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CHASKA, MN - Lifecore Biomedical, Inc. (NASDAQ:LFCR), a company specializing in pharmaceutical preparations, disclosed today significant changes to its board of directors and provided details regarding its upcoming annual meeting. According to the filing with the Securities and Exchange Commission, two board members are departing, and the date for the annual stockholders meeting has been set.
Jeffrey L. Edwards, a current director, has decided not to seek re-election at the forthcoming annual meeting. Additionally, Ray Diradoorian has communicated his intention to resign from the board, effective just before the annual meeting. The company has clarified that these decisions were not due to any disagreements over operations, policies, or practices.
The board has established November 7, 2024, as the date for the annual meeting of stockholders. The specifics concerning the annual meeting, including the record date and proposals, will be detailed in the Definitive Proxy Statement on Schedule 14A, which Lifecore Biomedical will file with the SEC.
In light of the annual meeting occurring more than 30 days from the anniversary of the previous year's meeting, the deadlines for submitting qualified shareholder proposals or nominations have been updated. The new deadline for these submissions is October 3, 2024. The company advises that all nominations and proposals must adhere to the SEC's rules and regulations, the company's Amended and Restated Bylaws, and the laws of the state of Delaware.
In other recent news, Lifecore Biomedical has regained compliance with Nasdaq's listing requirements, following successful filing of overdue financial reports and holding its annual meeting. This development has led Nasdaq to halt any proceedings to delist Lifecore's common stock. However, Lifecore will be under close monitoring until September 4, 2025, to ensure continued compliance.
Lifecore Biomedical has reported substantial growth in its fiscal 2024 revenues, reaching $128.3 million, a 24.2% increase from the previous year. However, the company projects flat revenue growth for fiscal 2025 due to customer inventory reductions and no new product launches. Ryan Lake has been appointed as the new CFO, following John Morberg's departure, bringing extensive experience in the CDMO industry to the role.
As for future expectations, Lifecore Biomedical anticipates improved revenue growth and margins, with adjusted EBITDA for fiscal 2025 forecasted to be between $19 million and $21 million. The company also plans to focus on growth in viscous and hard-to-handle programs, leveraging new isolator filler capabilities. These are the recent developments for Lifecore Biomedical.
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