Slide 1: Fiscal Year 2025 First-Quarter Results
Fiscal Year 2025 First-Quarter Results October 10, 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: Q1 FY25 Summary
Q1 FY25 Summary • System challenges from H2 FY24 have been resolved ‒ Improvement has been sustained - no longer constrained by shipping • End-market environment broadly stable from Q4 ‒ Food production volumes generally remained down ‒ Animal Safety end markets remain cyclically low, sales out of t
Slide 4: Financial Highlights
Financial Highlights Adjusted Net Income Revenue ($M) Adjusted EBITDA ($M) ($M, excl. per share) $229.0 $23.7 $217.0 $52.4 $43.7 $14.4 $0.11 Adjusted $0.07 22.9% EPS (2) Adjusted Margin 20.1% (2) EPS Margin Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 Q1 FY24 Q1 FY25 • Core revenue growth(1) of 1.1% in Food • Ad
Slide 5: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile Gross Debt $900M • Net debt increased from Q4 Less: Cash & Equivalents $120M – Highest level of FY25 integration capex in Q1 33% – Semi-annual interest payment on senior notes 67% Net Debt – Net working capital higher primarily due to timing of $780M p
Slide 6: FY25 Outlook
FY25 Outlook • Maintaining full-year outlook • Revenue: $925 million – $955 million – Assumes core revenue growth in the mid-single-digit range on gradual improvement in end-market environment – Q1 in line with expected H1 seasonality resulting from H2 FY24 shipment constraints • Adjusted EBITDA: $2
Slide 7: Summary
Summary • Recent high-profile food contamination incidents reinforce importance of Neogen’s solutions • Commercial teams focused on leveraging inherent value proposition to drive demand • Operational focus on driving margin improvement, lower net working capital • Flagship Petrifilm product line con
Slide 8: Thank you for joining us.
To view the earnings press release Thank you for and presentation, visit: WWW.NEOGEN.COM/INVESTOR-RELATIONS joining us. 8 ©2024 NEOGEN Corporation. All rights reserved.
Slide 9: Appendix
Appendix
Slide 10: Non-GAAP Reconciliations: Core Growth
Non-GAAP Reconciliations Core Growth 10 ©2024 NEOGEN Corporation. All rights reserved.
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.