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Neogen Corp (NEOG) SEC Filing 10-K Annual Report for the fiscal year ending Tuesday, May 31, 2022

SEC Filings

Neogen Corp

CIK: 711377 Ticker: NEOG

Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT: Steve Quinlan, Chief Financial Officer

                      517.372.9200, squinlan@neogen.com

Neogen Announces Third Quarter Results

Solid year-over-year revenue growth showcases continued strength of products and markets

Closing of announced agreement to merge with 3M’s Food Safety business on track and

company has made strong progress with integration plans

LANSING, Mich., March 24, 2022 — Neogen Corporation (NASDAQ: NEOG) announced today the results of the third quarter of its 2022 fiscal year, which ended February 28. Revenues were $128,244,000, a 10% increase compared to the previous year’s third quarter revenues of $116,709,000. This quarter marked the 119th of the past 125 quarters that Neogen has reported revenue increases compared to the same period in the prior year. Current

year-to-date revenues were $387,066,000, up 14% compared to revenues of $341,034,000 for the same period a year ago.

“I am pleased to report solid top line growth for the quarter, with meaningful gains across our Food Safety, Animal Safety, and international operations,” said John Adent, Neogen’s President and Chief Executive Officer. “Our results for the third quarter demonstrate the resilience of our business, particularly in an inflationary environment and amid continued supply chain disruptions. We are making significant progress with integration planning in anticipation of the closing of our transaction with 3M’s Food Safety business, a deal that positions us at the forefront of this new era in food security with the resources, capabilities, and solutions to be a global food security provider.”

Financial and Business Highlights

Net income for the third quarter was $5,443,000, or $0.05 per share, adversely impacted by $10.6 million of professional fees incurred in connection with Neogen’s plan to combine 3M’s Food Safety business with the company’s existing operations, which was announced on December 14, 2021. Excluding the 3M deal-related costs, net income for the quarter would have been $13,600,000, or $0.13 per share, compared to $13,377,000, or $0.12 per share, in the previous year’s third quarter.

Current year-to-date net income was $33,348,000, or $0.31 per share; excluding $19.9 million in year to date 3M Food Safety deal costs, net income for the year to date would have been $48,807,000, or $0.45 per share, compared to $45,122,000, or $0.42 per share, for the same period a year ago.

For each comparative period above, earnings per share amounts have been adjusted to reflect the company’s 2-for-1 stock split on June 4, 2021.

Gross margins were 44.8% of sales in the third quarter of the fiscal year, compared to 46.1% recorded in the same period a year ago. Ongoing supply chain issues and the current inflationary environment continued to adversely impact raw material costs and freight expenses, which rose $2.2 million during the quarter. Additionally, a product mix shift toward Animal Safety products, which generally have lower gross margins, negatively impacted gross margins for the period.

Excluding the 3M Food Safety related deal costs, operating expenses rose by 6% during the third quarter, primarily due to increased compensation and personnel-related costs, an uptick in travel and other customer facing activities, increased shipping costs and the impact of amortization expense from recent acquisitions.

“We incurred significant legal and consulting fees during the quarter as we prepared for the 3M Food Safety combination; this spending will continue through the end of this fiscal year and into next fiscal year as we work toward closing,” said Steve Quinlan, Neogen’s Chief Financial Officer. “At the same time, our team is also continuing to drive growth initiatives across the company while addressing the current cost pressures in our business.”


The following information was filed by Neogen Corp (NEOG) on Thursday, March 24, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Neogen Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Activity In Allowance For Doubtful Accounts (Detail)
Amortizable Of Intangible Assets (Detail)
Business Combinations
Business Combinations - Additional Information (Detail)
Calculation Of Net Income Per Share (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Components Of Lease Expense (Detail)
Components Of Marketable Securities (Details)
Defined Contribution Benefit Plan
Defined Contribution Benefit Plan - Additional Information (Detail)
Derivatives
Derivatives (Tables)
Derivatives - Additional Information (Detail)
Derivatives - Schedule Of Gain Loss From Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance And Location (Detail)
Derivatives - Schedule Of Other Derivatives Not Designated As Hedging Instruments Statements Of Financial Performance And Financial Position Location (Detail)
Disaggregated Revenue (Detail)
Disaggregated Revenue By Geographic Location (Detail)
Equity Compensation Plans
Equity Compensation Plans (Tables)
Equity Compensation Plans - Additional Information (Detail)
Equity Compensation Plans - Schedule Of Nonvested Restricted Stock Units Activity (Detail)
Fair Value Of Stock Options Granted, Estimated Using Weighted-Average Assumptions (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill By Business Segment (Detail)
Income Before Income Taxes (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Inventories (Detail)
Long Term Debt
Long Term Debt - Additional Information (Detail)
Marketable Securities (Detail)
Operating Loss Carry Forwards (Detail)
Provision For Income Taxes (Detail)
Reconciliation Of Income Taxes Computed At The U.S. Federal Statutory Tax Rate To Income Tax Expense (Detail)
Reconciliation Of Our Tax Contingencies (Detail)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Schedule Of Share-Based Compensation Arrangement By Share-Based Payment Award, Options Intrinsic Value (Detail)
Segment Information
Segment Information (Detail)
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Significant Components Of Deferred Income Tax Liabilities And Assets (Detail)
Stock Option Activity (Detail)
Stock Option Activity (Parenthetical) (Detail)
Stock Repurchases
Stock Repurchases - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Summary Of Changes In Accumulated Other Comprehensive Income (Loss) Net Of Tax (Detail)
Summary Of Stock Options Outstanding (Detail)
Supplemental Balance Sheet Information Related To Operating Leases (Detail)
Undiscounted Minimum Lease Payments (Detail)
Weighted Average Remaining Lease Term And Weighted Average Discount Rate (Detail)
Ticker: NEOG
CIK: 711377
Form Type: 10-K Annual Report
Accession Number: 0001193125-22-202902
Submitted to the SEC: Wed Jul 27 2022 10:25:12 AM EST
Accepted by the SEC: Wed Jul 27 2022
Period: Tuesday, May 31, 2022
Industry: In Vitro And In Vivo Diagnostic Substances

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