Neogen Announces Fourth-Quarter 2024 Results
Neogen (NASDAQ: NEOG) announced its fourth-quarter 2024 results, reporting revenue of $236.8 million, a 2.1% decrease from the prior year. The company reported a net loss of $5.4 million, or $(0.02) per diluted share, compared to net income of $5.6 million in the prior-year period. Adjusted Net Income was $22.4 million, or $0.10 per diluted share.
For the full fiscal year 2024, Neogen reported revenue of $924.2 million, a 12.4% increase from the previous year. The company's Adjusted EBITDA for the fourth quarter was $53.0 million, representing a margin of 22.4%. Neogen's CEO, John Adent, noted progress in integration efforts and improvement in order fulfillment rates, despite soft end-market conditions.
Neogen (NASDAQ: NEOG) ha annunciato i risultati del quarto trimestre del 2024, riportando un fatturato di 236,8 milioni di dollari, con un decremento del 2,1% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di 5,4 milioni di dollari, ovvero $(0,02) per azione diluita, rispetto a un utile netto di 5,6 milioni di dollari nel periodo dell'anno precedente. L'utile netto rettificato è stato di 22,4 milioni di dollari, corrispondente a $0,10 per azione diluita.
Per l'intero anno fiscale 2024, Neogen ha riportato un fatturato di 924,2 milioni di dollari, con un incremento del 12,4% rispetto all'anno precedente. L'EBITDA rettificato dell'azienda per il quarto trimestre è stato di 53,0 milioni di dollari, rappresentando un margine del 22,4%. Il CEO di Neogen, John Adent, ha sottolineato i progressi nelle attività di integrazione e il miglioramento dei tassi di evasione degli ordini, nonostante le condizioni di mercato finali siano state soft.
Neogen (NASDAQ: NEOG) anunció sus resultados del cuarto trimestre de 2024, reportando ingresos de 236.8 millones de dólares, lo que representa una disminución del 2.1% con respecto al año anterior. La compañía reportó una pérdida neta de 5.4 millones de dólares, o $(0.02) por acción diluida, en comparación con una ganancia neta de 5.6 millones de dólares en el periodo del año anterior. La utilidad neta ajustada fue de 22.4 millones de dólares, o $0.10 por acción diluida.
Para el año fiscal completo 2024, Neogen reportó ingresos de 924.2 millones de dólares, un aumento del 12.4% respecto al año anterior. El EBITDA ajustado de la compañía para el cuarto trimestre fue de 53.0 millones de dólares, representando un margen del 22.4%. El CEO de Neogen, John Adent, destacó el progreso en los esfuerzos de integración y la mejora en las tasas de cumplimiento de pedidos, a pesar de las condiciones suaves del mercado final.
Neogen (NASDAQ: NEOG)은 2024년 4분기 실적을 발표하며 2억 3,680만 달러의 수익을 기록했다고 밝혔습니다. 이는 작년 대비 2.1% 감소한 수치입니다. 회사는 540만 달러의 순손실을 보고하였으며, 희석 주당 $(0.02)의 손실을 기록한 반면, 작년 같은 기간에는 560만 달러의 순이익을 냈습니다. 조정된 순이익은 2,240만 달러, 즉 희석 주당 0.10달러입니다.
2024 회계 연도의 총 수익은 9억 2,420만 달러로, 전년 대비 12.4% 증가하였습니다. 네오겐의 4분기 조정된 EBITDA는 5,300만 달러로, 22.4%의 마진을 나타냅니다. 네오겐의 CEO인 존 아댄트는 시장 상황이 부드럽긴 했으나 통합 노력과 주문 이행률 향상에서 진전을 보였다고 언급했습니다.
Neogen (NASDAQ: NEOG) a annoncé ses résultats pour le quatrième trimestre de 2024, enregistrant un chiffre d'affaires de 236,8 millions de dollars, soit une diminution de 2,1 % par rapport à l'année précédente. L'entreprise a déclaré une perte nette de 5,4 millions de dollars, ou $(0,02) par action diluée, contre un bénéfice net de 5,6 millions de dollars au cours de la même période l'année précédente. Le revenu net ajusté s'élevait à 22,4 millions de dollars, soit 0,10 dollar par action diluée.
Pour l'ensemble de l'exercice fiscal 2024, Neogen a rapporté un chiffre d'affaires de 924,2 millions de dollars, soit une augmentation de 12,4 % par rapport à l'année précédente. Le résultat brut d'exploitation ajusté pour le quatrième trimestre s'élevait à 53,0 millions de dollars, représentant une marge de 22,4 %. Le PDG de Neogen, John Adent, a souligné les progrès réalisés dans les efforts d'intégration et l'amélioration des taux de satisfaction des commandes, malgré des conditions de marché final plus difficiles.
