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    Neogen Announces First-Quarter 2025 Results

    10/10/24 7:00:00 AM ET
    $NEOG
    Biotechnology: In Vitro & In Vivo Diagnostic Substances
    Health Care
    Get the next $NEOG alert in real time by email
    • Revenue of $217.0 million.
    • Net loss of $12.6 million; $(0.06) per diluted share.
    • Adjusted Net Income of $14.4 million; $0.07 per diluted share.
    • Adjusted EBITDA of $43.7 million.
    • Maintaining full-year guidance.

    LANSING, Mich., Oct. 10, 2024 /PRNewswire/ -- Neogen Corporation (NASDAQ:NEOG) announced today the results of the first quarter ended August 31, 2024.

    Neogen Corporation (PRNewsfoto/Neogen Corporation)

    "During the first quarter, the focus of our teams shifted from managing through the initial complexity of exiting the transition service agreements from the 3M transaction to gaining market share," said John Adent, Neogen's President and Chief Executive Officer. "The system-related issues in our distribution center that impacted our order fulfillment rates were resolved and the business was not constrained by shipping. In our Food Safety segment, we saw encouraging initial traction from our targeted share-gain activities and generated positive core revenue growth while continuing to navigate soft end-market conditions. In our Animal Safety segment, the end market is near what we believe are cyclical lows. However, sales of our products to end users remained supportive, with the decline in core revenue driven by a combination of mixed channel inventory movements at our distribution partners and timing impacts. Operationally, our margins in the quarter were affected by the lower total volumes, as well as some higher costs in the area of shipping and distribution. We have mitigating initiatives currently underway and will be taking additional targeted actions to protect margins."

    Adent continued, "The value proposition of Neogen's food safety solutions and expertise has never been more relevant than it is today. We provide an important and relatively inexpensive line of defense in the rapid detection of contaminants in the production and distribution of food and beverages. As evidenced by some unfortunate higher-profile incidents recently, contaminated products reaching consumers is something we all work to avoid. Beyond the obvious tragic consequences that can result, the costs of any associated recalls, litigation, brand damage or even facility closures can be tremendous. In addition to our broad portfolio of globally validated products, we have longstanding experience as a trusted partner that we're able to leverage in structuring robust food safety testing programs to help avoid these outcomes. Our commercial teams are having an increasing amount of constructive dialogue with customers on this front and we're looking forward to continuing to demonstrate our capabilities as a reliable, knowledgeable source of leading food safety testing solutions."

    Financial and Business Highlights

    Revenues for the first quarter were $217.0 million, a decrease of 5.3% compared to $229.0 million in the prior year. Core revenue, which excludes the impacts of foreign currency translation, as well as acquisitions completed and product lines discontinued in the last 12 months, declined by 1.4%. Acquisitions and discontinued product lines did not impact core growth this quarter, while foreign currency had a negative impact of 3.9%.

    Net loss for the first quarter was $12.6 million, or $(0.06) per diluted share, compared to net income of $1.5 million, or $0.01 per diluted share, in the prior-year period. Adjusted Net Income was $14.4 million, or $0.07 per diluted share, compared to $23.7 million, or $0.11 per diluted share, in the prior-year period. The decline in Adjusted Net Income was driven primarily by the lower level of operating income.

    Gross margin was 48.4% in the first quarter of fiscal 2025. This compares to a gross margin of 51.0% in the same quarter a year ago, with the decrease primarily due to lower volume and continued higher distribution costs. Adjusting for transaction- and integration-related costs, as well as discontinued product costs, gross margin was 50.7% in the first quarter compared to 51.6% in the prior-year quarter.

    First-quarter Adjusted EBITDA was $43.7 million, representing an Adjusted EBITDA Margin of 20.1%, compared to $52.4 million and a margin of 22.9% in the prior-year period. The decline in Adjusted EBITDA Margin was driven by lower revenue and the lower gross margin, as well as additional negative impact from the full cost to exit the various transition service agreements that had been in place, including higher shipping costs.

    Food Safety Segment

    Revenues for the Food Safety segment were $159.3 million in the first quarter, a decrease of 4.2% compared to $166.3 million in the prior year, consisting of 1.1% core growth, a 0.1% contribution from acquisitions and discontinued product lines and a negative foreign currency impact of 5.4%. The core growth was driven by a solid performance in the biosecurity and indicator testing, culture media & other product categories, including Petrifilm, partially offset by lower sales in the bacterial & general sanitation and natural toxins & allergens product categories.

