC 2024: ## Lifecore Biomedical Announces Board Changes and Upcoming Annual Meeting

**CHASKA, MN** – Pharmaceutical company Lifecore Biomedical, Inc. (NASDAQ:LFCR) has announced significant changes to its board of directors and outlined details for its upcoming annual meeting.

**Board Departures and Annual Meeting Date:**

Two board members, Jeffrey L. Edwards and Ray Diradoorian, will be leaving the company. Edwards will not seek re-election at the upcoming meeting, while Diradoorian will resign shortly before the meeting. The company has clarified that these departures are not due to any disagreements. The annual meeting of stockholders is scheduled for November 7, 2024. Details regarding the meeting, including the record date and proposals, will be included in the Definitive Proxy Statement on Schedule 14A, which will be filed with the SEC.

**Updated Deadlines and Nasdaq Compliance:**

Due to the annual meeting being held more than 30 days from the anniversary of the previous year’s meeting, deadlines for submitting qualified shareholder proposals or nominations have been extended to October 3, 2024. Lifecore Biomedical has recently regained compliance with Nasdaq’s listing requirements after successfully filing overdue financial reports and holding its annual meeting. Nasdaq has halted delisting proceedings for Lifecore’s common stock, but the company will remain under close monitoring until September 4, 2025, to ensure continued compliance.

**Financial Performance and Future Plans:**

Lifecore Biomedical reported substantial growth in its fiscal 2024 revenues, reaching $128.3 million, a 24.2% increase from the previous year. However, the company predicts flat revenue growth for fiscal 2025 due to customer inventory reductions and the absence of new product launches. Ryan Lake has joined the company as the new CFO, bringing extensive experience in the CDMO industry. Despite flat revenue growth, Lifecore Biomedical anticipates improved margins and adjusted EBITDA for fiscal 2025, projected to be between $19 million and $21 million. The company plans to focus on growth in viscous and hard-to-handle programs, utilizing its new isolator filler capabilities.

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