LIFECORE BIOMEDICAL, INC. \DE\
For the period ended Feb 23, 2025. Filed Apr 3, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Feb 23, 2025 · Filed Apr 3, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Revenue
- Revenue recognition
The Company disaggregates its revenue based on how it markets its products and services and reviews results of operations. The following table disaggregates revenues by major product lines and services:
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| February 23,2025 | February 25,2024 | February 23,2025 | February 25,2024 | |
| CDMO | $20,789 | $22,306 | $66,579 | $67,522 |
| HA manufacturing | 14,365 | 13,398 | 25,844 | 22,853 |
| Total | $35,154 | $35,704 | $92,423 | $90,375 |
The following table disaggregates revenues by the timing of revenue recognition:
| Three months ended | Nine months ended | |||
|---|---|---|---|---|
| February 23,2025 | February 25,2024 | February 23,2025 | February 25,2024 | |
| Revenues recognized over time | $5,505 | $7,022 | $17,503 | $19,229 |
| Revenues recognized at a point in time | 29,649 | 28,682 | 74,920 | 71,146 |
| Total | $35,154 | $35,704 | $92,423 | $90,375 |
-21-
During the three months ended February 23, 2025, the Company had revenues concentrations of 10% or greater from two customers, accounting for 54% and 18%. During the three months ended February 25, 2024, the Company had revenues concentrations of 10% or greater from two customers, accounting for 52% and 14%.
During the nine months ended February 23, 2025, the Company had revenues concentrations of 10% or greater from three customers, accounting for 43%,20% and 11%. During the nine months ended February 25, 2024, the Company had revenues concentrations of 10% or greater from three customers, accounting for 40%,19%, and 10%.
Contract assets primarily relate to the Company’s unconditional right to consideration for work completed but not billed at the reporting date. Contract liabilities primarily relate to payments received from customers in advance of performance under a contract.
The following table presents changes in contract assets and liabilities:
| Contract assets, current | Contract liabilities, current | Contract liabilities, noncurrent | |
|---|---|---|---|
| Balance at May 26, 2024 | $4,069 | $(2,113) | $(4,960) |
| Changes to the beginning balance arising from: | |||
| Amounts billed as accounts receivable as the result of rights to consideration becoming unconditional | (3,923) | — | — |
| Recognition of revenue as the result of performance obligations satisfied | — | 2,113 | — |
| Reclassification of scheduled satisfaction of performance obligations from noncurrent to current due to passage of time | — | — | 918 |
| Net change to contract balances recognized after the beginning of the period due to amounts billed, recognition of revenue, changes in estimate, reclassifications from noncurrent to current, and interest from significant financing component | 6,004 | (2,565) | (377) |
| Balance at February 23, 2025 | $6,150 | $(2,565) | $(4,419) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.