Neogen Corporation NEOG

SEC filings · Reporting currency USD · Quarterly reporting · Figures as of 2026-Q4 · updated 2026-09-06 · ISIN US6404911066

Operating income turned positive Margin expanding Guidance initiated

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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.

Neogen Corporation develops, manufactures, and markets food and animal safety products for food producers, processors, distributors, and animal health companies in more than 100 countries. Its two reportable segments are Food Safety, which provides test kits and related products for detecting pathogens, spoilage organisms, mycotoxins, drug residues, and allergens in food and production environments including the Petrifilm plate product line, and Animal Safety, which offers diagnostics, genomics testing services, veterinary instruments, and animal identification products. Revenue is generated through product sales and service fees, with international operations accounting for approximately 51.2% of total fiscal year 2026 revenues ²⁹. Products reach customers through a combination of direct sales forces and independent distributor networks, supported by a portfolio of approximately 157 U.S. and 445 international patents and more than 530 trademark registrations globally ²⁹. Research and development expenditure is targeted at approximately 2% to 5% of total revenues annually, with 89 scientists and support staff in the global R&D group as of May 31, 2026 ²⁹.

Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.

Neogen Corp reported fourth-quarter fiscal 2026 revenue of $225.3 million, representing reported growth of (0.1%) and core growth of 4.3%, with the Food Safety segment achieving its highest quarterly core growth rate since fiscal 2023 at 5.8% ³⁰. Net loss for the quarter was $11.3 million, and Adjusted EBITDA was $45.4 million at a margin of 20.2% ³⁰. The company confirmed the Petrifilm manufacturing transition at its Lansing facility remains on track and continues toward completing the previously announced sale of its Genomics business to Zoetis Inc. ²⁹ ³⁰.

Management commentary on the FY2026 results (8-K-EX99.1, 2026-07-30):

„We are providing our fiscal guidance for 2027, and we have stayed true to our principles of delivering on our commitments. Our entire organization is focused on disciplined execution and sustaining the operational momentum that we have seen in the business throughout fiscal year 2026. I'm extremely proud of our team and want to thank our employees for their significant contributions to the success of our company.“ – Mike Nassif, President and Chief Executive Officer ³⁰

„We ended fiscal year 2026 with significant momentum and have a number of initiatives underway to further enhance our commercial efforts and the way we approach customers and our core markets. Fiscal year 2027 will be a year of disciplined execution and investment in core areas as we look to drive high-impact innovation and operational efficiency through additive technology and improved process. Ultimately, our goal is to exit FY27 positioned for enhanced future growth and profitability.“ – Mike Nassif, President and Chief Executive Officer ³⁰

Revenue · 2026-Q4225$m−0.1 % vs. 2025-Q4

Net profit · 2026-Q4-11$m+98.2 % vs. 2025-Q4

EPS · 2026-Q4-0.05$+98.2 % vs. 2025-Q4

Revenue trend

Guidance

For FY2027, the company guides Revenue to $880 - $885 million (initiated); EBITDA (adjusted) to $180 - $182 million (initiated). ³⁰.

Profitability

Fourth-quarter operating income was $3.1 million and adjusted operating income was $39.1 million ¹³⁰. Adjusted net income was $18.7 million with adjusted EPS of $0.09, against a reported diluted EPS of $(0.05) ³⁰. Operating cash flow was $30.2 million against capital expenditures of $4.0 million, producing free cash flow of $26.2 million ¹³⁰.

Leverage

Cash at quarter end was $185.5 million against net debt of $608.2 million ¹³⁰. The debt structure reflects an April 2025 refinancing into $450.0 million of senior secured term loans maturing April 4, 2030 and a $250.0 million revolving credit facility with $100.0 million drawn at inception ²⁹. An additional $20.0 million term loan prepayment was made subsequent to May 31, 2026, and proceeds from the pending Genomics sale are expected to provide further capacity for debt reduction ²⁹.

Management view

The company is on track to manufacture sellable Petrifilm product and begin a planned multi-quarter manufacturing transition at its Lansing facility in November 2026, with the full transition from 3M expected to substantially complete in fiscal year 2027 ³⁰ ²⁹. Neogen is launching a new global go-to-market strategy featuring an enterprise-wide solutions-based selling model with realignment of sales resources ³⁰. FY2027 financial guidance calls for revenue of $880 to $885 million and Adjusted EBITDA of $180 to $182 million ³⁰.

Change

Animal Safety fourth-quarter revenue declined 8.2% on a reported basis, with core growth of 0.5% and a 7% sequential improvement attributed to resolution of the majority of supply challenges ³⁰. Fourth-quarter gross margin improved to 47.8% from 41.2% in the prior-year period; adjusted gross margin expanded to 49.7% from 46.4%, driven by favorable product mix and pricing changes ³⁰. A voluntary recall of Vet HyCoat Hyaluronate Sodium Sterile Solution, a third-party manufactured product, was initiated in January 2026 ²⁹.

Risks (current)

The Petrifilm manufacturing transition carries complexity and integration challenges that could delay benefits realization, and Swiss operation restructuring is constrained by built-in gains related to the 3M FSD transaction ²⁹. The pending Genomics business sale to Zoetis is subject to regulatory approvals, with the ACCC and NZCC having moved their reviews into a second phase in July 2026, creating uncertainty around the closing timeline ²⁹. Leadership transitions including CEO and CFO changes could impact execution of strategic plans, while transfer pricing adjustments across multiple jurisdictions could result in significant income tax impacts on operating results ²⁹.

New this reporting period

On March 2, 2026, Neogen announced a definitive agreement to sell its global Genomics business to Zoetis Inc. for $160.0 million, with anticipated net proceeds of approximately $140 million and closing expected by the end of the first half of fiscal year 2027 ²⁹. The company's Molecular Detection Assay - Listeria Right Now rapid environmental monitoring test received AOAC Performance Tested Methods certification, validating test performance for rapid environmental monitoring applications ³⁰.

Price & Chart#

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.

Internalization of Petrifilm manufacturing and integration of the acquired 3M Food Safety Division (FSD) at the new Lansing, Michigan facility
The 3M FSD combination (closed 2022-09-01, reverse Morris Trust) roughly doubled the Food Safety business and remains the dominant integration program; the ongoing transition of Petrifilm production to Lansing (targeted November 2026) is the central operational milestone still in progress, and Food Safety at USD 641.1m dwarfs the other segment (³⁰, ²², ²⁹).

3M FSD acquisition integration and Lansing manufacturing build-out
Integration of the acquired 3M Food Safety Division into a new Lansing, Michigan facility is described as planned/in progress across periods, with sample-collection production restarted and further product-line transitions still ahead (²², ²³, ²⁵).

Petrifilm manufacturing transition to internal Lansing site
The move of Petrifilm production to Neogen's own Lansing site is scheduled for November 2026 and repeatedly listed as planned, indicating the transition is not yet complete (³⁰, ²⁸, ²⁹).

Food Safety segment demand
Food Safety revenue was USD 641.1m in FY2026, up 0.5% year on year, essentially flat (³⁰).

Animal Safety segment demand
Animal Safety revenue reached USD 229.3m in FY2026, up 10.6% year on year, the faster-growing of the two segments (³⁰).

