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    Neogen Announces Fourth-Quarter 2024 Results

    7/30/24 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 $236.8 million.
    • Net loss of $5.4 million; $(0.02) per diluted share.
    • Adjusted Net Income of $22.4 million; $0.10 per diluted share.
    • Adjusted EBITDA of $53.0 million.

    LANSING, Mich., July 30, 2024 /PRNewswire/ -- Neogen Corporation (NASDAQ:NEOG) announced today the results of the fourth quarter ended May 31, 2024.

    Neogen Corporation (PRNewsfoto/Neogen Corporation)

    "After crossing multiple significant integration milestones in the third quarter related to the integration of the former 3M Food Safety business, progress continued on multiple fronts in the fourth quarter," said John Adent, Neogen's President and Chief Executive Officer. "We completed the relocation of the sample handling product line, which we expect to have running at full production by the end of the first quarter. We also saw improvement in our order fulfillment rates throughout the quarter, which have subsequently improved to the point where they are no longer a constraint."      

    Adent continued, "End-market conditions remained soft, but stable compared to the third quarter. With respect to Food Safety specifically, where food production volumes were still mostly down on a year-over-year basis, we are expecting a trend of slow, gradual improvement over the course of the fiscal year. The progress we've made on resolving our shipping challenges has allowed our commercial teams to focus on what they do best – demand generation – leveraging the broadest product portfolio in the industry and Neogen's reputation for consultative customer service, along with the expected improvement in the end-market backdrop. While we still have work ahead of us, the peak capital expenditure and working capital outflows related to the integration are behind us. As a result of our significant integration progress, we're able to focus on driving improvements in the combined operations and are looking forward to leveraging the full capabilities of our business in what we expect to be an unconstrained operating environment in fiscal 2025."

    Financial and Business Highlights

    Revenues for the fourth quarter were $236.8 million, a decrease of 2.1% compared to $241.8 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, was 2.0%. Acquisitions and discontinued product lines contributed 0.1%, while foreign currency had a negative impact of 4.2%.

    Revenues for the full year were $924.2 million, an increase of 12.4% compared to $822.4 million in the prior year. Core revenue growth was 1.8%. Acquisitions and discontinued product lines contributed 11.9%, while foreign currency was a headwind of 1.3%.

    Net loss for the fourth quarter was $5.4 million, or $(0.02) per diluted share, compared to net income of $5.6 million, or $0.03 per diluted share, in the prior-year period. Adjusted Net Income was $22.4 million, or $0.10 per diluted share, compared to $30.2 million, or $0.14 per diluted share, in the prior-year period, with the decline driven primarily by lower Adjusted EBITDA. 

    Net loss for the full year was $9.4 million, or $(0.04) per diluted share, compared to net loss of $22.9 million, or $(0.12) per diluted share, in the prior year. Adjusted Net Income for the full year was $97.4 million, or $0.45 per diluted share, compared to $105.7 million, or $0.56 per diluted share, in the prior year.

    Gross margin, expressed as a percentage of sales, was 47.9% in the fourth quarter of fiscal 2024. This compares to a gross margin of 50.9% in the same quarter a year ago, with the decrease primarily due to costs incurred related to the exit of the transition service agreements, including a higher level of inventory adjustments.

    Gross margin for the full year was 50.2% compared to a gross margin of 49.4% in the prior year.

    Fourth-quarter Adjusted EBITDA was $53.0 million, representing an Adjusted EBITDA Margin of 22.4%, compared to $63.1 million and a margin of 26.1% in the prior-year period. The lower Adjusted EBITDA Margin was primarily the result of the decline in gross margin.

    Full-year Adjusted EBITDA was $213.2 million, representing an Adjusted EBITDA margin of 23.1% compared to $205.4 million and a margin of 25.0% in the prior year.

    Food Safety Segment

    Revenues for the Food Safety segment were $166.9 million in the fourth quarter, a decrease of 1.4% compared to $169.3 million in the prior year, consisting of 4.3% core growth, a 0.2% contribution from acquisitions and discontinued product lines and a negative foreign currency impact of 5.9%. The core revenue growth was led by the Indicator Testing, Culture Media & Other product category, which benefited from strong growth in Petrifilm, as well as in culture media and food quality and nutritional analysis products. In the Company's Bacterial & General Sanitation product category, growth in pathogen detection and general sanitation products was partially offset by a decline in sales of microbiological products, largely the result of higher equipment sales in the prior-year quarter. Within the Natural Toxins & Allergens product category, modest growth in allergens was offset by a decline in sales of natural toxin test kits, due largely to product availability issues.

