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Profile: Landec Corp (LNDC.O)

LNDC.O on Nasdaq

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22 May 2019
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Landec Corporation, incorporated on August 22, 2007, designs, develops, manufactures and sells a range of health and wellness products for food and biomaterials markets. The Company licenses technology applications to partners. The Company operates through three segments: Packaged Fresh Vegetables, Food Export and Biomaterials. The Packaged Fresh Vegetables segment markets and packs specialty packaged whole and fresh-cut fruit and vegetables, the majority of which incorporate the BreatheWay specialty packaging for the retail grocery, club store and food services industry. In addition, the Packaged Fresh Vegetables segment sells BreatheWay packaging to partners for fruit and vegetable products. The Food Export segment is engaged in the purchase and sale of whole commodity fruit and vegetable products primarily to Asia. The Biomaterials segment sells products utilizing hyaluronan, a polysaccharide that is distributed in the extracellular matrix of connective tissues in both animals and humans, and non-hyaluronan (HA) products for medical use primarily in the Ophthalmic, Orthopedic and other markets. The Company has approximately two polymer technology platforms: Intelimer polymers and HA biopolymers. The Company sells specialty packaged branded Eat Smart and GreenLine and private label fresh-cut vegetables and whole produce to retailers, club stores and foodservice operators primarily in the United States, Canada and Asia through its Apio, Inc. (Apio) subsidiary, and sells HA-based and non-HA biomaterials through its Lifecore Biomedical, Inc. (Lifecore) subsidiary.

Packaged Fresh Vegetables Business

The Company's Apio operates the Packaged Fresh Vegetables business. Apio's primary business is fresh-cut and whole vegetable products typically packaged in its BreatheWay packaging. Apio's Packaged Fresh Vegetables business markets a range of fresh-cut and whole vegetables and salad kit products to retail grocery chains, club stores and food service operators. Apio has developed blends and combinations of vegetables that are sold in flexible film bags or rigid trays. Apio has a family of salad kits that consists of superfood mixtures of vegetables with a range of toppings and dressings. The salad kit under its Eat Smart brand is Sweet Kale Salad, which has distribution throughout club and retail stores in North America. Additionally, the Company has various other superfood salad kits, including Ginger Bok Choy, Wild Greens and Quinoa, Beets and Greens, Southwest Salad and Asian Sesame, under its Eat Smart brand. The Company sells its products under its brand Eat Smart to retail and club and its GreenLine brand to foodservice operators. The Company also periodically licenses its BreatheWay packaging technology to partners, such as Chiquita Brands International, Inc. (Chiquita) for packaging bananas and berries, and Windset Holding 2010 Ltd. (Windset) for packaging peppers and cucumbers that are grown hydroponically in greenhouses. The Company also licenses its BreatheWay technology to Juicero, Inc. (Juicero) to extend the shelf-life of packets of fresh produce for use in a countertop juicing system. The Company is engaged in the testing and development of other BreatheWay products. Apio delivers its products to club stores, retail grocery chains and food service operators throughout North America.

Food Export Business

The Company's Apio also operates the Food Export business. The Food Export segment purchases and sells whole commodity fruit and vegetable products to Asia through Apio's export business, Cal-Ex Trading Company (Cal-Ex). Through Cal-Ex, Apio is engaged in exporting broccoli to Asia. Other export items include apples, grapes, stonefruit and citrus. The Food Export business is a commission-based buy/sell business.

Biomaterials Business

The Company's Lifecore operates the Biomaterials business. Lifecore is principally involved in the manufacture of pharmaceutical-grade sodium hyaluronate in the form of injectable products for ophthalmologic and orthopedic applications. Lifecore sells its products through partners in the United States, Europe and South America. Lifecore's products are sold to marketing partners for use in approximately three medical areas: Ophthalmic, Orthopedic and Other/Non-HA products. In addition, Lifecore provides product development services to its partners for HA-based, as well as non-HA based, aseptically formulated products. These services include activities, such as technology transfer, material component changes, analytical method development, pilot studies, stability studies, process validation, and clinical production of materials for clinical studies.

Company Address

Landec Corp

5201 Great America Pkwy Ste 232
SANTA CLARA   CA   95054-1126
P: +1650.3061650
F: +1302.6365454

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