Neogen : Transcript (2025 04 09 transcript fy25q3 earnings)

Published: 2025-04-10 11:14:05 ET NEOG

Corrected Transcript

09-Apr-2025

Neogen Corp. (NEOG)

Q3 2025 Earnings Call

Total Pages: 18

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

CORPORATE PARTICIPANTS

Bill Waelke

David H. Naemura

Vice President-Investor Relations & Treasury, Neogen Corp.

Chief Financial Officer, Neogen Corp.

John E. Adent

President, Chief Executive Officer & Director, Neogen Corp.

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OTHER PARTICIPANTS

Brandon Vazquez

Thomas DeBourcy

Analyst, William Blair & Co. LLC

Analyst, Nephron Research LLC

Subbu Nambi

David Westenberg

Analyst, Guggenheim Securities LLC (Research)

Analyst, Piper Sandler & Co.

MANAGEMENT DISCUSSION SECTION

Operator: Good morning, ladies and gentlemen, and welcome to the Neogen Corporation Third Quarter Fiscal Year 2025 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Wednesday, April 9, 2025.

I would now like to turn the conference over to Bill Waelke, Head of Investor Relations. Please go ahead.

Bill Waelke

Vice President-Investor Relations & Treasury, Neogen Corp.

Thank you for joining us this morning for the discussion of the third quarter of our 2025 fiscal year. I'll briefly cover the non-GAAP and forward-looking language before passing the call over to our CEO, John Adent, who will be followed by our CFO and COO, Dave Naemura.

Before the market opened today, we published our third quarter results as well as a presentation with both documents available in the Investor Relations section of our website. On our call this morning, we will refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliations of historical non-GAAP financial measures are included in our earnings release and the presentation, slide 2 of which provides a reminder that our remarks will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed in or implied by such forward-looking statements. These risks include, among others, matters that we have described in our most recent Annual Report on Form 10-K and in other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements.

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

I'll now turn things over to John.

John E. Adent

President, Chief Executive Officer & Director, Neogen Corp.

Thanks, Bill. Good morning, everyone, and welcome to the earnings call for the third quarter of our 2025 fiscal year. You may have seen the press release issued earlier today announcing that I will be stepping down as CEO. It's been an honor to lead Neogen and I'm incredibly proud of the team we've built and everything we've accomplished, including making a significant amount of progress on the complex integration of a transformational acquisition. I would like to extend my sincere gratitude to the team for all their hard work and sacrifice over the last several years and firmly believe these efforts have put the company in a stronger position. I will remain in my role while the board conducts a search for my successor, and I'm fully committed to ensuring a smooth transition for our customers and employees. With that behind us, let's move into some color on the quarter.

Over the course of the third quarter, we saw the broad development of uncertainty primarily related to the goals and policies of the US government, most notably deregulation, government spending cuts, tariffs and global trade. As we've all seen, the administration is aiming to reduce federal spending and has made cuts across a number of government agencies, including those relevant to Food Safety like the FDA and the USDA. While these cuts could possibly affect the speed with which outbreaks of foodborne illness can be addressed or possibly delay or eliminate certain research spending, we don't currently see them as having a significant effect on Food Safety testing. This is still a developing environment, but the leaning out of these agencies could result in more testing being pushed to the plants, which is where the ultimate responsibility lies for safe food production.

Food quality, which by extension includes Food Safety, appears to be a priority for the administration and we believe it has the potential to be a tailwind over time. The administration's position on tariffs and the actions announced last week have added to this uncertain environment. Despite almost half of our revenue being generated outside of the US, a significant portion of our manufacturing is based in the US.

As it relates to our purchases, the situation is similar. Within our Food Safety business, approximately 75% of our direct purchase spend is in the US. In Animal Safety, the number is about two-thirds, with our needle and syringe products having initially been subjected to tariffs back in September of last year. While acknowledging the tariff landscape has been and could continue to be fluid, we believe that our domestic manufacturing footprint provides some level of insulation in this environment, particularly in our largest markets, the US. We have been exploring alternative sources for supply for certain items procured from outside the US and we'll continue to do so. Given our large domestic manufacturing footprint, we're closely monitoring responses from other countries and will consider those impacts as they become more clear.

