Slide 1: Fiscal Year 2024 First-Quarter Results
Fiscal Year 2024 First-Quarter Results October 10, 2023 ©2020 NEOGEN Corporation. All rights reserved.
Slide 2: Disclaimer
Disclaimer Preliminary Results and Forward-Looking Statements The Company’s reported results are preliminary. The Company has not yet completed its year-end reporting process, and the Company’s independent auditor has not completed its audit. Accordingly, final results and other disclosures to be in
Slide 3: Q1 FY24 Summary
Q1 FY24 Summary • Revenue broadly in line with expectations outside of Asia, with low-single-digit pro forma core growth achieved in rest of world • Core revenue in combined Food Safety business grew mid-single-digits outside of Asia, including positive volume ‒ Legacy Food Safety business performed
Slide 4: Financial Highlights
Financial Highlights Adjusted Net Income Revenue ($M) Adjusted EBITDA ($M) ($M, excl. per share) $229.0 $23.7 $52.4 $17.6 $132.3 $27.0 $0.16 $0.11 22.9% Adjusted Adjusted 20.4% Margin (2) EPS EPS (2) Margin Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 • Gross margin expansion of 400 • Adjusted Ne
Slide 5: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile Gross Debt $900M • Net debt roughly flat from Q4, despite elevated capex Less: Cash & • Capex elevated to support integration of former 3M Marketable Securities $239M Food Safety business 33% • $100M of debt repaid since closing of Food Safety Net Debt
Slide 6: FY24 Outlook
FY24 Outlook • Maintaining full-year outlook – Demand environment generally aligned with expectations, including initial Q2 observations – Historical revenue seasonality implies ~52% in the second half of the year, in addition to moderating compare • Revenue: $955 million – $985 million – Reflects s
Slide 7: Summary
Summary • Progressing on track towards Q3 integration milestones • Q4 improvements in Petrifilm supply continuity at transition manufacturing partner sustained during Q1 • Focused demand-generation actions being executed, supported by more reliable transition supply • Benefits of combined commercial
Slide 8: Thank you for joining us.
To view the earnings press release and presentation, visit: Thank you for WWW.NEOGEN.COM/INVESTOR-RELATIONS joining us. 8 ©2023 NEOGEN Corporation. All rights reserved.
Slide 9: Appendix
Appendix
Slide 10: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Adjusted EBITDA 10 ©2023 NEOGEN Corporation. All rights reserved.
Slide 11: Non-GAAP Reconciliations: Adjusted Net Income
Non-GAAP Reconciliations Adjusted Net Income 11 ©2023 NEOGEN Corporation. All rights reserved.