Business
Neogen Announces Record Revenues for Fiscal 2022
Company reports strong growth across Food and Animal Safety segments Gross margins improved quarter over quarter and year over year Fourth quarter EPS of
About this update from Neogen Corporation
[{"type":"text","content":"Company reports strong growth across Food and Animal Safety segments \nGross margins improved quarter over quarter and year over year\nFourth quarter EPS of $0.14; adjusted EPS of $0.18\n3M Food Safety transaction on track to close in the third quarter of calendar year 2022 \nLANSING, Mich., July 26, 2022 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today the results of its fourth quarter and full 2022 fiscal year, which ended May 31. Revenues for the fourth quarter increased 10% to $140,093,000, compared to $127,425,000 in the prior year, and revenues for the full fiscal year were $527,159,000, compared to the prior year's $468,459,000, an increase of 13%.\nThe fourth quarter marked the 120th of the past 126 quarters that Neogen has reported revenue increases compared to the same quarter in the prior year.\n\"Neogen's fourth quarter was a strong conclusion to our fiscal year,\" said John Adent, Neogen's President and Chief Executive Officer. \"Our team has done an outstanding job in remaining flexible when faced with hurdles, while consistently looking for new ways to reach our customers in markets around the world. The outstanding results for this quarter and fiscal year give us momentum as we move into our 2023 fiscal year, with the close of the 3M transaction on the horizon. Our integration efforts have us well prepared, and we look forward to welcoming the 3M Food Safety team members to the Neogen family. Our future is bright as we begin to build the next chapter of Neogen together post-close. We have a lot to look forward to as we celebrate our 40th year of operations.\"\nFinancial and Business Highlights\nNet income for the fourth quarter was $14,959,000, or $0.14 per share, adversely impacted by $5.7 million in professional fees incurred in connection with Neogen's plan to combine 3M's Food Safety business with the company's existing operations, which was announced on December 14, 2021. Excluding the 3M Food Safety deal-related costs, net income for the quarter would have been $19,131,000, or $0.18 per share, an increase of 21% compared to the prior year's $15,760,000, or $0.15 per share.\nNet income for the fiscal year was $48,307,000 or $0.45 per share; excluding $25.6 million in 3M deal-related costs, net income would have been $67,938,000, or $0.63, for the fiscal year, compared to the prior year's $60...