QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(IRS Employer Identification Number) |
Title of each Class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
|
☒ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller Reporting Company |
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Emerging growth company |
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Page No. |
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Item 1. |
2 |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
19 |
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Item 3. |
27 |
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Item 4. |
27 |
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Item 1. |
28 |
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Item 6. |
28 |
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29 |
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CEO Certification |
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CFO Certification |
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Section 906 Certification |
November 30, |
May 31, |
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2021 |
2021 |
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Assets |
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Current Assets |
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Cash and cash equivalents |
$ | $ | ||||||
Marketable securities |
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Accounts receivable, less allowance of $ |
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Inventories |
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Prepaid expenses and other current assets |
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Total Current Assets |
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Net Property and Equipment |
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Other assets |
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Right of use assets |
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Goodwill |
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Other non-amortizable intangible assets |
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Amortizable intangible and other assets, net of accumulated amortization of $ |
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Other non-current assets |
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Total Assets |
$ | $ | ||||||
Liabilities and Stockholders’ Equity |
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Current Liabilities |
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Accounts payable |
$ | $ | ||||||
Accrued compensation |
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Income taxes |
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Other accruals |
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Total Current Liabilities |
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Deferred Income Taxes |
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Other Non-Current Liabilities |
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Total Liabilities |
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Commitments and Contingencies (note 10) |
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Equity |
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Preferred stock, $ |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Retained earnings |
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Total Stockholders’ Equity |
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Total Liabilities and Stockholders’ Equity |
$ | $ | ||||||
Three Months Ended |
Six Months Ended |
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November 30, |
November 30, |
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2021 |
2020 |
2021 |
2020 |
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Revenues |
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Product revenues |
$ | $ | $ | $ | ||||||||||||
Service revenues |
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Total Revenues |
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Cost of Revenues |
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Cost of product revenues |
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Cost of service revenues |
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Total Cost of Revenues |
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Gross Margin |
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Operating Expenses |
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Sales and marketing |
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General and administrative |
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Research and development |
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Total Operating Expenses |
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Operating Income |
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Other Income (Expense) |
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Interest income |
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Other income (expense) |
( |
) | ( |
) | ||||||||||||
Total Other Income |
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Income Before Taxes |
