NEOGEN CORP

Listed Company

NEOGCIK 0000711377NasdaqLarge AcceleratedIn Vitro & In Vivo Diagnostic SubstancesMichiganFY ends May 31

Period

FY 2025

Revenue

$894.66M

Net Income

$-1.09B

Total Assets

$3.44B

Equity

$2.07B

Shares Out

217.67M

Op. Cash Flow

$58.24M

Business

NEOGEN CORP develops, manufactures and markets products and services focused on food and animal safety to detect contaminants, support hygiene and advance animal health and genomics. Its main offerings include diagnostic test kits, culture media, sanitation and sample-collection products, veterinary instruments, pharmaceuticals, vaccines, rodent and insect control products, cleaners and genomics testing and software services. The company manages its operations through two principal segments: Food Safety and Animal Safety. Neogen markets products globally through direct sales teams, distributors and regional laboratories.

Summary from filing dated 2025-07-30

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Total Revenues	895	924	822	527	468
Cost of Revenues	473	460	416	284	253
Gross Profit	421	464	406	243	215
Sales and marketing	184	183	141	85	73
General and administrative	218	200	201	83	51
Goodwill impairment	1,059	0	0	—	—
Research and development	21	22	26	17	16
Total Operating Expenses	1,482	405	368	184	141
Operating Loss (Income)	−1,061	59	38	59	74
Interest income	3	6	3	—	—
Interest expense	−72	−73	−56	−72,000	−78,000
Other, net	−4	−6	−7	322,000	−515,000
Total Other Expense	−72	−73	−60	2	1
Loss Before Taxes	−1,133	−14	−22	60	75
Income Tax (Benefit) Expense	−41	−5	828,000	12	14
Net Loss	−1,092	−9	−23	48	61
Basic (per share)	−5.03	−0.04	−0.12	0.45	0.57
Diluted (per share)	−5.03	−0.04	−0.12	0.45	0.57
Basic (shares)	217	216	189	108	106
Diluted (shares)	217	216	189	108	107

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Cash and cash equivalents	129	171	163	44	76
Marketable securities	0	325,000	82	337	305
Accounts receivable, net	153	173	153	100	92
Inventory, net	191	189	134	122	101
Assets held for sale	50	0	—	—	—
Prepaid expenses and other current assets	53	56	53	24	18
Total Current Assets	577	589	586	627	591
Land and improvements	11	10	10	9	8
Building and improvements	109	108	97	80	73
Machinery and equipment	181	176	153	114	108
Furniture and fixtures	8	8	7	6	6
Construction in progress	186	114	52	6	3
Total Property and Equipment	495	417	319	215	198
Less accumulated depreciation	−155	−140	−120	−105	−98
Property and Equipment, net	339	277	199	111	100
Right of use assets (note 5)	17	15	12	3	2
Goodwill (note 6)	1,065	2,136	2,137	143	131
Amortizable intangible assets, net (note 6)	1,410	1,512	1,591	92	77
Other non-current assets	35	20	15	2	2
Total Other Assets	2,528	3,682	3,770	256	228
Total Assets	3,444	4,549	4,554	993	920
Current portion of debt	19	2	—	—	—
Accounts payable	80	83	77	35	24
Accrued compensation	14	20	25	11	11
Income tax payable (note 11)	6	10	7	2	2
Accrued interest	11	11	11	—	—
Deferred revenue	6	5	5	5	3
Liabilities held for sale	7	—	—	—	—
Other current liabilities	32	23	21	—	—
Total Current Liabilities	174	154	145	78	54
Deferred Income Tax Liability (note 11)	281	327	353	17	22
Non-Current Debt (note 9)	875	888	885	—	—
Other Non-Current Liabilities	43	35	36	11	4
Total Liabilities	1,373	1,405	1,420	106	80
Commitments and Contingencies (note 12)	—	—	—	—	—
Preferred stock, $1.00 par value - shares authorized 100,000; none issued and outstanding	—	—	0	0	0
Common stock, $0.16 par value - shares authorized 315,000,000; 217,044,498 and 216,614,407 shares issued and outstanding at May 31, 2025 and 2024, respectively	35	35	35	17	17
Additional paid-in capital	2,602	2,584	2,568	310	295
Accumulated other comprehensive loss	−29	−30	−33	−28	−11
Retained earnings (accumulated deficit)	−536	556	565	588	540
Total Stockholders' Equity	2,071	3,144	3,134	887	840
Total Liabilities and Stockholders' Equity	3,444	4,549	4,554	993	920

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Depreciation and amortization	119	117	88	24	21
Impairment of discontinued product lines	0	556,000	3	0	0
(Gain) loss on sale of minority interest	0	−103,000	2	0	—
Deferred income taxes	−58	−27	−19	−5	−640,000
Share-based compensation	17	14	10	7	6
(Gain) loss on disposal of property and equipment	−25,000	1	−486,000	0	0
Amortization of debt issuance costs	3	3	3	0	0
Goodwill and other long-lived asset impairment	1,069	0	0	—	—
Loss on refinancing and extinguishment of debt	2	0	0	—	—
Right of use asset amortization	6	5	2	438,000	—
Other	−3	5	−685,000	−2	—
Accounts receivable, net	12	−20	−54	−8	−3
Inventories, net	−16	−56	10	−21	2
Prepaid expenses and other current assets	−2	11	−3	−4	−3
Accounts payable and accrued liabilities	−402,000	14	19	20	−2
Interest expense accrual	93,000	−164,000	4	0	0
Changes in other non-current assets and non-current liabilities	360,000	−21	154,000	8	−879,000
Net Cash provided by Operating Activities	58	35	41	68	81
Purchase of property, equipment and other non-current intangible assets	−105	−111	−66	−24	−27
Proceeds from the maturities of marketable securities	325,000	82	267	382	765
Purchase of marketable securities	0	0	−13	−416	−793
Business acquisitions, net of cash acquired	0	0	12	−39	−51
Proceeds from the sale of property and equipment and other	5	108,000	826,000	0	0
Net Cash (used for) provided by Investing Activities	−99	−29	201	−97	−106
Exercise of stock options and issuance of employee stock purchase plan shares	2	2	1	8	35
Tax payments related to share-based awards	−2	−118,000	0	—	—
Proceeds from issuance of long-term debt	450	0	0	—	—
Repayment of long-term debt	−550	0	−100	0	0
Proceeds from issuance of revolving credit facility	100	0	0	—	—
Debt issuance costs paid	−2	0	−19	0	0
Repayment of finance lease and other	−321,000	−420,000	0	—	—
Net Cash (used for) provided by Financing Activities	−2	2	−118	7	34
Effects of Foreign Exchange Rate on Cash	942,000	−502,000	−5	−9	264,000
Net (Decrease) Increase in Cash and Cash Equivalents	−42	7	119	−31	9
Cash paid for interest	68	73	43	72,000	78,000
Property and equipment obtained for noncash consideration	930,000	0	0	—	—
Income taxes paid, net of refunds	27	22	15	17	15

Filings

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