# EDGAR Filing Document

**Accession Number:** 0000711377
**File Stem:** 0001193125-25-235081
**Filing Date:** 2025-10
**Character Count:** 28050
**Document Hash:** 4e3dec94606823746b7d0e80f81bac99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-235081.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001193125-25-235081

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20251009

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEOGEN CORP
- **CENTRAL INDEX KEY:** 0000711377
- **STANDARD INDUSTRIAL CLASSIFICATION:** IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 382367843
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-17988
- **FILM NUMBER:** 251383598

**BUSINESS ADDRESS:**
- **STREET 1:** 620 LESHER PLACE
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48912
- **BUSINESS PHONE:** 5173729200

**MAIL ADDRESS:**
- **STREET 1:** 620 LESHER PLACE
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48912

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 8-K

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**CURRENT REPORT** 

**Pursuant to Section 13 OR 15(d)** 

**of The Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported)** **October 9, 2025**

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NEOGEN CORPORATION

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| Michigan | 0-17988 | 38-2367843 |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| 620 Lesher Place Lansing**,** Michigan | 48912 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code** 517**-**372-9200

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

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| | | |
|:---|:---|:---|
| **Title of each Class**<br>| &nbsp;&nbsp;&nbsp;**Trading<br>Symbol(s)**<br>| &nbsp;&nbsp;&nbsp;**Name of each exchange<br>on which registered**<br>|
| Common Stock, $0.16 par value per share | NEOG | NASDAQ Global Select Market |

---

N/A

**(Former name or former address, if changed since last report.)** 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition** 

On October 9, 2025, Neogen Corporation issued a press release announcing results of operations for its fiscal 2026 first quarter ended August 31, 2025. A copy of the press release is attached as Exhibit 99.1 to this report. This Form 8-K and the attached exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not incorporated by reference into any filing of the Registrant, whether made before or after the date of this report, regardless of any general incorporation language in the filing.

**Item 9.01 Financial Statements and Exhibits** 

(d)Exhibits

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| | |
|:---|:---|
| &nbsp;&nbsp;99.1 | [<u>Press Release dated October 9, 2025</u>](neog-ex99_1.htm) |
| &nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
|  | NEOGEN CORPORATION<br>|
|  | (Registrant) |
| Date: October 9, 2025 | /s/ David H. Naemura<br>|
|  | David H. Naemura |
|  | Chief Financial & Operating Officer |

---

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## Exhibit 99.1

**Exhibit 99.1** 

**Neogen Announces First-Quarter 2026 Results**

• Revenue of $209.2 million

• Net Income of $36.3 million; Adjusted Net Income<sup>1</sup> of $9.4 million

• Adjusted EBITDA<sup>1</sup> of $35.5 million

• Completed divestiture of Cleaners & Disinfectants business, repaid $100.0 million of debt

• Welcomed Mike Nassif as Chief Executive Officer and President, effective August 11

• Restructuring actions taken at the end of September to right-size the cost base

• Reaffirming full-year outlook

<sup>1</sup>Non-GAAP financial measures; see explanations and reconciliations that follow

LANSING, Mich., October 9, 2025 – Neogen Corporation (NASDAQ: NEOG) announced today the results of the first quarter ended August 31, 2025.

"I see tremendous opportunity ahead to leverage Neogen's strong, longstanding leadership in food and animal safety," said Mike Nassif, Neogen's Chief Executive Officer and President. 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."

**Financial and Business Highlights** 

Revenues for the first quarter were $209.2 million, a decrease of 3.6% compared to $217.0 million in the prior year. Core revenue, which excludes the impacts of foreign currency translation, as well as divestitures completed and product lines discontinued in the last 12 months, increased by 0.3%. Divestitures and discontinued product lines represented a 4.4% negative impact, while foreign currency had a positive impact of 0.5%.

Net income for the first quarter was $36.3 million, or $0.17 per diluted share, compared to a net loss of $12.6 million, or $(0.06) per diluted share, in the prior-year period. Net income in the current period was higher compared to the prior year period due to a non-cash gain on the sale of the Company's global Cleaners and Disinfectants business. Adjusted Net Income for the first quarter was $9.4 million, or $0.04 per diluted share, compared to$14.4 million, or $0.07 per diluted share, in the prior-year period, with the decline driven primarily by the lower level of operating income.

Gross margin, expressed as a percentage of sales, was 45.4% in the first quarter of fiscal 2026. This compares to a gross margin of 48.4% in the same quarter a year ago, with the decrease primarily due to integration related costs, the majority of which were associated with the Company's relocated production of sample collection products, as well as lower revenue and the cost of tariffs. Excluding the integration costs, first-quarter gross margin was 49.5%.

