- 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.
"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
ir@neogen.com
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SOURCE Neogen Corporation