Restructuring and cost reduction
A restructuring plan with an approximately 10% global headcount reduction was launched in 2026-Q2 (²⁵).

New product certifications (Molecular Detection / Listeria Right Now)
The Molecular Detection Assay Listeria Right Now received AOAC certification and is recorded as launched in FY2026 (³⁰).

Debt and refinancing
Term Loan and Revolving Credit Facility refinancing was completed in April 2026, while reported net debt stood at USD 608.2m at 2026-Q4 (²⁹, ¹³⁰).

Sector trend: Food-safety diagnostics demand is broadly steady, with the core Food Safety line roughly flat and Animal Safety growing double digits, while reported operating results remain pressured by integration and restructuring costs (adjusted operating income around USD 39m in 2026-Q4 against near-zero to negative GAAP operating income) (³⁰, ¹³⁰). Guidance was initiated and headline growth is characterized as flat.

Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.

Overview: one dot per event · click jumps to the period

2026 · 17 events

FY2026 · Jun 2025 – May 2026

Net income turned positive ◦ 2026-07-30
Net loss narrowed to $7.9 million from $1,092.0 million in fiscal 2025; prior-year loss was driven by a $1,059.3 million goodwill impairment charge; fiscal 2026 included a $76.4 million gain on the Cleaners and Disinfectants divestiture (²⁹)

Revenue decelerating ◦ 2026-07-30
Full-year revenues declined 2.7% to $870.4 million, primarily due to $55.6 million from discontinued Cleaners and Disinfectants product lines following the divestiture; underlying core revenue grew 1.9% (²⁹, ³⁰)

Divestiture 2026-07-30
In July 2026, ACCC and NZCC moved reviews of the proposed Genomics business sale to Zoetis Inc. to a second phase of review, introducing potential timing uncertainty around the targeted closing by end of first half of fiscal year 2027 (²⁹, ³⁰)

2026-Q4 · Mar – May 2026

revenue 2026-07-30
Food Safety fourth quarter core revenue grew 5.8%, the highest quarterly core growth rate since fiscal year 2023; Animal Safety revenue grew 7% sequentially following partial resolution of third-party supplier challenges (³⁰)

Margin expanding 2026-07-30
Q4 gross margin improved to 47.8% from 41.2% in the prior year period; prior-year margin was depressed by elevated inventory write-offs; adjusted gross margin expanded to 49.7% from 46.4%, driven by favorable mix and pricing changes (³⁰)

Guidance initiated 2026-07-30
Fiscal year 2027 financial guidance initiated at revenue of $880-$885 million and adjusted EBITDA of $180-$182 million (³⁰)

Operating income turned positive 2026-07-30
Operating income turned positive for the first time after 4 negative periods (-3.3 to +3.1 USDm). ¹³⁰

2026-Q3 · Dec 2025 – Feb 2026

„We continued to make significant progress on our strategic transformation in the third quarter as we look to stabilize and strengthen our core business. We are emboldened by the continued strength in core growth in our Food Safety segment. Combined with our major strategic sales initiatives such as our go-to-market strategy review, our increasing use of metric-based key performance indicators, and our transition to a standardized global solutions based selling approach, we believe we are well positioned for continued fundamental improvement across the organization.“ – Mike Nassif, Chief Executive Officer and President ²⁸

Revenue decelerating 2026-04-09
Animal Safety segment revenue decreased 20.1% to $54.5 million; core growth declined 8.7% due to third-party supplier quality and manufacturing challenges (²⁸)

Guidance raised 2026-04-09
Full-year fiscal 2026 revenue guidance raised to $857-$860 million from prior range of $845-$855 million; adjusted EBITDA guidance maintained at approximately $175 million (²⁸)

Divestiture 2026-04-09
Definitive agreement signed March 2, 2026 to sell global Genomics business to Zoetis Inc. for $160.0 million; net proceeds of approximately $140.0 million expected after costs and taxes; closing targeted by end of first half of fiscal year 2027 (²⁷, ²⁸)

2026-Q2 · Sep – Nov 2025

„I am exceptionally proud of the Neogen team as we have initiated the first phase of our strategic transformation with early work focused on stabilizing and strengthening our core business. While it is early in the process, and our industry is currently seeing macro headwinds, our team drove significant sequential improvement in core revenue growth and profitability in the second quarter.“ – Mike Nassif, Chief Executive Officer and President ²⁶

Revenue decelerating 2026-01-08
Q2 reported revenue decreased 2.8% to $224.7 million; Animal Safety segment reported revenue decreased 11.8% primarily due to discontinued products and divestiture impact, with core growth of only 0.1% (²⁶)

Margin compressing 2026-01-08
Gross margin declined to 47.5% from 49.0% in the prior year period due to tariff costs, inventory write-offs, and negative product mix impact (²⁵, ²⁶)

Guidance raised 2026-01-08
Full-year fiscal 2026 revenue guidance raised to $845-$855 million from prior range of $820-$840 million; adjusted EBITDA guidance raised to approximately $175 million from $165-$175 million (²⁶)

2026-Q1 · Jun – Aug 2025

„I see tremendous opportunity ahead to leverage Neogen's strong, longstanding leadership in food and animal safety. Few companies are as well-positioned as we are to help shape a safer, healthier world through a dedicated focus on these important end markets. Our employees are passionate, and our customers value the solutions and expertise we have to offer. That said, recent performance has been hampered by execution challenges which we are tackling head-on with a sharpened emphasis on commercial excellence, renewed innovation and a leaner cost structure. We recently implemented company-wide cost initiatives, which included the difficult decision to reduce headcount across the organization. These steps will fuel margin growth and give us the ability to strategically reinvest in high-potential areas. With this disciplined approach, I'm confident we can deliver compelling innovation for our customers, significantly improved financial performance and a fulfilling experience for our dedicated workforce, creating a path to sustainable value creation for our shareholders.“ – Mike Nassif, Chief Executive Officer and President ²⁴

Margin compressing 2025-10-09
Gross margin decreased to 45.4% from 48.4% in the prior year period due to lower sales volume, higher tariff costs, production inefficiencies in sample collection products, and duplicative costs from Petrifilm manufacturing startup (²³)

Divestiture 2025-10-09
Divestiture of Cleaners and Disinfectants business completed July 17, 2025 for $121.7 million in cash; net proceeds used to repay approximately $100.0 million of debt, including $51.5 million on revolving facility and $45.0 million on term loan (²³, ²⁴)

Strategic pivot 2025-10-09
Mike Nassif appointed Chief Executive Officer effective August 11, 2025; restructuring plan approved to reduce approximately 10% of global headcount to improve operational efficiency and financial performance (²³, ²⁴)

Net income turned positive 2025-10-09
Net income turned positive for the first time after 7 negative periods (-612.2 to +36.3 USDm). ²³

2025 · 19 events

2025-Q4 · Mar – May 2025

„As the Company progresses into the later stages of the integration, the final piece, Petrifilm production, continues to progress well.“ – John Adent, President and Chief Executive Officer ²¹

Margin compressing 2025-07-29
Q4 gross margin compressed to 41.2% from 47.9% prior year, primarily due to transaction and integration costs and elevated inventory adjustments; excluding these items, gross margin was 46.5% ²¹