First-quarter Adjusted EBITDA was $35.5 million, representing an Adjusted EBITDA Margin of 17.0%, compared to $43.7 million and a margin of 20.1% in the prior-year period. The lower Adjusted EBITDA Margin was primarily the result of the decline in gross margin and a higher level of operating expenses.

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*Food Safety Segment* 

Revenues for the Food Safety segment were $152.1 million in the first quarter, a decrease of 4.6% compared to $159.3 million in the prior year, consisting of a 1.7% core revenue decline, a 3.7% negative impact from divestitures and discontinued product lines, and a positive foreign currency impact of 0.8%. The segment's strongest core revenue growth was in the Bacterial & General Sanitation product category, which benefited from higher sales in pathogen detection products. In the Company's Indicator Testing, Culture Media & Other product category, solid growth in food quality and nutritional analysis, and sample collection products was offset by a decline in sales of Petrifilm, largely the result of channel inventory rebalancing related to switching distributors in Asia and the normalization of buying patterns at a distributor in the U.S. Sales of Petrifilm out of the distribution channel in the U.S., the product line's largest market, showed solid growth in the first quarter. Within the Natural Toxins & Allergens product category, modest growth in allergens was offset by a decline in sales of natural toxin test kits.

*Animal Safety Segment* 

Revenues for the Animal Safety segment were $57.1 million in the first quarter, a decrease of 0.8% compared to $57.6 million in the prior year, consisting of a 5.8% core revenue increase, a 6.4% headwind from divestitures and discontinued product lines and negative foreign currency impact of 0.2%. The segment's core revenue growth was led by the Animal Care & Other product category, with higher sales of biologics and wound care products. Growth in the Life Sciences product category was driven by higher sales of substrates and reagents, while the Biosecurity product category benefited from strong growth of insect control products. In the Company's Veterinary Instruments & Disposables product category, lower revenue was primarily driven by a decline in sales of needles and syringes.

On a global basis, the Company's Genomics business returned to positive core revenue growth, which was in the mid-single-digit range in the first quarter. Solid growth in bovine and other markets was partially offset by a decline in the companion animal market.

**Liquidity and Capital Resources** 

As of August 31, 2025, the Company had total cash and cash equivalents of $138.9 million and total outstanding debt of $800.0 million, as well as committed borrowing headroom of $201.5 million. The Company used net proceeds from the July closing of the Cleaners & Disinfectants divestiture to repay $100 million of outstanding debt in the first quarter.

**Fiscal Year 2026 Outlook**

The Company is reaffirming its full-year outlook for fiscal year 2026. Revenue is anticipated to be in the range of $820 million to $840 million and Adjusted EBITDA is expected to be in the range of $165 million to $175 million. Capital expenditures are expected to total approximately $50 million.

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**Conference Call and Webcast**

Neogen Corporation will host a conference call today at 8:00 a.m. Eastern Time to discuss the Company's financial results. The live webcast of the conference call and accompanying presentation materials can be accessed through Neogen's website at neogen.com/investor-relations. For those unable to access the webcast, the conference call can be accessed by dialing 1-800-549-8228 (North America) or (+1) 646-564-2877 (International) and requesting the Neogen Corporation First Quarter 2026 Earnings Call (conference ID 49915). A replay of the conference call and webcast will be available shortly following the conclusion of the call, and can be accessed domestically or internationally by dialing 1-888-660-6264 or (+1) 646-517-3975, respectively, and providing the entry code 49915#, or through Neogen's Investor Relations website at <u>neogen.com/investor-relations</u>.

**About Neogen** 

Neogen Corporation is committed to fueling a brighter future for global food security through the advancement of human and animal well-being. Harnessing the power of science and technology, Neogen has developed comprehensive solutions spanning the Food Safety, Livestock, and Pet Health & Wellness markets. A world leader in these fields, Neogen has a presence in over 140 countries with a dedicated network of scientists and technical experts focused on delivering optimized products and technology for its customers.

*Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management's Discussion and Analysis of Financial Condition and Results of Operations in the company's most recently filed Form 10-K.* 

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**NEOGEN CORPORATION** 

**UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS**

(In thousands, except share amounts)

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food Safety | $152050 | $159345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Animal Safety | 57139 | 57619 |
| **Total revenue** | **209189** | **216964** |
| Cost of revenues | 114219 | 112038 |
| Gross profit | 94970 | 104926 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales & marketing | 45048 | 45799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative | 60888 | 51671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research & development | 5125 | 5199 |
| Total operating expenses | 111061 | 102669 |
| Operating loss (income) | (16091) | 2257 |
| Interest expense, net | (15524) | (17622) |
| Gain on sale of business | 76390 |  |
| Other, net | (967) | (244) |
| Income (Loss) Before Taxes | 43808 | (15609) |
| Income Tax Expense (Benefit) | 7470 | (3000) |
| **Net Income (Loss)** | $36338 | $(12609) |
| **Net Earnings (Loss) Per Diluted Share** | $**0.17** | $**(0.06)** |
| Shares to calculate per share amount | 217334926 | 216695348 |

