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    Neogen Announces Third-Quarter 2024 Results

    4/9/24 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 $228.8 million.
    • Net loss of $(2.0) million; $(0.01) per diluted share.
    • Adjusted Net Income of $26.4 million; $0.12 per diluted share.
    • Adjusted EBITDA of $52.7 million.
    • Updating full-year outlook.

    LANSING, Mich., April 9, 2024 /PRNewswire/ -- Neogen Corporation (NASDAQ:NEOG) announced today the results of the third quarter ended February 29, 2024.

    Neogen Corporation (PRNewsfoto/Neogen Corporation)

    "The third quarter saw us complete a number of milestone achievements related to the integration of the former 3M Food Safety business," said John Adent, Neogen's President and Chief Executive Officer. "We completed the relocation of the pathogen detection product line and the initial phases of the relocation of the sample handling product line, which we expect to complete in the fourth quarter. We also completed the exit of the transition service agreements covering back-office functions and distribution. Petrifilm manufacturing will ultimately transition into our new production facility in Lansing, the construction and outfitting of which remains on track."     

    Adent continued, "The progress we've made on integration, particularly as it relates to the exit of the transition distribution agreement and the resulting increase in volumes in our primary distribution facility, has created operational inefficiencies that we continue to manage through. We believe these inefficiencies are temporary, but they are currently affecting our order fulfilment rates and preventing us from meeting the end-market demand on a consistent basis, and we are updating our full-year outlook to reflect the lower revenue we now expect to generate. We are encouraged, however, by the continuation of positive trends in our end markets. In Food Safety, sequential improvement in unit production volumes has generally continued across the industry, while channel inventories in Animal Safety have normalized after several quarters of destocking. Our primary focus now is improving our order fulfillment rates to meet the needs of our customers in this improving end-market environment. When we made the strategic decision to expand our scale and solidify our position as the global leader in food safety by merging with the former 3M Food Safety Division, we recognized there would be challenges along the way during the associated carve-out and integration of the business. While we are not pleased with the present level of inefficiencies, we are committed to rectifying them and ultimately realizing the long-term benefits of this combination."

    Financial and Business Highlights

    Revenues for the third quarter were $228.8 million, an increase of 4.8% compared to $218.3 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 6.2%. Acquisitions and discontinued product lines did not impact core growth this quarter, while foreign currency had a negative impact of 1.4%.

    Net loss for the third quarter was $(2.0) million, or $(0.01) per diluted share, compared to net income of $8.2 million, or $0.04 per diluted share, in the prior-year period. Adjusted Net Income was $26.4 million, or $0.12 per diluted share, compared to $26.5 million, or $0.12 per diluted share, in the prior-year period, with the decline driven primarily by higher depreciation expense. 

    Gross margin was 51.1% in the third quarter of fiscal 2024. This compares to a gross margin of 49.5% in the same quarter a year ago, with the increase primarily due to increased sales of higher-margin products in the Company's Food Safety segment.

    Third-quarter Adjusted EBITDA was $52.7 million, representing an Adjusted EBITDA Margin of 23.0%, compared to $51.3 million and a margin of 23.5% in the prior-year period. The lower Adjusted EBITDA Margin was driven primarily by higher operating expenses compared to the prior-year period, reflecting additions to accommodate the integration of the former 3M Food Safety Division.

    Food Safety Segment

    Revenues for the Food Safety segment were $157.8 million in the third quarter, an increase of 4.1% compared to $151.5 million in the prior year, consisting of 5.8% core growth, a 0.2% contribution from acquisitions and discontinued product lines and a negative foreign currency impact of 1.9%. The core revenue growth was led by the Indicator Testing, Culture Media & Other product category, which benefited from higher sales of Petrifilm, as well as sample handling and nutritional analysis products, partially offset by a decline in culture media sales, due primarily to a larger, one-time order in the prior-year period. Within the Natural Toxins & Allergens product category, solid growth in allergens driven by tree nut test kits was partially offset by a decline in sales of natural toxin test kits, due largely to product availability issues. In the Company's Bacterial & General Sanitation product category, growth in sales of general sanitation products was partially offset by a decline in sales of pathogen detection products, largely the result of product availability issues in Latin America and Asia.

