Lifecore Biomedical, Inc.

Good morning and thank you for joining LifeCorps' earnings call for the first quarter ended March 31st, 2026. During the call, all participants will be in a listen-only mode. Now I would like to turn the call over to Stephanie Diaz, Manager of Investor Relations for LifeCorps.

Good morning and thank you for joining us. Today, LifeCorps Biomedical will provide its earnings for the first quarter ended March 31st, 2026 and corporate updates. As the company has recently changed its fiscal year end to align with the calendar year, we will be comparing our results for the first quarter ended March 31st, 2026 with a comparable prior year quarter ended February 23rd, 2025. Hosting the call today from LifeCorps are Paul Josephs, President and Chief Executive Officer, and Ryan Lake, Chief Financial Officer. Before we begin, I'd like to remind everyone that today's conference call will contain forward-looking statements. It is important to note that the forward-looking statements made during this call reflect management's judgment and analysis only as of today, May 6, 2026, and the company's actual results could differ materially from those projected in such forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with any forward-looking statements, please see the disclaimer regarding forward-looking statements that is included in our earnings press release. which was furnished to the Securities and Exchange Commission this morning on form 8K and is available on our corporate website at livecore.com, as well as our other filings with the Securities and Exchange Commission, including but not limited to the company's form 10Q for Q1 2026, which was filed at the SEC this morning and is also available on our website. In addition, our earnings press release include the discussion of, and during this call we will reference, certain non-GAAP financial information. you can find relevant non-GAAP reconciliations in our earnings press release. With that, I would like to turn the call over to Paul Josephs, President and Chief Executive Officer.

