Neogen Q2 2022 Earnings Report

Neogen's Q2 2022 results showed revenue growth, driven by double-digit organic sales increases in both Food Safety and Animal Safety segments, but net income was negatively impacted by expenses related to the planned merger with 3M's Food Safety Division.

Key Takeaways

Neogen Corporation announced a 13% increase in revenues to $130.517 million for the second quarter of fiscal year 2022. Both the Food Safety and Animal Safety segments experienced double-digit organic sales growth. Net income was $10.828 million, or $0.10 per share, compared to $15.885 million, or $0.15 per share, in the prior year's second quarter, impacted by $9.3 million in professional fees related to the planned combination with 3M's Food Safety business.

Revenues increased by 13% compared to the previous year's second quarter.

Food Safety and Animal Safety segments both recorded double-digit increases in organic sales for the fourth consecutive quarter.

Net income was impacted by $9.3 million in professional fees related to the planned combination with 3M's Food Safety business.

International revenues rose by 20% with 14% organic growth.