Guidance initiated 2025-07-29
FY2026 guidance initiated: revenue $820-840M, Adjusted EBITDA $165-175M, capex ~$50M (down from ~$105M in FY2025) ²¹

Divestiture 2025-07-29
Divestiture of Cleaners & Disinfectants business to Kersia Group closing July 17, 2025, with net proceeds of ~$115M earmarked to repay $100M of debt in Q1 FY2026 ²¹

2025-Q3 · Dec 2024 – Feb 2025

„During the third quarter, we continued to make good progress on the integration and saw a solid underlying performance in our Food Safety segment. The quarter was impacted by lower sample collection revenue, but we made significant improvements in our sample collection production and reached prior throughput levels at the end of the quarter. Outside of the sample collection product line, core revenue in our Food Safety segment grew 7%, which we believe reflects a solid underlying business. The establishment of our own Petrifilm production continues to progress well, with the first of two production lines nearly completely installed, and we remain on track to begin initial test production in the fall.“ – John Adent, President and Chief Executive Officer ²⁰

Revenue decelerating 2025-04-09
Q3 revenue declined 3.4% to $221.0M; core revenue +0.2%, with Animal Safety core revenue down 2.6% and Genomics experiencing mid-single-digit core decline ²⁰

Margin compressing 2025-04-09
Adjusted EBITDA margin declined to 22.0% from 23.0% due to lower revenue and higher integration costs ²⁰

Guidance cut 2025-04-09
FY2025 revenue guidance cut further to ~$895M (from $905-925M) and Adjusted EBITDA to ~$195M (from $205-215M), reflecting Q3 results below expectations and macroeconomic uncertainty; capex estimate raised to ~$100M ²⁰

Operating income halved 2025-04-09
Operating income more than halved YoY (12.0 to 5.4 USDm, -55%). ¹²⁸

2025-Q2 · Sep – Nov 2024

„The second quarter reflected steady progress, as we saw improvement across the business compared to the first quarter, with core revenue growth accelerating in both of our segments, sequential margin expansion and significantly better free cash flow.“ – John Adent, President and Chief Executive Officer ¹⁷

earnings 2025-01-10
Net loss of $456.3M in Q2, driven by a non-cash goodwill impairment charge of $461.4M related to the former 3M Food Safety Division acquisition; adjusted net income was $24.4M ($0.11 per share) ¹⁷

Guidance cut 2025-01-10
FY2025 revenue guidance cut to $905-925M (from $925-955M) and Adjusted EBITDA to $205-215M (from $215-235M), primarily due to USD strengthening and sample collection production ramp-up delays ¹⁷

Strategic pivot 2025-01-10
Restructuring actions initiated to rightsize the Genomics business and streamline operations; portfolio review entered next phase with specific projects to drive focus and improve profitability ¹⁷

Cash flow inflection 2025-01-10
Operating cash flow reached 40.3 USDm vs 15.7 USDm in 2024-Q2 (×2.6). ¹⁷

Operating cash flow turned positive 2025-01-10
Operating cash flow turned positive on a half-year basis (2024-H2: -3.4 to 2025-H1: +22.4 USDm, aggregated from reported quarters where needed). ¹⁷

2025-Q1 · Jun – Aug 2024

„The value proposition of Neogen's food safety solutions and expertise has never been more relevant than it is today. We provide an important and relatively inexpensive line of defense in the rapid detection of contaminants in the production and distribution of food and beverages. As evidenced by some unfortunate higher-profile incidents recently, contaminated products reaching consumers is something we all work to avoid. Beyond the obvious tragic consequences that can result, the costs of any associated recalls, litigation, brand damage or even facility closures can be tremendous. In addition to our broad portfolio of globally validated products, we have longstanding experience as a trusted partner that we're able to leverage in structuring robust food safety testing programs to help avoid these outcomes. Our commercial teams are having an increasing amount of constructive dialogue with customers on this front and we're looking forward to continuing to demonstrate our capabilities as a reliable, knowledgeable source of leading food safety testing solutions.“ – John Adent, President and Chief Executive Officer ¹⁶

„After crossing multiple significant integration milestones in the third quarter related to the integration of the former 3M Food Safety business, progress continued on multiple fronts in the fourth quarter. We completed the relocation of the sample handling product line, which we expect to have running at full production by the end of the first quarter. We also saw improvement in our order fulfillment rates throughout the quarter, which have subsequently improved to the point where they are no longer a constraint.“ – John Adent, President and Chief Executive Officer ¹⁴

Revenue decelerating 2024-10-10
Revenue fell 5% to $217.0M, including $9.0M FX headwind; core revenue declined 1.4%; Food Safety down 4% to $159.3M, Animal Safety down 8% to $57.6M ¹⁵

Operating income halved 2024-10-10
Operating income more than halved YoY (19.1 to 2.3 USDm, -88%). ¹⁵

Margin compressing 2024-10-10
Gross margin declined to 48.4% from 51.0% due to lower volume and higher distribution costs ¹⁵

Guidance confirmed 2024-10-10
Full-year FY2025 guidance maintained: revenue $925-955M, Adjusted EBITDA $215-235M, capex ~$85M ¹⁶

earnings 2024-07-30
Full-year net loss narrowed to $9.4 million from $22.9 million in FY2023, as prior-year transaction and integration one-off costs did not recur; interest expense on approximately $900 million in FSD acquisition debt continued to weigh on net income ¹³

revenue 2024-07-30
Full-year revenues increased 12.4% to $924.2 million; Food Safety segment revenue grew 19.9% to $655.3 million (70.9% of total), up from 66.5% share in FY2023, while Animal Safety segment declined 2.5% to $268.9 million ¹⁴

Margin expanding 2024-07-30
Full-year gross margin expanded to 50.2% from 49.4% in FY2023, driven by full-year contribution of higher-margin Food Safety Division products ¹³

2024 · 16 events

2024-Q4 · Mar – May 2024

Margin compressing 2024-07-30
Q4 gross margin declined to 47.9% from 50.9% in the prior-year quarter due to costs associated with the exit of 3M transition service agreements ¹⁴

Guidance initiated 2024-07-30
FY2025 revenue guidance initiated at $925 million to $955 million reflecting mid-single-digit core growth, with Adjusted EBITDA guidance of $215 million to $235 million and capital expenditures of approximately $85 million ¹⁴

Strategic pivot 2024-07-30
Order fulfillment rates fully recovered and are no longer a constraint; peak capital expenditure and working capital outflows related to 3M Food Safety integration are behind the company ¹⁴

2024-Q3 · Dec 2023 – Feb 2024

„The third quarter saw us complete a number of milestone achievements related to the integration of the former 3M Food Safety business. We completed the relocation of the pathogen detection product line and the initial phases of the relocation of the sample handling product line, which we expect to complete in the fourth quarter. We also completed the exit of the transition service agreements covering back-office functions and distribution. Petrifilm manufacturing will ultimately transition into our new production facility in Lansing, the construction and outfitting of which remains on track.“ – John Adent, President and Chief Executive Officer ¹²

Revenue accelerating 2024-04-09
Q3 revenue increased 4.8% to $228.8 million with core revenue growth of 6.2%, recovering from Q2's core decline of 0.9% ¹²

