Good morning, and thank you for joining Lifecore's Fiscal 2023 Fourth Quarter Earnings Call. [Operator Instructions]. Now I'd like to turn the call over to Jeff Sonnek, Investor Relations at ICR.

Good morning, and thank you for joining us today to discuss Lifecore Biomedical's Fourth Quarter and Full Year Fiscal 2023 Earnings Results. Hosting the call today from the company are Jim Hall, President and Chief Executive Officer; and John Morberg, Chief Financial Officer. Before we begin today, I would like to remind everyone of the safe harbor statement. Certain statements made in the course of this conference call contain forward-looking statements. It's important to note that the company's actual results could differ materially from those projected in such forward-looking statements. Additional information concerning risk factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the company's filings with the SEC, including, but not limited to, the company's Form 10-K/A for fiscal year 2023 and their subsequent periodic reports. Finally, in light of the company's ongoing exploration of strategic alternatives, management will not be conducting a live Q&A session on today's call. With that, I'd like to turn the call over to Jim Hall, Chief Executive Officer. Jim?

Thank you, Jeff. Good morning, everyone, and thank you for joining us for our fiscal 2023 fourth quarter and year-end update. Today, I'll briefly touch on our fiscal 2023 fourth quarter and year-end results and provide an update on our development portfolio. Before I do so, I want to briefly address the outstanding strategic review process, which remains ongoing. We aren't in a position today to provide any updates but we remain focused on continuing to execute on our business plan and that the Board continues its evaluation of potential strategic alternatives so as to determine the best path forward to maximize value for our stockholders. As you recall from our last call, at the end of May, we took significant step forward with the execution of an expanded supply agreement with significant long-term customer outcome as well as completing a comprehensive restructuring of our debt arrangements in which Alcon became our primary lender. These transactions were significant in creating a more stable and sustainable capital structure for Lifecore. These transactions also brought some added complexity to our year-end reporting which is the primary reason for the delay in providing you with our full year fiscal 2023 update. In the fiscal '23 fourth quarter, Lifecore generated segment revenue of $31.5 million and segment adjusted EBITDA of $6.1 million, both of which were consistent with our expectations and the cadence that we disclosed during our third quarter call. We believe our business remains very well positioned as a fully integrated CDMO with highly differentiated capabilities for the development, fill and finish of complex sterile injectable grade pharmaceutical products. These technical capabilities have been honed from our more than 40 years of experience in building a premier pharmaceutical injectable grade hyaluronic acid manufacturing platform with a focus on complex and highly regulated…

Thank you, Jim. I'll begin with a brief review of our financial results before transitioning to the balance sheet, the impacts from our recent refinancing, some timing perspectives on our SEC filings and a brief guide on our fiscal '24 forecasted business. For the fiscal fourth quarter of '23, Lifecore segment revenues increased 14.2% to $31.5 million driven by a 38% increase in our hyaluronic acid, HA raw material manufacturing or fermentation business and a 9% increase in our CDMO business. The increase in HA raw material manufacturing revenue was primarily due to the higher demand in the current year. The increase in CDMO revenues was primarily due to the timing of customer shipments as well as a higher mix of earlier phase development projects onboarded at the earlier lower initial revenue stage but have, nevertheless, strong runways for future periods. Lifecore segment gross profit decreased $4.9 million to $8.5 million for the fourth quarter of '23, representing a gross margin of 26.9%, which compares to 48.4% in the prior year period. The gross profit decline was primarily due to a favorable volume variance of $1.9 million due to the increase in year-over-year revenues offset by an unfavorable rate variance of $6.8 million. The rate variance was driven by the lower volume of higher-margin development revenues in the current year period, inflationary impacts of commercial aseptic products on certain legacy contracts, somewhat offset by the higher volume of fermentation revenues. Lifecore segment adjusted EBITDA was $6.1 million for the fourth quarter of '23, representing an adjusted EBITDA margin of 19.3%. Given the divestment of the remaining Curation Foods businesses in Q4, I will not comment on those segment results. In the Corporate Other segment, adjusted EBITDA was negative $1.9 million for Q4 of fiscal year '23, which was consistent with…