- Revenue of $229.6 million.
- Net loss of $3.5 million;
$(0.02) per diluted share.
- Adjusted Net Income of $24.9
million; $0.11 per diluted
share.
- Adjusted EBITDA of $55.1 million,
at a margin of 24.0%.
- Updating full-year outlook.
LANSING,
Mich., Jan. 9, 2024 /PRNewswire/ -- Neogen
Corporation (NASDAQ: NEOG) announced today the results of the
second quarter ended November 30,
2023.
"This is an exciting time on the journey of integrating the
former 3M Food Safety business, as we
have made notable recent progress and are approaching several
additional milestones," said John
Adent, Neogen's President and Chief Executive Officer. "We
initiated the exit of our transition services agreements,
successfully completed the initial phases of the integration of two
additional product lines and remain on track to exit all transition
agreements outside of Petrifilm manufacturing, where supply has
remained stable. Beyond the integration progress, our results for
the quarter were in line with the expectations we communicated. In
our Food Safety segment, order flows have remained stable, with
underlying demand reflective of a core growth rate in the low to
mid-single-digit range, absent the elevated backlog of open orders.
Importantly, we saw solid core growth in Petrifilm, including an
acceleration of growth in Asia
from the first quarter. In our Animal Safety segment, destocking by
distributors continued, but at a moderating rate compared to the
first quarter."
Adent continued, "Despite the macro environment remaining
challenging, we, encouragingly, are seeing our end markets
beginning to show signs of improvement. In Food Safety, inflation
appears to be easing and a continuation of this trend is generally
expected to result in food production volumes inflecting. In Animal
Safety, the destocking has begun to ease as distributor inventories
are right-sized. With the greater visibility afforded to us by the
first half of the year, however, we believe our end markets are
improving at a pace slower than what was originally contemplated in
our guidance and we are accordingly updating our outlook. With
signs that the most significant external headwinds are stabilizing,
we are focused on the value-creation opportunity we believe is
ahead of us as we make continued progress on the integration and
positioning the business for long-term growth."
Financial and Business Highlights
Revenues for the second quarter were $229.6 million, a decrease of 0.2% compared to
$230.0 million in the prior year.
Core revenue, which excludes the impacts of foreign currency
translation, as well as acquisitions completed and product lines
discontinued in the last 12 months, declined 0.9%. Acquisitions and
discontinued product lines contributed 0.2% to revenue growth,
while foreign currency added 0.5%.
Net loss for the second quarter was $3.5
million, or $(0.02) per
diluted share, compared to a net loss of $41.8 million, or ($0.19) per diluted share, in the prior-year
period. The lower net loss was driven primarily by higher
transaction fees and integration costs in the prior year, and
benefits from product mix, with higher sales of higher margin
products. Adjusted Net Income was $24.9
million, or $0.11 per diluted
share, compared to $31.4 million, or
$0.15 per diluted share, in the
prior-year period. Lower Adjusted EBITDA drove the decrease in
Adjusted Net Income. On a per-share basis, Adjusted Net Income was
lower by $0.04 in the second quarter
compared to the prior-year period.
Gross margin was 50.9% in the second quarter of fiscal 2024.
This compares to a gross margin of 48.9% in the same quarter a year
ago, with the increase primarily due to favorable impact from
product mix.
Second-quarter Adjusted EBITDA was $55.1
million, representing an Adjusted EBITDA Margin of 24.0%,
compared to $64.1 million and a
margin of 27.8% in the prior-year period, when operating expenses
had not yet been fully added to accommodate the increased size of
the Company following the completion of the 3M Food Safety merger.
Food Safety Segment
Revenues for the Food Safety segment were $164.4 million in the second quarter, an increase
of 1.9% compared to $161.3 million in
the prior year, consisting of 0.7% core growth, 0.3% from
acquisitions and discontinued product lines and a foreign currency
benefit of 0.9%. This core revenue growth was led by the Bacterial
& General Sanitation product category, which benefited from new
business wins in and increased distributor orders for the Company's
pathogen detection products. Within the Indicator Testing, Culture
Media & Other product category, solid growth in Petrifilm and
food quality and nutritional analysis sales was offset by a decline
in culture media sales, due primarily to a large, one-time order in
the prior-year period. In the Company's Natural Toxins &
Allergens product category, growth in allergen test kits was offset
by a decline in natural toxin test kits, largely the result of
shipment delays.