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Provision for Income Taxes |
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Net Income |
$ | $ | $ | $ | ||||||||||||
Net Income Per Share |
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Basic |
$ | $ | $ | $ | ||||||||||||
Diluted |
$ | $ | $ | $ | ||||||||||||
Weighted Average Shares Outstanding |
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Basic |
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Diluted |
Three Months Ended |
Six Months Ended |
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November 30, |
November 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Other comprehensive income (loss), net of tax: |
||||||||||||||||
foreign currency translations |
( |
) | ( |
) | ||||||||||||
Other comprehensive loss, net of tax: |
||||||||||||||||
unrealized loss on marketable securities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Total comprehensive income |
$ | $ | $ | $ | ||||||||||||
Accumulated |
||||||||||||||||||||||||
Additional |
Other |
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Common Stock |
Paid-in |
Comprehensive |
Retained |
|||||||||||||||||||||
Shares |
Amount |
Capital |
Income (Loss) |
Earnings |
Total |
|||||||||||||||||||
Balance, June 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Exercise of options and share-based compensation expense |
— | — | ||||||||||||||||||||||
Issuance of shares under employee stock purchase plan |
— | — | ||||||||||||||||||||||
Net income for the three months ended August 31, 2021 |
— | — | — | — | ||||||||||||||||||||
Other comprehensive loss for the three months ended August 31, 2021 |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
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Balance, August 31, 2021 |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Exercise of options and share-based compensation expense |
— | — | ||||||||||||||||||||||
Net income for the three months ended November 30, 2021 |
— | — | — | — | ||||||||||||||||||||
Other comprehensive loss for the three months ended November 30, 2021 |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
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Balance, November 30, 2021 |
$ |
( |
) |
$ |
$ |
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Balance, June 1, 2020 |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Exercise of options and share-based compensation expense |
— | — | ||||||||||||||||||||||
Issuance of shares under employee stock purchase plan |
— | — | ||||||||||||||||||||||
Net income for the three months ended August 31, 2020 |
— | — | — | — | ||||||||||||||||||||
Other comprehensive income for the three months ended August 31, 2020 |
— | — | — | — | ||||||||||||||||||||
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Balance, August 31, 2020 |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||||||
Exercise of options and share-based compensation expense |
— | — | ||||||||||||||||||||||
Net income for the three months ended November 30, 2020 |
— | — | — | — | ||||||||||||||||||||
Other comprehensive income for the three months ended November 30, 2020 |
— | — | — | — | ||||||||||||||||||||
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Balance, November 30, 2020 |
( |
) |
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Six Months Ended |
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November 30, |
||||||||
2021 |
2020 |
|||||||
Cash Flows From Operating Activities |
||||||||
Net Income |
$ | $ | ||||||
Adjustments to reconcile net income to net cash from operating activities: |
||||||||
Depreciation and amortization |
||||||||
Share-based compensation |
||||||||
Change in operating assets and liabilities, net of business acquisitions: |
||||||||
Accounts receivable |
( |
) | ||||||
Inventories |
( |
) | ||||||
Prepaid expenses and other current assets |
( |
) | ( |
) | ||||
Accounts payable, accruals and other changes |
( |
) | ||||||
|
|
|
|
|||||
Net Cash From Operating Activities |
||||||||
Cash Flows For Investing Activities |
||||||||
Purchases of property, equipment and other non-current intangible assets |
( |
) | ( |
) | ||||
Proceeds from the sale of marketable securities |
||||||||
Purchases of marketable securities |
( |
) | ( |
) | ||||
Business acquisitions, net of cash acquired |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net Cash For Investing Activities |
( |
) | ( |
) | ||||
Cash Flows From Financing Activities |
||||||||
Exercise of stock options and issuance of employee stock purchase plan shares |
||||||||
|
|
|
|
|||||
Net Cash From Financing Activities |
||||||||
Effect of Foreign Exchange Rates on Cash |
( |
) | ||||||
|
|
|
|
|||||
Net Increase (Decrease) In Cash and Cash Equivalents |
( |
) | ||||||
Cash and Cash Equivalents, Beginning of Period |
||||||||
|
|
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|
|||||
Cash and Cash Equivalents, End of Period |
$ | $ | ||||||
|
|
|
|
November 30, |
May 31, |
|||||||||
(in thousands) |
Maturity |
2021 |
2021 |
|||||||
Commercial Paper & Corporate Bonds |
0 - 90 days | |||||||||
91 - 180 days | ||||||||||
181 days - 1 year | ||||||||||