    Animal Safety Segment

    Revenues for the Animal Safety segment were $57.6 million in the first quarter, a decrease of 8.1% compared to $62.7 million in the prior year, consisting of a 7.8% core revenue decline and 0.3% headwind from discontinued product lines. The decline was driven primarily by lower sales in our animal care & other and biosecurity product categories.

    On a global basis, the Company's Genomics business experienced a core revenue decline in the mid-single-digit range, reflecting modest sequential improvement from the fourth quarter. Increased sales in international beef and dairy markets were offset by the impact of customer attrition in the U.S., a result of the shift in strategic focus towards larger production animals, as well as weakness on the companion animal side of the market.

    Liquidity and Capital Resources

    As of August 31, 2024, the Company had total cash of $120.5 million and total outstanding non-current debt of $900.0 million, as well as committed borrowing headroom of $150.0 million.

    Fiscal Year 2025 Outlook

    The Company is maintaining its full-year outlook. Revenue is expected to be in the range of $925 million to $955 million, with Adjusted EBITDA in the range of $215 million to $235 million. The Company continues to expect capital expenditures to be approximately $85 million, including approximately $55 million related specifically to the integration of the former 3M Food Safety Division.

    Conference Call and Webcast

    Neogen Corporation will host a conference call today at 8:00 a.m. Eastern Time to discuss the Company's financial results. The live webcast of the conference call and accompanying presentation materials can be accessed through Neogen's website at neogen.com/investor-relations. For those unable to access the webcast, the conference call can be accessed by dialing (800) 836-8184 (U.S.) or +1 (646) 357-8785 (International) and requesting the Neogen Corporation First Quarter 2025 Earnings Call. A replay of the conference call and webcast will be available shortly following the conclusion of the call, and can be accessed domestically or internationally by dialing (888) 660-6345 or +1 (646) 517-4150, respectively, and providing the entry code 28867, or through Neogen's Investor Relations website at neogen.com/investor-relations.

    About Neogen

    Neogen is committed to fueling a brighter future for global food security through the advancement of human and animal well-being. Harnessing the power of science and technology, Neogen Corporation has developed comprehensive solutions spanning the Food Safety, Livestock and Pet Health & Wellness markets. A world leader in these fields, Neogen has a presence in over 140 countries with a dedicated network of scientists and technical experts focused on delivering optimized products and technology for its customers.

    Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management's Discussion and Analysis of Financial Condition and Results of Operations in the company's most recently filed Form 10-K. 

    NEOGEN CORPORATION 

    UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

    (In thousands, except for share and per share amounts)







    Three months ended August 31,







    2024





    2023



    Revenue













    Food Safety



    $

    159,345





    $

    166,278



    Animal Safety





    57,619







    62,709



    Total revenue





    216,964







    228,987



    Cost of revenues





    112,038







    112,226



    Gross profit





    104,926







    116,761



    Operating expenses













    Sales & marketing





    45,799







    45,783



    Administrative





    51,671







    45,121



    Research & development





    5,199







    6,722



    Total operating expenses





    102,669







    97,626



    Operating income





    2,257







    19,135



    Interest expense, net





    (17,622)







    (16,666)



    Other expense





    (244)







    (806)



    (Loss) income before tax





    (15,609)







    1,663



    Income tax (benefit) expense





    (3,000)







    160



    Net (loss) income



    $

    (12,609)





    $

    1,503



    Net (loss) earnings per diluted share



    $

    (0.06)





    $

    0.01



    Shares to calculate per share amount





    216,695,348







    216,846,106



     

    NEOGEN CORPORATION 

    UNAUDITED CONSOLIDATED BALANCE SHEET 

    (In thousands, except share amounts)