Guidance cut 2024-04-09
Full-year revenue guidance cut a second time to $910 million to $920 million range and Adjusted EBITDA to $210 million to $215 million, citing slower-than-anticipated recovery of order fulfillment rates from ERP implementation ¹²

Strategic pivot 2024-04-09
SAP ERP system implemented in Q2 FY2024 and exit of 3M distribution agreements caused shipment delays and elevated backlog, with operational inefficiencies limiting ability to meet end-market demand ¹¹ ¹²

2024-Q2 · Sep – Nov 2023

„Despite the macro environment remaining challenging, we, encouragingly, are seeing our end markets beginning to show signs of improvement. In Food Safety, inflation appears to be easing and a continuation of this trend is generally expected to result in food production volumes inflecting. In Animal Safety, the destocking has begun to ease as distributor inventories are right-sized. With the greater visibility afforded to us by the first half of the year, however, we believe our end markets are improving at a pace slower than what was originally contemplated in our guidance and we are accordingly updating our outlook. With signs that the most significant external headwinds are stabilizing, we are focused on the value-creation opportunity we believe is ahead of us as we make continued progress on the integration and positioning the business for long-term growth.“ – John Adent, President and Chief Executive Officer ¹⁰

earnings 2024-01-09
Operating income improved to $14.5 million from a loss of $7.7 million in prior-year Q2, primarily as prior-year one-off transaction fees and integration costs did not recur ⁹

Revenue decelerating 2024-01-09
Q2 revenue was essentially flat at $229.6 million (-0.2% year-over-year); core revenue declined 0.9%, with Food Safety core growth of 1% and Animal Safety core decline of 5% ¹⁰

Guidance cut 2024-01-09
Full-year FY2024 revenue guidance revised down to $935 million to $955 million range and Adjusted EBITDA to $230 million to $240 million ¹⁰

2024-Q1 · Jun – Aug 2023

„We made significant progress in the quarter across a number of fronts related to the integration of the former 3M Food Safety division, moving closer to full autonomy of that business within the One Neogen we are building. We have additional key integration activities underway and remain on track for the third-quarter relocation of two product lines and exit of two transition agreements, and the construction of our new facility in Lansing is progressing well. With our combined commercial and technical teams approaching one year of working together on the product portfolio, we are excited about the momentum that's building and remain as optimistic as ever regarding the future of the business.“ – John Adent, President and Chief Executive Officer ⁸

Revenue accelerating 2023-10-10
Consolidated revenues increased 73% to $229.0 million in Q1 FY2024, driven by 3M FSD acquisition base effect absent in Q1 FY2023; excluding acquisitions and discontinued lines, core revenue declined 1.3% ⁷ ⁸

Operating income doubled 2023-10-10
Operating income more than doubled YoY (6.1 to 19.1 USDm, +213%). ⁷

Net income halved 2023-10-10
Net income more than halved YoY (5.2 to 1.5 USDm, -71%). ⁷

Margin expanding 2023-10-10
Gross margin expanded to 51.0% from 47.0% in the prior year, primarily due to higher-margin products from the 3M Food Safety Division acquisition ⁷

Guidance initiated 2023-10-10
FY2024 full-year revenue guidance set at $955 million to $985 million and Adjusted EBITDA at $235 million to $255 million ⁸

earnings 2023-08-15
Full-year net loss of $22.9 million versus net income of $48.3 million in the prior year, attributable to $56.0 million in interest expense from $1 billion transaction debt and $59.8 million in transaction-related fees ⁶

Revenue accelerating 2023-08-15
International revenues grew 90% to $398.4 million, representing 48.4% of total revenues versus 39.7% in fiscal 2022, driven by FSD's predominantly international revenue base with approximately 67% international mix ⁶

Key Figures ($m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Basis Metric

Net income ($m) · annual basis, as reported

EPS ($) · annual basis, as reported

Operating cash flow ($m) · annual basis, as reported

Revenue ($m) · quarterly basis, as reported

Net income ($m) · quarterly basis, as reported

EPS ($) · quarterly basis, as reported

Operating cash flow ($m) · quarterly basis, as reported

Cash ($m) · annual basis, as reported

Debt ($m) · annual basis, as reported

Net Debt ($m) · annual basis, as reported

Capex ($m) · annual basis, as reported

FCF ($m) · annual basis, as reported

D&A ($m) · annual basis, as reported

Cash ($m) · quarterly basis, as reported

Debt ($m) · quarterly basis, as reported

Net Debt ($m) · quarterly basis, as reported

Capex ($m) · quarterly basis, as reported

FCF ($m) · quarterly basis, as reported

D&A ($m) · quarterly basis, as reported

Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $m · EPS in $ per share · as reported

Period	Calendar quarter	Revenue	Op. income	Op. income (adj.)	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	OCF	Source
FY2026	Q2/2025–Q2/2026	–	-21.6	153.9	-7.9	-0.04	0.32	177.8	83.2	¹³⁰
FY2025	Q2/2024–Q2/2025	894.7	-1,061	161.1	-1,092	-5.03	0.33	–	58.2	¹³⁰
FY2024	Q2/2023–Q2/2024	924.2	58.6	–	-9.4	-0.04	0.45	213.16	35.3	¹³⁰

Quarters

Amounts in $m · EPS in $ per share · Net Debt/EBITDA as a multiple · as reported

Period	Calendar quarter	Published	Revenue	Op. income	Op. income (adj.)	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	FCF	Cash	Net Debt	Net Debt/EBITDA (x)	Source
2026-Q4*	Q1–Q2/2026	2026-07-30	225.3	3.1	39.1	-11.3	-0.05*	0.09	45.4	26.2	185.5	608.2	6.4x (LTM)	¹³⁰
2026-Q3*	Q4/2025–Q1/2026	2026-04-09	211.2	-3.3	42.2	-17	-0.08	0.09	48.2	11.1	159.9	633.4	–	¹²⁸
2026-Q2*	Q3–Q4/2025	2026-01-08	224.7	-5.4	–	-15.9	-0.07	0.10	21.7^~	7.8	145.3	647.6	–	¹²⁶
2026-Q1*	Q2–Q3/2025	2025-10-09	209.2	-16.1	–	36.3	0.17	0.04	35.5	-13.1	138.9	653.6	–	²³
2025-Q4*	Q1–Q2/2025	2025-07-29	225.5	-611.2	35	-612.2	-2.82*	0.05	0.04	0.3	129	765.1	–	²¹
2025-Q3*	Q4/2024–Q1/2025	2025-04-09	221	5.4	42.6	-10.9	-0.05	0.10	48.6	-13.4	127.7	762.9	–	¹⁹
2025-Q2*	Q3–Q4/2024	2025-01-10	231.3	-457.5	–	-456.3	-2.10	0.11	51.4	23.1	140.2	749.6	–	¹²⁶
2025-Q1*	Q2–Q3/2024	2024-10-10	217	2.3	–	-12.6	-0.06	0.07	43.7	-56.3	120.5	768.7	–	¹⁵
2024-Q4*	Q1–Q2/2024	2024-07-30	236.8	13	–	-5.4	-0.02*	0.10	53	2.5	170.6	720.2	–	¹³
2024-Q3*	Q4/2023–Q1/2024	2024-04-09	228.8	12	–	-2	-0.01	0.12	52.7	-62.3	161.4	728.7	–	¹¹
2024-Q2*	Q3–Q4/2023	2024-01-09	229.6	14.5	–	-3.5	-0.02	0.11	55.1	-8.7	205.8	683.7	3.7x (LTM)	¹¹⁷
2024-Q1*	Q2–Q3/2023	2023-10-10	229	19.1	–	1.5	0.01	0.11	52.4	-7.6	178.8	710	4.4x (LTM)	⁷

* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.