    For the full year, revenues for the Food Safety segment were $655.3 million, an increase of 19.9% compared to $546.8 million in the prior year, consisting of core growth of 3.7%, 18.0% from acquisitions and a foreign currency headwind of 1.8%.

    Animal Safety Segment

    Revenues for the Animal Safety segment were $69.9 million in the fourth quarter, a decrease of 3.7% compared to $72.5 million in the prior year, consisting of a 3.3% core revenue decline, a 0.3% headwind from discontinued product lines and negative foreign currency impact of 0.1%. In the Veterinary Instruments & Disposables product category, solid growth in veterinary instruments from increased demand for detectable needles and syringes was partially offset by a compare-driven decline in other animal safety products. Growth in the Company's Animal Care & Other product category was driven by higher sales of vitamin injectables and biologics products. In the Company's portfolio of biosecurity products, strong growth in insect control products was offset by declines in cleaners and disinfectants and rodent control products due largely to strong growth in the prior-year quarter and the timing of shipments. 

    On a global basis, the Company's Genomics business experienced a core revenue decline in the mid-single-digit range. Increased sales in international beef 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.

    For the full year, revenues for the Animal Safety segment were $268.9 million, a decrease of 2.5% compared to $275.7 million in the prior year, consisting of a core revenue decline of 2.0%, a 0.2% headwind from discontinued product lines and negative foreign currency impact of 0.3%.

    Liquidity and Capital Resources

    As of May 31, 2024, the Company had total cash and investments of $170.9 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 initiating its full-year outlook for fiscal year 2025. Revenue is expected to be $925 million to $955 million, reflecting core revenue growth in the mid-single-digit range, offset primarily by an anticipated foreign currency headwind. Adjusted EBITDA is expected to be $215 million to $235 million, while capital expenditures are expected 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 Fourth Quarter 2024 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 82704, or through Neogen's Investor Relations website at neogen.com/investor-relations. 

    About Neogen

    Neogen Corporation 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 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 share amounts)







    Three Months Ended May 31,





    Twelve Months Ended May 31,







    2024





    2023





    2024





    2023



    Revenue

























    Food Safety



    $

    166,906





    $

    169,269





    $

    655,341





    $

    546,797



    Animal Safety





    69,888







    72,541







    268,881







    275,650



    Total revenue





    236,794







    241,810







    924,222







    822,447



    Cost of revenues





    123,312







    118,628







    460,322







    416,492



    Gross profit





    113,482







    123,182







    463,900







    405,955



    Operating expenses

























    Sales & marketing





    44,337







    42,893







    182,872







    141,222



    Administrative





    50,960







    49,810







    199,889







    201,179



    Research & development





    5,145







    7,054







    22,476







    26,039



    Total operating expenses





    100,442







    99,757







    405,237







    368,440



    Operating income





    13,040







    23,425







    58,663







    37,515



    Other expense





    (19,439)







    (15,775)







    (72,968)







    (59,557)



    (Loss) income before tax





    (6,399)







    7,650







    (14,305)







    (22,042)



    Income tax (benefit) expense





    (984)







    2,078







    (4,884)







    828



    Net (loss) income



    $

    (5,415)





    $

    5,572





    $

    (9,421)





    $

    (22,870)



    Net (loss) income per diluted share



    $

    (0.02)





    $

    0.03





    $

    (0.04)





    $

    (0.12)



    Shares to calculate per share amount





    216,610,641







    216,441,935







    216,481,878







    188,880,836



     

    NEOGEN CORPORATION

    UNAUDITED CONSOLIDATED BALANCE SHEET

    (In thousands, except share amounts)







    May 31







    2024





    2023



    Assets













    Current Assets













    Cash and cash equivalents



    $

    170,611





    $

    163,240



    Marketable securities





    325







    82,329



    Accounts receivable, net





    173,005







    153,253



    Inventories





    189,267







    133,812



    Prepaid expenses and other current assets





    56,025







    53,297



    Total Current Assets





    589,233







    585,931



    Property and Equipment













    Land and improvements





    10,497







    10,209



    Building and improvements





    108,298







    96,794



    Machinery and equipment





    176,369







    152,547



    Furniture and fixtures





    8,260







    7,080



    Construction in progress





    113,968







    52,237









    417,392







    318,867



    Less accumulated depreciation





    (140,288)