    August 31, 2024





    May 31, 2024



    Assets













    Current Assets













    Cash and cash equivalents



    $

    120,477





    $

    170,611



    Marketable securities





    —







    325



    Accounts receivable, net of allowance of $4,137 and $4,140





    167,639







    173,005



    Inventories, net of reserves of $17,209 and $12,361





    198,596







    189,267



    Prepaid expenses and other current assets





    53,938







    56,025



    Total Current Assets





    540,650







    589,233



    Net Property and Equipment





    300,971







    277,104



    Other Assets













    Right of use assets





    14,311







    14,785



    Goodwill





    2,137,494







    2,135,632



    Intangible assets, net





    1,489,751







    1,511,653



    Other non-current assets





    19,996







    20,426



    Total Assets



    $

    4,503,173





    $

    4,548,833



    Liabilities and Stockholders' Equity













    Current Liabilities













    Current portion of finance lease



    $

    2,651





    $

    2,447



    Accounts payable





    61,464







    83,061



    Accrued compensation





    15,803







    19,949



    Income tax payable





    11,102







    10,449



    Accrued interest





    3,554







    10,985



    Deferred revenue





    5,635







    4,632



    Other accruals





    22,480







    22,800



    Total Current Liabilities





    122,689







    154,323



    Deferred Income Tax Liability





    317,574







    326,718



    Non-current debt





    889,129







    888,391



    Other non-current liabilities





    38,589







    35,259



    Total Liabilities





    1,367,981







    1,404,691



    Commitments and Contingencies













    Equity













    Preferred stock, $1.00 par value, 100,000 shares authorized, none issued

    and outstanding





    —







    —



    Common stock, $0.16 par value, 315,000,000 shares authorized, 216,698,138 and

    216,614,407 shares issued and outstanding





    34,672







    34,658



    Additional paid-in capital





    2,588,930







    2,583,885



    Accumulated other comprehensive loss





    (31,421)







    (30,021)



    Retained earnings





    543,011







    555,620



    Total Stockholders' Equity





    3,135,192







    3,144,142



    Total Liabilities and Stockholders' Equity



    $

    4,503,173





    $

    4,548,833



     

    NEOGEN CORPORATION 

    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS 

    (In thousands)







    Three months ended August 31,







    2024





    2023



    Cash Flows (used for) provided by Operating Activities













    Net (loss) income



    $

    (12,609)





    $

    1,503



    Adjustments to reconcile net (loss) income to net cash from operating activities:













    Depreciation and amortization





    29,800







    28,734



    Deferred income taxes





    (9,119)







    998



    Share-based compensation





    3,982







    2,638



    Loss on disposal of property and equipment





    77







    —



    Amortization of debt issuance costs





    860







    860



    Other





    (261)







    —



    Change in operating assets and liabilities, net of business acquisitions:













    Accounts receivable, net





    4,796







    16,242



    Inventories, net





    (9,939)







    (6,304)



    Prepaid expenses and other current assets





    (1,733)







    (12,925)



    Accounts payable and accrued liabilities





    (15,881)







    4,980



    Interest expense accrual





    (7,431)







    (7,711)



    Change in other non-current assets and non-current liabilities





    (456)







    (6,006)



    Net Cash (used for) provided by Operating Activities





    (17,914)







    23,009



    Cash Flows used for Investing Activities













    Purchases of property, equipment and other non-current intangible assets





    (38,433)







    (30,630)



    Proceeds from the maturities of marketable securities





    325







    21,905



    Proceeds from the sale of property and equipment and other





    4,446







    41



    Net Cash used for Investing Activities





    (33,662)







    (8,684)



    Cash Flows provided by Financing Activities













    Exercise of stock options and issuance of employee stock purchase plan shares





    1,077







    1,062



    Repayment of long-term debt and finance lease





    (98)







    —



    Net Cash provided by Financing Activities





    979







    1,062



    Effects of Foreign Exchange Rate on Cash





    463







    205



    Net (Decrease) Increase in Cash and Cash Equivalents





    (50,134)







    15,592



    Cash and Cash Equivalents, Beginning of Year





    170,611







    163,240



    Cash and Cash Equivalents, End of Year



    $

    120,477





    $

    178,832



    Non-GAAP Financial Measures

    This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. Management uses Adjusted EBITDA as a key profitability measure. This is a non-GAAP measure that represents EBITDA before certain items that impact comparison of the performance of our business, either period-over-period or with other businesses. Adjusted EBITDA Margin is Adjusted EBITDA for a particular period expressed as a percentage of revenues for that period.

    Management uses Adjusted Net Income as an additional measure of profitability. Adjusted Net Income is a non-GAAP measure that represents net income before certain items that impact comparison of the performance of our business, either period-over-period or with other businesses.

    Core revenue growth is a non-GAAP measure that represents net sales for the period excluding the effects of foreign currency translation rates and the first-year impacts of acquisitions and discontinued product lines, where applicable. Core revenue growth is presented to allow for a meaningful comparison of year-over-year performance without the volatility caused by foreign currency translation rates, or the incomparability that would be caused by the impact of an acquisition, disposal or product line discontinuation.

    These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please see below for a reconciliation of historical non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP.