Animal Safety Segment
Revenues for the Animal Safety segment were $65.2 million in the second quarter, a decrease
of 5.0% compared to $68.7 million in
the prior year, consisting of a 4.7% core revenue decline, a 0.2%
headwind from discontinued product lines and negative foreign
currency impact of 0.1%. Within the segment, core growth was led by
the Life Sciences product category, a result of increased demand
for substrates, and the Veterinary Instruments & Disposables
product category, driven by higher sales of detectable needles and
syringes. This growth was offset by a decline in the domestic
Genomics business, driven primarily by the attrition of a customer
as the Company continues to shift its primary strategic focus
towards genetic testing for larger production animals. The Animal
Care & Other product category also experienced a core revenue
decline due largely to lower sales of small-animal supplements and
wound-care products.
On a global basis, the Company's Genomics business experienced a
core revenue decline in the mid-single-digit range, with increased
sales in international beef markets offset by the customer
attrition in the U.S., a result of the aforementioned strategic
shift in focus.
Liquidity and Capital Resources
As of November 30, 2023, the
Company had total cash and investments of $230.3 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
Taking into account year-to-date results and increased
visibility into the second half of the year, the Company believes
improvements in its primary end markets are likely to happen at a
slower pace than originally anticipated. As a result of this view,
as well as incremental headwinds related to the strategic shift in
focus of the Genomics business, the Company is updating its
full-year outlook and now expects revenue to be in the range of
$935 million to $955 million, with Adjusted EBITDA in the range
of $230 million to $240 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 (844) 757-5681 (U.S.) or +1 (412) 317-5297
(International) and requesting the Neogen Corporation Second
Quarter FY24 Earnings Call (Conference ID: 10184962). 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 (877) 344-7529 or +1 (412) 317-0088,
respectively, and providing the entry code 9249224, 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
November 30,
|
|
|
Six Months Ended
November 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Safety
|
|
$
|
164,403
|
|
|
$
|
161,343
|
|
|
$
|
330,681
|
|
|
$
|
225,986
|
|
Animal
Safety
|
|
|
65,226
|
|
|
|
68,690
|
|
|
|
127,935
|
|
|
|
136,396
|
|
Total
revenue
|
|
|
229,629
|
|
|
|
230,033
|
|
|
|
458,616
|
|
|
|
362,382
|
|
Cost of
revenues
|
|
|
112,855
|
|
|
|
117,494
|
|
|
|
225,081
|
|
|
|
187,573
|
|
Gross profit
|
|
|
116,774
|
|
|
|
112,539
|
|
|
|
233,535
|
|
|
|
174,809
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales &
marketing
|
|
|
44,832
|
|
|
|
36,348
|
|
|
|
90,615
|
|
|
|
59,731
|
|
