NEOGEN CORP Files 2024 Annual Report

TL;DR

NEOGEN CORP 2024 10-K is in! Full financial picture for the year ending May 31.

AI Summary

NEOGEN CORP filed its 10-K for the fiscal year ending May 31, 2024, reporting its financial performance and business operations. The company, headquartered in Lansing, MI, operates in the in vitro & in vivo diagnostic substances sector. This filing provides a comprehensive overview of its financial health and strategic direction for investors and stakeholders.

Why It Matters

This 10-K filing provides crucial insights into NEOGEN CORP's financial standing and operational performance over the past fiscal year, impacting investor decisions and market perception.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-K, NEOGEN CORP is subject to market fluctuations, regulatory changes, and competitive pressures inherent in the life sciences industry.

Key Players & Entities

• NEOGEN CORP (company) — Filer of the 10-K
• 20240531 (date) — Fiscal year end
• LANSING, MI (location) — Company headquarters
• 0000711377 (company_id) — Central Index Key

FAQ

Key Financial Figures

• $0.16 — nge on which registered Common Stock, $0.16 par value per share NEOG NASDAQ Glo

Filing Documents

• neog-20240531.htm (10-K) — 3227KB
• neog-ex4_3.htm (EX-4.3) — 16KB
• neog-ex10_16.htm (EX-10.16) — 34KB
• neog-ex10_17.htm (EX-10.17) — 23KB
• neog-ex10_19.htm (EX-10.19) — 24KB
• neog-ex19.htm (EX-19) — 53KB
• neog-ex21.htm (EX-21) — 36KB
• neog-ex23.htm (EX-23) — 4KB
• neog-ex24.htm (EX-24) — 38KB
• neog-ex31_1.htm (EX-31.1) — 14KB
• neog-ex31_2.htm (EX-31.2) — 15KB
• neog-ex32.htm (EX-32) — 10KB
• neog-ex97.htm (EX-97) — 23KB
• 0000950170-24-087670.txt ( ) — 15503KB
• neog-20240531.xsd (EX-101.SCH) — 2285KB
• neog-20240531_htm.xml (XML) — 3134KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 15 ITEM 1B. UNRESOLVED STAFF COMMENTS 30 ITEM 1C. CYBERSECURITY 30 ITEM 2.

PROPERTIES

PROPERTIES 31 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 32 ITEM 4. MINE SAFETY DISCLOSURES 32 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 33 ITEM 6. [RESERVED] 33 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 34 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS 45 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 46 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 46 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 46 ITEM 9B. OTHER INFORMATION 51 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 51 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 52 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 52 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 52 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 52 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 52 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 53 ITEM 16. FORM 10-K SUMMARY 53

SIGNATURES

SIGNATURES LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES F- 1 1 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, are made throughout this Annual Report on Form 10-K, including statements relating to management's expectations regarding new product introductions; the adequacy of our sources for certain components, raw materials and finished products; and our ability to utilize certain inventory. For this purpose, any statements contained herein that are not statements of historical fact may deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are intended to provide our current expectations or forecasts of future events; are based on current estimates, projections, beliefs, and assumptions; and are not guarantees of future performance. Actual events or results may differ materially from those described in the forward-looking statements. There are a number of important factors, including circumstances beyond our control at our transition manufacturing partner, competition, recruitment, retention, dependence on key employees, impact of weather on agriculture and food production, global business disruption caused by the Russia invasion in Ukraine and related sanctions and the conflict between Israel and Hamas, identification and integration of acquisitions, research and development risks, intellectual property protection, government regulation and other risks detailed in item 1A. RISK FACTORS in this Form 10-K and from time to time in the Company's reports on file at the Securities and Exchange Commission (SEC), that could cause Neogen Corporation's results to

BUSINESS

ITEM 1. BUSINESS Neogen Corporation and its subsidiaries develop, manufacture and market a diverse line of products and services dedicated to food and animal safety. Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns; as well as food quality and nutritional components. The majority of the test kits are consumables, single-use, culture, immunoassay and DNA detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results. Our expanding line of food safety products also includes genomics-based diagnostic technology, and advanced software systems that help testers objectively analyze and store, as well as perform analysis on, their results from multiple locations over extended periods. On September 1, 2022, Neogen, 3M Company ("3M") and Neogen Food Safety Corporation, formerly named Garden SpinCo, a subsidiary created to carve out 3M's Food Safety Division ("3M FSD", "FSD"), closed on a transaction combining 3M's FSD with Neogen in a Reverse Morris Trust transaction and Neogen Food Safety Corporation became a wholly owned subsidiary of Neogen ("FSD transaction", the "Transaction"). Following the FSD transaction, pre-merger Neogen Food Safety Corporation stockholders own, in the aggregate, approximately 50.1% of the issued and outstanding shares of Neogen common stock, and pre-merger Neogen shareholders own, in the aggregate, approximately 49.9% of the issued and outstanding shares of Neogen common stock. See Note 6. "Business Combinations" to the consolidated financial statements for further discussion. FSD products are reported in th

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View this 10-K filing on SEC EDGAR