Legacy Education Inc. (NYSE: LGCY)

Legacy Education Inc. provides career focused post secondary education through four accredited colleges in California. The company operates High Desert Medical College, Central Coast College, Integrity College of Health, and Contra Costa Medical Career College. These institutions offer certificate and associate degree programs primarily in healthcare fields such as nursing, sonography, medical assisting, and vocational training. Legacy Education Inc. aims to equip students with practical skills that meet employer demand in the health care sector. The colleges maintain accreditation from recognized bodies to ensure program quality and eligibility for federal financial aid.

The company generates revenue primarily from tuition and fees paid by students enrolled in its programs. A substantial portion of this revenue comes from federal Title IV financial aid programs, including Pell grants and student loans, which many students rely on to cover costs. Additional revenue streams include state financial aid, veterans benefits, and private payments from students or employers. Tuition varies by program, with certificate courses typically ranging from a few thousand dollars to associate degree programs that may exceed sixty thousand dollars in total charges. The reliance on Title IV aid makes compliance with federal regulations a critical factor in the company's financial performance.

The company operates through the following segments.

• High Desert Medical College: This segment provides ultrasound technology, vocational nursing, associate degree in nursing, cardiac sonography, pharmacy technician, dental assisting, medical assisting, medical billing and coding, veterinary assistant, phlebotomy, emergency medical technician, and related diploma and certificate programs across campuses in Lancaster, Bakersfield, and Temecula.

• As of June 30, 2025, HDMC served approximately 1,956 students and reported a graduate placement rate of 74.9%.

• The college continuously updates its curriculum to align with evolving industry standards and employer needs.

• Central Coast College: This segment offers medical assisting, medical administrative assistant, nursing assistant, phlebotomy technician, veterinary assistant, veterinary technology, computer specialist accounting, ultrasound technology diploma and associate degree, surgical technology associate degree, sterile processing technician, dental assisting, pharmacy technician, and business administration programs.

• As of June 30, 2025, CCC had approximately 495 enrolled students and reported a placement rate of 74.1%.

• The college emphasizes hands on training and externship opportunities to prepare graduates for immediate entry into the workforce.

• Integrity College of Health: This segment delivers vocational nursing, medical assisting, diagnostic medical sonography, medical billing and coding, bachelor of science in nursing RN to BSN, veterinary assistant, and vocational nursing associate of applied science programs.

• As of June 30, 2025, Integrity enrolled approximately 202 students and achieved a placement rate of 74.6%.

• The college recently earned initial accreditation for its RN to BSN track from the National League for Nursing Commission for Nursing Education Accreditation.

• Contra Costa Medical Career College: This segment provides surgical technology associate degree, sterile processing technician diploma, diagnostic medical sonography certificate, medical assisting with phlebotomy, dental assisting, vocational nursing certificate, clinical medical assisting, EKG/ECG technician, medical administrative assistant/billing and coding, medical assisting, pharmacy technician, and phlebotomy technician programs.

• As of June 30, 2025, CCMCC had approximately 448 students enrolled and reported a placement rate of 73.8%.

• The college focuses on surgical technology and sterile processing training to meet regional hospital staffing needs.

Legacy Education Inc. operates in a competitive for profit postsecondary education market alongside institutions such as San Joaquin Valley College, Career Care Institute, UEI College, Bakersfield College, and Pima Medical Institute. Its competitive advantages stem from program accreditation by ACCET and ABHES, high graduate placement rates averaging 74.5%, and strategic campus locations near hospitals and clinics that facilitate externships and employment. The company also emphasizes affordable tuition and a strong focus on student outcomes to differentiate itself from rivals. Legacy Education Inc. continually monitors enrollment trends and adjusts program offerings to align with labor market projections for health care occupations.

The company serves a diverse student base that includes recent high school graduates, working adults, and parents seeking career training in health care fields. Students are primarily California residents, with a demographic breakdown showing approximately 61% Hispanic, 13% Black/African American, 12% White, 5% Asian, and smaller percentages of other ethnicities as of June 30, 2025. The majority of enrollees are women, representing about 88% of the total student population. Many students balance work and family responsibilities while attending classes, benefiting from flexible scheduling options and year round start dates offered by the colleges.