With respect to the retaliatory tariffs announced by China last week, a small portion of our total revenue is generated there, roughly 2.5%, of that revenue, approximately 40%, is served by US manufacturing.

We believe that uncertainty increased as the quarter progressed and read through to our end markets, which contributed to our third quarter results being below our expectations. In the face of faltering consumer confidence, a lack of clarity with respect to global trade and concerns about the potential for recession, we saw both domestic and international distributors and customers being less willing to commit to inventory. This uncertainty was reflected in our proxy for global food production, which decelerated for the first time in six quarters.

Food Safety is typically a resilient end market that has historically been relatively insulated against periods of economic weakness. The unique combination of lingering inflation, which had been particularly acute in food and

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

the current elevated macro uncertainty has resulted in an end market that's still growing, but we believe at a rate below normal levels.

Our performance in Food Safety has also impacted by the challenges we've discussed with our sample collection product line, which relocated from a former 3M facility to one of our own. It took longer than we had originally anticipated, but the relocated product lines are now producing at the prior levels. From this point forward, our immediate focus is on improving the production efficiency and catching up with our customers' demand. Outside of the specific challenges in sample collection, core revenue in our Food Safety business was up 7% in the quarter.

In our Animal Safety segment, we believe we continue to work through the cyclical trough of the market. Inventory levels in the distribution channel remain broadly stable, [ph] hence the deposit level (00:15:43) sales out of our products. Although it's a relatively small part of the business, we saw notable softness in China amidst the uncertain macro environment there, with many of our distributors being in a wait-and-see mode or in some cases opting for local supply. Outside of the declining Genomics, our Animal Safety core business was down just over 1% on a year-over-year basis.

For our Genomics business in total, third quarter core revenue was down mid-single-digits year-over-year. We believe the actions we took last quarter to focus and restructure this business were the right moves to make. We were focusing the business on our leading differentiated bovine product offering and have either stopped or wind down most of the rest of the business over the coming quarters. Although Genomics in total has been a headwind for the past seven quarters, our bovine business has performed better during this period, including many quarters of growth.

On the integration front, we continued to make progress in the quarter. With sample collection recovering to prior production levels, Petrifilm remains the last outstanding integration work stream. Construction of the new facility is complete, as is the installation of the first two Petrifilm production lines. The shipment of the second production line has landed in Lansing and is in the process of being staged and rigged for installation. And we remain on track for our goal of beginning initial test production in the fall of 2025.

As we've mentioned on our prior earnings call, we're undertaking actions to accelerate the building of a more profitable, focused Neogen. We have made solid progress on this front with one potential portfolio action in the later stages and one that has started in marketing phase. These actions represent a step towards focusing our business on the highly attractive Food Safety end market and are expected to be accretive to margins, with net proceeds being prioritized for debt repayment.

Last week, we completed the refinancing of our Term Loan A, extending the maturity by close to three years and realizing 60 basis points of interest rate savings. Combined with the expected near-term debt repayment, this provides us with balance sheet flexibility as we continue to work to bring down our net leverage. In addition to future EBITDA growth, improving cash flow is a priority to contribute to the reduction of net leverage.

Some of the improvements in free cash flow is expected to come naturally as a result of integration CapEx reducing in fiscal year 2026 and then mostly tapering off in fiscal 2027. We expect to see additional improvement come from the significant opportunity we have to reduce working capital over time. We have seen some progress from our initial actions, but a larger opportunity remains mostly related to our inventory levels.

The evolution of our leadership team has continued with a number of changes recently made. We have a new Head of R&D. We have a new Head of our North America Commercial Organization and a new Commercial Head

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

for North American Food Safety in place, as well as a new Chief Human Resources Officer who started this week. We continue to make good progress on the search for a Chief Commercial Officer, and we expect to fill the role in the first quarter of fiscal 2026.

The standing up of our own Petrifilm production is progressing well, but we nonetheless want to ensure that we are de-risking as much as possible. To that end, we have made additions to the operating team to enhance key areas of expertise and also expanded the existing project governance.