Thank you, Stephanie. Good morning, everyone, and thank you for joining us today. During the first quarter of 2026, we continued to execute on each of the three pillars of our growth strategy, maximizing our existing commercial business, advancing our development pipeline towards commercialization, and adding high-quality new programs to our pipeline through business development. We believe consistent execution across these pillars positions LifeCorps for sustained long-term growth, supporting our goal of achieving a 12% revenue CAGR and EBITDA margins above 25% by the end of 2029. We remain confident in our full-year expectations and reaffirm our 2026 guidance. Ryan will provide additional details on our financial results following my overview of our Q1 achievements. I will begin today with the progress made with each of our growth strategy pillars, starting with our revamped commercial strategy and priority to add high-quality programs to our development pipeline. I am encouraged by the progress made with regard to this initiative. As previously discussed, We have transformed our business development strategy and team to expand our target market and drive an increase in the number of high-quality customer wins. This effort generated a strong expansion of our pipeline in 2025, and we are encouraged by the continued progress we have seen in 2026. In the first quarter alone, we have signed three new commercial site transfer programs. In March, we announced the signing of a manufacturing services agreement for the commercial site transfer of a marketed approved product with a new aesthetics customer. Under the terms of the agreement, we will perform technical transfer activities for a product that is currently manufactured outside the US. Our client's goal is to establish US based manufacturing for products sold in the US. This is an exciting opportunity for us with a customer relationship that we expect to grow over time. Importantly, we believe this product may generate commercial revenue in 2028. In addition, during the first quarter, we announced the signing of two CDMO manufacturing services agreements with an existing U.S. biopharmaceutical customer. This customer is a publicly traded U.S.-based pharmaceutical company that has successfully developed multiple marketed products and continues to drive growth in its commercial pipeline. The first of these agreements is a commercial site transfer under which we will assume manufacturing of a currently marketed product produced by another CDMO. This is a new product to LifeCorps. We will perform technical transfer services required to support regulatory approval at our site. Upon successful approval of this transfer, the agreement provides for the commercial manufacturing of this product at LifeCorps. Consistent with previously discussed commercial site transfers, We believe this product may generate commercial revenue in 2028. The second agreement with the same customer reflects an expansion of our relationship. Light Corp currently manufactures this commercial ophthalmic product in one delivery format and will now begin to manufacture it in a second delivery system. This additional delivery system is currently manufactured in Europe. We believe the second delivery system will be additive to our existing commercial revenue for this product. We are motivated to have been selected for all these high value programs, as we believe it reflects the continued progress in becoming a partner of choice for our current and future customers. Our unwavering commitment to best-in-class quality and strong technical expertise are key drivers for those customers that continue to place a trust in us for the development and manufacturing of their important programs. During the quarter, our business development team spent considerable time and effort strengthening our business development pipeline, resulting in a growing number of meaningful meetings with customers and prospects. A meaningful highlight for us was a significant engagement our team experienced with our customers at the recent Drug, Chemical and Associated Technologies or DCAT Association meeting in New York. DCAT is our largest and most important sales and marketing event in North America. This year's engagement was unprecedented for us, with our team participating in a record number of meetings with both existing and potential customers. Given the strong engagement and the growing momentum of our business development team is building, we believe we are well positioned to capitalize on the positive market dynamics, including the growth of manufacturing in the United States and the fact that approximately 50% of the US drug development pipeline are injectable therapies. We believe that this current environment points in our favor and leaves us well positioned to aggressively pursue new business and capitalize on the opportunity in front of us. With respect to our first growth strategy, expanding our existing commercial business, we continue to work closely with our commercial partners during the quarter to deliver outstanding service with a clear focus on readying our organization for the doubling of commercial demand with our largest customer, which is expected to begin in 2027. And currently, we remain committed to commercial excellence And during the quarter, we implemented targeted pricing initiatives to maintain and expand our product margins. Turning to the second growth strategy pillar of advancing development programs to commercialization, we are encouraged about our growing and diverse pipeline. One of the highlights during the quarter was the expansion of our work with Indomo, a clinical stage therapeutics company. In January of this year, we signed a second agreement with Indomo, having previously been selected to provide formulation and process optimization activities in support of their DT001 program. Under the terms of our latest agreement, we will be responsible for producing and supplying clinical batches of DT001 planned studies designed to prepare the product for advancement into Phase II clinical trials in 2026. We also made significant progress regarding our late stage development pipeline, which includes 13 late stage programs with the addition of the three programs mentioned earlier in my comments. Five of these programs are commercial site transfers. Unlike development programs, commercial site transfers have existing market demand and are significantly de-risked. They do not require additional clinical trials and only require qualification at LifeCorps, which gives us greater confidence in their financial projections. Given our quality track record and proficiency in producing similar products, we are confident in our ability to successfully transfer all five products to LifeCorps. Depending on timing of regulatory approvals, we expect that they will all generate commercial revenue at our site in 2028. It is also important to note that two of our late stage customers nearing commercialization achieved important milestones that support their path towards regulatory approval and commercialization. One of our late stage ophthalmic customers recently announced positive top line phase three results. And after securing funding, another customer has a clear and actionable path toward commercialization potentially in 2028. Beyond the achievements specific to our growth strategy, we made meaningful progress across several key areas of our business, including SG&A, operations, and quality. Within SG&A, we continue to identify and act on opportunities for cost reductions and intend to continue to implement changes that we will believe will drive sustained margin improvement over time. In addition to our operational achievements during the quarter we successfully launched our enterprise resource planning or ERP system in January. To date, this implementation has been smooth and we ultimately expect the system to improve efficiencies in financial management cost containment productivity and inventory control. With regard to quality, our commitment to industry-leading quality was again demonstrated during the quarter. During the quarter, we completed multiple inspections with new business prospects and existing customers. Each of these inspections had a positive outcome, which we believe further validates LifeCorps' growing reputation as a leading CDMO and partner of choice for customers seeking high quality. These inspections consistently serve as a learning opportunity for us and allow us to strengthen our quality systems that are the foundation for all our development and commercial manufacturing activities. During the first quarter of 2026, our team successfully executed against each pillar of our growth strategy. Concurrently, we continue to optimize our organization to drive cost reductions and improve efficiencies to support margin improvement all while continuing to elevate our quality systems. I am energized by our achievements during the quarter, and we remain committed to building on this momentum with discipline throughout the year. That concludes my update. I will now turn the call over to Ryan Lake to provide an overview of our financial results for the first quarter ended March 31st, 2026. Ryan?