Administrative
|
|
|
51,721
|
|
|
|
77,001
|
|
|
|
96,842
|
|
|
|
104,945
|
|
Research &
development
|
|
|
5,756
|
|
|
|
6,846
|
|
|
|
12,478
|
|
|
|
11,727
|
|
Total operating
expenses
|
|
|
102,309
|
|
|
|
120,195
|
|
|
|
199,935
|
|
|
|
176,403
|
|
Operating income
(loss)
|
|
|
14,465
|
|
|
|
(7,656)
|
|
|
|
33,600
|
|
|
|
(1,594)
|
|
Other
expense
|
|
|
(18,212)
|
|
|
|
(26,435)
|
|
|
|
(35,684)
|
|
|
|
(25,838)
|
|
Loss before
tax
|
|
|
(3,747)
|
|
|
|
(34,091)
|
|
|
|
(2,084)
|
|
|
|
(27,432)
|
|
Income tax
|
|
|
(260)
|
|
|
|
7,750
|
|
|
|
(100)
|
|
|
|
9,200
|
|
Net
loss
|
|
$
|
(3,487)
|
|
|
$
|
(41,841)
|
|
|
$
|
(1,984)
|
|
|
$
|
(36,632)
|
|
Net loss per diluted
share
|
|
$
|
(0.02)
|
|
|
$
|
(0.19)
|
|
|
$
|
(0.01)
|
|
|
$
|
(0.23)
|
|
Shares to calculate per
share amount
|
|
|
216,410,493
|
|
|
|
216,134,350
|
|
|
|
216,359,511
|
|
|
|
161,689,929
|
|
NEOGEN
CORPORATION
|
UNAUDITED
CONSOLIDATED BALANCE SHEET
|
(In thousands, except
share amounts)
|
|
|
|
November
30, 2023
|
|
|
May 31,
2023
|
|
Assets
|
|
|
|
|
|
|
Current
Assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
205,765
|
|
|
$
|
163,240
|
|
Marketable
securities
|
|
|
24,501
|
|
|
|
82,329
|
|
Accounts receivable,
net of allowance of $3,403 and $2,827
|
|
|
150,498
|
|
|
|
153,253
|
|
Inventories,
net
|
|
|
160,529
|
|
|
|
133,812
|
|
Prepaid expenses and
other current assets
|
|
|
83,080
|
|
|
|
53,297
|
|
Total Current
Assets
|
|
|
624,373
|
|
|
|
585,931
|
|
Net Property and
Equipment
|
|
|
244,300
|
|
|
|
198,749
|
|
Other Assets
|
|
|
|
|
|
|
Right of use
assets
|
|
|
15,015
|
|
|
|
11,933
|
|
Goodwill
|
|
|
2,137,983
|
|
|
|
2,137,496
|
|
Intangible assets,
net
|
|
|
1,564,744
|
|
|
|
1,605,103
|
|
Other non-current
assets
|
|
|
16,000
|
|
|
|
15,220
|
|
Total Assets
|
|
$
|
4,602,415
|
|
|
$
|
4,554,432
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
|
|
Current portion of
finance lease
|
|
$
|
2,569
|
|
|
$
|
-
|
|
Accounts
payable
|
|
|
112,184
|
|
|
|
76,669
|
|
Accrued
compensation
|
|
|
15,642
|
|
|
|
25,153
|
|
Income tax
payable
|
|
|
10,217
|
|
|
|
6,951
|
|
Accrued
interest
|
|
|
10,985
|
|
|
|
11,149
|
|
Deferred
revenue
|
|
|
4,679
|
|
|
|
4,616
|
|
Other
accruals
|
|
|
20,336
|
|
|
|
20,934
|
|
Total Current
Liabilities
|
|
|
176,612
|
|
|
|
145,472
|
|
Deferred Income Tax
Liability
|
|
|
355,005
|
|
|
|
353,427
|
|
Non-current
debt
|
|
|
886,915
|
|
|
|
885,439
|
|
Other non-current
liabilities
|
|
|
36,316
|
|
|
|
35,877
|
|
Total
Liabilities
|
|
|
1,454,848
|
|
|
|
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, 216,520,296 and
216,245,501 shares issued and outstanding at November 30, 2023, and
May 31, 2023, respectively
|
|
|
34,644
|
|
|
|
34,599
|
|
Additional paid-in
capital
|
|
|
2,574,994
|
|
|
|
2,567,828
|
|
Accumulated other
comprehensive loss
|
|
|
(25,128)
|
|
|
|
(33,251)
|
|
Retained
earnings
|
|
|
563,057
|
|
|
|
565,041
|
|
Total Stockholders'
Equity
|
|
|
3,147,567
