to with Thank of you, the balance our results Jim. brief recent from the transitioning refinancing. before and our sheet impacts I'll begin financial a review
business. The Lifecore hyaluronic XX% scaled-up raw decrease to primarily commercial decreased third with revenues XX% driven to the strong decrease of our HA, future revenue, CDMO in timing periods. the million process segment of lower our in CDMO For or by fiscal a $XX.X runway projects manufacturing material fermentation higher quarter acid, a but revenue shift business and a earlier-stage a XXXX, product well decrease was in as in as a for net mix due in of XX% a
material to customer period in HA in period. compared the decrease the manufacturing the primarily was shipments year raw in revenue The to of due prior timing build channel current inventory
quarter million to gross of primarily decline million due fermentation and in the an of an to margin the the to profit to unfavorable third a lower variance compares year was current period. HA volume commercial mix for to $X.X of million XX.X%, revenues. $X.X decline unfavorable unfavorable which rate year decreased an The $X.X products $X.X XXXX, profit gross revenue of in development million and prior representing in segment Lifecore XX.X% due variance due gross year-over-year
of for of EBITDA Lifecore the million third XX.X%. EBITDA XXXX, $X adjusted quarter segment adjusted representing was an margin
QX, the comment remaining segment Curation not results. With those of business in the will Foods on divestment I
million EBITDA above year On our fiscal negative expectations. was was slightly segment, for approximately Other Corporate & $X the QX 'XX, which adjusted
the stand-alone of before segment Lifecore's corporate for segmentation continue the became the with other in to XXXX this mute sale Lifecore will and report We year CDMO Curation in fiscal XXXX emergence fourth our collapsing G&A the full segment of assets the rationale a business. as fiscal and quarter into
in and accounting, compliance be holding from stranded complete will and office, we costs then legacy we IT Landec financial our year-end back reduction reporting structure. all to After in remaining able finalize August transition financial, infrastructure, company holding our company the
Going costs the incurred additional charges including quarter and with non-recurring debt refinancing financial activities, also costs the restructuring as lenders. and the in In on term including tactics and and quarter million last practices other strategic in our the with activities with were Concern reason, in Alcon, an the addition, prior $X.X qualification aggressive on their associated operational lenders debt legal, and our removing of customer similar aggressive These more activities in we the impact fourth than these a associated outsized qualification. these had advisers cash lender-required concern result going lenders partners for and conditions, of very now divestment costs, third under our based any interest uses other lifting week restructuring
In outlook. terms of
a XXXX, While improved we improve revenue which aren't also in spoke we expect fiscal guidance approximately largest our Along double providing the about. expect third year, normalized that to fiscal quarter, we with results, formal shift due expect in of projects by fourth revenue, expectation the fiscal sequential to improvement quarter to be of 'XX for adjusted we year segment we more EBITDA, of timing mix. quarter an Lifecore aided a our do
of before return fiscal projects timing some larger projects timing that year in EBITDA commercialization 'XX, and impact are of year's revenue to adjusted expect projects and development the lower and through and expected discussing, commencement development results. we of commencing more adjusted present new prior which been growth revenue the The in have 'XX over of late-stage we year be would the the normalized impacts levels completion revenue realized fiscal delays stage we fiscal on QX this 'XX year EBITDA to substantial in earlier including reflect to revenue,
our business At first the cash February all assets reflected a third and Lifecore consolidated of Now the standalone fourth are time, segment's Since for third Foods, financial please our end subsequent and quarter that the and ended quarter flows still Curation results with liabilities our XXXX, the all sheet. will, fiscal fiscal report to the impact turning of go-forward note balance to we the of statements. form. in business sheet divested results our Curation quarter, on XX, a in our clean of balance that reflect we remaining and the
refinancing recent year-end balance our fiscal the complete, structure. new reflect with our also will Additionally, capital sheet also
the fiscal to for was basis compares reported a net on debt bank Net debt quarter $XXX ended fiscal bank 'XX $XXX.X the at million. end which of million, of
date. as term to With balance reclassified debt the third now refinancing, sheet term quarter long been of from has the current