1 - 2 years | ||||||||||
Certificates of Deposit |
0 - 90 days | |||||||||
91 - 180 days | ||||||||||
181 days - 1 year | ||||||||||
1 - 2 years | ||||||||||
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|
|||||||
Total Marketable Securities |
$ | $ | ||||||||
|
|
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Amortized |
Unrealized |
Unrealized |
||||||||||||||
(in thousands) |
Cost |
Gains |
Losses |
Fair Value |
||||||||||||
Commercial Paper & Corporate Bonds |
( |
) | ||||||||||||||
Certificates of Deposit |
||||||||||||||||
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|
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|
|||||||||
Total Marketable Securities |
$ | $ | $ | ( |
) | $ | ||||||||||
|
|
|
|
|
|
|
|
Amortized |
Unrealized |
Unrealized |
||||||||||||||
(in thousands) |
Cost |
Gains |
Losses |
Fair Value |
||||||||||||
Commercial Paper & Corporate Bonds |
( |
) | ||||||||||||||
Certificates of Deposit |
||||||||||||||||
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|
|
|
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|
|||||||||
Total Marketable Securities |
$ | $ | $ | ( |
) | $ | ||||||||||
|
|
|
|
|
|
|
|
November 30, |
May 31, |
|||||||
(in thousands) |
2021 |
2021 |
||||||
Raw materials |
$ | $ | ||||||
Work-in-process |
||||||||
Finished and purchased goods |
||||||||
|
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|
|||||
$ | $ | |||||||
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• | Identification of the contract with a customer; |
• | Identification of the performance obligations in the contract; |
• | Determination of the transaction price; |
• | Allocation of the transaction price to the performance obligations in the contract; and |
• | Recognition of revenue when, or as, the Company satisfies the performance obligations. |
• | Diagnostic test kits, dehydrated culture media and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation; |
• | Consumable products marketed to veterinarians, retailers, livestock producers and animal health product distributors; and |
• | Rodenticides, disinfectants and insecticides to assist in the control of rodents, insects and disease in and around agricultural, food production and other facilities. |
• | Genomic identification and related interpretive bioinformatic services; and |
• | Other commercial laboratory services. |
Three Months ended November 30, |
Six Months ended November 30, |
|||||||||||||||
(in thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Food Safety |
||||||||||||||||
Natural Toxins, Allergens & Drug Residues |
$ | $ | $ | $ | ||||||||||||
Bacterial & General Sanitation |
||||||||||||||||
Culture Media & Other |
||||||||||||||||
Rodenticides, Insecticides & Disinfectants |
||||||||||||||||
Genomics Services |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | $ | $ | $ | |||||||||||||
Animal Safety |
||||||||||||||||
Life Sciences |
$ | $ | $ | $ | ||||||||||||
Veterinary Instruments & Disposables |
||||||||||||||||
Animal Care & Other |
||||||||||||||||
Rodenticides, Insecticides & Disinfectants |
||||||||||||||||
Genomics Services |
||||||||||||||||
|
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|
|
|
|
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|
|||||||||
$ | $ | $ | $ | |||||||||||||
|
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|
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|
|||||||||
Total Revenues |
$ | $ | $ | $ | ||||||||||||
|
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Three Months Ended |
Six Months Ended |
|||||||||||||||
November 30, |
November 30, |
|||||||||||||||
(in thousands, except per share amounts) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Numerator for basic and diluted net income per share: |
||||||||||||||||
Net income attributable to Neogen |
$ | $ | $ | $ | ||||||||||||
Denominator for basic net income per share: |
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Weighted average shares |
||||||||||||||||
Effect of dilutive stock options and RSUs |
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Denominator for diluted net income per share |
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Net income attributable to Neogen per share: |
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Basic |
$ | $ | $ | $ | ||||||||||||
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Diluted |
$ | $ | $ | $ | ||||||||||||
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Corporate and |
||||||||||||||||
Food |
Animal |
Eliminations |
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(in thousands) |
Safety |
Safety |
(1) |
Total |
||||||||||||
As of and for the three months ended November 30, 2021 |
|
|||||||||||||||
Product revenues to external customers |
$ | $ | $ | — | $ | |||||||||||
Service revenues to external customers |
— | |||||||||||||||
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|||||||||
Total revenues to external customers |
— | |||||||||||||||
Operating income (loss) |
( |
) | ||||||||||||||
Total assets |
||||||||||||||||
As of and for the three months ended November 30, 2020 |
|
|||||||||||||||
Product revenues to external customers |
$ | $ | $ | — | $ | |||||||||||
