Neogen Corp Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>Neogen Corp filed its Q2 FY2024 10-Q report on January 9, 2024, detailing financial performance for the period ending November 30, 2023.</b>

AI Summary

NEOGEN CORP (NEOG) filed a Quarterly Report (10-Q) with the SEC on January 9, 2024. Neogen Corp filed its 10-Q report for the period ending November 30, 2023. The filing covers the second quarter of fiscal year 2024. The company is incorporated in Michigan (MI). Neogen Corp operates in the In Vitro & In Vivo Diagnostic Substances industry. The filing date was January 9, 2024.

Why It Matters

For investors and stakeholders tracking NEOGEN CORP, this filing contains several important signals. This 10-Q provides investors and analysts with the latest financial data and operational insights for Neogen Corp, crucial for evaluating the company's performance and future prospects. Understanding the details within this filing is essential for assessing Neogen's financial health, market position, and any potential risks or opportunities identified by management.

Risk Assessment

Risk Level: low — NEOGEN CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events based on the provided header information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify trends in revenue, expenses, and profitability for Neogen Corp.

Key Numbers

• 20231130 — Period End Date (CONFORMED PERIOD OF REPORT)
• 20240109 — Filing Date (FILED AS OF DATE)
• 0531 — Fiscal Year End (FISCAL YEAR END)
• 000-17988 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• NEOGEN CORP (company) — FILER
• 20231130 (date) — CONFORMED PERIOD OF REPORT
• 20240109 (date) — FILED AS OF DATE
• MI (location) — STATE OF INCORPORATION
• LANSING (location) — CITY
• NEOG (ticker) — tk
• 0000711377 (company) — CENTRAL INDEX KEY
• 2835 (industry) — STANDARD INDUSTRIAL CLASSIFICATION

Forward-Looking Statements

• NEOGEN will continue to narrow its net losses in the next fiscal quarter. (NEOGEN CORP) — medium confidence, target: 2024-02-29
• The integration of the 3M Food Safety business will continue to positively impact revenue growth. (3M Food Safety) — high confidence, target: 2024-05-31

FAQ

Industry Context

Neogen Corp operates within the life sciences sector, specifically focusing on In Vitro & In Vivo Diagnostic Substances, serving markets related to food and animal safety.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the revenue and net income figures for the reported quarter and compare them to previous periods.
2. Examine any disclosed risk factors or management's discussion and analysis for potential business challenges or strategic shifts.
3. Review the balance sheet and cash flow statement to assess the company's financial health and liquidity.

Key Dates

• 2023-11-30: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-01-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2023-05-31: Fiscal Year End — Indicates the end of Neogen Corp's fiscal year.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending November 30, 2023, providing updated financial information compared to previous filings.

Key Financial Figures

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

Filing Documents

• neog-20231130.htm (10-Q) — 2188KB
• neog-ex31_1.htm (EX-31.1) — 13KB
• neog-ex31_2.htm (EX-31.2) — 13KB
• neog-ex32.htm (EX-32) — 11KB
• 0000950170-24-003320.txt (&nbsp;) — 9824KB
• neog-20231130.xsd (EX-101.SCH) — 1592KB
• neog-20231130_htm.xml (XML) — 1802KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Interim Condensed Consolidated Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets &#x2013; November 30, 2023 and May 31, 2023 2 Condensed Consolidated Statements of Operations &#x2013; Three and six months ended November 30, 2023 and 2022 3 Condensed Consolidated Statements of Comprehensive (Loss) Income &#x2013; Three and six months ended November 30, 2023 and 2022 4 Condensed Consolidated Statements of Equity &#x2013; Three and six months ended November 30, 2023 and 2022 5 Condensed Consolidated Statements of Cash Flows &#x2013; Six months ended November 30, 2023 and 2022 6 Notes to Interim Condensed Consolidated Financial Statements &#x2013; November 30, 2023 7 Item 2. Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 CEO Certification CFO Certification Section 906 Certification 1

&#x2013; FINANCIAL INFORMATION

PART I &#x2013; FINANCIAL INFORMATION

Interim Condensed Consolidated Financial Statements

Item 1. Interim Condensed Consolidated Financial Statements Neogen Corporation Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share amounts) November 30, 2023 May 31, 2023 Assets Current Assets Cash and cash equivalents $ 205,765 $ 163,240 Marketable securities 24,501 82,329 Accounts receivable, net of allowance of $ 3,403 and $ 2,827 150,498 153,253 Inventories, net 160,529 133,812 Prepaid expenses and other current assets 83,080 53,297 Total Current Assets 624,373 585,931 Net Property and Equipment 244,300 198,749 Other Assets Right of use assets 15,015 11,933 Goodwill 2,137,983 2,137,496 Intangible assets, net 1,564,744 1,605,103 Other non-current assets 16,000 15,220 Total Assets $ 4,602,415 $ 4,554,432 Liabilities and Stockholders&#x2019; Equity Current Liabilities Current portion of finance lease $ 2,569 $ - Accounts payable 112,184 76,669 Accrued compensation 15,642 25,153 Income tax payable 10,217 6,951 Accrued interest 10,985 11,149 Deferred revenue 4,679 4,616 Other accruals 20,336 20,934 Total Current Liabilities 176,612 145,472 Deferred Income Tax Liability 355,005 353,427 Non-Current Debt 886,915 885,439 Other Non-Current Liabilities 36,316 35,877 Total Liabilities 1,454,848 1,420,215 Commitments and Contingencies ( note 12) Equity Preferred stock, $ 1.00 par value, 100,000 shares authorized, no ne issued and outstanding - - Common stock, $ 0.16 par value, 315,000,000 shares authorized, 216,520,296 and 216,245,501 shares issued and outstanding at November 30, 2023, and May 31, 2023, respectively 34,644 34,599 Additional paid-in capital 2,574,994 2,567,828 Accumulated other comprehensive loss ( 25,128 ) ( 33,251 ) Retained earnings 563,057 565,041 Total Stockholders&#x2019; Equity 3,147,567 3,134,217

View Full Filing

View this 10-Q filing on SEC EDGAR