Neogen Announces First-Quarter 2025 Results

PR Newswire10-10

Revenue of $217.0 million. Net loss of $12.6 million; $(0.06) per diluted share. Adjusted Net Income of $14.4 million; $0.07 per diluted share. Adjusted EBITDA of $43.7 million. Maintaining full-year ...

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Neogen Announces First-Quarter 2025 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNeogen Announces First-Quarter 2025 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-10 19:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/neogen-announces-first-quarter-2025-110000502.html><strong>PR Newswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Revenue of $217.0 million.\nNet loss of $12.6 million; $(0.06) per diluted share.\nAdjusted Net Income of $14.4 million; $0.07 per diluted share.\nAdjusted EBITDA of $43.7 million.\nMaintaining full-year ...</p>\n\n<a href=\"https://finance.yahoo.com/news/neogen-announces-first-quarter-2025-110000502.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4512","symbol_name":"苹果概念","start_time":0,"source_url":"https://finance.yahoo.com/news/neogen-announces-first-quarter-2025-110000502.html","article_id":"2474716131","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/uQrupI95vC46LSuhTFatkA--~B/aD0xMjk7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/prnewswire.com/f7c764fd03d4d3ed68c28b3cb2538bbb"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/neogen-announces-first-quarter-2025-110000502.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2474716131","pubTimestamp":1728558000,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net loss of $12.6 million; $ per diluted share.Adjusted Net Income of $14.4 million; $0.07 per diluted share.LANSING, Mich., Oct. 10, 2024 /PRNewswire/ -- Neogen Corporation  announced today the results of the first quarter ended August 31, 2024.Revenues for the first quarter were $217.0 million, a decrease of 5.3% compared to $229.0 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 by 1.4%. Acquisition","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4512":"苹果概念","BK4198":"医疗保健用品","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","BK4588":"碎股","MMM":"3M","BK4534":"瑞士信贷持仓","BK4206":"工业集团企业","LU2211817866.USD":"Allianz Food Security AT Acc USD","NEOG":"纽尔真检测"},"translate_title":"Neogen公布2025年第一季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MMM":0.9,"NEOG":0.9},"content_text":"Revenue of $217.0 million.\nNet loss of $12.6 million; $(0.06) per diluted share.\nAdjusted Net Income of $14.4 million; $0.07 per diluted share.\nAdjusted EBITDA of $43.7 million.\nMaintaining full-year guidance.\n\nLANSING, Mich., Oct. 10, 2024 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today the results of the first quarter ended August 31, 2024.\n\n  \n\n\"During the first quarter, the focus of our teams shifted from managing through the initial complexity of exiting the transition service agreements from the 3M transaction to gaining market share,\" said John Adent, Neogen's President and Chief Executive Officer. \"The system-related issues in our distribution center that impacted our order fulfillment rates were resolved and the business was not constrained by shipping. In our Food Safety segment, we saw encouraging initial traction from our targeted share-gain activities and generated positive core revenue growth while continuing to navigate soft end-market conditions. In our Animal Safety segment, the end market is near what we believe are cyclical lows. However, sales of our products to end users remained supportive, with the decline in core revenue driven by a combination of mixed channel inventory movements at our distribution partners and timing impacts. Operationally, our margins in the quarter were affected by the lower total volumes, as well as some higher costs in the area of shipping and distribution. We have mitigating initiatives currently underway and will be taking additional targeted actions to protect margins.