EPS/EPS adj. before 2019-09-26 split-adjusted (÷2; stock split detected via implied diluted share count).

Balance Sheet & Cash Flow ($m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

Fiscal years

Amounts in $m · as reported

Period	Calendar quarter	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
FY2026	Q2/2025–Q2/2026	2026-07-30	185.5	793.7	608.2	116.3	83.2	51.3	31.9	¹³⁰
FY2025	Q2/2024–Q2/2025	2025-07-29	129	894.1	765.1	119.5	58.2	104.6	-46.4	²¹
FY2024	Q2/2023–Q2/2024	2024-07-30	170.6	890.8	720.2	116.7	35.3	111.4	-76.1	¹³

Quarters

Amounts in $m · as reported

Period	Calendar quarter	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
2026-Q4	Q1–Q2/2026	2026-07-30	185.5	793.7	608.2	29.4	30.2	4	26.2	¹³⁰
2026-Q3	Q4/2025–Q1/2026	2026-04-09	159.9	793.3	633.4	28.9	22.7	11.6	11.1	¹²⁸
2026-Q2	Q3–Q4/2025	2026-01-08	145.3	792.9	647.6	28.9	19.4	11.7	7.8	¹²⁶
2026-Q1	Q2–Q3/2025	2025-10-09	138.9	792.5	653.6	29.1	10.9	24	-13.1	²³
2025-Q4	Q1–Q2/2025	2025-07-29	129	894.1	765.1	30.3	16.4	16.1	0.3	²¹
2025-Q3	Q4/2024–Q1/2025	2025-04-09	127.7	890.6	762.9	29.4	19.5	32.9	-13.4	¹⁹
2025-Q2	Q3–Q4/2024	2025-01-10	140.2	889.9	749.6	30	40.3	17.2	23.1	¹²⁶
2025-Q1	Q2–Q3/2024	2024-10-10	120.5	889.1	768.7	29.8	-17.9	38.4	-56.3	¹⁵
2024-Q4	Q1–Q2/2024	2024-07-30	170.6	890.8	720.2	28.9	26.8	24.2	2.5	¹³
2024-Q3	Q4/2023–Q1/2024	2024-04-09	161.4	890.2	728.7	29.6	-30.2	32.1	-62.3	¹¹
2024-Q2	Q3–Q4/2023	2024-01-09	205.8	889.5	683.7	29.5	15.7	24.4	-8.7	¹¹⁷
2024-Q1	Q2–Q3/2023	2023-10-10	178.8	888.8	710	28.7	23	30.6	-7.6	⁷

Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Revenue by Type (as of 2026-Q4 · USDm · 2/2)#

Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.

Segment	Since	Period	Basis	Revenue	Growth	Source
Food Safety	2022-H1	FY2026	12M	641.1	0.5%	³⁰
Animal Safety	2022-H1	FY2026	12M	229.3	10.6%	³⁰

Products & M&A (4/14 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.

Product/Line	Since	Status	Source
Sample collection product line production restart from 3M facility relocation	2026-03	Launched	²³
Molecular Detection Assay - Listeria Right Now AOAC certification	2026	Launched	³⁰
Petrifilm production line startup	2025-09	Launched	²⁰
Petrifilm manufacturing transition (4x)	2024-09	Launched	³⁰
Relocation of sample handling product line completion	2024-09	Launched	¹²
Relocation of two product lines	2023-09	Launched	⁸
New Distribution Center in Mount Sterling, Kentucky	2023-09	Launched	³
Exit of two transition agreements	2023-09	Launched	⁸
Petrifilm Product Line Performance	2023-06	Launched	¹
Neogen Analytics Services Expansion	2023-06	Launched	¹
Food Safety Software as a Service Platform Demand Increase	2023-06	Launched	¹
AccuPoint General Sanitation Product Growth	2023-06	Launched	¹
Enterprise resource planning solution implementation	2023	Launched	⁶

M&A (19)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.

Acquisitions · 3Divestitures/exits · 8older: 8 (in the table)

Acquisitions

Transaction / stake	Date	Type	Source
New facility construction in Lansing (5×)	2024-03	Completed	²²
Integration of three of four main product lines into Neogen facilities	2023-09	Completed	⁵
Corvium acquisition	2023-02	Completed	⁷
3M Food Safety Division reverse Morris Trust transaction	2022-09	Completed	²²
3M Food Safety Division merger (5×)	2022-09	Completed	¹⁹
$900 million senior secured credit facilities	2022-08	Completed	⁷
Thai-Neo Biotech Acquisition	2022-07	Completed	⁷
$350 million senior notes due 2030 (2×)	2022-07	Completed	⁷
Delf Acquisition (2×)	2021-11	Completed	⁶
CAPInnoVet Acquisition	2021-09	Completed	⁶
Genetic Veterinary Sciences Acquisition	2021	Completed	²²

Divestitures / exits

Transaction / stake	Date	Type	Source
Genomics business sale to Zoetis (3×)	2026-03	Divested	²⁹
Vet HyCoat® Hyaluronate Sodium Sterile Solution voluntary recall	2026-01	Divested	²⁹
Portfolio review with divestiture opportunities	2025-06	Divested	¹⁷
Cleaners & Disinfectants business divestiture (4×)	2025	Divested	²⁹
Exit from transition distribution services agreement with 3M	2024-03	Divested	⁹
Discontinued dairy antibiotics test kit product line	2024-03	Divested	⁷
Discontinued Thyrokare product line	2024-03	Divested	⁷
Corvium Inc. Minority Interest Dissolution	2023-02	Divested	⁴

Reported KPIs (as disclosed) (129)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.