    Animal Safety Segment

    Revenues for the Animal Safety segment were $71.1 million in the third quarter, an increase of 6.5% compared to $66.7 million in the prior year, consisting of 7.0% core growth, a 0.2% headwind from discontinued product lines and negative foreign currency impact of 0.3%. Within the segment, core growth was led by the Company's portfolio of biosecurity products, driven by new business wins and increased demand for cleaners and disinfectants and insect control products. In the Veterinary Instruments & Disposables product category, strong growth was led primarily by increased demand for detectable needles and syringes. The Company's Animal Care & Other product category also experienced strong core revenue growth, due largely to the easing third-party backorder situation in vitamin injectables and higher sales of biologics products.

    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 second quarter. Increased sales in international beef and dairy markets were offset by customer attrition in the U.S., a result of the shift in strategic focus towards larger production animals.

    Liquidity and Capital Resources

    As of February 29, 2024, the Company had total cash and investments of $168.4 million and total outstanding non-current debt of $900.0 million, as well as committed borrowing headroom of $150.0 million.

    Fiscal Year 2024 Outlook

    The Company is updating its full-year outlook to reflect a slower-than-anticipated recovery of order fulfillment rates, which are impacting the ability to consistently meet end-market demand. Revenue is now expected to be in the range of $910 million to $920 million, with Adjusted EBITDA in the range of $210 million to $215 million. The Company continues to expect capital expenditures to be approximately $130 million, including approximately $100 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 Third 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 90261, 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 for share and per share amounts)







    Three Months Ended

    February 29/28,





    Nine Months Ended

    February 29/28,







    2024





    2023





    2024





    2023



    Revenue

























    Food Safety



    $

    157,754





    $

    151,542





    $

    488,435





    $

    377,528



    Animal Safety





    71,058







    66,713







    198,993







    203,109



    Total revenue





    228,812







    218,255







    687,428







    580,637



    Cost of revenues





    111,929







    110,291







    337,010







    297,864



    Gross profit





    116,883







    107,964







    350,418







    282,773



    Operating expenses

























    Sales & marketing





    47,920







    38,598







    138,535







    98,329



    Administrative





    52,087







    46,424







    148,929







    151,369



    Research & development





    4,853







    7,258







    17,331







    18,985



    Total operating expenses





    104,860







    92,280







    304,795







    268,683



    Operating income





    12,023







    15,684







    45,623







    14,090



    Other expense





    (17,845)







    (17,944)







    (53,529)







    (43,782)



    Loss before tax





    (5,822)







    (2,260)







    (7,906)







    (29,692)



    Income tax benefit





    (3,800)







    (10,450)







    (3,900)







    (1,250)



    Net (loss) income



    $

    (2,022)





    $

    8,190





    $

    (4,006)





    $

    (28,442)



    Net (loss) earnings per diluted share



    $

    (0.01)





    $

    0.04





    $

    (0.02)





    $

    (0.16)



    Shares to calculate per share amount





    216,597,777







    216,399,003







    216,438,643







    179,666,118



     

    NEOGEN CORPORATION 

    UNAUDITED CONSOLIDATED BALANCE SHEET 

    (In thousands, except share amounts)