As it relates to our outlook for the full year, the current environment is very dynamic. With respect to the macro environment, it is not yet clear what the ultimate impact and duration might be from a rising level of uncertainty. We are updating our full year view based on the information we have today to reflect the third quarter being below our expectations and a fourth quarter that will likely not be as strong as we had previously anticipated, given the softening market backdrop and the uncertain impact of tariffs. We also plan to take further actions to ensure the cost base is more aligned with the current level of revenue and the macro environment, the full impact of which will be reflected in fiscal 2026. The sample collection production delays have improved. We have targeted commercial plans that we expect will return that product line to more normal revenue levels over the coming quarters.

In Genomics, we restructured a portion of the business in the second quarter and we'll continue to focus on a differentiated offering for the more attractive bovine market. We are taking actions to control what we can control to navigate the current situation and to de-risk the final piece of the 3M integration.

Now, I'll turn the call over to Dave for some more insights into our results for the quarter and our outlook.

David H. Naemura

Chief Financial Officer, Neogen Corp.

Thank you, John, and welcome to everyone on the call today. Jumping into the results, our third quarter revenues were $221 million. Core revenue growth, which excludes the impact of foreign currency, acquisitions and discontinued product lines, came in at 20 basis points for the quarter, while foreign currency was a headwind of 310 basis points compared to the prior year.

At the segment level, revenues in our Food Safety segment were $153 million in the quarter, down 3.2% compared to the prior year, with core revenue growth of 1.5% offset by the negative impact of FX. The core growth was led by our biosecurity products and the bacterial and general sanitation product category, which benefited from strong growth in pathogen detection products.

In the indicator testing, culture media and other product category, solid growth in our food quality and Petrifilm product lines was partially offset by decline in sample collection as we continue the process of ramping up the relocated production in our facility. Excluding the headwinds of sample collection, core revenue in the Food Safety segment grew 7%, which we believe reflects a solid underlying business.

Quarterly revenues in the Animal Safety segment were $68 million, which includes a core revenue decline of 2.6% compared to the prior year quarter. Within our animal care and other product category, solid growth was driven primarily by small animal supplements, with an increase in private label business. This growth was offset mainly by lower sales of vet instruments and disposables.

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

Our global Genomics revenue was down mid-single-digits on a core basis. Core revenue growth in our differentiated bovine business was offset by declines in other areas and consistent with the focused restructuring we executed in Q2 of this year.

From a regional perspective, core revenue growth in the third quarter was mixed. Growth was again led by Latin America, which saw double-digit growth and a strong performance across most key product categories. Asia Pacific core revenue was up mid-single-digits on a year-over-year basis, with solid growth in Petrifilm and pathogen detection, partially offset by decline in sample collection.

Our business in Europe was down mid-single-digits on a core basis, with growth in cleaners and disinfectants and food quality and nutritional analysis offset by declines in Genomics, general sanitation and sample collection as well as Petrifilm, which came down after strong growth in Q2.

In our US and Canada region, which has experienced the largest carryover impact from last year's shipping delays, core revenue was also down mid-single-digits compared to the prior year period. Solid growth in food quality and nutritional analysis was offset by declines in most other Food Safety product categories, including a larger impact in sample collection. In the Animal Safety segment, solid growth in the biosecurity and animal care products categories was offset by declines in Genomics and vet instruments.

Gross margin in the third quarter was 49.9%, representing a decrease of 120 basis points from 51.1% in the same quarter a year ago. Excluding integration and restructuring costs, as well as the reclassification of certain expenses in the prior year period gross margin, Q3 was down 30 basis points year-over -year, primarily due to lower revenues.

Adjusted EBITDA was $49 million in the third quarter, representing a margin of 22%, roughly flat from Q2 on lower revenue. On a year-over-year basis, the decline in adjusted EBITDA margin was driven primarily by the lower revenue level.

Third quarter adjusted net income and adjusted earnings per share were $21 million and $0.10, respectively, compared to $26 million and $0.12 in the prior year quarter, due primarily to the lower adjusted EBITDA and a nominally higher effective tax rate.

We ended the quarter with gross debt of $900 million, 61% of which is at a fixed rate and a total cash position of $128 million. Free cash flow in Q3 was an outflow of approximately $14 million, representing an improvement of $49 million compared to Q3 of fiscal year 2024.

Net working capital was a $10 million source of cash in the quarter, reflecting some progress on our multi-year improvement journey. Capital expenditures in the quarter were elevated, driven in part by some acceleration of spending related to our new Petrifilm plant and production equipment.