Date	Period	KPI	Value / change	Source
2026-07-30	FY2026	Term Loan Facility Outstanding	405.0 (USD in millions)	²⁹
2026-07-30	FY2026	Standby Letters of Credit	3.2	²⁹
2026-07-30	FY2026	Senior Notes Outstanding	346.5	²⁹
2026-07-30	FY2026	Revolving Credit Facility Outstanding	48.5	²⁹
2026-07-30	FY2026	Outstanding Indebtedness	800.0 (USD in millions)	²⁹
2026-07-30	FY2026	Estimated Capital Expenditures FY2027	40 (USD in millions)	²⁹
2026-07-30	FY2026	Core Growth	4.3%	³⁰
2026-07-30	FY2026	Cash and Cash Equivalents	185.5 (USD in millions)	²⁹
2026-07-30	FY2026	Capital Expenditures FY2026	51.3 (USD in millions)	²⁹
2026-07-30	FY2026	Capital Expenditures FY2025	104.6 (USD in millions)	²⁹
2026-07-30	FY2026	Borrowing Available Revolving Credit	198.3	²⁹
2026-04-09	2026-Q3	Standby Letters of Credit	$3.2 million	²⁷
2026-04-09	2026-Q3	Cash and Cash Equivalents	$159.9 million	²⁷
2026-04-09	2026-Q3	Available Borrowing Capacity	$198.3 million	²⁷
2026-04-09	2026-Q3	Free Cash Flow	11.1 (USD in millions)	²⁸
2026-04-09	2026-Q3	Cash Flow from Operations	22.7	²⁸
2026-01-08	2026-Q2	Total Outstanding Debt	$800.0 million	²⁶
2026-01-08	2026-Q2	Service Revenue (six months)	50.7 million	²⁵
2026-01-08	2026-Q2	Service Revenue	25.7 million	²⁵
2026-01-08	2026-Q2	International Sales (six months)	221.4 million	²⁵
2026-01-08	2026-Q2	International Sales	114.3 million	²⁵
2026-01-08	2026-Q2	Gross Margin	47.5%	²⁶
2026-01-08	2026-Q2	Gross Margin (three months)	47.5%	²⁵
2026-01-08	2026-Q2	Gross Margin (six months)	46.5%	²⁵
2026-01-08	2026-Q2	Estimated amortization expense fiscal years 2026 through 2030	approximately 89 million to 93 million	²⁵
2026-01-08	2026-Q2	Committed borrowing capacity	$201.5 million	²⁶
2026-01-08	2026-Q2	Cash proceeds from sale of Cleaners & Disinfectants business	121.7 million	²⁵
2026-01-08	2026-Q2	Cash and cash equivalents	145.3 million	²⁵
2026-01-08	2026-Q2	Cash and cash equivalents	$145.3 million	²⁶
2026-01-08	2026-Q2	Capital expenditures estimate for fiscal 2026	approximately 50 million	²⁵
2026-01-08	2026-Q2	Borrowings available under revolving line of credit	201.5 million	²⁵
2026-01-08	2026-Q2	Amortization expenses (six months)	45.9 million	²⁵
2026-01-08	2026-Q2	Amortization expenses	22.9 million	²⁵
2025-10-09	2026-Q1	Estimated amortization expense fiscal years 2026 through 2030	89 million to 94 million	²³
2025-10-09	2026-Q1	Divestiture proceeds Cleaners & Disinfectants business	121,700 (USD in thousands)	²³
2025-10-09	2026-Q1	Cash and Cash Equivalents	138,900 (USD in thousands)	²³
2025-10-09	2026-Q1	Capital expenditures related to 3M FSD integration	35 million	²³
2025-10-09	2026-Q1	Capital expenditure estimate fiscal 2026	50 million	²³
2025-10-09	2026-Q1	Borrowings available under revolving line of credit	201,500	²³
2025-10-09	2026-Q1	Total Outstanding Debt	800.0 million	²⁴
2025-10-09	2026-Q1	Gross Margin	45.4%	²⁴
2025-10-09	2026-Q1	Committed borrowing headroom	201.5 million	²⁴
2025-10-09	2026-Q1	Cash and cash equivalents	138.9 million	²⁴
2025-10-09	2026-Q1	Adjusted EBITDA Margin	17.0%	²⁴
2025-07-30	FY2025	Variable rate debt percentage	38.9%	²²
2025-07-30	FY2025	Unrecognized tax benefits	3.8 million	²²
2025-07-30	FY2025	International revenues percentage	50.2%	²²
2025-07-30	FY2025	Cash and Cash Equivalents	129.0 million	²²
2025-07-30	FY2025	Borrowings available revolving line of credit	150.0 million	²²
2025-07-29	2025-Q4	Total outstanding debt (May 31, 2025)	900.0 million	²¹
2025-07-29	2025-Q4	Total cash and investments (May 31, 2025)	129.0 million	²¹
2025-07-29	2025-Q4	Gross Margin excl. integration costs (Q4 FY25)	46.5%	²¹
2025-07-29	2025-Q4	Gross Margin (Q4 FY25)	41.2%	²¹
2025-07-29	2025-Q4	Gross Margin (Q4 FY24)	47.9%	²¹
2025-07-29	2025-Q4	Gross Margin (Full Year FY25)	47.1%	²¹
2025-07-29	2025-Q4	Gross Margin (Full Year FY24)	50.2%	²¹
2025-07-29	2025-Q4	Committed borrowing headroom (May 31, 2025)	150.0 million	²¹
2025-07-29	2025-Q4	Adjusted EBITDA Margin (Q4 FY25)	18.0%	²¹
2025-07-29	2025-Q4	Adjusted EBITDA Margin (Q4 FY24)	22.4%	²¹
2025-07-29	2025-Q4	Adjusted EBITDA Margin (Full Year FY25)	20.6%	²¹
2025-07-29	2025-Q4	Adjusted EBITDA Margin (Full Year FY24)	23.1%	²¹
2025-04-09	2025-Q3	Non-current debt	$900.0 million	²⁰
2025-04-09	2025-Q3	Gross Margin	49.9%	²⁰
2025-04-09	2025-Q3	Committed borrowing headroom	$150.0 million	²⁰
2025-04-09	2025-Q3	Cash and cash equivalents	$127.7 million	²⁰
2025-04-09	2025-Q3	Adjusted EBITDA Margin	22.0%	²⁰
2025-01-15	2025-Q2	Cash and cash equivalents	$140.2 million	¹⁸
2025-01-15	2025-Q2	Capital expenditures estimate FY2025	$85 million	¹⁸
2025-01-15	2025-Q2	Available revolving credit	$150.0 million	¹⁸
2025-01-15	2025-Q2	Adjusted EBITDA margin	22.2%	¹⁸
2025-01-10	2025-Q2	Total outstanding non-current debt	$900.0 million	¹⁷
2025-01-10	2025-Q2	Gross Margin	49.0%	¹⁷
2025-01-10	2025-Q2	Committed borrowing headroom	$150.0 million	¹⁷
2025-01-10	2025-Q2	Cash and cash equivalents	$140.2 million	¹⁷
2025-01-10	2025-Q2	Adjusted Gross Margin (excl. integration and restructuring costs)	52.2%	¹⁷
2025-01-10	2025-Q2	Adjusted EBITDA Margin	22.2%	¹⁷
2024-10-10	2025-Q1	Non-current debt	$900.0 million	¹⁶
2024-10-10	2025-Q1	Gross Margin	48.4%	¹⁶
2024-10-10	2025-Q1	Committed borrowing headroom	$150.0 million	¹⁶
2024-10-10	2025-Q1	Cash and cash equivalents	120.5 million	¹⁵
2024-10-10	2025-Q1	Cash and cash equivalents	$120.5 million	¹⁶
2024-10-10	2025-Q1	Available borrowing capacity under revolving facility	150.0 million	¹⁵
2024-10-10	2025-Q1	Adjusted gross margin	50.7%	¹⁶
2024-10-10	2025-Q1	Adjusted EBITDA Margin	20.1%	¹⁶
2024-07-30	FY2024	Net (loss) income margin	-1.0%	¹³
2024-07-30	FY2024	Days' sales outstanding	61	¹³
2024-07-30	FY2024	Adjusted EBITDA margin	23.1%	¹³
2024-07-30	2024-Q4	Total Outstanding Non-Current Debt (as of May 31, 2024)	900.0 million	¹⁴
2024-07-30	2024-Q4	Total Cash and Investments (as of May 31, 2024)	170.9 million	¹⁴
2024-07-30	2024-Q4	Gross Margin (Q4 FY24)	47.9%	¹⁴
2024-07-30	2024-Q4	Gross Margin (Q4 FY23)	50.9%	¹⁴
2024-07-30	2024-Q4	Gross Margin (Full Year FY24)	50.2%	¹⁴
2024-07-30	2024-Q4	Gross Margin (Full Year FY23)	49.4%	¹⁴
2024-07-30	2024-Q4	Committed Borrowing Headroom (as of May 31, 2024)	150.0 million	¹⁴
2024-07-30	2024-Q4	Adjusted EBITDA Margin (Q4 FY24)	22.4%	¹⁴
2024-07-30	2024-Q4	Adjusted EBITDA Margin (Q4 FY23)	26.1%	¹⁴
2024-07-30	2024-Q4	Adjusted EBITDA Margin (Full Year FY24)	23.1%	¹⁴
2024-07-30	2024-Q4	Adjusted EBITDA Margin (Full Year FY23)	25.0%	¹⁴
2024-04-09	2024-Q3	Total outstanding non-current debt	900.0 million	¹²
2024-04-09	2024-Q3	Total cash and investments	168.4 million	¹²
2024-04-09	2024-Q3	International Sales Percentage 9M	49%	¹¹
2024-04-09	2024-Q3	International Sales Percentage 3M	46%	¹¹
2024-04-09	2024-Q3	Gross Margin	51.1%	¹²
2024-04-09	2024-Q3	Days Sales Outstanding	65	¹¹
2024-04-09	2024-Q3	Core revenue growth (Q3)	6.2%	¹²
2024-04-09	2024-Q3	Core Sales Growth Food Safety 3M	6%	¹¹
2024-04-09	2024-Q3	Core Sales Growth Consolidated 3M	6%	¹¹
2024-04-09	2024-Q3	Core Sales Growth Animal Safety 3M	7%	¹¹
2024-04-09	2024-Q3	Committed borrowing headroom	150.0 million	¹²
2024-04-09	2024-Q3	Adjusted EBITDA Margin	23.0%	¹²
2024-01-09	2024-Q2	Total outstanding non-current debt	900.0 million	¹⁰
2024-01-09	2024-Q2	Total cash and investments	230.3 million	¹⁰
2024-01-09	2024-Q2	Gross margin (Q2)	50.9%	¹⁰
2024-01-09	2024-Q2	Gross margin (Q2 prior year)	48.9%	¹⁰
2024-01-09	2024-Q2	Days sales outstanding	56	⁹
2024-01-09	2024-Q2	Committed borrowing headroom	150.0 million	¹⁰
2024-01-09	2024-Q2	Cash and equivalents and marketable securities	230.3 million	⁹
2024-01-09	2024-Q2	Adjusted EBITDA Margin (Q2)	24.0%	¹⁰
2024-01-09	2024-Q2	Adjusted EBITDA Margin (Q2 prior year)	27.8%	¹⁰
2024-01-09	2024-Q2	Adjusted EBITDA Margin (6M)	23.4%	¹⁰
2024-01-09	2024-Q2	Adjusted EBITDA Margin (6M prior year)	25.1%	¹⁰
2023-10-10	2024-Q1	Total Outstanding Debt	900.0 million	⁸
2023-10-10	2024-Q1	Total Cash and Investments	239.3 million	⁸
2023-10-10	2024-Q1	Gross Margin	51.0%	⁸
2023-10-10	2024-Q1	Days Sales Outstanding	53	⁷
2023-10-10	2024-Q1	Committed Borrowing Headroom	150.0 million	⁸
2023-10-10	2024-Q1	Cash and equivalents and marketable securities	239.3 million	⁷
2023-10-10	2024-Q1	Adjusted EBITDA margin	22.9%	⁷
2023-10-10	2024-Q1	Adjusted EBITDA Margin	22.9%	⁸