    February 29,

    2024





    May 31, 2023



    Assets













    Current Assets













    Cash and cash equivalents



    $

    161,437





    $

    163,240



    Marketable securities





    7,010







    82,329



    Accounts receivable, net of allowance of $4,099 and $2,827





    173,592







    153,253



    Inventories, net





    182,390







    133,812



    Prepaid expenses and other current assets





    78,042







    53,297



    Total Current Assets





    602,471







    585,931



    Net Property and Equipment





    272,282







    198,749



    Other Assets













    Right of use assets





    15,301







    11,933



    Goodwill





    2,136,338







    2,137,496



    Intangible assets, net





    1,539,744







    1,605,103



    Other non-current assets





    16,356







    15,220



    Total Assets



    $

    4,582,492





    $

    4,554,432



    Liabilities and Stockholders' Equity













    Current Liabilities













    Current portion of finance lease



    $

    2,521





    $

    -



    Accounts payable





    89,748







    76,669



    Accrued compensation





    20,305







    25,153



    Income tax payable





    11,573







    6,951



    Accrued interest





    3,438







    11,149



    Deferred revenue





    5,486







    4,616



    Other accruals





    24,773







    20,934



    Total Current Liabilities





    157,844







    145,472



    Deferred Income Tax Liability





    353,853







    353,427



    Non-current debt





    887,653







    885,439



    Other non-current liabilities





    36,968







    35,877



    Total Liabilities





    1,436,318







    1,420,215



    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,

    216,607,746 and 216,245,501 shares issued and outstanding at

    February 29, 2024, and May 31, 2023, respectively





    34,657







    34,599



    Additional paid-in capital





    2,579,955







    2,567,828



    Accumulated other comprehensive loss





    (29,473)







    (33,251)



    Retained earnings





    561,035







    565,041



    Total Stockholders' Equity





    3,146,174







    3,134,217



    Total Liabilities and Stockholders' Equity



    $

    4,582,492





    $

    4,554,432



     

    NEOGEN CORPORATION 

    UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS 

    (In thousands)







    Nine Months Ended February

    29/28,







    2024





    2023



    Cash Flows From (For) Operating Activities













    Net loss



    $

    (4,006)





    $

    (28,442)



    Adjustments to reconcile net loss to net cash from operating

    activities:













    Depreciation and amortization





    87,853







    59,938



    Deferred income taxes





    98







    (5,299)



    Share-based compensation





    9,829







    7,311



    Loss (gain) on disposal of property and equipment





    762







    (472)



    Amortization of debt issuance costs





    2,581







    1,860



    Impairment of discontinued product lines





    —







    2,300



    (Gain) loss on sale of minority interest





    (74)







    1,516



    Change in operating assets and liabilities, net of business

    acquisitions:













    Accounts receivable, net





    (16,136)







    (47,535)



    Inventories, net





    (48,663)







    (656)



    Prepaid expenses and other current assets





    (25,170)







    (31,896)



    Accounts payable and accrued liabilities





    21,386







    (8,422)



    Interest expense accrual





    (7,711)







    3,438



    Change in other assets and liabilities





    (12,232)







    (3,579)



    Net Cash From (For) Operating Activities





    8,517







    (49,938)



    Cash Flows (For) From Investing Activities













    Purchases of property, equipment and other non-current intangible

    assets





    (87,167)







    (40,253)



    Proceeds from the maturities of marketable securities





    75,319







    233,020



    Purchases of marketable securities





    —







    (12,523)



    Business acquisitions, net of working capital adjustments and cash

    acquired





    —







    13,237



    Proceeds from the sale of property and equipment and other





    62







    682



    Net Cash (For) From Investing Activities





    (11,786)







    194,163



    Cash Flows From (For) Financing Activities













    Exercise of stock options and issuance of employee stock purchase

    plan shares





    2,443







    943



    Repayment of long-term debt





    —







    (100,000)



    Debt issuance costs paid and other





    (444)







    (19,276)



    Net Cash From (For) Financing Activities





    1,999







    (118,333)



    Effect of Foreign Exchange Rates on Cash





    (533)







    (3,231)



    Net (Decrease) Increase In Cash and Cash Equivalents





    (1,803)







    22,661



    Cash and Cash Equivalents, Beginning of Period





    163,240







    44,473



    Cash and Cash Equivalents, End of Period



    $

    161,437





    $

    67,134



    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 INCOME TO ADJUSTED EBITDA 

    (In thousands, except for percentages)







    Three Months Ended

    February 29/28,





    Nine Months Ended

    February 29/28,







    2024





    2023





    2024





    2023



    Net (loss) income



    $

    (2,022)





    $

    8,190





    $

    (4,006)





    $

    (28,442)



    Income tax benefit





    (3,800)







    (10,450)







    (3,900)







    (1,250)



    Depreciation and amortization





    29,650







    27,471







    87,853







    59,938



    Interest expense, net





    16,673







    16,820







    49,508







    35,844



    EBITDA



    $

    40,501





    $

    42,031





    $

    129,455





    $

    66,090



    Share-based compensation





    3,679







    2,812







    9,829







    7,311



    FX transaction loss (gain) on loan and other revaluation

    (1)