Neogen (NASDAQ: NEOG) hat seine Ergebnisse für das vierte Quartal 2024 bekannt gegeben und einen Umsatz von 236,8 Millionen Dollar gemeldet, was einem Rückgang von 2,1% gegenüber dem Vorjahr entspricht. Das Unternehmen erzielte einen Verlust von 5,4 Millionen Dollar oder $(0,02) je verwässerter Aktie, verglichen mit einem Nettogewinn von 5,6 Millionen Dollar im Vorjahreszeitraum. Das bereinigte Nettoeinkommen betrug 22,4 Millionen Dollar, oder 0,10 Dollar je verwässerter Aktie.
Für das gesamte Geschäftsjahr 2024 meldete Neogen einen Umsatz von 924,2 Millionen Dollar, was einem Anstieg von 12,4% im Vergleich zum Vorjahr entspricht. Das bereinigte EBITDA des Unternehmens für das vierte Quartal betrug 53,0 Millionen Dollar, was einer Marge von 22,4% entspricht. Neogens CEO, John Adent, wies auf Fortschritte bei Integrationsbemühungen und Verbesserungen bei der Auftragsabwicklung hin, trotz schwacher Endmarkbedingungen.
- Full-year revenue increased by 12.4% to $924.2 million
- Improvement in order fulfillment rates throughout the quarter
- Core revenue growth of 4.3% in the Food Safety segment
- Strong growth in Petrifilm, culture media, and food quality products
- Solid growth in veterinary instruments from increased demand for detectable needles and syringes
- Fourth-quarter revenue decreased by 2.1% to $236.8 million
- Net loss of $5.4 million in the fourth quarter, compared to net income of $5.6 million in the prior-year period
- Gross margin decreased to 47.9% from 50.9% in the same quarter a year ago
- Adjusted EBITDA margin declined to 22.4% from 26.1% in the prior-year period
- Core revenue decline of 3.3% in the Animal Safety segment
Insights
Neogen's Q4 2024 results reveal a mixed financial picture. The company reported
Key points to consider:
- The company's core revenue declined by
2.0% , indicating some weakness in organic growth. - Gross margin contracted to
47.9% from50.9% in the prior year, primarily due to integration costs and inventory adjustments. - Adjusted EBITDA margin decreased to
22.4% from26.1% , reflecting pressure on profitability. - The Food Safety segment showed resilience with
4.3% core growth, offset by currency headwinds. - The Animal Safety segment faced challenges with a
3.3% core revenue decline.
Looking ahead, Neogen's FY2025 outlook of
Neogen's Q4 results reflect broader market trends and integration challenges. The company's performance in different segments provides insights into current industry dynamics:
- Food Safety segment's
4.3% core growth, particularly in Indicator Testing and Culture Media, suggests a gradual recovery in food production volumes. - The decline in natural toxin test kit sales due to product availability issues highlights ongoing supply chain challenges in the industry.
- Animal Safety segment's
3.3% core revenue decline indicates continued softness in certain animal health markets. - Growth in detectable needles and syringes points to increasing focus on safety in veterinary practices.
- The strategic shift towards larger production animals in the Genomics business reflects changing priorities in the livestock industry.
Neogen's outlook for FY2025, projecting mid-single-digit core revenue growth, aligns with expectations of a slow, gradual improvement in end-market conditions. However, the anticipated foreign currency headwind underscores the ongoing challenges of global market volatility. Investors should closely monitor industry trends, particularly in food production and animal health, as indicators of Neogen's future performance.
- Revenue of
$236.8 million - Net loss of
$5.4 million $(0.02) - Adjusted Net Income of
$22.4 million $0.10 - Adjusted EBITDA of
$53.0 million
"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
Revenues for the full year were
Net loss for the fourth quarter was
Net loss for the full year was
Gross margin, expressed as a percentage of sales, was
Gross margin for the full year was
Fourth-quarter Adjusted EBITDA was
Full-year Adjusted EBITDA was
Food Safety Segment
Revenues for the Food Safety segment were
For the full year, revenues for the Food Safety segment were
Animal Safety Segment
Revenues for the Animal Safety segment were
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
For the full year, revenues for the Animal Safety segment were
Liquidity and Capital Resources
As of May 31, 2024, the Company had total cash and investments of
Fiscal Year 2025 Outlook
The Company is initiating its full-year outlook for fiscal year 2025. Revenue is expected to be
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 (
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, | — | — | ||||||
Common stock, | 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 |
(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 |
(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
ir@neogen.com
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SOURCE Neogen Corporation
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