NEOGEN CORP Files 10-Q for Q2 2024

TL;DR

NEOGEN CORP 10-Q filed. Q2 2024 results out.

AI Summary

NEOGEN CORP filed its 10-Q for the period ending November 30, 2024. The company, headquartered in Lansing, MI, operates in the in vitro & in vivo diagnostic substances sector. Key financial data and operational details for the fiscal second quarter are presented in this report.

Why It Matters

This filing provides investors with an update on NEOGEN CORP's financial performance and operational status for the second quarter of fiscal year 2024, crucial for investment decisions.

Risk Assessment

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

Key Numbers

• 20241130 — End of Reporting Period (Fiscal second quarter end date)
• 20250115 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• NEOGEN CORP (company) — Filer of the 10-Q
• 20241130 (date) — End of reporting period
• 20250115 (date) — Filing date
• LANSING, MI (location) — Company headquarters
• 0000711377 (company) — Central Index Key for NEOGEN CORP

FAQ

Key Financial Figures

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

Filing Documents

• neog-20241130.htm (10-Q) — 2238KB
• neog-ex31_1.htm (EX-31.1) — 14KB
• neog-ex31_2.htm (EX-31.2) — 14KB
• neog-ex32.htm (EX-32) — 11KB
• img193760187_0.jpg (GRAPHIC) — 632KB
• 0000950170-25-005818.txt ( ) — 9996KB
• neog-20241130.xsd (EX-101.SCH) — 1111KB
• neog-20241130_htm.xml (XML) — 1689KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Interim Condensed Consolidated Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets – November 30, 2024 and May 31, 2024 2 Condensed Consolidated Statements of Operations – Three and six months ended November 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive (Loss) Income – Three and six months ended November 30, 2024 and 2023 4 Condensed Consolidated Statements of Equity – Three and six months ended November 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows – Six months ended November 30, 2024 and 2023 6 Notes to Interim Condensed Consolidated Financial Statements – November 30, 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 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 5. Other Information 29 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 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 (in thousands, except shares) November 30, 2024 May 31, 2024 Assets (unaudited) Current Assets Cash and cash equivalents $ 140,231 $ 170,611 Marketable securities — 325 Accounts receivable, net of allowance of $ 4,833 and $ 4,140 164,086 173,005 Inventories Raw materials 75,376 78,799 Work-in-process 14,096 10,990 Finished goods 128,300 111,839 217,772 201,628 Less inventory reserve ( 19,505 ) ( 12,361 ) Inventories, net 198,267 189,267 Prepaid expenses and other current assets 67,863 56,025 Total Current Assets 570,447 589,233 Net Property and Equipment 310,552 277,104 Other Assets Right of use assets 17,201 14,785 Goodwill (note 5) 1,672,501 2,135,632 Intangible assets, net 1,463,163 1,511,653 Other non-current assets 20,228 20,426 Total Assets $ 4,054,092 $ 4,548,833 Liabilities and Stockholders' Equity Current Liabilities Current portion of finance lease $ 2,576 $ 2,447 Accounts payable 79,574 83,061 Accrued compensation 16,480 19,949 Income tax payable 11,176 10,449 Accrued interest 11,091 10,985 Deferred revenue 5,651 4,632 Other current liabilities 24,647 22,800 Total Current Liabilities 151,195 154,323 Deferred Income Tax Liability 302,405 326,718 Non-Current Debt 889,867 888,391 Other Non-Current Liabilities 41,555 35,259 Total Liabilities 1,385,022 1,404,691 Commitments and Contingencies (note 8) Equity Preferred stock, $ 1.00 par value, 100,000 shares authorized, none issued and outstanding - - Common stock, $ 0.16 par value, 315,000,000 shares authorized, 216,944,017 and 216,614,407 shares issued and outstanding 34,712 34,658 Additional paid-in capital 2,592,374 2,583,885 Accumulated other comprehensive loss

View Full Filing

View this 10-Q filing on SEC EDGAR