financial with our some business. recent SEC on fiscal of I'll the a impacts Jim. perspectives brief refinancing, balance you, the timing from filings Thank before our review on guide transitioning a 'XX to sheet, begin brief our and results our forecasted
'XX, was as well strong the demand higher due the higher earlier by hyaluronic in The the periods. business. acid, have, mix a of fiscal projects phase CDMO but stage a increase raw increase revenue our material business and fourth raw CDMO Lifecore of driven due of as in to lower primarily XX.X% or at development in current revenues shipments the in runways HA earlier manufacturing initial increased For XX% $XX.X to material future to customer The revenue fermentation nevertheless, increase manufacturing a our segment increase million quarter HA in for the onboarded timing year. revenues X% was primarily
of to an for of Lifecore gross to of The segment favorable decline year in $X.X was 'XX, representing million by the inflationary driven products of certain the offset volume $X.X unfavorable rate of contracts, higher aseptic variance lower development rate impacts gross gross variance a which period. $X.X legacy quarter fermentation volume offset to the profit by current revenues The period, year-over-year million to million the compares commercial revenues increase of on the profit year was due fourth higher-margin XX.X% of a prior due decreased by primarily in margin million. revenues. the volume variance $X.X XX.X%, in somewhat
adjusted an million margin fourth quarter $X.X XX.X%. EBITDA Lifecore segment for adjusted of was 'XX, representing EBITDA of the
the fiscal EBITDA Other QX businesses $X.X Given of on segment, divestment G&A. this In the which segment fiscal Curation million the of the Foods the And comment our those segment results. reminder, as of in Corporate be QX, was we negative will Corporate 'XX, Lifecore's not was will remaining segment of 'XX, Other first is this I consistent year for quarter beginning into expectations. collapsing with the a in final adjusted reporting quarter
we including reduction then the remaining that transitioning once infrastructure. company and We're compliance financial, legacy process structure. holding And still holding able back-office to is in our the accounting stranded finalize Landec complete, functions, in of be will company from IT costs all
amount company we a been the in holding apples-to-apples shareholders part structure single reporting strategic as we the collapse still while of the would our particularly we review have segment comparison. have Consequently, process into will company an to communicate remain shareholders segment, holding that the that
associated primarily EBITDA net to net with transitioning to headquarters costs, of quarter advisory operations and reflected was Lifecore fourth tax, as our advisory and from restructuring related nonrecurring consolidating in costs the million other our in and with well charges, by associated audit restructuring of Curation costs our as not businesses, adjusted transition fees $X.X figures, income activities. divestment and refinancing corporate transition Foods While impacted
in 'XX fiscal at In for in our this are particularly terms review not ongoing a formal we position of process, guidance time. provide of light strategic outlook, to
timing including experiencing, as completion However, the legacy and smaller and impacts larger during been results. we projects our timing in commercialization quarter third projects the update, continue inflationary we as certain development fiscal expected impacts of have are in development late-stage delays as mix earlier-stage contracts of commercial of discussed of the projects others, to and XXXX some first new our have quarter fiscal well the revenue, on
QX pressures. to the be pricing able of the those Later earnest. impacts projects by that in contracts as 'XX, some delayed we existing XXXX, ease And impacts to will shipping effectuate in mitigate of under fiscal expect January commercial X, help offsets inflationary year recent to begin of expect we
quarter are revenue expect point QX to QX the the balance year we as beginning that in a our of and the I to noted, low QX adjusted fiscal excluding our adjusted and to into the expected EBITDA represent reaccelerating on Lifecore said, reporting relative of collapse first sequential we are That we consolidated 'XX basis quarter. EBITDA fiscal decrease today, segment, breakeven before Other first across be Consequently, expect 'XX expected is burden approximately results year. which, of for to the the to
