Slide 1: Fiscal Year 2024 Fourth-Quarter Results
Fiscal Year 2024 Fourth-Quarter Results July 30, 2024 ©2020 NEOGEN Corporation. All rights reserved.
Slide 2: Disclaimer: Preliminary Results and Forward-Looking Statements
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: Q4 FY24 Summary
Q4 FY24 Summary • Integration momentum continued ‒ Relocation of sample handling manufacturing complete, ramp-up to full production underway • Shipping performance improved throughout the quarter ‒ System-related distribution issues have since been resolved • End-market environment broadly stable fr
Slide 4: Financial Highlights
Financial Highlights Adjusted Net Income Revenue ($M) Adjusted EBITDA ($M) ($M, excl. per share) $63.1 $241.8 $30.2 $236.8 $53.0 $22.4 $0.14 $0.10 26.1% 22.4% Adjusted Adjusted Margin (2) (2) Margin EPS EPS Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 • Core revenue growth(1) of 4.3% in Food • Q4
Slide 5: Integration Fully Underway
Integration Fully Underway Current Status Construction of facility effectively Indicator Testing complete, initial equipment delivered Relocation complete, ramping up to full Sample Handling production levels Manufacturing Transition Pathogen Detection Fully integrated Hygiene Monitoring Fully integ
Slide 6: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile Gross Debt $900M • Net debt roughly flat from Q3 Less: Cash & Marketable Securities $171M – FY24 represented height of integration capex 33% – Load-in of 3M inventory will not repeat in FY25 67% Net Debt $729M – Continue to have multi-year improvement
Slide 7: FY25 Outlook
FY25 Outlook • Initiating 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 – Anticipating lighter-than-normal seasonality in H1 as demand generation efforts continue following H2 FY24
Slide 8: Summary
Summary • All former 3M Food Safety products, outside of Petrifilm, and supporting services integrated into Neogen • Significant progress made on shipping challenges throughout Q4 – no longer a constraint • Operating with reasonable backlog levels – focus is on demand generation • Have moved past pe
Slide 9: Thank you for joining us.
To view the earnings press release and presentation, visit: Thank you for WWW.NEOGEN.COM/INVESTOR-RELATIONS joining us. 9 ©2024 NEOGEN Corporation. All rights reserved.
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP Reconciliations: Core Growth
Non-GAAP Reconciliations Core Growth 11 ©2024 NEOGEN Corporation. All rights reserved.
Slide 12: Non-GAAP Reconciliations: Adjusted EBITDA
Non-GAAP Reconciliations Adjusted EBITDA 12 ©2024 NEOGEN Corporation. All rights reserved.
Slide 13: Non-GAAP Reconciliations: Adjusted Net Income
Non-GAAP Reconciliations Adjusted Net Income 13 ©2024 NEOGEN Corporation. All rights reserved.