As John mentioned earlier, last week, we completed the refinancing of the $550 million remaining on our Term Loan A. We issued a new $450 million Term Loan A with an upsized $250 million revolving facility on which we've drawn $100 million and obviously utilized those funds as part of the payoff of a previous $550 million term loan. Further, this draw on the facility, which allows us to currently maintain the same $150 million of available liquidity should be taken as indicative of a portion of our near-term expectations for the portfolio actions we've discussed. In addition to extending the maturity of our term loan by over two-and-a-half years, we were able to realize 60 basis points of interest rate savings.

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

Moving to our outlook, the market environment softened as the third quarter progressed, and we believe the macroeconomic uncertainty has led to somewhat of a pause taken by many customers and channel partners. In addition to the uncertain trade environment, grocery inflation, in particular, has persisted and continues to affect the consumer, contributing to the move backwards that we saw in our proxy for global food production.

In Animal Safety, we see healthy channel inventory levels and positive sales out of the channel, but saw a slowdown of sales into some of our larger distributors. We expect these impacts that we saw in Q3 will continue through Q4, when we will also begin to see the impact of tariffs.

We are, therefore, updating our revenue outlook for the year to approximately $895 million. We are accordingly also updating our outlook for adjusted EBITDA to approximately $195 million. With a lower adjusted EBITDA and some acceleration of CapEx, which we now expect to be approximately $100 million, our current view of free cash flow for the year is an outflow of approximately $20 million. We would emphasize that the end market conditions are about as dynamic as we have seen, and we will focus on what is within our control, which includes the near- term actions John has highlighted.

I'll now hand the call back to John for some final thoughts.

John E. Adent

President, Chief Executive Officer & Director, Neogen Corp.

Thanks, Dave. We view this as a critical period in Neogen's transformation and are focused entirely on improved execution. During this environment of rising macro uncertainty, this means taking decisive action to influence those things that we are within our control. In addition to FX, there have been two primary things weighing on our results over the last few quarters, Genomics and sample collection, and there are clear plans in place to address both. In the third quarter specifically, these areas were a headwind of over 400 basis points to our consolidated core revenue growth.

Through strategic alignment and substantial cost reductions, we're addressing our Genomics business, which has been a meaningful headwind for the better part of two years. For sample collection, we expect it will take a couple of quarters for the revenue to return to its prior run rate, but production has been restored to prior levels and is now undergoing intense operational scrutiny to ensure the efficiency is improved as quickly as possible.

As we've discussed, this leaves Petrifilm as the final integration work stream which continues to progress well. The establishment of our own Petrifilm production will be a more gradual transition than the other key integration work streams were, which have either been a lift and shift of production or a cutover from the 3M systems to our own.

Once test production and the performance of the equipment have been validated, a process we still expect will begin in the fall of this year, we'll start to ramp up our own production on a SKU-by-SKU basis. The Petrifilm product line consists of a total of 17 SKUs. Once we have a SKU fully validated and running on our own equipment, we will turn off production of that SKU at our transition manufacturing partner.

We plan to move through the entire product line that way very gradually one SKU at a time. This will result in some temporary duplicate manufacturing costs to begin to increase in fiscal 2026, which we will dimensionalize to provide for an orderly transition of Petrifilm production.

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

Key members in the Petrifilm manufacturing engineering team who have done this before are part of the Neogen team, and we currently have employees undergoing advanced training in manufacturing testing in a current Petrifilm facility.

We feel good about where things stand today and we will continue to take all actions available to us to make this as seamless a transition as possible. We also have taken and will continue to take actions to maintain balance sheet flexibility. The refinancing of our term loan extended the maturity by close to three years and net proceeds we may realize from the portfolio actions we've discussed will be prioritized for debt paydown. Along with the reduced integration CapEx and the resulting improvement in free cash flow, we expect our balance sheet to continue to improve moving forward.

Following the completion of the 3M Food Safety transaction, we added substantial amount of cost to the business to both catch up legacy Neogen capabilities and accommodate the increased size of the business. For a number of reasons, including FX and market weakness and integration challenges, revenue is currently below the levels that were contemplated when these costs were being added. We took actions in the second quarter to address a portion of these costs, mainly in Genomics business. As mentioned, we will be taking additional actions in this area in Q4.