|
|
|
|
3,134,217
|
|
Total Liabilities and
Stockholders' Equity
|
|
$
|
4,602,415
|
|
|
$
|
4,554,432
|
|
NEOGEN
CORPORATION
|
UNAUDITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
Six Months Ended
November
30,
|
|
|
|
2023
|
|
|
2022
|
|
Cash Flows From (For)
Operating Activities
|
|
|
|
|
|
|
Net loss
|
|
$
|
(1,984)
|
|
|
$
|
(36,632)
|
|
Adjustments to
reconcile net loss to net cash from operating
activities:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
58,203
|
|
|
|
32,467
|
|
Deferred income
taxes
|
|
|
1,178
|
|
|
|
(1,983)
|
|
Share-based
compensation
|
|
|
6,150
|
|
|
|
4,499
|
|
Loss (gain) on
disposal of property and equipment
|
|
|
754
|
|
|
|
(456)
|
|
Amortization of debt
issuance costs
|
|
|
1,720
|
|
|
|
999
|
|
Change in operating
assets and liabilities, net of business acquisitions:
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
3,633
|
|
|
|
(44,452)
|
|
Inventories,
net
|
|
|
(25,929)
|
|
|
|
6,478
|
|
Prepaid expenses and
other current assets
|
|
|
(29,896)
|
|
|
|
(37,833)
|
|
Accounts payable and
accrued liabilities
|
|
|
34,950
|
|
|
|
24,103
|
|
Interest expense
accrual
|
|
|
(164)
|
|
|
|
13,974
|
|
Change in other assets
and liabilities
|
|
|
(9,892)
|
|
|
|
5,967
|
|
Net Cash From (For)
Operating Activities
|
|
|
38,723
|
|
|
|
(32,869)
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
Purchases of property,
equipment and other non-current intangible assets
|
|
|
(55,046)
|
|
|
|
(25,102)
|
|
Proceeds from the
maturities of marketable securities
|
|
|
57,828
|
|
|
|
172,763
|
|
Purchases of
marketable securities
|
|
|
—
|
|
|
|
(12,523)
|
|
Business acquisitions,
net of working capital adjustments and cash acquired
|
|
|
—
|
|
|
|
38,896
|
|
Proceeds from the sale
of property and equipment and other
|
|
|
70
|
|
|
|
606
|
|
Net Cash From Investing
Activities
|
|
|
2,852
|
|
|
|
174,640
|
|
Cash Flows From (For)
Financing Activities
|
|
|
|
|
|
|
Exercise of stock
options and issuance of employee stock purchase plan
shares
|
|
|
1,141
|
|
|
|
920
|
|
Repayment of
debt
|
|
|
—
|
|
|
|
(60,000)
|
|
Debt issuance costs
paid and other
|
|
|
(389)
|
|
|
|
(19,276)
|
|
Net Cash From (For)
Financing Activities
|
|
|
752
|
|
|
|
(78,356)
|
|
Effect of Foreign
Exchange Rates on Cash
|
|
|
198
|
|
|
|
(7,888)
|
|
Net Increase In Cash
and Cash Equivalents
|
|
|
42,525
|
|
|
|
55,527
|
|
Cash and Cash
Equivalents, Beginning of Period
|
|
|
163,240
|
|
|
|
44,473
|
|
Cash and Cash
Equivalents, End of Period
|
|
$
|
205,765
|
|
|
$
|
100,000
|
|
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
November 30,
|
|
|
Six Months Ended
November 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Net
loss
|
|
$
|
(3,487)
|
|
|
$
|
(41,841)
|
|
|
$
|
(1,984)
|
|
|
$
|
(36,632)
|
|
Provision for income
taxes
|
|
|
(260)
|
|
|
|
7,750
|
|
|
|
(100)
|
|
|
|
9,200
|
|
Depreciation and
amortization
|
|
|
29,469
|
|
|
|
26,738
|
|
|
|
58,203
|
|
|
|
32,467
|
|