due online adjusted 'XX mix 'XX, by accelerated which Lifecore prior new grow revenues, come we implies XX% revenue second pipeline and associated EBITDA at in to the to to QX shipments margin show development that the year In QX and improvement to projects fermentation second revenues following delayed. to we improvement commercial and with expansion fiscal year Relative anticipate to revenues shipments, commencement approximately of revenues grow quarter. adjusted some strong twice of that of the FY the the during EBITDA commercial nearly were quarter, are aforementioned rate expect expected
prior similar and to QX year still we which segment, to our at without than comparison an our and 'XX, of apples-to-apples what fiscal that other in these and to quarterly carry, corporate the year we forecasts I'd levels overhead more EBITDA expect you granularity are impact being to 'XX, fourth adjusted generate to this greater added third Then reflects quarters. we in achieved emphasize of normalized the QX that fiscal or segmentation. sharing provided like isolate help we are
costs, will run corporate there term. million purposes, million rate believe And believe realized. current quarterly to the that it As savings $X.X we to for modeling continues prudent for is in of our to these we be $X.X approximately ultimately assume near be that
balance fiscal onetime began expect hiring fermentation. incurring the quarter FY In the of they start-up costs and million million be these HA the capacity and training expectations EBITDA the improvements this increase a 'XX addition associated from and that to transition adjusted associated costs shift HA consistent and We XX% with approximately $X.X requiring first with to significant 'XX. excluded approximately our earlier, fermentation that Jim mentioned including should $X costs XX/X work recruiting, across capacity during are relatively fiscal in
Now debt end ended an our of cash fiscal revised revolver which equivalents, 'XX on million, debt XX, the balance impact at compares May Note year from a of Net bank turning fiscal to to 'XX refinancing. XXXX, including $XXX.X at our sheet the capital was basis that end term year for cash our $XXX.X the $XX.X balance of and reflects recent million. sheet. fiscal of million and net reported structure,
debt call associated are identified from new out embedded credit valued features balance and debt, more The analyzing the and we on with described put million totaling will result fully In that see derivative in derivatives term the you features the sheet. the $XX.X separately broken certain agreement. embedded and certain
initiatives million which focused of Lifecore's is derivative liability. for million prior is the of million be net supporting X and with $XXX.X fillers was the expectation. CapEx capitalized process associated equipment. isolator on for earmarked 'XX, consistent year reported growth includes is To includes clear, debt the CapEx $XX.X our long-term and fiscal $X.X formulation interest, support multi-use and which
to somewhat 'XX, 'XX, similar levels, payments in moderated half FY of CapEx For million the the and welcome be million anticipated of depending included new $XX to expect range loaded our fillers. to interest we first timing as fiscal but we to likely capitalized X in on 'XX $XX fiscal
on practicable documentation remaining Before our prior XX-K up Foods accounting our closing XX-K the process operations refinancing combined the of discontinued call, the I'd the comment The we for significant Form closing our including days complete additional closing divestment the and period finish in file the It with of as activities year-end filings. like SEC QX significant filing. Curation up soon to filing our with of effort and closed has QX to is year-end as as timing in divestments, associated and the final the intention treatment restructuring staff caused to costs, transition services in audit processes. agreements the and and the 'XX that matters
very analyze to side, derivatives, I to a the and specialists technical the features engage had the embedded and value we effort. earlier, discussed refinancing On derivative time-consuming
by time factored adjustments appraiser took leaseback footprint smaller Lifecore a fair these on and included Consequently, significant by and operation lower into also to thresholds segment sale audit study that post-closing market efforts value materiality areas a significant the third-party an resulted stand-alone specialists. when the effort. Additionally, in of
Fortunately, the that future. down winding we in near to is be on expect work and file
putting like I'd recognize In Lifecore conclusion, that team work is the forth. great to
the added created review strategic our in some delays While complexity filing process to communications. have
Jim, commercial nicely. from our today heard you As are advancing efforts
and in and business come. in have expansion pipeline up the development a gearing to growing healthy the Our diversified and is a for fashion, years quarters significant we
our you call Thank today. participating. concludes That for