Service revenues to external customers |
— | |||||||||||||||
|
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|||||||||
Total revenues to external customers |
— | |||||||||||||||
Operating income (loss) |
( |
) | ||||||||||||||
Total assets |
(1) | Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, current and deferred tax accounts and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions. |
Corporate and |
||||||||||||||||
Food |
Animal |
Eliminations |
||||||||||||||
(in thousands) |
Safety |
Safety |
(1) |
Total |
||||||||||||
As of and for the six months ended November 30, 2021 |
||||||||||||||||
Product revenues to external customers |
$ |
$ |
$ |
— |
$ |
|||||||||||
Service revenues to external customers |
— |
|||||||||||||||
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Total revenues to external customers |
— |
|||||||||||||||
Operating income (loss) |
( |
) |
||||||||||||||
As of and for the six months ended November 30, 2020 |
||||||||||||||||
Product revenues to external customers |
$ |
$ |
$ |
— |
$ |
|||||||||||
Service revenues to external customers |
— |
|||||||||||||||
|
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|||||||||
Total revenues to external customers |
— |
|||||||||||||||
Operating income (loss) |
( |
) |
(1) | Includes elimination of intersegment transactions. |
Three months ended |
Six months ended |
|||||||||||||||
November 30, |
November 30, |
|||||||||||||||
(in thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Domestic |
$ |
$ |
$ |
$ |
||||||||||||
International |
||||||||||||||||
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|||||||||
Total revenue |
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Weighted- |
||||||||
Average |
||||||||
(Options in thousands) |
Shares |
Exercise Price |
||||||
Options outstanding June 1, 2021 |
$ | |||||||
Granted |
||||||||
Exercised |
( |
) | ||||||
Forfeited |
( |
) | ||||||
Options outstanding November 30, 2021 |
$ |
FY 2022 |
FY 2021 |
|||||||
Risk-free interest rate |
% | % | ||||||
Expected dividend yield |
% | % | ||||||
Expected stock price volatility |
% | % | ||||||
Expected option life |
Weighted- |
||||||||
Average |
||||||||
(Options in thousands) |
Shares |
Fair Value |
||||||
RSUs outstanding June 1, 2021 |
$ | |||||||
Granted |
||||||||
Released |
( |
) | ||||||
Forfeited |
( |
) | ||||||
RSUs outstanding November 30, 2021 |
$ |
• | Consolidated revenues were $130.5 million in the second quarter of fiscal 2022, an increase of 13% compared to $115.0 million in the second quarter of fiscal 2021. Organic sales growth in the second quarter of fiscal 2022 was 10%. For the six month period, consolidated revenues were $258.8 million, an increase of 15% compared to $224.3 million in the same period in the prior fiscal year. On a year to date basis, organic sales rose 12%. |
• | Food Safety segment sales were $67.1 million in the second quarter of fiscal 2022, an increase of 17% compared to $57.5 million in the same period a year ago. Organic sales in this segment rose 11% for the comparative period, with revenues from the acquisition of Megazyme (December 2020) providing the remainder of the increase in revenues for the segment. For the year to date, Food Safety segment sales were $129.9 million, an increase of 16% compared to $111.7 million in the same period of the prior fiscal year; the organic sales increase was 10% for the comparative period, with the Megazyme acquisition providing the additional contribution to revenue. |
• | Animal Safety segment sales were $63.4 million in the second quarter of fiscal 2022, an increase of 10% compared to $57.5 million in the second quarter of fiscal 2021. Organic sales in this segment also rose 10% in the second quarter, with a minor contribution from the CAPInnovet acquisition (September 2021). For the six month period, Animal Safety segment sales were $129.0 million, an increase of 15%, compared to $112.6 million in the same period a year ago. Year to date organic sales rose 14%, with revenues from the StandGuard (July 2020) and CAPInnovet acquisitions contributing the difference. |
• | International sales in the second quarter of fiscal 2022 were 41% of total sales compared to 39% of total sales in the second quarter of fiscal 2021. For the year to date, fiscal 2022 international sales were 40% of total sales compared to 39% of total sales in the same period of the prior year. |
• | Our effective tax rate in the second quarter was 16.2% compared to an effective tax rate of 17.8% in the prior year second quarter; the fiscal 2022 year to date effective tax rate was 19.5% compared to 18.9% for the same period a year ago. |
• | Net income for the quarter ended November 30, 2021 was $10.8 million, or $0.10 per diluted share, compared to $15.9 million, or $0.15 per diluted share in the same period in the prior year. For the year to date, net income was $27.9 million, or $0.26 per diluted share compared to prior year to date net income of $31.7 million, or $0.30 per diluted share. Net income was decreased by $9.3 million of legal and consulting expenses for due diligence related to our recently announced agreement to combine with 3M’s Food Safety business. |