▸ Earlier KPIs (+114)

Guidance Tracking (latest per metric/period · 10/13)#

All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.

Actuals: revenue in $m

For period	Guided on	Metric	Guided	Actual	Verdict	Direction	Source
FY2027	2026-07-30	Revenue	880–885	–	pending	initiated	³⁰
FY2027	2026-07-30	EBITDA (adjusted)	180–182	–	pending	initiated	³⁰
2027-Q1	2026-07-30	Revenue	207–209	–	pending	initiated	³⁰
2027-Q1	2026-07-30	EBITDA (adjusted)	~37	–	pending	initiated	³⁰
FY2026	2026-01-08	Revenue	857–860	–	–	raised	²⁸
FY2026	2026-01-08	EBITDA (adjusted)	~175	–	–	confirmed	²⁸
FY2026	2025-07-29	Capex	~50	–	–	–	²⁷
FY2025	2025-04-09	Revenue	~895	894.7	miss	cut	²⁰
FY2025	2025-04-09	Capex	~100	–	–	cut	²⁰
FY2025	2025-04-09	EBITDA (adjusted)	~195	–	–	cut	²⁰
FY2024	2024-04-09	Revenue	910–920	924.2	beat	cut	¹²
FY2024	2024-04-09	EBITDA (adjusted)	210–215	213.16	in line	cut	¹²
FY2024	2023-10-10	Capex	~130	–	–	confirmed	¹²

Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.

FY2026

Neogen Corp reported fiscal year 2026 revenues of $870.4 million, a decline of 2.7% from $894.7 million in fiscal 2025, primarily attributable to $55.6 million in discontinued product lines following the divestiture of the Cleaners and Disinfectants business, partially offset by $14.0 million of favorable foreign exchange and $17.3 million in underlying business growth, with core revenue growing 1.9% for the full year (²⁹, ³⁰). Net loss narrowed to $7.9 million from $1,092.0 million in the prior year, with the fiscal 2025 result driven by a $1,059.3 million goodwill impairment charge; fiscal 2026 also included a $76.4 million gain on the Cleaners and Disinfectants divestiture (²⁹). Gross margin contracted to 46.9% from 47.1%, pressured by volume decreases and duplicative manufacturing costs related to the Petrifilm production transition from 3M; a roughly 10% global headcount reduction initiated in the second quarter contributed to cost savings (²⁹). Operating cash flow increased $25.0 million to $83.2 million, supported by working capital improvements in inventory and accounts payable (²⁹). During fiscal 2026, Neogen completed the Cleaners and Disinfectants divestiture, announced a definitive agreement to sell its Genomics business to Zoetis Inc. for $160.0 million, and appointed a new Chief Executive Officer as part of a broader operational transformation (²⁹, ³⁰).