\"\nAdent continued, \"The value proposition of Neogen's food safety solutions and expertise has never been more relevant than it is today. We provide an important and relatively inexpensive line of defense in the rapid detection of contaminants in the production and distribution of food and beverages. As evidenced by some unfortunate higher-profile incidents recently, contaminated products reaching consumers is something we all work to avoid. Beyond the obvious tragic consequences that can result, the costs of any associated recalls, litigation, brand damage or even facility closures can be tremendous. In addition to our broad portfolio of globally validated products, we have longstanding experience as a trusted partner that we're able to leverage in structuring robust food safety testing programs to help avoid these outcomes. Our commercial teams are having an increasing amount of constructive dialogue with customers on this front and we're looking forward to continuing to demonstrate our capabilities as a reliable, knowledgeable source of leading food safety testing solutions.\"\nFinancial and Business Highlights \nRevenues for the first quarter were $217.0 million, a decrease of 5.3% compared to $229.0 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 by 1.4%. Acquisitions and discontinued product lines did not impact core growth this quarter, while foreign currency had a negative impact of 3.9%.\nNet loss for the first quarter was $12.6 million, or $(0.06) per diluted share, compared to net income of $1.5 million, or $0.01 per diluted share, in the prior-year period. Adjusted Net Income was $14.4 million, or $0.07 per diluted share, compared to $23.7 million, or $0.11 per diluted share, in the prior-year period. The decline in Adjusted Net Income was driven primarily by the lower level of operating income.\nGross margin was 48.4% in the first quarter of fiscal 2025. This compares to a gross margin of 51.0% in the same quarter a year ago, with the decrease primarily due to lower volume and continued higher distribution costs. Adjusting for transaction- and integration-related costs, as well as discontinued product costs, gross margin was 50.7% in the first quarter compared to 51.6% in the prior-year quarter.\nFirst-quarter Adjusted EBITDA was $43.7 million, representing an Adjusted EBITDA Margin of 20.1%, compared to $52.4 million and a margin of 22.9% in the prior-year period. The decline in Adjusted EBITDA Margin was driven by lower revenue and the lower gross margin, as well as additional negative impact from the full cost to exit the various transition service agreements that had been in place, including higher shipping costs.\nFood Safety Segment \nRevenues for the Food Safety segment were $159.3 million in the first quarter, a decrease of 4.2% compared to $166.3 million in the prior year, consisting of 1.1% core growth, a 0.1% contribution from acquisitions and discontinued product lines and a negative foreign currency impact of 5.4%. The core growth was driven by a solid performance in the biosecurity and indicator testing, culture media & other product categories, including Petrifilm, partially offset by lower sales in the bacterial & general sanitation and natural toxins & allergens product categories.\nAnimal Safety Segment \nRevenues for the Animal Safety segment were $57.6 million in the first quarter, a decrease of 8.1% compared to $62.7 million in the prior year, consisting of a 7.8% core revenue decline and 0.3% headwind from discontinued product lines. The decline was driven primarily by lower sales in our animal care & other and biosecurity product categories.\nOn 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 fourth quarter. Increased sales in international beef and dairy markets were offset by the impact of customer attrition in the U.S., a result of the shift in strategic focus towards larger production animals, as well as weakness on the companion animal side of the market.