    NEOGEN CORPORATION 

    RECONCILIATION OF NET(LOSS) INCOME TO ADJUSTED EBITDA 

    (In thousands, except for percentages)





    Three months ended August 31,







    2024





    2023



    Net (loss) income



    $

    (12,609)





    $

    1,503



    Income tax (benefit) expense





    (3,000)







    160



    Depreciation and amortization





    29,800







    28,734



    Interest expense, net





    17,622







    16,666



    EBITDA



    $

    31,813





    $

    47,063



    Share-based compensation





    3,982







    2,638



    FX transaction gain on loan and other revaluation (1)





    (320)







    (290)



    Certain transaction fees and integration costs (2)





    5,122







    1,951



    Severance and other employment costs





    370







    559



    Contingent consideration adjustments





    —







    300



    ERP expense (3)





    1,835







    128



    Discontinued product line expense (4)





    912







    20



    Adjusted EBITDA



    $

    43,714





    $

    52,369



    Adjusted EBITDA margin (% of sales)





    20.1

    %





    22.9

    %



    (1) Net foreign currency transaction loss associated with the revaluation of foreign denominated intercompany loans

    established in connection with the 3M Food Safety transaction and other non-hedged foreign currency revaluation

    resulting from 3M agreements.

    (2) Includes costs associated with the 3M transaction, including various transition agreements. $4.2 million is included

    within Cost of Revenues. 

    (3) Expenses related to ERP implementation.

    (4) Expenses associated with certain discontinued product lines. Amounts are recorded within Cost of Revenues. 

     

    NEOGEN CORPORATION 

    RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME 

    (In thousands, except for per share)





    Three months ended August 31,







    2024





    2023



    Net (loss) income



    $

    (12,609)





    $

    1,503



    Amortization of acquisition-related intangibles





    23,138







    23,325



    Share-based compensation





    3,982







    2,638



    FX transaction gain on loan and other revaluation (1)





    (320)







    (290)



    Certain transaction fees and integration costs (2)





    5,122







    1,951



    Severance and other employment costs





    370







    559



    Contingent consideration adjustments





    —







    300



    ERP expense (3)





    1,835







    128



    Discontinued product line expense (4)





    912







    20



    Estimated tax effect of above adjustments (5)





    (8,052)







    (6,447)



    Adjusted Net Income



    $

    14,378





    $

    23,687



    Adjusted Earnings per Share



    $

    0.07





    $

    0.11





    (1) Net foreign currency transaction loss associated with the revaluation of foreign denominated intercompany loans

    established in connection with the 3M Food Safety transaction and other non-hedged foreign currency revaluation

    resulting from 3M agreements.

    (2) Includes costs associated with the 3M transaction, including various transition agreements. $4.2 million is included

    within Cost of Revenues. 

    (3) Expenses related to ERP implementation.

    (4) Expenses associated with certain discontinued product lines. Amounts are recorded within Cost of Revenues. 

    (5) Tax effect of adjustments is calculated using projected effective tax rates for each applicable item.

     

    NEOGEN CORPORATION 

    RECONCILIATION OF GROWTH TO CORE GROWTH

    (In thousands)





    Q1 FY25





    Q1 FY24





    Growth



    Foreign Currency



    Acquisitions / 

    Divestitures



    Core Revenue

    Growth

    Food Safety



    $

    159,345





    $

    166,278





    (4.2 %)



    (5.4 %)



    0.1 %



    1.1 %

    Animal Safety





    57,619







    62,709





    (8.1 %)



    0.0 %



    (0.3 %)



    (7.8 %)

    Total Neogen



    $

    216,964





    $

    228,987





    (5.3 %)



    (3.9 %)



    0.0 %



    (1.4 %)

     

    Contact 

    Bill Waelke

    (517) 372-9200

    [email protected]

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/neogen-announces-first-quarter-2025-results-302272424.html

    SOURCE Neogen Corporation

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    • Neogen Announces the Appointment of New Board Member

      LANSING, Mich., Oct. 1, 2024 /PRNewswire/ -- Neogen® Corporation (NASDAQ:NEOG), an innovative leader in food safety solutions, announced today that it has appointed Thierry Bernard as a director to its Board, effective November 1, 2024. "We are pleased to welcome Thierry Bernard to the Neogen Board of Directors and look forward to his guidance as the company continues in its commitment to fueling a brighter future for global food security," said Jim Borel, Neogen's Board Chair. "As a sitting CEO with a wealth of knowledge in science and technologies relevant to Neogen and its

      10/1/24 8:45:00 AM ET
      $NEOG
      $QGEN
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
      Biotechnology: Biological Products (No Diagnostic Substances)

    $NEOG
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    • Neogen Announces Sale of Cleaners & Disinfectants Business

