Neogen Corp. Files Q3 2024 10-Q Report

TL;DR

NEOGEN Q3 24 10-Q FILED. CHECK FINANCIALS.

AI Summary

Neogen Corp. reported its third-quarter results for the period ending February 29, 2024. The company's fiscal year ends on May 31st. Key financial data and segment information were filed on April 9, 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational details of Neogen Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• NEOGEN CORP (company) — Filer
• 20240229 (date) — Reporting Period End Date
• 20240409 (date) — Filing Date
• 0000711377 (company) — Central Index Key
• Corvium Inc. (company) — Acquisition Mentioned

FAQ

Key Financial Figures

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

Filing Documents

• neog-20240229.htm (10-Q) — 2269KB
• neog-ex31_1.htm (EX-31.1) — 13KB
• neog-ex31_2.htm (EX-31.2) — 13KB
• neog-ex32.htm (EX-32) — 11KB
• 0000950170-24-042952.txt ( ) — 9975KB
• neog-20240229.xsd (EX-101.SCH) — 1608KB
• neog-20240229_htm.xml (XML) — 1817KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Interim Condensed Consolidated Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets – February 29, 2024 and May 31, 2023 2 Condensed Consolidated Statements of Operations – Three and nine months ended February 29, 2024 and February 28, 2023 3 Condensed Consolidated Statements of Comprehensive (Loss) Income – Three and nine months ended February 29, 2024 and February 28, 2023 4 Condensed Consolidated Statements of Equity – Three and nine months ended February 29, 2024 and February 28, 2023 5 Condensed Consolidated Statements of Cash Flows – Nine months ended February 29, 2024 and February 28, 2023 6 Notes to Interim Condensed Consolidated Financial Statements – February 29, 2024 7 Item 2.

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

Management'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

– FINANCIAL INFORMATION

PART I – 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) February 29, 2024 May 31, 2023 Assets Current Assets Cash and cash equivalents $ 161,437 $ 163,240 Marketable securities 7,010 82,329 Accounts receivable, net of allowance of $ 4,099 and $ 2,827 173,592 153,253 Inventories, net 182,390 133,812 Prepaid expenses and other current assets 78,042 53,297 Total Current Assets 602,471 585,931 Net Property and Equipment 272,282 198,749 Other Assets Right of use assets 15,301 11,933 Goodwill 2,136,338 2,137,496 Intangible assets, net 1,539,744 1,605,103 Other non-current assets 16,356 15,220 Total Assets $ 4,582,492 $ 4,554,432 Liabilities and Stockholders' Equity Current Liabilities Current portion of finance lease $ 2,521 $ - Accounts payable 89,748 76,669 Accrued compensation 20,305 25,153 Income tax payable 11,573 6,951 Accrued interest 3,438 11,149 Deferred revenue 5,486 4,616 Other accruals 24,773 20,934 Total Current Liabilities 157,844 145,472 Deferred Income Tax Liability 353,853 353,427 Non-Current Debt 887,653 885,439 Other Non-Current Liabilities 36,968 35,877 Total Liabilities 1,436,318 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, 216,607,746 and 216,245,501 shares issued and outstanding at February 29, 2024, and May 31, 2023, respectively 34,657 34,599 Additional paid-in capital 2,579,955 2,567,828 Accumulated other comprehensive loss ( 29,473 ) ( 33,251 ) Retained earnings 561,035 565,041 Total Stockholders' Equity 3,146,174 3,134,217 Total Liabilit

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View this 10-Q filing on SEC EDGAR