Slide 1: Fiscal Year 2024 Second-Quarter Results
Fiscal Year 2024 Second-Quarter Results January 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: Q2 FY24 Summary
Q2 FY24 Summary • Revenue broadly in line with previously communicated expectations ‒ End market conditions showing signs of improving, but macro headwinds persist ‒ Negative core revenue impact of 300-400 bps due to elevated backlog of open orders from shipping delays • Supportive order flow in Foo
Slide 4: Financial Highlights
Financial Highlights Adjusted Net Income Revenue ($M) Adjusted EBITDA ($M) ($M, excl. per share) $230.0 $229.6 $64.1 $31.4 $55.1 $24.9 $0.15 $0.11 27.8% 24.0% Adjusted Adjusted Margin Margin (2) EPS EPS (2) Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 • Core revenue growth(1) of 0.7% in Food • Gr
Slide 5: Integration Fully Underway
Integration Fully Underway Current Status Expected Status – Q3 FY24 Stable supply from transition Construction of new facility complete, Indicator Testing manufacturing partner installation of equipment underway Final phases expected to be completed Sample Handling Initial phases of relocation compl
Slide 6: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile Gross Debt $900M • Cash position impacted by increase in working capital, primarily to accommodate exit of transition Less: Cash & agreement for distribution services Marketable Securities $230M • Capex elevated to support integration of former 3M 33%
Slide 7: FY24 Outlook
FY24 Outlook • Updating full-year outlook – Greater visibility with first half of the year behind us – End market environment showing signs of improving, but at a rate slower than originally anticipated • Revenue: $935 million – $955 million – Assumes continued gradual improvement in end market cond
Slide 8: Summary
Summary • Significant progress made with integration activities – on track to achieve Q3 objectives • Solid growth in key product lines acquired through 3M Food Safety transaction • Continuing to work through backlog of shipments • Updating full-year view to reflect greater visibility into end marke
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: 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.