      Neogen Corporation (NASDAQ:NEOG), an innovative leader in food safety solutions, announced today it has entered into a definitive agreement to sell its global cleaners and disinfectants business to Kersia Group ("Kersia"), a global leader in biosecurity, disinfection and hygiene solutions, for $130 million in cash at closing plus contingent consideration tied to the future performance of the business. The transaction is expected to be accretive to margins and close in the first quarter of the Company's 2026 fiscal year, subject to regulatory approval and customary closing conditions. The net proceeds will be used to fully repay the $100 million drawn on the Company's revolving credit facili

      4/21/25 9:00:00 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Neogen® Announces CEO Transition

      Board has Formed Search Committee and Engaged Leading Executive Search Firm Neogen® Corporation (NASDAQ:NEOG), an innovative leader in food safety solutions, today announced that John Adent, the Company's CEO and President, will be stepping down after an eight-year career at the Company. Mr. Adent will continue to serve in his existing roles until his successor has been appointed. Neogen's Board of Directors has formed a special committee, comprising Board Chair Jim Borel, Thierry Bernard and Jeff Capello, to direct the search for the Company's next CEO and has engaged a leading global executive search firm. The special committee will also support Mr. Adent and the leadership team as they

      4/9/25 7:01:00 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Neogen Announces Third-Quarter 2025 Results

      Revenue of $221.0 million. Net loss of $11.0 million; $(0.05) per diluted share. Adjusted Net Income1 of $20.9 million; $0.10 per diluted share. Adjusted EBITDA1 of $48.5 million. Updating full-year guidance. 1 Non-GAAP financial measures; see explanations and reconciliations that follow. Neogen Corporation (NASDAQ:NEOG) announced today the results of the third quarter ended February 28, 2025. "During the third quarter, we continued to make good progress on the integration and saw a solid underlying performance in our Food Safety segment," said John Adent, Neogen's President and Chief Executive Officer. "The quarter was impacted by lower sample collection revenue, but we made s

      4/9/25 7:00:00 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care

    $NEOG
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    • Neogen Announces Third-Quarter 2025 Results

      Revenue of $221.0 million. Net loss of $11.0 million; $(0.05) per diluted share. Adjusted Net Income1 of $20.9 million; $0.10 per diluted share. Adjusted EBITDA1 of $48.5 million. Updating full-year guidance. 1 Non-GAAP financial measures; see explanations and reconciliations that follow. Neogen Corporation (NASDAQ:NEOG) announced today the results of the third quarter ended February 28, 2025. "During the third quarter, we continued to make good progress on the integration and saw a solid underlying performance in our Food Safety segment," said John Adent, Neogen's President and Chief Executive Officer. "The quarter was impacted by lower sample collection revenue, but we made s

      4/9/25 7:00:00 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Neogen Announces Third-Quarter Earnings Release Date

      LANSING, Mich., March 20, 2025 /PRNewswire/ -- Neogen® Corporation (NASDAQ:NEOG) will issue its third-quarter earnings release before the opening of the market on Wednesday, April 9, 2025. Executives from the company will host a webcast and conference call later that morning, beginning at 8:00 a.m. Eastern time, to discuss the financial results. The conference call can be accessed by dialing:Toll-Free - North America: 1-800-549-8228International: (+1) 646-564-2877Conference ID: 63045 The live webcast can be accessed through Neogen's Investor Relations webpage, neogen.com/inves

      3/20/25 4:15:00 PM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Neogen Announces Preliminary¹ Second-Quarter 2025 Results

      Revenue of $231.3 million.Net loss of $456.3 million due to non-cash goodwill impairment; $(2.10) per diluted share.Adjusted Net Income2 of $24.4 million; $0.11 per diluted share.Adjusted EBITDA2 of $51.4 million.Updating full-year guidance.LANSING, Mich., Jan. 10, 2025 /PRNewswire/ -- Neogen Corporation (NASDAQ:NEOG) announced today the preliminary results of the second quarter ended November 30, 2024. "The second quarter reflected steady progress, as we saw improvement across the business compared to the first quarter, with core revenue growth accelerating in both of our seg

      1/10/25 7:00:00 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care

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    • Neogen Corporation filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - NEOGEN CORP (0000711377) (Filer)

      4/22/25 4:45:23 PM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • SEC Form 10-Q filed by Neogen Corporation

      10-Q - NEOGEN CORP (0000711377) (Filer)

      4/9/25 4:04:19 PM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Neogen Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

      8-K - NEOGEN CORP (0000711377) (Filer)

      4/9/25 7:06:54 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
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