\nLiquidity and Capital Resources \nAs of August 31, 2024, the Company had total cash of $120.5 million and total outstanding non-current debt of $900.0 million, as well as committed borrowing headroom of $150.0 million.\nFiscal Year 2025 Outlook\nThe Company is maintaining its full-year outlook. Revenue is expected to be in the range of $925 million to $955 million, with Adjusted EBITDA in the range of $215 million to $235 million. The Company continues to expect capital expenditures to be approximately $85 million, including approximately $55 million related specifically to the integration of the former 3M Food Safety Division.\nConference Call and Webcast \nNeogen 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 First Quarter 2025 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 28867, or through Neogen's Investor Relations website at neogen.com/investor-relations.\nAbout Neogen \nNeogen 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 Corporation 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.\nCertain 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. \n\n\n\n\nNEOGEN CORPORATION UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS(In thousands, except for share and per share amounts) \n\n\n\n\n\nThree months ended August 31, \n\n\n\n\n\n2024 \n\n\n2023 \n\n\n\nRevenue \n\n\n\n\n\n\n\n\nFood Safety \n\n$ \n159,345 \n\n\n$ \n166,278 \n\n\n\nAnimal Safety \n\n\n57,619 \n\n\n\n62,709 \n\n\n\nTotal revenue \n\n\n216,964 \n\n\n\n228,987 \n\n\n\nCost of revenues \n\n\n112,038 \n\n\n\n112,226 \n\n\n\nGross profit \n\n\n104,926 \n\n\n\n116,761 \n\n\n\nOperating expenses \n\n\n\n\n\n\n\n\nSales & marketing \n\n\n45,799 \n\n\n\n45,783 \n\n\n\nAdministrative \n\n\n51,671 \n\n\n\n45,121 \n\n\n\nResearch & development \n\n\n5,199 \n\n\n\n6,722 \n\n\n\nTotal operating expenses \n\n\n102,669 \n\n\n\n97,626 \n\n\n\nOperating income \n\n\n2,257 \n\n\n\n19,135 \n\n\n\nInterest expense, net \n\n\n(17,622) \n\n\n\n(16,666) \n\n\n\nOther expense \n\n\n(244) \n\n\n\n(806) \n\n\n\n(Loss) income before tax \n\n\n(15,609) \n\n\n\n1,663 \n\n\n\nIncome tax (benefit) expense \n\n\n(3,000) \n\n\n\n160 \n\n\n\nNet (loss) income \n\n$ \n(12,609) \n\n\n$ \n1,503 \n\n\n\nNet (loss) earnings per diluted share \n\n$ \n(0.06) \n\n\n$ \n0.01 \n\n\n\nShares to calculate per share amount \n\n\n216,695,348 \n\n\n\n216,846,106 \n\n\n\n\n\n\n\n\n\nNEOGEN CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEET (In thousands, except share amounts) \n\n\n\n\nAugust 31, 2024 \n\n\nMay 31, 2024 \n\n\n\nAssets \n\n\n\n\n\n\n\n\nCurrent Assets \n\n\n\n\n\n\n\n\nCash and cash equivalents \n\n$ \n120,477 \n\n\n$ \n170,611 \n\n\n\nMarketable securities \n\n\n— \n\n\n\n325 \n\n\n\nAccounts receivable, net of allowance of $4,137 and $4,140 \n\n\n167,639 \n\n\n\n173,005 \n\n\n\nInventories, net of reserves of $17,209 and $12,361 \n\n\n198,596 \n\n\n\n189,267 \n\n\n\nPrepaid expenses and other current assets \n\n\n53,938 \n\n\n\n56,025 \n\n\n\nTotal Current Assets \n\n\n540,650 \n\n\n\n589,233 \n\n\n\nNet Property and Equipment \n\n\n300,971 \n\n\n\n277,104 \n\n\n\nOther Assets \n\n\n\n\n\n\n\n\nRight of use assets \n\n\n14,311 \n\n\n\n14,785 \n\n\n\nGoodwill \n\n\n2,137,494 \n\n\n\n2,135,632 \n\n\n\nIntangible assets, net \n\n\n1,489,751 \n\n\n\n1,511,653 \n\n\n\nOther non-current assets \n\n\n19,996 \n\n\n\n20,426 \n\n\n\nTotal Assets \n\n$ \n4,503,173 \n\n\n$ \n4,548,833 \n\n\n\nLiabilities and Stockholders' Equity \n\n\n\n\n\n\n\n\nCurrent Liabilities \n\n\n\n\n\n\n\n\nCurrent portion of finance lease \n\n$ \n2,651 \n\n\n$ \n2,447 \n\n\n\nAccounts payable \n\n\n61,464 \n\n\n\n83,061 \n\n\n\nAccrued compensation \n\n\n15,803 \n\n\n\n19,949 \n\n\n\nIncome tax payable \n\n\n11,102 \n\n\n\n10,449 \n\n\n\nAccrued interest \n\n\n3,554 \n\n\n\n10,985 \n\n\n\nDeferred revenue \n\n\n5,635 \n\n\n\n4,632 \n\n\n\nOther accruals \n\n\n22,480 \n\n\n\n22,800 \n\n\n\nTotal Current Liabilities \n\n\n122,689 \n\n\n\n154,323 \n\n\n\nDeferred Income Tax Liability \n\n\n317,574 \n\n\n\n326,718 \n\n\n\nNon-current debt \n\n\n889,129 \n\n\n\n888,391 \n\n\n\nOther non-current liabilities \n\n\n38,589 \n\n\n\n35,259 \n\n\n\nTotal Liabilities \n\n\n1,367,981 \n\n\n\n1,404,691 \n\n\n\nCommitments and Contingencies \n\n\n\n\n\n\n\n\nEquity \n\n\n\n\n\n\n\n\nPreferred stock, $1.00 par value, 100,000 shares authorized, none issuedand outstanding \n\n\n— \n\n\n\n— \n\n\n\nCommon stock, $0.16 par value, 315,000,000 shares authorized, 216,698,138 and 216,614,407 shares issued and outstanding \n\n\n34,672 \n\n\n\n34,658 \n\n\n\nAdditional paid-in capital \n\n\n2,588,930 \n\n\n\n2,583,885 \n\n\n\nAccumulated other comprehensive loss \n\n\n(31,421) \n\n\n\n(30,021) \n\n\n\nRetained earnings \n\n\n543,011 \n\n\n\n555,620 \n\n\n\nTotal Stockholders' Equity \n\n\n3,135,192 \n\n\n\n3,144,142 \n\n\n\nTotal Liabilities and Stockholders' Equity \n\n$ \n4,503,173 \n\n\n$ \n4,548,833 \n\n\n\n\n\n\n\n\n\nNEOGEN CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) \n\n\n\n\n\nThree months ended August 31, \n\n\n\n\n\n2024 \n\n\n2023 \n\n\n\nCash Flows (used for) provided by Operating Activities \n\n\n\n\n\n\n\n\nNet (loss) income \n\n$ \n(12,609) \n\n\n$ \n1,503 \n\n\n\nAdjustments to reconcile net (loss) income to net cash from operating activities: \n\n\n\n\n\n\n\n\nDepreciation and amortization \n\n\n29,800 \n\n\n\n28,734 \n\n\n\nDeferred income taxes \n\n\n(9,119) \n\n\n\n998 \n\n\n\nShare-based compensation \n\n\n3,982 \n\n\n\n2,638 \n\n\n\nLoss on disposal of property and equipment \n\n\n77 \n\n\n\n— \n\n\n\nAmortization of debt issuance costs \n\n\n860 \n\n\n\n860 \n\n\n\nOther \n\n\n(261) \n\n\n\n— \n\n\n\nChange in operating assets and liabilities, net of business acquisitions: \n\n\n\n\n\n\n\n\nAccounts receivable, net \n\n\n4,796 \n\n\n\n16,242 \n\n\n\nInventories, net \n\n\n(9,939) \n\n\n\n(6,304) \n\n\n\nPrepaid expenses and other current assets \n\n\n(1,733) \n\n\n\n(12,925) \n\n\n\nAccounts payable and accrued liabilities \n\n\n(15,881) \n\n\n\n4,980 \n\n\n\nInterest expense accrual \n\n\n(7,431) \n\n\n\n(7,711) \n\n\n\nChange in other non-current assets and non-current liabilities \n\n\n(456) \n\n\n\n(6,006) \n\n\n\nNet Cash (used for) provided by Operating Activities \n\n\n(17,914) \n\n\n\n23,009 \n\n\n\nCash Flows used for Investing Activities \n\n\n\n\n\n\n\n\nPurchases of property, equipment and other non-current intangible assets \n\n\n(38,433) \n\n\n\n(30,630) \n\n\n\nProceeds from the maturities of marketable securities \n\n\n325 \n\n\n\n21,905 \n\n\n\nProceeds from the sale of property and equipment and other \n\n\n4,446 \n\n\n\n41 \n\n\n\nNet Cash used for Investing Activities \n\n\n(33,662) \n\n\n\n(8,684) \n\n\n\nCash Flows provided by Financing Activities \n\n\n\n\n\n\n\n\nExercise of stock options and issuance of employee stock purchase plan shares \n\n\n1,077 \n\n\n\n1,062 \n\n\n\nRepayment of long-term debt and finance lease \n\n\n(98) \n\n\n\n— \n\n\n\nNet Cash provided by Financing Activities \n\n\n979 \n\n\n\n1,062 \n\n\n\nEffects of Foreign Exchange Rate on Cash \n\n\n463 \n\n\n\n205 \n\n\n\nNet (Decrease) Increase in Cash and Cash Equivalents \n\n\n(50,134) \n\n\n\n15,592 \n\n\n\nCash and Cash Equivalents, Beginning of Year \n\n\n170,611 \n\n\n\n163,240 \n\n\n\nCash and Cash Equivalents, End of Year \n\n$ \n120,477 \n\n\n$ \n178,832 \n\n\n\n\n\nNon-GAAP Financial Measures \nThis 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.\nManagement 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.\nCore 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.\nThese 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.