Landec Corp. (NASDAQ:LNDC) Q3 2020 Earnings Conference Call - Final Transcript

Mar 31, 2020 • 05:00 pm ET


Landec Corp. (NASDAQ:LNDC) Q3 2020 Earnings Conference Call - Final Transcript


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Good afternoon, and thank you for joining Landec's Third Quarter Fiscal Year 2020 Earnings Call.

With me on the call today is Dr. Albert Bolles, Landec's Chief Executive Officer, and Brian McLaughlin, Landec's Chief Financial Officer, and Mr. Jim Hall, President of Lifecore, who is available to answer questions.

During today's call, we may make forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially. These risks are outlined in our filings with the Securities and Exchange Commission, including the company's Form 10-K for fiscal year 2019.

Let me now turn the call over to Mr. Al Bolles. Thank you, sir. You may begin.

Albert Bolles

Thank you and good afternoon, everyone.

As a leading innovator in diversified health and wellness solutions, Landec is comprised of two operating businesses, Lifecore Biomedical and Curation Foods. Landec designs, develops, manufactures and sells products for the food and pharmaceutical industry. Lifecore Biomedical is a fully integrated contract development and manufacturing organization, or CDMO, that offers highly differentiated capabilities in the development, fill and finish of difficult to manufacture pharmaceutical products distributed in syringes and vials. As a leading manufacturer of premium injectable grade Hyaluronic Acid, or HA, Lifecore brings over 35 years of expertise as a partner for global and emerging pharmaceutical and medical device companies across multiple therapeutic categories to bring their innovations to market.

Curation Foods, our natural foods business, is focused on innovating 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 network of growers, refrigerated supply chain and patented BreatheWay packaging technology, which naturally extends shelf life of fruit and vegetables. Curation Food brands include Eat Smart fresh packaged vegetables and salads, O premium artisan oil and vinegar products, and Yucatan and Cabo Fresh avocado products.

We are focused on creating shareholder value by delivering against our financial targets, strengthening our balance sheet, investing in growth, implementing our strategic priorities to improve operating margins at Curation Foods and driving top line momentum at Lifecore. We are committed to maximizing the value of our portfolio through sound and thoughtful execution in each of our segments, while protecting the planet for future generations, with the sustainable business practice.

However, today we are clearly facing a new landscape given the rapidly changing environment and ongoing impacts associated with COVID-19. We are following the guidance from the World Health Organization, and the Centers for Disease Control and Prevention about the escalated global public health threat of COVID-19 taking it very seriously. Our first priority is the health and safety of our employees, products, consumers, partners and community. In response, we immediately activated emergency preparedness teams and they are working closely with a consortium of leaders to establish and share best practices. The goal is to ensure business continuity, to do everything possible to keep our employees and products safe. This team is doing phenomenal work, is responsible for tracking the most updated