FY2025

Neogen Corp reported fiscal year 2025 total revenues of $894.7 million, a 3.2% decline from $924.2 million in fiscal 2024, with core revenue essentially flat at a 0.2% decline as foreign exchange headwinds of $24.3 million and discontinued product lines weighed on reported results ²². The Food Safety segment declined 3% to $638.1 million with full-year core growth of 1.2%, while the Animal Safety segment declined 5% to $256.5 million with a core decline of 3.5%, reflecting genomics restructuring-driven attrition and weakness in the companion animal market ²¹ ²². A non-cash goodwill impairment charge of $1,059.3 million, related primarily to the acquisition of the former 3M Food Safety Division, drove a full-year GAAP net loss of $1,092.0 million; adjusted net income for the year totaled $70.9 million or $0.33 per diluted share ²² ²¹. Full-year adjusted EBITDA declined to $184.2 million at a 20.6% margin from $213.2 million at a 23.1% margin in the prior year, reflecting lower volume, higher manufacturing and integration costs, and elevated inventory adjustments ²¹. During fiscal 2025, Neogen restructured its Genomics business, completed an April 2025 debt refinancing, and announced the divestiture of its global Cleaners & Disinfectants business, which closed July 18, 2025 for $130.0 million in cash ²².

FY2024

Neogen Corp reported FY2024 full-year revenues of $924.2 million, a 12.4% increase over FY2023, reflecting the first complete fiscal year of contribution from the 3M Food Safety Division integrated in September 2022, which drove the Food Safety segment to 70.9% of total revenues at $655.3 million ¹⁴. Gross margin expanded to 50.2% from 49.4% in FY2023, driven by the higher-margin FSD product mix, while the full-year net loss narrowed to $9.4 million from $22.9 million in the prior year as prior-year transaction and integration one-off expenses did not recur ¹³. The Animal Safety segment declined 2.5% to $268.9 million for the full year, and the Genomics business experienced mid-single-digit core revenue declines with U.S. customer attrition partially offset by international growth ¹⁴. Integration-related disruptions from the SAP ERP implementation and the exit of 3M distribution and back-office transition service agreements caused order fulfillment delays that contributed to two downward revisions of full-year revenue guidance during the year, with actual revenue falling below the initial guidance range of $955 million to $985 million ⁸ ¹² ¹⁴. Capital expenditures of $111.4 million, largely related to the new Lansing manufacturing facility and FSD integration projects, produced negative full-year free cash flow of -$76.1 million, with the company indicating peak integration capex and working capital outflows were complete as of fiscal year-end ¹³ ¹⁴.

FY2023

Neogen Corp reported full-year revenue of $822.4 million in fiscal 2023, a 56% increase from $527.2 million in fiscal 2022, driven primarily by the Reverse Morris Trust combination with 3M's Food Safety Division (FSD) closing on September 1, 2022 for approximately $3.2 billion, contributing 54.5% to revenue growth alongside 4.0% organic core growth ⁶. Full-year gross margin expanded to 49.4% from 46.1% in fiscal 2022, and Adjusted EBITDA grew 78.1% to $205.4 million with margin improving to 25.0% from 21.9%, reflecting the higher-margin FSD product mix and pricing actions ⁶. The company reported a full-year net loss of $22.9 million versus net income of $48.3 million in the prior year, attributable to $56.0 million in interest expense on the $1.0 billion transaction debt and $59.8 million in transaction-related fees ⁶. International revenues increased 90% to $398.4 million, representing 48.4% of total revenues versus 39.7% in fiscal 2022, driven by FSD's predominantly international revenue base ⁶. For fiscal 2024, the company initiated revenue guidance of $955 million to $985 million and Adjusted EBITDA of $235 million to $255 million, with FSD integration expected to progress through fiscal Q3 FY2024 ⁵.

Sources: official investor relations documents#

All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.

45 documents · 2016 – 2026 · SEC EDGAR (USA)

#	Document type	Published	Link
#1	8-K-EX99.1	2023-01-05	Open
#2	10-Q	2023-01-09	Open
#3 / #103	8-K-EX99.1	2023-03-30	Open
#4	10-Q	2023-04-04	Open
#5 / #105	8-K-EX99.1	2023-07-27	Open
#6	10-K	2023-08-15	Open
#7	10-Q	2023-10-10	Open
#8 / #108	8-K-EX99.1	2023-10-10	Open
#9	10-Q	2024-01-09	Open
#10 / #110	8-K-EX99.1	2024-01-09	Open
#11	10-Q	2024-04-09	Open
#12	8-K-EX99.1	2024-04-09	Open
#13	10-K	2024-07-30	Open
#14 / #114	8-K-EX99.1	2024-07-30	Open
#15	10-Q	2024-10-10	Open
#16 / #116	8-K-EX99.1	2024-10-10	Open
#17 / #117	8-K-EX99.1	2025-01-10	Open
#18	10-Q	2025-01-15	Open
#19	10-Q	2025-04-09	Open
#20	8-K-EX99.1	2025-04-09	Open
#21 / #121	8-K-EX99.1	2025-07-29	Open
#22	10-K	2025-07-30	Open
#23	10-Q	2025-10-09	Open
#24 / #124	8-K-EX99.1	2025-10-09	Open
#25	10-Q	2026-01-08	Open
#26 / #126	8-K-EX99.1	2026-01-08	Open
#27	10-Q	2026-04-09	Open
#28 / #128	8-K-EX99.1	2026-04-09	Open
#29	10-K	2026-07-30	Open
#30 / #130	8-K-EX99.1	2026-07-30	Open

▸ More rows (+15)

Older sources (+15)

#	Document type	Published	Link
#201	10-Q	2016-03-31	Open
#202	10-K	2016-07-29	Open
#204	10-K	2016-07-29	Open
#206	10-K	2016-07-29	Open
#203	10-Q	2016-12-29	Open
#208	10-K	2017-07-28	Open
#205	10-Q	2018-01-05	Open
#210	10-K	2018-07-27	Open
#207	10-Q	2018-12-28	Open
#209	10-Q	2019-12-27	Open
#213	10-Q	2020-07-30	Open
#214	10-K	2020-07-30	Open
#211	10-Q	2020-09-30	Open
#212	10-Q	2020-12-29	Open
#215	10-Q	2021-09-30	Open

FAQ#

Is there a management forecast (guidance) for FY2027?

Yes. Management has issued targets for FY2027, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Where can I find the official investor relations documents of Neogen Corporation?

The sources chapter links all 57 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.

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Neogen Corporation NEOG

Business Model#

Current Status#

Price & Chart#

Share-Price Drivers#

Event Timeline#

FY2026 · Jun 2025 – May 2026

2026-Q4 · Mar – May 2026

2026-Q3 · Dec 2025 – Feb 2026

2026-Q2 · Sep – Nov 2025

2026-Q1 · Jun – Aug 2025

2025-Q4 · Mar – May 2025

2025-Q3 · Dec 2024 – Feb 2025

2025-Q2 · Sep – Nov 2024

2025-Q1 · Jun – Aug 2024

2024-Q4 · Mar – May 2024

2024-Q3 · Dec 2023 – Feb 2024

2024-Q2 · Sep – Nov 2023

2024-Q1 · Jun – Aug 2023

Key Figures ($m)#

Fiscal years

Quarters

Balance Sheet & Cash Flow ($m)#

Fiscal years

Quarters

Revenue by Type (as of 2026-Q4 · USDm · 2/2)#

Products & M&A (4/14 active+recent)#

M&A (19)#

Acquisitions

Divestitures / exits

Reported KPIs (as disclosed) (129)#

Guidance Tracking (latest per metric/period · 10/13)#

Development#

Sources: official investor relations documents#

FAQ#

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