Integrated Biopharma Reports FY24 Results

TL;DR

IBP FY24: $1.29B assets, $804M liabilities, $772M sales, $485M net income. Solid.

AI Summary

Integrated Biopharma Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company reported total assets of $1,289 million and total liabilities of $804 million. Net sales for the period were $772 million, with a net income of $485 million. The company's fiscal year-end is June 30.

Why It Matters

This filing provides a comprehensive overview of Integrated Biopharma's financial health and performance for the fiscal year 2024, crucial for investors and stakeholders to assess the company's stability and growth prospects.

Risk Assessment

Risk Level: low — The filing appears to be a standard annual report with no immediate red flags indicating high risk.

Key Numbers

• $1,289M — Total Assets (As of June 30, 2024)
• $804M — Total Liabilities (As of June 30, 2024)
• $772M — Net Sales (For the fiscal year ended June 30, 2024)
• $485M — Net Income (For the fiscal year ended June 30, 2024)
• 0.002 — Earnings Per Share (Diluted) (For the fiscal year ended June 30, 2024)

Key Players & Entities

• Integrated Biopharma Inc. (company) — Filer of the 10-K
• 2024-06-30 (date) — Fiscal year end
• $1,289 million (dollar_amount) — Total assets
• $804 million (dollar_amount) — Total liabilities
• $772 million (dollar_amount) — Net sales
• $485 million (dollar_amount) — Net income

FAQ

Filing Documents

• inbp20240630_10k.htm (10-K) — 1177KB
• ex_721278.htm (EX-21) — 7KB
• ex_721279.htm (EX-23.1) — 3KB
• ex_721280.htm (EX-31.1) — 20KB
• ex_721281.htm (EX-31.2) — 17KB
• ex_721282.htm (EX-32.1) — 8KB
• ex_721283.htm (EX-32.2) — 7KB
• 0001437749-24-029768.txt ( ) — 6537KB
• inbp-20240630.xsd (EX-101.SCH) — 57KB
• inbp-20240630_cal.xml (EX-101.CAL) — 46KB
• inbp-20240630_def.xml (EX-101.DEF) — 412KB
• inbp-20240630_lab.xml (EX-101.LAB) — 366KB
• inbp-20240630_pre.xml (EX-101.PRE) — 441KB
• inbp20240630_10k_htm.xml (XML) — 1039KB

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 14 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosure 16 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6. [Reserved] 17 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 25 Item 9A.

Controls and Procedures

Controls and Procedures 25 Item 9B. Other Information 26 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 26 Part III Item 10. Directors, Executive Officers and Corporate Governance 26 Item 11.

Executive Compensation

Executive Compensation 26 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions and Director Independence 26 Item 14. Principal Accountant Fees and Services 26 Part IV Item 15. Exhibits and Financial Statement Schedules 27 Item 16. Form10-K Summary 29

Signatures

Signatures 51 -2- CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Annual Report on Form 10-K may constitute forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Integrated BioPharma, Inc. and its subsidiaries (collectively, the "Company") or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by the Company; changes in industry capacity; pressure on prices from competition or from purchasers of the Company's products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to the Company; availability of qualified personnel; the loss of any significant customers or suppliers; the impact of the war in Ukraine; the tightened labor markets and inflation; and other factors both referenced and not referenced in this Annual Report. Statements that are not historical fact are forward-looking statements. Forward looking-statements can be identified by, among other things, the use of forward-looking language, such as the words "plan", "believe", "expect", "anticip

Description of Business

Item 1. Description of Business General Integrated BioPharma, Inc., a Delaware corporation (together with its subsidiaries, the "Company"), is engaged primarily in the business of manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. The Company's customers are located primarily in the United States and Luxembourg. The Company was originally incorporated in the state of Delaware on August 31, 1995 under the name Chem International, Inc., on December 5, 2000, changed its name to Integrated Health Technologies, Inc. and, on January 29, 2003, changed its name to Integrated BioPharma, Inc. The Company restated its certificate of incorporation in Delaware in June 2006. The Company continues to do business as Chem International, Inc. with certain of its customers and certain vendors. The Company's business segments include: (a) Contract Manufacturing operated by Manhattan Drug Company, Inc. ("MDC"), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and specialized health-care providers and (b) Other Nutraceutical Businesses which includes the operations of (i) AgroLabs, Inc. ("AgroLabs"), which distributed healthful nutritional products for sale through major mass market, grocery and drug and vitamin retailers under the following brands: Peaceful Sleep, and Wheatgrass and other products introduced into the market using the AgroLabs name (these are referred to as our branded products); (ii) The Vitamin Factory (the "Vitamin Factory"), which sold private label MDC products, as well as our AgroLabs products, through the Internet, (iii) IHT Health Products, Inc. ("IHT") a distributor of fine natural botanicals, including multi minerals produced under a license agreement, (iv) MDC Warehousing and Distribution, Inc., a service provider for warehousing and fulfilment services and (v) Chem International, Inc., a distributor of certain raw materials for DSM Nutritional Pr

Risk Factors

Item 1A. Risk Factors Please carefully consider the following risk factors which could materially adversely affect our business, financial condition, operating results and cash flows. The risk factors described below are not the only ones we face. Risks and uncertainties not known to us currently, or that we currently deem immaterial, also may materially adversely affect our business, financial condition, operating results and cash flows. Our revenue could decline significantly if we lose one or more of our most significant customers, which could have a significant adverse impact on us. A significant portion of our revenues are concentrated among four customers, Life Extension and Herbalife (customers in our Contract Manufacturing Segment), and Thermosource Tooling and Manufacturing and Hotpack Global, Inc. (customers of our Other Nutraceutical Businesses Segment). In the fiscal years ended June 30, 2024 and 2023, approximately 90% and 89% of our consolidated net sales, respectively, were derived from the two major customers in our Contract Manufacturing Segment. The loss of any of these customers could have a significant adverse impact on our financial condition and results of operations. Supply chain disruptions resulting from geo-political events could have an impact on our financial results and ability to timely ship products to our customers. These issues first arose as result of the COVID-19 pandemic and other geo-political events. Transportation, in general, continues to be an issue in the delay of receiving raw materials and our ability to meet promised delivery dates to our customers in the Contract Manufacturing Segment. While we haven't, to date, seen a signifi

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View this 10-K filing on SEC EDGAR