Interest expense,
net
|
|
|
16,169
|
|
|
|
19,992
|
|
|
|
32,835
|
|
|
|
19,024
|
|
EBITDA
|
|
$
|
41,891
|
|
|
$
|
12,639
|
|
|
$
|
88,954
|
|
|
$
|
24,059
|
|
Share-based
compensation
|
|
|
3,512
|
|
|
|
2,632
|
|
|
|
6,150
|
|
|
|
4,499
|
|
FX transaction loss on
loan and other revaluation (1)
|
|
|
1,002
|
|
|
|
5,789
|
|
|
|
712
|
|
|
|
5,789
|
|
Certain transaction
fees and integration costs
|
|
|
4,688
|
|
|
|
39,132
|
|
|
|
6,639
|
|
|
|
52,864
|
|
Restructuring
(2)
|
|
|
1,856
|
|
|
|
—
|
|
|
|
2,415
|
|
|
|
—
|
|
Contingent
consideration adjustments
|
|
|
150
|
|
|
|
—
|
|
|
|
450
|
|
|
|
—
|
|
ERP expense
(3)
|
|
|
2,075
|
|
|
|
—
|
|
|
|
2,203
|
|
|
|
—
|
|
Discontinued product
line expense
|
|
|
—
|
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
Recovery on sale of
minority interest
|
|
|
(74)
|
|
|
|
—
|
|
|
|
(74)
|
|
|
|
—
|
|
Inventory step-up
charge
|
|
|
—
|
|
|
|
3,859
|
|
|
|
—
|
|
|
|
3,859
|
|
Adjusted
EBITDA
|
|
$
|
55,100
|
|
|
$
|
64,051
|
|
|
$
|
107,469
|
|
|
$
|
91,070
|
|
Adjusted EBITDA margin
(% of sales)
|
|
|
24.0
|
%
|
|
|
27.8
|
%
|
|
|
23.4
|
%
|
|
|
25.1
|
%
|
|
|
(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)
|
Primarily relates to
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
November 30,
|
|
|
Six Months Ended
November 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Net
loss
|
|
$
|
(3,487)
|
|
|
$
|
(41,841)
|
|
|
$
|
(1,984)
|
|
|
$
|
(36,632)
|
|
Amort of
acquisition-related intangibles
|
|
|
23,094
|
|
|
|
22,116
|
|
|
|
46,419
|
|
|
|
23,957
|
|
Share-based
compensation
|
|
|
3,512
|
|
|
|
2,632
|
|
|
|
6,150
|
|
|
|
4,499
|
|
FX transaction loss on
loan and other revaluation (1)
|
|
|
1,002
|
|
|
|
5,789
|
|
|
|
712
|
|
|
|
5,789
|
|
Certain transaction
fees and integration costs
|
|
|
4,688
|
|
|
|
39,132
|
|
|
|
6,639
|
|
|
|
52,864
|
|
Restructuring
(2)
|
|
|
1,856
|
|
|
|
—
|
|
|
|
2,415
|
|
|
|
—
|
|
Contingent
consideration adjustments
|
|
|
150
|
|
|
|
—
|
|
|
|
450
|
|
|
|
—
|
|
ERP expense
(3)
|
|
|
2,075
|
|
|
|
—
|
|
|
|
2,203
|
|
|
|
—
|
|
Discontinued product
line expense
|
|
|
—
|
|
|
|
—
|
|
|
|
20
|
|
|
|
—
|
|
Recovery on sale of
minority interest
|
|
|
(74)
|
|
|
|
—
|
|
|
|
(74)
|
|
|
|
—
|
|
Inventory step-up
charge
|
|
|
—
|
|
|
|
3,859
|
|
|
|
—
|
|
|
|
3,859
|
|
Other adjustments
(4)
|
|
|
—
|
|
|
|
4,350
|
|
|
|
—
|
|
|
|
4,350
|
|
Estimated tax effect of
above adjustments (5)
|
|
|
(7,953)
|
|
|
|
(4,676)
|
|
|
|
(14,400)
|
|
|
|
(9,769)
|
|
Adjusted Net
Income
|
|
$
|
24,863
|
|
|
$
|
31,361
|
|
|
$
|
48,550
|
|
|
$
|
48,917
|
|
Adjusted Earnings
per Share
|
|
$
|
0.11
|
|
|
$
|
0.15
|
|
|
$
|
0.22
|
|
|
$
|
0.30
|
|
|
|
(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)
|
Primarily relates to
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 expenses
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
ir@neogen.com
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SOURCE Neogen Corporation