---

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**NEOGEN CORPORATION** 

**UNAUDITED CONSOLIDATED BALANCE SHEET** 

(In thousands, except share amounts)

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| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **May 31, 2025** |
| <u>Assets</u> |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $138883 | $129004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $5,403 and $5,397 | 138459 | 153384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net of reserves of $16,865 and $16,483 | 193414 | 190859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  | 50402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 53304 | 53288 |
| Total Current Assets | 524060 | 576937 |
| Net Property and Equipment | 345893 | 339131 |
| Other Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use assets | 16994 | 17152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1065889 | 1064902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortizable intangible assets, net | 1389141 | 1410485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 36179 | 35229 |
| Total Assets | $3378156 | $3443836 |
| <u>Liabilities and Stockholders' Equity</u> |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | $— | $19301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 76596 | 79605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 20273 | 14134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 9449 | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 3556 | 11078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 5824 | 5558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale |  | 6556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 30507 | 32180 |
| Total Current Liabilities | 146205 | 174011 |
| Deferred Income Tax Liability | 277253 | 280907 |
| Non-current debt | 792530 | 874810 |
| Other non-current liabilities | 43519 | 42854 |
| Total Liabilities | 1259507 | 1372582 |
| Commitments and Contingencies |  |  |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.16 par value, 315,000,000 shares authorized, 217,298,626 and 217,044,098 shares issued and outstanding | 34768 | 34728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2607452 | 2601848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (23485) | (28898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (500086) | (536424) |
| Total Stockholders' Equity | 2118649 | 2071254 |
| Total Liabilities and Stockholders' Equity | $3378156 | $3443836 |

---

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**NEOGEN CORPORATION** 

**UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

(In thousands)

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Cash Flows provided by (used for) Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $36338 | $(12609) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 29055 | 29800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (5830) | (9119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4962 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 699 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 539 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on refinancing and extinguishment of debt | 393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business | (76390) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (382) | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 17607 | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (1958) | (9939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1239 | (1733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 14169 | (15881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense accrual | (7521) | (7431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-current assets and non-current liabilities | (2067) | (456) |
| Net Cash provided by (used for) Operating Activities | 10853 | (17914) |
| Cash Flows provided by (used for) Investing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and other non-current intangible assets | (24002) | (38433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the maturities of marketable securities |  | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business, net of cash divested | 121724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of property and equipment and other | 3 | 4446 |
| Net Cash provided by (used for) Investing Activities | 97725 | (33662) |
| Cash Flows (used for) provided by Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options and issuance of employee stock purchase plan shares | 905 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax payments related to share-based awards | (223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of finance lease | (75) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of outstanding debt | (100000) | (98) |
| Net Cash (used for) provided by Financing Activities | (99393) | 979 |
| Effects of Foreign Exchange Rate on Cash | 694 | 463 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 9879 | (50134) |
| Cash and Cash Equivalents, Beginning of Year | 129004 | 170611 |
| Cash and Cash Equivalents, End of Year | $138883 | $120477 |

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**Non-GAAP Financial Measures** 

This press release includes certain non-GAAP financial measures, which management believes are useful to investors, securities analysts and other interested parties. Management uses Adjusted EBITDA as a key profitability measure. This is a non-GAAP measure that represents EBITDA before certain items that impact comparison of the performance of our business, either period-over-period or with other businesses. Adjusted EBITDA Margin is Adjusted EBITDA for a particular period expressed as a percentage of revenues for that period.

Management uses Adjusted Net Income as an additional measure of profitability. Adjusted Net Income is a non-GAAP measure that represents net income before certain items that impact comparison of the performance of our business, either period-over-period or with other businesses.

Core revenue growth is a non-GAAP measure that represents net sales for the period excluding the effects of foreign currency translation rates and the impacts of acquisitions and discontinued product lines, where applicable. Core revenue growth is presented to allow for a meaningful comparison of year-over-year performance without the volatility caused by foreign currency translation rates, or the incomparability that would be caused by the impact of an acquisition, disposal or product line discontinuation.

These non-GAAP financial measures should be considered only as supplemental to, and not as superior to, financial measures prepared in accordance with GAAP. Please see below for a reconciliation of historical non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP.

