Slide 1: Fiscal Year 2024 Third-Quarter Results
Fiscal Year 2024 Third-Quarter Results April 9, 2024 ©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: Q3 FY24 Summary
Q3 FY24 Summary • Significant integration milestones achieved ‒ Fully exited transition services and distribution agreements ‒ Relocation of pathogen detection manufacturing complete, sample handling relocation on track for Q4 • End market conditions improving slowly as anticipated ‒ Solid mid-singl
Slide 4: Financial Highlights
Financial Highlights Adjusted Net Income Revenue ($M) Adjusted EBITDA ($M) ($M, excl. per share) $218.3 $228.8 $51.3 $52.7 $26.5 $26.4 $0.12 $0.12 23.5% 23.0% Adjusted Adjusted Margin Margin EPS (2) EPS (2) Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 • Core revenue growth(1) of 5.8% in Food • Gr
Slide 5: Integration Fully Underway
Integration Fully Underway Current Status Construction of facility nearly complete, Indicator Testing initial equipment delivered Initial phases complete; final relocation Sample Handling expected in Q4, production in Q1 Manufacturing Transition Pathogen Detection Fully integrated Hygiene Monitoring
Slide 6: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile Gross Debt • Net debt increased $62M from Q2 $900M Less: Cash & – Inventory increased $22M from exit of transition Marketable Securities distribution agreement $168M – Total capex of $32M, up $8M from Q2 33% 67% Integration capex of $23M Net Debt $73
Slide 7: FY24 Outlook
FY24 Outlook • Updating full-year outlook • Revenue: $910 million – $920 million – Assumes slower ramp of shipping efficiency • Adjusted EBITDA: $210 million – $215 million – Reflects impact of lower expected revenue, operational inefficiencies • Capex: ~ $130 million – FY24 expected to be largest y
Slide 8: Summary
Summary • Significant progress made with integration activities • Managing through resulting inefficiencies and order backlog • Positive trajectory of end-market activity – food safety showing slow but steady improvement • Continuing to invest in growth initiatives to leverage scale of footprint and
Slide 9: Thank you for joining us.
To view the earnings press release Thank you for and presentation, visit: WWW.NEOGEN.COM/INVESTOR-RELATIONS joining us. 9 ©2024 NEOGEN Corporation. All rights reserved.
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Adjusted EBITDA 11 ©2024 NEOGEN Corporation. All rights reserved.
Slide 12: Non-GAAP Reconciliations: Adjusted Net Income
Non-GAAP Reconciliations Adjusted Net Income 12 ©2024 NEOGEN Corporation. All rights reserved.