Neogen (NASDAQ:NEOG) reports mixed Q3, revenue up, net loss deepens
Neogen Corporation (NASDAQ:NEOG) has announced its financial outcomes for the third quarter ended February 29, 2024.
The company reported a 4.8% revenue increase to $228.8 million for the third quarter, compared to $218.3 million in the same period last year.
Core revenue growth was 6.2%, unaffected by acquisitions or discontinued product lines, although foreign currency translation negatively impacted revenue growth by 1.4%.
Unfortunately, the company experienced a net loss of $2 million, a decline from the previous year's net income of $8.2 million.
Adjusted net income remained nearly flat at $26.4 million, primarily affected by an increase in depreciation expense.
Surprisingly, gross margin improved to 51.1% in the current quarter from 49.5% a year ago, largely due to higher sales of more profitable products in the Food Safety segment.
Looking ahead, the company has revised its full-year financial outlook, anticipating revenue between $910 million and $920 million, with adjusted EBITDA expected between $210 million and $215 million.
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