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**NEOGEN CORPORATION** 

**RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA** 

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| **Net income (loss)** | $**36338** | $**(12609)** |
| Income tax expense (benefit) | 7470 | (3000) |
| Depreciation and amortization | 29055 | 29800 |
| Interest expense, net | 15524 | 17622 |
| **EBITDA** | $**88387** | $**31813** |
| Share-based compensation | 4962 | 3982 |
| FX transaction loss (gain) on loan and other revaluation <sup>(1)</sup> | 35 | (320) |
| Transaction costs <sup>(2)</sup> | 2914 | 553 |
| 3M integration costs <sup>(3)</sup> | 335 | 3284 |
| Sample collection transition and ramp up costs <sup>(4)</sup> | 6030 | 948 |
| Petrifilm duplicate startup costs <sup>(5)</sup> | 2045 | 27 |
| Transformation initiatives and related costs <sup>(6)</sup> | 5902 | 310 |
| Restructuring <sup>(7)</sup> | 333 | 370 |
| ERP expense <sup>(8)</sup> | 569 | 1835 |
| Gain on sale of business | (76390) |  |
| Other | 347 | 912 |
| **Adjusted EBITDA** | $**35469** | $**43714** |
| Adjusted EBITDA margin (% of sales) | 17.0% | 20.1% |

---

(1)Net foreign currency transaction (gain) loss associated with the revaluation of foreign-currency-denominated intercompany loans.

(2)Includes legal, accounting, tax and other related consulting costs associated with corporate transactions and capital structure initiatives.

(3)Includes costs associated with 3M transition agreements and related integration costs.

(4)Includes costs associated with transitioning off the 3M transition contract manufacturing agreement and ramp-up costs associated with our sample collection product line.

(5)Duplicate costs associated with the startup of Petrifilm manufacturing.

(6)Includes consulting and other costs, including severance, associated with transformation initiatives.

(7)Severance, non-cash impairment, and other related exit costs primarily associated with a reduction in our global genomics business and consolidation of certain facilities.

(8)Expenses related to ERP implementation.

------

**NEOGEN CORPORATION** 

**RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME** 

(In thousands)

---

| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| **Net income (loss)** | $**36338** | $**(12609)** |
| Amortization of acquisition-related intangibles | 22486 | 23138 |
| Share-based compensation | 4962 | 3982 |
| FX transaction loss (gain) on loan and other revaluation <sup>(1)</sup> | 35 | (320) |
| Transaction costs <sup>(2)</sup> | 2914 | 553 |
| 3M integration costs <sup>(3)</sup> | 335 | 3284 |
| Sample collection transition and ramp up costs <sup>(4)</sup> | 6030 | 948 |
| Petrifilm duplicate startup costs <sup>(5)</sup> | 2045 | 27 |
| Transformation initiatives and related costs <sup>(6)</sup> | 5902 | 310 |
| Restructuring <sup>(7)</sup> | 333 | 370 |
| ERP expense <sup>(8)</sup> | 569 | 1835 |
| Gain on sale of business | (76390) |  |
| Other | 347 | 912 |
| Estimated tax effect of above adjustments <sup>(9)</sup> | 3541 | (8052) |
| **Adjusted Net Income** | $**9447** | $**14378** |
| **Adjusted Earnings Per Share** | $**0.04** | $**0.07** |

---

(1)Net foreign currency transaction loss (gain) associated with the revaluation of foreign-currency-denominated intercompany loans.

(2)Includes legal, accounting, tax and other related consulting costs associated with corporate transactions and capital structure initiatives.

(3)Includes costs associated with 3M transition agreements and related integration costs.

(4)Includes costs associated with transitioning off the 3M transition contract manufacturing agreement and ramp-up costs associated with our sample collection product line.

(5)Duplicate costs associated with the startup of Petrifilm manufacturing.

(6)Includes consulting and other costs, including severance, associated with transformation initiatives.

(7)Severance, non-cash impairment, and other related exit costs primarily associated with a reduction in our global genomics business and consolidation of certain facilities.

(8)Expenses related to ERP implementation.

(9)Tax effect of adjustments is calculated using projected effective tax rates for each applicable item.

------

**NEOGEN CORPORATION** 

**RECONCILIATION OF GROWTH TO CORE GROWTH**

(In thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q1 FY26** | **Q1 FY25** | **Growth** | **Foreign Currency** | **Acquisitions / Divestitures** | **Core Revenue Growth** |
| Food Safety | $152050 | $159345 | (4.6%) | 0.8% | (3.7%) | (1.7%) |
| Animal Safety | 57139 | 57619 | (0.8%) | (0.2%) | (6.4%) | 5.8% |
| **Total Neogen** | $**209189** | $**216964** | **(3.6**<br>**%)** | **0.5%** | **(4.4**<br>**%)** | **0.3%** |

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Source: Neogen Corporation

**Contact** 

Bill Waelke

(517) 372-9200

ir@neogen.com

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