\n\n\n\n\nNEOGEN CORPORATION RECONCILIATION OF NET(LOSS) INCOME TO ADJUSTED EBITDA (In thousands, except for percentages) \n\n\n\n\nThree months ended August 31, \n\n\n\n\n\n2024 \n\n\n2023 \n\n\n\nNet (loss) income \n\n$ \n(12,609) \n\n\n$ \n1,503 \n\n\n\nIncome tax (benefit) expense \n\n\n(3,000) \n\n\n\n160 \n\n\n\nDepreciation and amortization \n\n\n29,800 \n\n\n\n28,734 \n\n\n\nInterest expense, net \n\n\n17,622 \n\n\n\n16,666 \n\n\n\nEBITDA \n\n$ \n31,813 \n\n\n$ \n47,063 \n\n\n\nShare-based compensation \n\n\n3,982 \n\n\n\n2,638 \n\n\n\nFX transaction gain on loan and other revaluation (1) \n\n\n(320) \n\n\n\n(290) \n\n\n\nCertain transaction fees and integration costs (2) \n\n\n5,122 \n\n\n\n1,951 \n\n\n\nSeverance and other employment costs \n\n\n370 \n\n\n\n559 \n\n\n\nContingent consideration adjustments \n\n\n— \n\n\n\n300 \n\n\n\nERP expense (3) \n\n\n1,835 \n\n\n\n128 \n\n\n\nDiscontinued product line expense (4) \n\n\n912 \n\n\n\n20 \n\n\n\nAdjusted EBITDA \n\n$ \n43,714 \n\n\n$ \n52,369 \n\n\n\nAdjusted EBITDA margin (% of sales) \n\n\n20.1 \n% \n\n\n22.9 \n% \n\n\n\n\n\n\n\n\n\n\n\n(1) Net foreign currency transaction loss associated with the revaluation of foreign denominated intercompany loansestablished in connection with the 3M Food Safety transaction and other non-hedged foreign currency revaluationresulting from 3M agreements. \n\n\n(2) Includes costs associated with the 3M transaction, including various transition agreements. $4.2 million is includedwithin Cost of Revenues.  \n\n\n(3) Expenses related to ERP implementation. \n\n\n(4) Expenses associated with certain discontinued product lines. Amounts are recorded within Cost of Revenues.  \n\n\n\n\n\n\n\n\nNEOGEN CORPORATION RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED NET INCOME (In thousands, except for per share) \n\n\n\n\nThree months ended August 31, \n\n\n\n\n\n2024 \n\n\n2023 \n\n\n\nNet (loss) income \n\n$ \n(12,609) \n\n\n$ \n1,503 \n\n\n\nAmortization of acquisition-related intangibles \n\n\n23,138 \n\n\n\n23,325 \n\n\n\nShare-based compensation \n\n\n3,982 \n\n\n\n2,638 \n\n\n\nFX transaction gain on loan and other revaluation (1) \n\n\n(320) \n\n\n\n(290) \n\n\n\nCertain transaction fees and integration costs (2) \n\n\n5,122 \n\n\n\n1,951 \n\n\n\nSeverance and other employment costs \n\n\n370 \n\n\n\n559 \n\n\n\nContingent consideration adjustments \n\n\n— \n\n\n\n300 \n\n\n\nERP expense (3) \n\n\n1,835 \n\n\n\n128 \n\n\n\nDiscontinued product line expense (4) \n\n\n912 \n\n\n\n20 \n\n\n\nEstimated tax effect of above adjustments (5) \n\n\n(8,052) \n\n\n\n(6,447) \n\n\n\nAdjusted Net Income \n\n$ \n14,378 \n\n\n$ \n23,687 \n\n\n\nAdjusted Earnings per Share \n\n$ \n0.07 \n\n\n$ \n0.11 \n\n\n\n\n\n\n\n\n\n\n\n\n(1) Net foreign currency transaction loss associated with the revaluation of foreign denominated intercompany loansestablished in connection with the 3M Food Safety transaction and other non-hedged foreign currency revaluationresulting from 3M agreements. \n\n\n(2) Includes costs associated with the 3M transaction, including various transition agreements. $4.2 million is includedwithin Cost of Revenues.  \n\n\n(3) Expenses related to ERP implementation. \n\n\n(4) Expenses associated with certain discontinued product lines. Amounts are recorded within Cost of Revenues.  \n\n\n(5) Tax effect of adjustments is calculated using projected effective tax rates for each applicable item. \n\n\n\n\n\n\n\n\nNEOGEN CORPORATION RECONCILIATION OF GROWTH TO CORE GROWTH(In thousands) \n\n\n\n\nQ1 FY25 \n\n\nQ1 FY24 \n\n\nGrowth \n\nForeign Currency \n\nAcquisitions / Divestitures \n\nCore Revenue Growth \n\n\nFood Safety \n\n$ \n159,345 \n\n\n$ \n166,278 \n\n\n(4.2 %) \n\n(5.4 %) \n\n0.1 % \n\n1.1 % \n\n\nAnimal Safety \n\n\n57,619 \n\n\n\n62,709 \n\n\n(8.1 %) \n\n0.0 % \n\n(0.3 %) \n\n(7.8 %) \n\n\nTotal Neogen \n\n$ \n216,964 \n\n\n$ \n228,987 \n\n\n(5.3 %) \n\n(3.9 %) \n\n0.0 % \n\n(1.4 %) \n\n\n\n\nContact Bill Waelke(517) 372-9200ir@neogen.com\n View original content to download multimedia:https://www.prnewswire.com/news-releases/neogen-announces-first-quarter-2025-results-302272424.html\nSOURCE Neogen Corporation","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2474716131"}