    (120,118)



    Property and Equipment, net





    277,104







    198,749



    Other Assets













    Right of use assets





    14,785







    11,933



    Goodwill





    2,135,632







    2,137,496



    Other non-amortizable intangible assets





    —







    14,316



    Amortizable intangible assets, net





    1,511,653







    1,590,787



    Other non-current assets





    20,426







    15,220



    Total Other Assets





    3,682,496







    3,769,752



    Total Assets



    $

    4,548,833





    $

    4,554,432



    Liabilities and Stockholders' Equity













    Current Liabilities













    Current portion of finance lease



    $

    2,447





    $

    —



    Accounts payable





    83,061







    76,669



    Accrued compensation





    19,949







    25,153



    Income tax payable





    10,449







    6,951



    Accrued interest





    10,985







    11,149



    Deferred revenue





    4,632







    4,616



    Other current liabilities





    22,800







    20,934



    Total Current Liabilities





    154,323







    145,472



    Deferred Income Tax Liability





    326,718







    353,427



    Non-Current Debt





    888,391







    885,439



    Other Non-Current Liabilities





    35,259







    35,877



    Total Liabilities





    1,404,691







    1,420,215



    Commitments and Contingencies













    Stockholders' Equity













    Preferred stock, $1.00 par value — shares authorized 100,000; none issued and outstanding





    —







    —



    Common stock, $0.16 par value — shares authorized 315,000,000; 216,614,407 and 216,245,501 shares issued and

    outstanding at May 31, 2024 and 2023, respectively





    34,658







    34,599



    Additional paid-in capital





    2,583,885







    2,567,828



    Accumulated other comprehensive loss





    (30,021)







    (33,251)



    Retained earnings





    555,620







    565,041



    Total Stockholders' Equity





    3,144,142







    3,134,217



    Total Liabilities and Stockholders' Equity



    $

    4,548,833





    $

    4,554,432



     

    NEOGEN CORPORATION

    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)







    Year Ended May 31,







    2024





    2023





    2022



    Cash Flows provided by Operating Activities



















    Net (loss) income



    $

    (9,421)





    $

    (22,870)





    $

    48,307



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



















    Depreciation and amortization





    116,717







    88,377







    23,694



    Impairment of discontinued product lines





    556







    3,109







    —



    (Gain) loss on sale of minority interest





    (103)







    2,016







    —



    Deferred income taxes





    (27,423)







    (19,230)







    (4,695)



    Share-based compensation





    13,768







    10,177







    7,154



    Loss (gain) on disposal of property and equipment





    1,073







    (486)







    —



    Amortization of debt issuance costs





    3,441







    2,720







    —



    Right of use asset amortization





    4,510







    2,097







    438



    Other





    4,829







    (685)







    (2,439)



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



















    Accounts receivable, net





    (20,101)







    (53,879)







    (7,798)



    Inventories





    (55,949)







    9,955







    (21,072)



    Prepaid expenses and other assets





    11,113







    (3,121)







    (4,054)



    Accounts payable, accruals and changes





    13,751







    18,642







    20,238



    Interest expense accrual





    (164)







    4,052







    —



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





    (21,333)







    154







    8,265



    Net Cash provided by Operating Activities





    35,264







    41,028







    68,038



    Cash Flows (used for) provided by Investing Activities



















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





    (111,421)







    (65,757)







    (24,429)



    Proceeds from the maturities of marketable securities





    82,004







    266,772







    381,839



    Purchase of marketable securities





    —







    (12,523)







    (415,894)



    Business acquisitions, net of cash acquired





    —







    11,721







    (38,745)



    Proceeds from the sale of property and equipment and other





    108







    826







    —



    Net Cash (used for) provided by Investing Activities





    (29,309)







    201,039







    (97,229)



    Cash Flows provided by (used for) Financing Activities



















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





    2,456







    1,195







    7,933



    Repayment of debt





    —







    (100,000)







    —



    Payment of contingent consideration





    —







    —







    (1,120)



    Debt issuance costs paid and other





    (538)







    (19,276)







    —



    Net Cash provided by (used for) Financing Activities





    1,918







    (118,081)







    6,813



    Effects of Foreign Exchange Rate on Cash





    (502)







    (5,219)







    (8,751)



    Net Increase (Decrease) in Cash and Cash Equivalents





    7,371







    118,767







    (31,129)



