Business
Neogen Announces Fourth-Quarter 2024 Results
Revenue of $236.8 million.Net loss of $5.4 million; $(0.02) per diluted share.Adjusted Net Income of $22.4 million; $0.10 per diluted share.Adjusted EBITDA of
About this update from Neogen Corporation
[{"type":"text","content":"Revenue of $236.8 million.Net loss of $5.4 million; $(0.02) per diluted share.Adjusted Net Income of $22.4 million; $0.10 per diluted share.Adjusted EBITDA of $53.0 million.LANSING, Mich., July 30, 2024 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today the results of the fourth quarter ended May 31, 2024.\n\n \n \n \n \n \n \n\n \n\"After crossing multiple significant integration milestones in the third quarter related to the integration of the former 3M Food Safety business, progress continued on multiple fronts in the fourth quarter,\" said John Adent, Neogen's President and Chief Executive Officer. \"We completed the relocation of the sample handling product line, which we expect to have running at full production by the end of the first quarter. We also saw improvement in our order fulfillment rates throughout the quarter, which have subsequently improved to the point where they are no longer a constraint.\" \nAdent continued, \"End-market conditions remained soft, but stable compared to the third quarter. With respect to Food Safety specifically, where food production volumes were still mostly down on a year-over-year basis, we are expecting a trend of slow, gradual improvement over the course of the fiscal year. The progress we've made on resolving our shipping challenges has allowed our commercial teams to focus on what they do best – demand generation – leveraging the broadest product portfolio in the industry and Neogen's reputation for consultative customer service, along with the expected improvement in the end-market backdrop. While we still have work ahead of us, the peak capital expenditure and working capital outflows related to the integration are behind us. As a result of our significant integration progress, we're able to focus on driving improvements in the combined operations and are looking forward to leveraging the full capabilities of our business in what we expect to be an unconstrained operating environment in fiscal 2025.\"\nFinancial and Business Highlights \nRevenues for the fourth quarter were $236.8 million, a decrease of 2.1% compared to $241.8 million in the prior year. Core revenue, which excludes the impacts of foreign currency translation, as well as acquisitions completed and product lines discontinued in the last 12 months, was 2.0%. Acquisitions and discontinued product lines...