    638







    (697)







    1,350







    5,092



    Certain transaction fees and integration costs





    5,451







    2,890







    12,090







    55,754



    Restructuring (2)





    938







    —







    3,353







    —



    Contingent consideration adjustments





    (200)







    (300)







    250







    (300)



    ERP expense (3)





    1,701







    —







    3,904







    —



    Discontinued product line expense





    33







    3,633







    53







    3,633



    Loss (recovery) on sale of minority interest





    —







    1,516







    (74)







    1,516



    Inventory step-up charge





    —







    (614)







    —







    3,245



    Adjusted EBITDA



    $

    52,741





    $

    51,271





    $

    160,210





    $

    142,341



    Adjusted EBITDA margin (% of sales)





    23.0

    %





    23.5

    %





    23.3

    %





    24.5

    %





    (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 consolidation of U.S. genomics labs.

    (3)

    Non-capitalizable expenses related to ERP implementation. 

     

    NEOGEN CORPORATION 

    RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME 

    (In thousands, except for per share)







    Three Months Ended

    February 29/28,





    Nine Months Ended

    February 29/28,







    2024





    2023





    2024





    2023



    Net (loss) income



    $

    (2,022)





    $

    8,190





    $

    (4,006)





    $

    (28,442)



    Amortization of acquisition-related intangibles





    23,266







    22,680







    69,685







    46,637



    Share-based compensation





    3,679







    2,812







    9,829







    7,311



    FX transaction loss (gain) on loan and other revaluation

    (1)





    638







    (697)







    1,350







    5,092



    Certain transaction fees and integration costs





    5,451







    2,890







    12,090







    55,754



    Restructuring (2)





    938







    —







    3,353







    —



    Contingent consideration adjustments





    (200)







    (300)







    250







    (300)



    ERP expense (3)





    1,701







    —







    3,904







    —



    Discontinued product line expense





    33







    3,633







    53







    3,633



    Loss (recovery) on sale of minority interest





    —







    1,516







    (74)







    1,516



    Inventory step-up charge





    —







    (614)







    —







    3,245



    Other adjustments (4)





    —







    1,514







    —







    5,864



    Estimated tax effect of above adjustments (5)





    (7,046)







    (15,095)







    (21,446)







    (24,864)



    Adjusted Net Income



    $

    26,438





    $

    26,529





    $

    74,988





    $

    75,446



    Adjusted Earnings per Share



    $

    0.12





    $

    0.12





    $

    0.35





    $

    0.42







    (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 consolidation of U.S. genomics labs.

    (3)

    Non-capitalizable expenses related to ERP implementation. 

    (4)

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

    periods.

    (5)

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

    Contact 

    Bill Waelke

    (517) 372-9200

    [email protected]

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/neogen-announces-third-quarter-2024-results-302111150.html

    SOURCE Neogen Corporation

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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
      Health Care

    $NEOG
    Insider Purchases

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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)

      4 - NEOGEN CORP (0000711377) (Issuer)

      4/25/25 4:32:35 PM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • 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)

      4 - NEOGEN CORP (0000711377) (Issuer)

      4/25/25 2:45:19 PM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • 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
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care

    $NEOG
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    $NEOG
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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

      4/9/25 7:01:00 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • DoorDash, TKO Group Holdings, Williams-Sonoma and Expand Energy Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600

      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

      3/7/25 6:19:00 PM ET
      $ALK
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      Air Freight/Delivery Services
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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
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      Biotechnology: Biological Products (No Diagnostic Substances)
    • SEC Form SC 13G filed by Neogen Corporation

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

      11/14/24 4:28:12 PM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • SEC Form SC 13G filed by Neogen Corporation

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

      11/14/24 11:16:20 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
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    • SEC Form SC 13G/A filed by Neogen Corporation (Amendment)

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

      2/13/24 5:09:41 PM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
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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
    • 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
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • 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
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Neogen upgraded by William Blair

      William Blair upgraded Neogen from Mkt Perform to Outperform

      11/22/22 8:02:00 AM ET
      $NEOG
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care