• | Cash provided from operating activities in the first six months of fiscal 2022 was $41.1 million, compared to $47.5 million in the first half of fiscal 2021. |
Three Months Ended |
Six Months Ended |
|||||||||||||||
November 30, 2021 |
November 30, 2021 |
|||||||||||||||
Revenue |
Revenue |
Revenue |
Revenue |
|||||||||||||
% Inc (Dec) |
% Inc (Dec) |
% Inc (Dec) |
% Inc (Dec) |
|||||||||||||
USD |
Local Currency |
USD |
Local Currency |
|||||||||||||
U.K Operations (including Neogen Italia) |
20 | % | 14 | % | 13 | % | 6 | % | ||||||||
Brazil Operations |
(5 | )% | (6 | )% | (10 | )% | (12 | )% | ||||||||
Neogen Latinoamerica |
13 | % | 10 | % | 18 | % | 10 | % | ||||||||
Neogen Argentina |
44 | % | 84 | % | 28 | % | 68 | % | ||||||||
Neogen Uruguay |
(4 | )% | (2 | )% | 3 | % | 5 | % | ||||||||
Neogen Chile |
48 | % | 54 | % | 59 | % | 59 | % | ||||||||
Neogen China |
28 | % | 22 | % | 42 | % | 34 | % | ||||||||
Neogen India |
(10 | )% | (9 | )% | 1 | % | 1 | % | ||||||||
Neogen Canada |
34 | % | 28 | % | 60 | % | 50 | % | ||||||||
Neogen Australasia |
29 | % | 27 | % | 38 | % | 33 | % |
Three Months Ended November 30, |
||||||||||||||||
Increase/ |
||||||||||||||||
(in thousands) |
2021 |
2020 |
(Decrease) |
% |
||||||||||||
Food Safety |
||||||||||||||||
Natural Toxins, Allergens & Drug Residues |
$ | 21,028 | $ | 20,001 | $ | 1,027 | 5 | % | ||||||||
Bacterial & General Sanitation |
12,252 | 11,235 | 1,017 | 9 | % | |||||||||||
Culture Media & Other |
19,935 | 14,215 | 5,720 | 40 | % | |||||||||||
Rodenticides, Insecticides & Disinfectants |
8,232 | 7,059 | 1,173 | 17 | % | |||||||||||
Genomics Services |
5,685 | 5,024 | 661 | 13 | % | |||||||||||
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|
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$ | 67,132 | $ | 57,534 | $ | 9,598 | 17 | % | |||||||||
Animal Safety |
||||||||||||||||
Life Sciences |
$ | 1,309 | $ | 1,398 | $ | (89 | ) | (6 | )% | |||||||
Veterinary Instruments & Disposables |
15,572 | 11,974 | 3,598 | 30 | % | |||||||||||
Animal Care & Other |
10,849 | 9,371 | 1,478 | 16 | % | |||||||||||
Rodenticides, Insecticides & Disinfectants |
18,269 | 18,471 | (202 | ) | (1 | )% | ||||||||||
Genomics Services |
17,386 | 16,252 | 1,134 | 7 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 63,385 | $ | 57,466 | $ | 5,919 | 10 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Total Revenues |
$ | 130,517 | $ | 115,000 | $ | 15,517 | 13 | % | ||||||||
|
|
|
|
|
|
Six Months Ended November 30, |
||||||||||||||||
Increase/ |
||||||||||||||||
(in thousands) |
2021 |
2020 |
(Decrease) |
% |
||||||||||||
Food Safety |
||||||||||||||||
Natural Toxins, Allergens & Drug Residues |
$ | 41,432 | $ | 39,016 | $ | 2,416 | 6 | % | ||||||||
Bacterial & General Sanitation |
23,421 | 21,166 | 2,255 | 11 | % | |||||||||||
Culture Media & Other |
37,981 | 26,387 | 11,594 | 44 | % | |||||||||||
Rodenticides, Insecticides & Disinfectants |
15,882 | 15,888 | (6 | ) | 0 | % | ||||||||||
Genomics Services |
11,138 | 9,262 | 1,876 | 20 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 129,854 | $ | 111,719 | $ | 18,135 | 16 | % | |||||||||
Animal Safety |
||||||||||||||||
Life Sciences |
$ | 2,672 | $ | 2,723 | $ | (51 | ) | (2 | )% | |||||||
Veterinary Instruments & Disposables |
30,909 | 22,349 | 8,560 | 38 | % | |||||||||||
Animal Care & Other |
20,068 | 17,029 | 3,039 | 18 | % | |||||||||||
Rodenticides, Insecticides & Disinfectants |
40,418 | 38,385 | 2,033 | 5 | % | |||||||||||
Genomics Services |
34,901 | 32,120 | 2,781 | 9 | % | |||||||||||
|
|
|
|
|
|
|||||||||||
$ | 128,968 | $ | 112,606 | $ | 16,362 | 15 | % | |||||||||
|
|
|
|
|
|
|||||||||||
Total Revenues |
$ | 258,822 | $ | 224,325 | $ | 34,497 | 15 | % | ||||||||
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
November 30, |
November 30, |
|||||||||||||||
(dollars in thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Interest income (net of expense) |
$ | 217 | $ | 555 | $ | 420 | $ | 1,277 | ||||||||
Foreign currency transactions |
167 | (432 | ) | 15 | (256 | ) | ||||||||||
Insurance settlement |
— | 309 | — | — | ||||||||||||
Legal settlement |
— | (300 | ) | — | — | |||||||||||
LGS contingent consideration |
(135 | ) | — | (135 | ) | — | ||||||||||
Other |
210 | (42 | ) | 141 | (16 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Income |
$ | 459 | $ | 90 | $ | 441 | $ | 1,005 | ||||||||
|
|
|
|
|
|
|
|
Risk Category |
Hypothetical Change |
November 30, 2021 |
Impact |
|||||||
(dollars in thousands) |
||||||||||
Foreign Currency - Revenue |
10% Decrease in exchange rates | $ | 5,414 | Earnings | ||||||
Foreign Currency - Hedges |
10% Decrease in exchange rates | 1,959 | Earnings |
31.1 | Certification of Principal Executive Officer | |
31.2 | Certification of Principal Financial Officer | |
32 | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | Inline XBRL Instance Document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
NEOGEN CORPORATION |
(Registrant) |
/s/ John E. Adent |
John E. Adent |
President & Chief Executive Officer |
(Principal Executive Officer) |
/s/ Steven J. Quinlan |
Steven J. Quinlan |
Vice President & Chief Financial Officer |
(Principal Financial Officer and Principal Accounting Officer) |