Neogen Q3 2022 Earnings Report
Key Takeaways
Neogen Corporation announced its third quarter results for fiscal year 2022, with revenues increasing by 10% to $128.244 million. Net income was $5.443 million, or $0.05 per share, impacted by $10.6 million in professional fees related to the planned merger with 3M's Food Safety business. Excluding these costs, net income would have been $13.6 million, or $0.13 per share.
Revenues increased by 10% compared to the previous year's third quarter.
Net income was adversely impacted by $10.6 million of professional fees related to the 3M Food Safety business combination.
Food Safety segment revenues increased by 7%, driven by recently launched products.
Animal Safety segment revenues increased by 12%, driven by strong sales of veterinary instruments.
Neogen
Neogen
Forward Guidance
Neogen is working towards closing the 3M Food Safety combination, with significant legal and consulting fees expected to continue through the end of this fiscal year and into the next.