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Side-by-side financial comparison of LIFECORE BIOMEDICAL, INC. \DE\ (LFCR) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
LIFECORE BIOMEDICAL, INC. \DE\ is the larger business by last-quarter revenue ($31.1M vs $28.1M, roughly 1.1× ARS Pharmaceuticals, Inc.). LIFECORE BIOMEDICAL, INC. \DE\ runs the higher net margin — -32.1% vs -147.1%, a 115.0% gap on every dollar of revenue. On growth, LIFECORE BIOMEDICAL, INC. \DE\ posted the faster year-over-year revenue change (-4.5% vs -67.6%).
LIFECORE BIOMEDICAL, INC. is a biomedical firm focused on developing and manufacturing high-quality hyaluronic acid-based biomaterials. It operates three core segments: medical application products, pharmaceutical solutions, and personal care ingredients, with main markets spanning North America, Europe and the Asia-Pacific, supplying to leading medical device, pharmaceutical and cosmetic brand partners.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
LFCR vs SPRY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $31.1M | $28.1M |
| Net Profit | $-10.0M | $-41.3M |
| Gross Margin | 25.0% | — |
| Operating Margin | -9.9% | -147.6% |
| Net Margin | -32.1% | -147.1% |
| Revenue YoY | -4.5% | -67.6% |
| Net Profit YoY | -52.0% | -182.8% |
| EPS (diluted) | $-0.29 | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $28.1M | ||
| Q3 25 | $31.1M | $32.5M | ||
| Q2 25 | — | $15.7M | ||
| Q1 25 | $35.2M | $8.0M | ||
| Q4 24 | $32.6M | $86.6M | ||
| Q3 24 | $24.7M | $2.1M | ||
| Q2 24 | — | $500.0K | ||
| Q1 24 | $35.7M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $-10.0M | $-51.2M | ||
| Q2 25 | — | $-44.9M | ||
| Q1 25 | $-14.8M | $-33.9M | ||
| Q4 24 | $-6.6M | $49.9M | ||
| Q3 24 | $-16.2M | $-19.1M | ||
| Q2 24 | — | $-12.5M | ||
| Q1 24 | $15.6M | $-10.3M |
| Q4 25 | — | — | ||
| Q3 25 | 25.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 28.0% | — | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 33.3% | — |
| Q4 25 | — | -147.6% | ||
| Q3 25 | -9.9% | -163.7% | ||
| Q2 25 | — | -302.9% | ||
| Q1 25 | -25.7% | -466.3% | ||
| Q4 24 | -6.0% | 54.5% | ||
| Q3 24 | -46.9% | -1051.6% | ||
| Q2 24 | — | -3068.0% | ||
| Q1 24 | -2.5% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | -32.1% | -157.4% | ||
| Q2 25 | — | -285.6% | ||
| Q1 25 | -42.0% | -425.7% | ||
| Q4 24 | -20.2% | 57.7% | ||
| Q3 24 | -65.7% | -925.0% | ||
| Q2 24 | — | -2503.2% | ||
| Q1 24 | 43.8% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | $-0.29 | $-0.52 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | $-0.47 | $-0.35 | ||
| Q4 24 | $-0.25 | $0.52 | ||
| Q3 24 | $-0.53 | $-0.20 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | $0.42 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $18.9M | $245.0M |
| Total DebtLower is stronger | $136.0M | $96.4M |
| Stockholders' EquityBook value | $-10.5M | $114.3M |
| Total Assets | $235.2M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | $18.9M | $288.2M | ||
| Q2 25 | — | $240.1M | ||
| Q1 25 | $5.4M | $275.7M | ||
| Q4 24 | $9.5M | $314.0M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $218.7M | ||
| Q1 24 | — | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | $136.0M | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | $124.9M | — | ||
| Q4 24 | $111.3M | $0 | ||
| Q3 24 | $106.3M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $97.1M | — |
| Q4 25 | — | $114.3M | ||
| Q3 25 | $-10.5M | $147.7M | ||
| Q2 25 | — | $192.3M | ||
| Q1 25 | $2.2M | $229.0M | ||
| Q4 24 | $15.4M | $256.8M | ||
| Q3 24 | $-3.9M | $201.0M | ||
| Q2 24 | — | $215.2M | ||
| Q1 24 | $17.7M | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | $235.2M | $372.8M | ||
| Q2 25 | — | $313.5M | ||
| Q1 25 | $237.7M | $327.3M | ||
| Q4 24 | $255.4M | $351.2M | ||
| Q3 24 | $246.8M | $217.6M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | $246.2M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | 56.05× | — | ||
| Q4 24 | 7.20× | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.49× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.8M | $-43.5M |
| Free Cash FlowOCF − Capex | $25.0K | — |
| FCF MarginFCF / Revenue | 0.1% | — |
| Capex IntensityCapex / Revenue | 5.6% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-16.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | $1.8M | $-47.0M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | $1.2M | $-40.7M | ||
| Q4 24 | $-6.1M | $42.0M | ||
| Q3 24 | $-613.0K | $-14.5M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | $-1.4M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | $25.0K | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | $-4.3M | $-40.8M | ||
| Q4 24 | $-8.6M | $41.7M | ||
| Q3 24 | $-4.0M | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | $-7.8M | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | 0.1% | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | -12.1% | -512.1% | ||
| Q4 24 | -26.3% | 48.2% | ||
| Q3 24 | -16.3% | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | -21.8% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 5.6% | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | 15.5% | 1.1% | ||
| Q4 24 | 7.5% | 0.3% | ||
| Q3 24 | 13.9% | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | 17.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.09× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LFCR
| Transferred At Point In Time | $26.6M | 85% |
| Transferred Over Time | $4.5M | 15% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