    Cash and Cash Equivalents, Beginning of Year





    163,240







    44,473







    75,602



    Cash and Cash Equivalents, End of Year



    $

    170,611





    $

    163,240





    $

    44,473



    Supplementary Cash Flow Information



















    Cash paid for interest



    $

    73,168





    $

    42,616





    $

    72



    Income taxes paid, net of refunds



    $

    22,303





    $

    15,473





    $

    17,242



    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 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 INCOME TO ADJUSTED EBITDA

    (In thousands)







    Three Months Ended May 31,





    Twelve Months Ended May 31,







    2024





    2023





    2024





    2023



    Net (loss) income



    $

    (5,415)





    $

    5,572





    $

    (9,421)





    $

    (22,870)



    Income tax (benefit) expense





    (984)







    2,078







    (4,884)







    828



    Depreciation and amortization





    28,864







    28,439







    116,717







    88,377



    Interest expense, net





    17,524







    16,951







    67,032







    52,795



    EBITDA



    $

    39,989





    $

    53,040





    $

    169,444





    $

    119,130



    Share-based compensation





    3,939







    2,866







    13,768







    10,177



    FX transaction loss on loan revaluation (1)





    732







    134







    2,082







    5,226



    Certain transaction fees and integration costs (2)





    3,431







    4,058







    15,521







    59,812



    Restructuring (3)





    160







    475







    3,513







    475



    Contingent consideration adjustments





    50







    —







    300







    (300)



    ERP Expense (4)





    3,563







    —







    7,467







    —



    Discontinued product line expense (5)





    941







    2,006







    994







    5,639



    (Recovery) loss on sale of minority interest





    (29)







    —







    (103)







    1,516



    Loss on investment





    —







    500







    —







    500



    Inventory step-up charge





    —







    —







    —







    3,245



    Other





    178







    —







    178







    —



    Adjusted EBITDA



    $

    52,954





    $

    63,079





    $

    213,164





    $

    205,420



    Adjusted EBITDA margin (% of sales)





    22.4

    %





    26.1

    %





    23.1

    %





    25.0

    %





    (1)

    Net foreign currency transaction loss associated with the revaluation of non-functional currency 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.

    (3)

    Includes costs associated with consolidation of U.S. genomics labs. 

    (4)

    Expenses related to ERP implementation. 

    (5)

    Expenses associated with intangible asset impairments and inventory scrap amounts related to certain discontinued product lines.

     

    NEOGEN CORPORATION

    RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME

    (In thousands)







    Three Months Ended May 31,





    Twelve Months Ended May 31,







    2024





    2023





    2024





    2023



    Net (loss) income



    $

    (5,415)





    $

    5,572





    $

    (9,421)





    $

    (22,870)



    Amortization of acquisition-related intangibles





    23,328







    22,053







    93,013







    68,690



    Share-based compensation





    3,939







    2,866







    13,768







    10,177



    FX transaction loss on loan revaluation (1)





    732







    134







    2,082







    5,226



    Certain transaction fees and integration costs (2)





    3,431







    4,058







    15,521







    59,812



    Restructuring (3)





    160







    475







    3,513







    475



    Contingent consideration adjustments





    50







    —







    300







    (300)



    ERP Expense (4)





    3,563







    —







    7,467







    —



    Discontinued product line expense (5)





    941







    2,006







    994







    5,639



    (Recovery) loss on sale of minority interest





    (29)







    —







    (103)







    1,516



    Loss on investment





    —







    500







    —







    500



    Inventory step-up charge





    —







    —







    —







    3,245



    Other





    178







    —







    178







    —



    Other adjustments (6)





    —







    —







    —







    5,864



    Estimated tax effect of above adjustments (7)





    (8,514)







    (7,459)







    (29,960)







    (32,323)



    Adjusted Net Income



    $

    22,364





    $

    30,205





    $

    97,352





    $

    105,651



    Adjusted Earnings per Share



    $

    0.10





    $

    0.14





    $

    0.45





    $

    0.56







    (1)

    Net foreign currency transaction loss associated with the revaluation of non-functional currency 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.

    (3)

    Includes costs associated with consolidation of U.S. genomics labs. 

    (4)

    Expenses related to ERP implementation. 

    (5)

    Expenses associated with intangible asset impairments and inventory scrap amounts related to certain discontinued product lines.

    (6)

    Income tax expense associated with transaction costs that were recognized as expense in prior periods.

