Slide 1: Fiscal Year 2025 Third-Quarter Results
Fiscal Year 2025 Third-Quarter Results April 9, 2025 ©2020 NEOGEN Corporation. All rights reserved.
Slide 2: Disclaimer
Disclaimer Preliminary Results and Forward-Looking Statements The Company’s reported results in this presentation are preliminary. The Company has not yet completed its quarter-end reporting process, and the Company’s independent auditor has not completed its review. Accordingly, final results and o
Slide 3: Q3 FY25 Summary
Q3 FY25 Summary • End-market environment softened through Q3 ‒ Food production volumes generally remained down and worsened sequentially, a change in trend ‒ Domestic & int’l. distributors less willing to commit to inventory given elevated macro uncertainty • Solid Food Safety core growth outside of
Slide 4: Priority Actions to Navigate Current Situation
Priority Actions to Navigate Current Situation • Initial portfolio action in late stages, expected to close in Q1 FY26; net proceeds to pay down debt • Second portfolio action launching, expected to conclude in Q2 FY26; net proceeds to pay down debt and/or repurchase Portfolio shares • Actions colle
Slide 5: Financial Highlights
Financial Highlights Adjusted Net Income Revenue ($M) Adjusted EBITDA(2) ($M) ($M, excl. per share) $228.8 $221.0 $52.7 $48.5 $26.4 $20.9 $0.12 23.0% Adjusted $0.10 Margin 22.0% (3) Adjusted EPS Margin EPS (3) Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 Q3 FY24 Q3 FY25 • Core revenue growth(1) of 1.5% in Food •
Slide 6: Balance Sheet & Capital Allocation
Balance Sheet & Capital Allocation Debt Profile • Q3 Free Cash Flow(2) improved by $49M compared to prior year Gross Debt $900M – Driven primarily by efficiency in trade working capital, Less: Cash & Equivalents which was a $10M source of cash $128M – Capex reflected pull-forward of certain integrat
Slide 7: FY25 Outlook
FY25 Outlook • Updating full-year outlook • Revenue: ~$895 million – Reflects softer macro environment in Q3 assumed to extend through Q4, as well as potential impact of tariffs – From initial FY25 guidance, revised revenue reflects a meaningfully stronger USD, the intentional attrition of certain G
Slide 8: Summary
Summary Taking decisive actions to alleviate current headwinds, manage through macro uncertainty, derisk remaining integration activities, reduce net leverage and continue to strategically pivot the business further towards Food Safety ‒ Underlying MSD growth in Q3 offset by two primary challenges –
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.
Slide 13: Non-GAAP Reconciliations: Core Growth and Free Cash Flow
Non-GAAP Reconciliations Core Growth and Free Cash Flow 13 ©2024 NEOGEN Corporation. All rights reserved.