million equipment. focused was growth CapEx formulation two for and supporting for Lifecore's the $XX.X earmarked is initiatives and support isolator process multiuse $X.X fillers year-to-date fiscal period. on and million the is long-term in nine-month associated third quarter and the CapEx
spend first half welcome in net in on amount year to the fiscal While will XXXX, new fiscal in CapEx we somewhat are 'XX, track but moderated approximately be million loaded for two fillers. $XX our as we year full
help So as Obviously, fiscal figures present Alcon with change to I'll terms of to try bridge quite in had these day. third we've fourth the our quarter a agreements bases, our recent of quarter. with you here in bit
balloon leaseback including of some commitment interest significant per We arrangements PIK the cash includes senior years, The interest The from of measured term paid six until paid Alcon of the end interest new a $X facility then contains the debt the entered and in due under $XXX of at thereafter three maturity. with million. and at for closing on financial a is years, XX% So million total quarter. secured single first, covenant term each cash with details debt million matures term I'll metric a the and debt liquidity $XX Alcon. maturity. annum first $XXX payment for at sale million, The X% X% provide a only into
of amortized $X.X in approximately market the million value. plus and leaseback be under value for P&L combination expense recorded and cash year principal value XX-year XXX lease X.X% will balance that at on that appraised fair lease on the assets obligations a time. at payments payments term an of The debt the the sheet. will a first sale adjustment Post-closing, interest through charge of quarterly made interest market reduction the the the as be includes fair the leaseback between sale and
up facility Alcon have to we setting that the an explore ensuing funds fermentation in agreed and We operate. HA Alcon additional years with
new have seven We the at earliest repurchase to operational, the an sale end. leaseback equipment least at of or years the option under the becoming facility
$XXX.X With interest. we lenders the pros debt, prepayment the Alcon million arrangements, fees new make-whole and accrued in prior plus in unpaid million term from the early repaid $XX.X
We fees off X the adviser pay financial the also their million $X. legal for to debt. paid lenders
of fees in in to legal year financial 'XX. also We our capitalized will with or restructuring be fees incurred the which approximately fourth as million $X associated advisers, debt either quarter and fiscal expense
X.X% with pay we loan perspective, interest basis, expense ABL arrangements. of interest associated the an prior interest go-forward From on is from $XX cash and pay a leases. to on the term will lender the the new have with plus SOFR million in company expected cash approximately annual The interest term PIK interest save
in preferred that position the million term From 'XX. quarter at any perspective, debt pro this a year since the fiscal lease a million term $XX.X creates including replaced excludes has million, equity new $XXX sheet the quarter Note debt of facility forma of $XXX the third of with of end that baseline balance the facility third obligations.
$XX financing of at was pro end the of quarter. transaction cash on approximately had we the closed forma basis addition, a assuming third In the million
in new stockholders. the company our covenant-light requirements combination of While remains with the HA to financial capacity achieve significant interest, provide on whole, aspirations financing, without flexibility lender years the pay believe, non-amortizing the levered lower we and growth future diluting arrangements, all CapEx with to supply period significant greater cash the ahead, improvements agreement debt, reduced current the increase
maintain these In alternatives process. position addition, during strategic to a the arrangements review allow Lifecore stronger
shares to into the our until quarter preferred share stay as become Considering such the common A of Series unaffected time million shares. shares convertible expect outstanding, diluted third count XX.X we by our share count convertible
$X have quarterly governing circumstances the shares X.X% the per preferred further the their into or convert of is a which to have reminder, rate Series convert dividend and company documents. under in in stock in a convertible preferred at certain A paid currently and may additional option paid stock mandatorily share Series described as common against the holders kind charged capital. A As A Series
and but to extremely journey constructive To arduous in from outcome pleased it with nonetheless and Lifecore us. issues to was here, comprehensive an resolve fashion. get track. on a refinancing provides summarize, satisfied This we're back stability the these this is the it that is result
focused investments quarters forward to we reaccelerating look are the growth leveraging ahead. our on We and in in and organization, commercial the years
That you for concludes call much so Thank today. our participating.
