Slide 1: Fiscal Year 2023 Fourth-Quarter Results
Fiscal Year 2023 Fourth-Quarter Results July 27, 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: Q4 FY23 Summary
Q4 FY23 Summary • Solid execution despite softening end market conditions • Mid-single-digit growth in Food Safety segment, including former 3M Food Safety Division – Sequential improvement from Q3 in production levels at transition manufacturing partner • Animal Safety segment experienced distribut
Slide 4: Financial Highlights
Financial Highlights Adjusted Net Income Revenue ($M) Adjusted EBITDA ($M) ($M, excl. per share) $63.1 $30.2 $241.8 $22.4 $140.1 $32.0 $0.21 $0.14 26.1% Adjusted Adjusted 22.9% Margin (2) EPS EPS (2) Margin Q4 FY22 Q4 FY23 Q4 FY22 Q4 FY23 Q4 FY22 Q4 FY23 • Core revenue growth(1) of 3.9% in • Food Sa
Slide 5: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile Gross Debt $900M • Net debt decreased $62M from Q3 on improved free cash flow from working capital actions Less: Cash & Marketable Securities $246M • Capex elevated to support integration of former 3M Food Safety business 33% Net Debt 67% $654M • $100M
Slide 6: FY24 Outlook
FY24 Outlook • Revenue: $955 million – $985 million – Reflects soft end market conditions continuing through the first half of the fiscal year – On a pro forma basis, Q1 anticipated to have lowest core growth of the year • Adjusted EBITDA: $235 million – $255 million – Incorporates incremental opera
Slide 7: Summary
Summary • Conditions soft, but end markets have historically been resilient • Integration a priority and on track; transition manufacturing arrangement on improved trajectory • Adding expenses to enable exit from back-office and distribution transition agreements • Investing in innovation to expand
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.