NEOGEN CORP NEOG
Neogen Corporation and its subsidiaries develop, manufacture and market a diverse line of products and services dedicated to food and animal safety. Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food and animal feed producers and processors to preserve the safety and quality of food to prevent contamination and foodborne illnesses such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, and ruminant by-products. These products also ensure the general hygiene of the food manufacturing environment. We also have products to determine food quality and nutritional components. The majority of the test kits are consumables, single-use culture, immunoassay and nucleic acid detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results. Our line of food safety services also includes advanced software systems that help testers objectively analyze, store and identify emerging issues from their results from multiple locations over extended periods.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $870.4M | $894.7M | $924.2M | $822.4M | $527.2M | $468.5M | $418.2M | $414.2M | $397.9M | $358.3M |
| Cost of revenue | $461.9M | $473.3M | $460.3M | $416.5M | $284.1M | $253.4M | $221.9M | $222.3M | $211.7M | $189.4M |
| Gross profit | $408.5M | $421.4M | $463.9M | $406.0M | $243.0M | $215.1M | $196.3M | $191.9M | $186.3M | $168.9M |
| R&D | $18.4M | $21.1M | $22.5M | $26.0M | $17.0M | $16.2M | $14.8M | $12.8M | $10.9M | $10.4M |
| SG&A | $245.1M | $218.2M | $199.9M | $201.2M | $82.7M | $51.2M | $44.3M | $40.8M | $38.3M | $34.2M |
| Total operating expenses | $430.1M | $1.48B | $405.3M | $368.4M | $184.4M | $140.9M | $128.8M | $123.8M | $116.1M | $104.0M |
| Operating income | -$21.6M | -$1.06B | $58.6M | $37.5M | $58.6M | $74.2M | $67.5M | $68.1M | $70.2M | $64.9M |
| Interest expense | $24.1M | $38.1M | $42.2M | $27.3M | — | — | — | — | — | — |
| Pre-tax income | -$9.0M | -$1.13B | -$14.3M | -$22.0M | $60.2M | $75.3M | $72.3M | $73.0M | $73.5M | $66.7M |
| Income tax | $1.1M | $41.1M | $4.9M | $828.0K | $11.9M | $14.4M | $12.8M | $12.8M | $10.2M | $22.7M |
| Net income | -$7.9M | -$1.09B | -$9.4M | -$22.9M | $48.3M | $60.9M | $59.5M | $60.2M | $63.1M | $43.8M |
| EPS, basic | -0.04 | -5.03 | -0.04 | -0.12 | 0.45 | 0.57 | 0.57 | 0.58 | 1.23 | 0.87 |
| EPS, diluted | -0.04 | -5.03 | -0.04 | -0.12 | 0.45 | 0.57 | 0.56 | 0.57 | 1.21 | 0.86 |
| Shares, diluted (wtd. avg.) | $217.5M | $216.9M | $216.5M | $188.9M | $108.0M | $107.1M | $105.7M | $104.8M | $52.1M | $51.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $185.5M | $129.0M | $170.6M | $163.2M | $44.5M | $75.6M | $66.3M | $41.7M | $83.1M | $77.6M |
| Short-term investments | — | $0 | $325.0K | $82.3M | $336.6M | $305.5M | $277.4M | $225.8M | $127.7M | $66.1M |
| Receivables | $146.8M | $153.4M | $173.0M | $153.3M | $99.7M | $91.8M | $84.7M | $82.6M | $79.1M | $68.6M |
| Inventory | $144.3M | $190.8M | $189.3M | $133.8M | $122.3M | $100.7M | $95.1M | $86.0M | $76.0M | $73.1M |
| Total current assets | $604.6M | $576.9M | $589.2M | $585.9M | $626.8M | $591.5M | $537.4M | $449.5M | $375.8M | $293.0M |
| Property, plant and equipment | $329.8M | $339.1M | $277.1M | $198.7M | $110.6M | $100.5M | $78.7M | $74.8M | $73.1M | $61.7M |
| Goodwill | $1.05B | $1.06B | $2.14B | $2.14B | $142.7M | $131.5M | $110.3M | $103.6M | $99.6M | $104.8M |
| Other intangibles | $1.32B | $1.41B | $1.51B | $1.59B | $92.1M | $76.8M | $51.4M | $52.1M | $54.7M | $54.6M |
| Total assets | $3.35B | $3.44B | $4.55B | $4.55B | $992.9M | $920.2M | $797.2M | $695.7M | $618.0M | $528.4M |
| Accounts payable | $79.1M | $79.6M | $83.1M | $76.7M | $34.6M | $23.9M | $25.6M | $19.1M | $20.8M | $16.2M |
| Short-term debt | $0 | $19.3M | $2.4M | — | — | — | — | — | — | — |
| Total current liabilities | $158.2M | $174.0M | $154.3M | $145.5M | $77.8M | $53.6M | $48.5M | $38.3M | $38.7M | $36.0M |
| Long-term debt | $793.7M | $874.8M | $888.4M | $885.4M | — | — | — | — | — | — |
| Total liabilities | $1.25B | $1.37B | $1.40B | $1.42B | $105.6M | $79.8M | $72.0M | $57.8M | $57.8M | $56.7M |
| Retained earnings | -$544.3M | -$536.4M | $555.6M | $565.0M | $587.9M | $539.6M | $478.7M | $419.2M | $359.1M | $295.9M |
| Total equity | $2.09B | $2.07B | $3.14B | $3.13B | $887.4M | $840.4M | $725.2M | $637.9M | $560.2M | $471.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $83.2M | $58.2M | $35.3M | $41.0M | $68.0M | $81.1M | $85.9M | $63.8M | $69.1M | $60.3M |
| Depreciation and amortisation | $116.3M | $119.5M | $116.7M | $88.4M | $23.7M | $21.0M | $18.4M | $17.6M | $17.1M | $14.7M |
| Stock-based compensation | $13.4M | $17.3M | $13.8M | $10.2M | $7.2M | $6.4M | $6.5M | $5.5M | $4.9M | $5.3M |
| Capital expenditure | $51.3M | $104.6M | $111.4M | $65.8M | $24.4M | $26.7M | $24.1M | $14.7M | $20.9M | $14.6M |
| Investing cash flow | $70.5M | -$99.2M | -$29.3M | $201.0M | -$97.2M | -$105.6M | -$88.8M | -$119.1M | -$83.1M | -$62.1M |
| Financing cash flow | -$99.4M | -$1.6M | $1.9M | -$118.1M | $6.8M | $33.5M | $29.4M | $13.9M | $22.8M | $25.1M |
| Buybacks | — | — | — | — | — | — | — | $3.1M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-360742.
Others in SIC 2835
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|---|---|---|---|---|
| IDXX | IDEXX LABORATORIES INC /DE | $42.18B | 40.9x | 10.4% |
| LNTH | Lantheus Holdings, Inc. | $6.59B | 29.6x | 0.5% |
| CLDX | Celldex Therapeutics, Inc. | $3.12B | — | -78.0% |
| NTLA | Intellia Therapeutics, Inc. | $1.79B | — | 16.9% |
| QDEL | QuidelOrtho Corp | $958.0M | — | -1.9% |
| ACHV | ACHIEVE LIFE SCIENCES, INC. | $873.6M | — | — |
| TKNO | Alpha Teknova, Inc. | $371.5M | — | 7.4% |
| MYGN | MYRIAD GENETICS INC | $305.1M | — | -1.6% |