Business
Neogen Announces Third-Quarter 2023 Results
Revenue of $218.3 million, an increase of 70% over the prior-year quarter.Net income of $8.2 million; $0.04 per diluted share.Adjusted Net Income of $26.5
About this update from Neogen Corporation
[{"type":"text","content":"Revenue of $218.3 million, an increase of 70% over the prior-year quarter.Net income of $8.2 million; $0.04 per diluted share.Adjusted Net Income of $26.5 million; $0.12 per diluted share.Adjusted EBITDA of $51.3 million, a margin of 23.5%.LANSING, Mich., March 30, 2023 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today the results of the third quarter ended February 28, 2023.\n\"The breadth of our product portfolio contributed to both legacy Neogen segments delivering quarterly core growth in a weaker end market environment,\" said John Adent, Neogen's President and Chief Executive Officer. \"The performance of the former 3M Food Safety Division was mixed, with market demand offset by the production backlog situation at our transition manufacturing partner, where we believe significant engagement from senior levels of their organization and a modified reporting structure provide a path to successful resolution. Despite navigating what we expect to be a transitory issue, market reception to the merger has been positive and we are focused on positioning the combined business for long-term success. We have a growing pipeline of targeted synergy opportunities and recently opened our new distribution center in Mount Sterling, Kentucky, which will be a single, more-efficient point of distribution in the U.S. for the entire company. We also continued to add critical personnel, with additions to our back-office and ancillary teams, who will play a key role in supporting our larger enterprise.\"\nAdent continued, \"We are excited about the opportunities we have ahead of us as the clear, pure-play leader in the food security market, with a portfolio consisting of over 95% consumable products. While our market is not immune to economic slowdowns, it historically has been resilient and has what we believe are long-term, secular tailwinds – heightened pathogen awareness, the growing prevalence of food allergies and increasingly health-conscious consumers who demand to know what's in their food. There is clearly work that remains ahead of us, but I'm proud of the progress we've made and the efforts of our team members globally as we integrate a high-quality business and lay the groundwork for One Neogen moving forward.\"\nFinancial and Business Highlights \nRevenues for the third quarter were $218.3 million, an increase of 70....