    (7)

    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)







    Q4 FY24





    Q4 FY23





    Growth





    Foreign Currency



    Acquisitions/Divestitures





    Core Revenue Growth

    Food Safety



    $

    166,906





    $

    169,269





    (1.4 %)





    (5.9 %)





    0.2

    %





    4.3

    Animal Safety





    69,888







    72,541





    (3.7 %)





    (0.1 %)



    (0.3 %)





    (3.3 %)

    Total Neogen



    $

    236,794





    $

    241,810





    (2.1 %)





    (4.2 %)





    0.1

    %





    2.0







    FY24





    FY23





    Growth



    Foreign Currency



    Acquisitions/Divestitures





    Core Revenue Growth

    Food Safety



    $

    655,341





    $

    546,797





    19.9 %



    (1.8 %)





    18.0

    %





    3.7 %

    Animal Safety





    268,881







    275,650





    (2.5 %)



    (0.3 %)



    (0.2 %)





    (2.0 %)

    Total Neogen



    $

    924,222





    $

    822,447





    12.4 %



    (1.3 %)





    11.9

    %





    1.8 %

     

    Contact

    Bill Waelke

    (517) 372-9200

    [email protected]

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/neogen-announces-fourth-quarter-2024-results-302209267.html

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    Recent Analyst Ratings for
    $NEOG

    DatePrice TargetRatingAnalyst
    12/19/2024$15.00Buy
    Guggenheim
    6/16/2023$22.00Overweight
    Wells Fargo
    11/22/2022Mkt Perform → Outperform
    William Blair
    7/12/2022$25.00Neutral
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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

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    • 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
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    • 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

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    • Director Woteki Catherine E bought $29,831 worth of shares (5,770 units at $5.17), increasing direct ownership by 77% to 13,244 units (SEC Form 4)

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    • Director Borel James C bought $149,700 worth of shares (30,000 units at $4.99), increasing direct ownership by 50% to 90,474 units (SEC Form 4)

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      4/25/25 2:45:19 PM ET
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    • Director Boehm William T bought $26,175 worth of shares (5,000 units at $5.24), increasing direct ownership by 16% to 36,214 units (SEC Form 4)

      4 - NEOGEN CORP (0000711377) (Issuer)

      4/24/25 3:34:30 PM ET
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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
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    • 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

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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

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    • Guggenheim initiated coverage on Neogen with a new price target

      Guggenheim initiated coverage of Neogen with a rating of Buy and set a new price target of $15.00

      12/19/24 8:18:19 AM ET
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    • Wells Fargo initiated coverage on Neogen with a new price target

      Wells Fargo initiated coverage of Neogen with a rating of Overweight and set a new price target of $22.00

      6/16/23 7:34:39 AM ET
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    • Neogen upgraded by William Blair

      William Blair upgraded Neogen from Mkt Perform to Outperform

      11/22/22 8:02:00 AM ET
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    • Neogen Corporation filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

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

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    • SEC Form 10-Q filed by Neogen Corporation

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    • Neogen Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

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    • Neogen® Announces CEO Transition

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      NEW YORK, March 7, 2025 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 100, S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, March 24, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 100 are more representative of the mega-cap market space. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P

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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
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    • SEC Form SC 13G filed by Neogen Corporation

      SC 13G - NEOGEN CORP (0000711377) (Subject)

      11/14/24 4:28:12 PM ET
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    • SEC Form SC 13G filed by Neogen Corporation

      SC 13G - NEOGEN CORP (0000711377) (Subject)

      11/14/24 11:16:20 AM ET
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    • SEC Form SC 13G/A filed by Neogen Corporation (Amendment)

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    • Chief Accounting Officer Moylan John Patrick exercised 4,558 shares at a strike of $5.15 and covered exercise/tax liability with 1,603 shares, increasing direct ownership by 30% to 12,955 units (SEC Form 4)

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      5/2/25 1:48:58 PM ET
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    • CEO Adent John Edward exercised 2,112 shares at a strike of $5.16, increasing direct ownership by 0.78% to 271,276 units (SEC Form 4)

      4 - NEOGEN CORP (0000711377) (Issuer)

      4/29/25 1:39:59 PM ET
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    • Chief Operating Officer Jones Douglas Edward exercised 845 shares at a strike of $5.16 and covered exercise/tax liability with 291 shares, increasing direct ownership by 0.78% to 71,713 units (SEC Form 4)

      4 - NEOGEN CORP (0000711377) (Issuer)

      4/29/25 1:34:22 PM ET
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