Exhibit 99.1

FOR IMMEDIATE RELEASE

 

CONTACT:

Steve Quinlan, Vice President & CFO

  

Neogen Corporation, 517/372-9200

Neogen reports fiscal 2019 results

LANSING, Mich., July 23, 2019 — Neogen Corporation (NASDAQ: NEOG) announced today that revenues for the fourth quarter of its 2019 fiscal year, which ended May 31, were $109,762,000, compared to $108,120,000 the prior year quarter. Revenues for the company for the full fiscal year were $414,186,000, compared to the prior year’s $397,930,000.

Fourth quarter net income was $15,815,000, or $0.30 per share, compared to the prior year’s $17,545,000, or $0.33 per share. Net income for the full 2019 fiscal year was $60,176,000, or $1.15 per share, compared to the prior year’s $63,145,000, or $1.21 per share.

“During the year, we made a number of changes that position us well for the future, and we had strong performances in certain areas of the business. Our core domestic food safety diagnostic business had a solid year, increasing revenues 12% compared to the prior year, as we seized existing opportunities by increasing market share and responding to regional outbreaks, and created new opportunities by developing innovative products for the marketplace,” said John Adent, Neogen’s president and chief executive officer. “Of special note in our 2019 fiscal year was an 11% increase in international sales, despite currency issues, with widespread gains in most geographies. Although it was a difficult year for our Animal Safety segment due to ongoing challenges in the animal protein markets we serve, we produced significant new sales within our veterinary needle and syringe business, and of products for the companion animal market. Our overall genomics business also continued its steady growth, with revenues up 12%, with strong performances throughout our global operations.”

The fourth quarter was the 109th of the past 114 quarters that Neogen reported revenue increases as compared to the same period in the previous year — a record spanning over 28 years.

Gross margins for the company were 46.3% in fiscal 2019, compared to 46.8% in fiscal 2018. The change in margin percentage was the result of product mix shifts within each segment towards products which have lower margins. Operating income was $68.1 million, or 16.4% of sales, in the current fiscal year, compared to $70.2 million, or 17.6%, in the company’s 2018 fiscal year. The decline in operating income was due to the lower gross margin percentage and increased operating expenses, with significant spending on new product development.

“If currency rates had been the same as the prior year, revenues for the fourth quarter would have been $2.3 million higher, and revenues for the full year would have been $8.0 million


The following information was filed by Neogen Corp (NEOG) on Tuesday, July 23, 2019 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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