We've continued to make enhancements to the team to address key areas of the business that we believe put us in the best position to generate demand and capitalize on the opportunities we have in front of us. Two of these enhancements are in the customer-facing leadership roles in our largest region of North America, where we placed a particular emphasis on demand generation through targeted commercial initiatives. We expect these changes in combination, with the Chief Commercial Officer role that should be filled in Q1, to provide us with momentum in the market as we leverage our full portfolio of solutions.

It's too early to determine if customer conservatism for macro headwinds will be temporary or more sustained. We're staying attuned to the market and we'll provide additional perspective in the future on the expected duration as the trade landscape continues to change. However, we have a leading franchise in critical diagnostic solutions for Food Safety, which, while not immune to macro uncertainty, is an end market where we would expect to generally be resilient as it has been in the past during periods of turbulence.

We remain optimistic about the future trajectory of the business and believe the changes we're making will allow us not only to manage through the current uncertainty, but also position us to deliver on the long-term growth opportunity in front of us.

I'll now turn things over to the operator to begin the Q&A.

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

QUESTION AND ANSWER SECTION

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. [Operator Instructions] Your first question comes from Brandon Vazquez with William Blair. Your line is now open.

Brandon Vazquez

Analyst, William Blair & Co. LLC

Hey. Good morning, everyone. Thanks for taking the question. First, I just wanted to talk a little bit about the guide and talk a little bit about macro and moving pieces there. So, can we just start by talking a little bit about how much of the lower guide is coming from macro specifically at this point? It sounds like, and correct me if I'm wrong, it's less of execution on maybe sample handling or any of those other integration. This is primarily a macro headwind. So, talk to us, one, about how much of it is macro and, two, a little bit more of like what volumes are you seeing in Food Safety even as macro worsens?

I think, in the past, we've always talked about this market as being kind of resilient but not immune. So, are there any numbers you can put on that to help us understand, is this a market that even if things get bad can stay positive growth, or is it something that should start to decline with Food Safety? So - sorry, a couple questions there, just all around macro guidance and what you guys are seeing?

David H. Naemura

Chief Financial Officer, Neogen Corp.

Yeah. Thanks, Brandon. Let me go first. This is Dave. And then I'll pass it to John. What we saw during the quarter, as we noted, was some broader softening as the quarter progressed. [ph] Hesitancy (00:34:07), I think, driven by some of the macro uncertainty, and we're assuming that that condition continues into the second - through the second half into the fourth quarter.

So, if we look at Q3, we probably came in about $6 million below where we thought at the time. I'd say, a good $4 million of that was clearly just uncertainty, $2 million of that alone was China, and $1 million of Genomics, which is timing of ramp down from some of the business we're getting away from, and then maybe roughly a $1 million lighter in sample handling. Although we exited at the rates we had anticipated, I think the shape of the ramp through the quarter ended up being a little light, but predominantly macro.

Look, then as the global trade situation has developed, that'll have that - it dramatically heightens the uncertainty in my opinion, particularly on the Animal Safety side for us. And that's where we have the most exposure to some of the existing tariff activity that will obviously have some commercial efforts to offset. But the ability to do that, there'll be some level of uncertainty given the magnitude of the actions.

As far as the environment, let me turn it over to John to talk a little bit about we saw more specifically.

John E. Adent

President, Chief Executive Officer & Director, Neogen Corp.

Yeah. Thanks, Dave. So, Brandon, like we have talked about in the past, we had - we follow a basket of companies and we had seen six quarters of kind of sequential improvement. And that really - for the ones that are closer to our reporting cycle, that reversed, where instead of seeing sequential improvement, we saw a 300 basis point to 400 basis point decline on a quarterly basis [ph] from - for their (00:35:47) report.

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Neogen Corp. (NEOG)

Corrected Transcript

Q3 2025 Earnings Call

09-Apr-2025

So, we did see the softening in the market. But like we talked about, even with that, excluding the sample handling, the Food Safety business in the US grew 7% for the quarter. And I will tell you, that disappointed me. Like, my expectation was double-digit growth. But when the market started to soften at the end of the quarter, I think that that's what really pulled it down. So, while you think about the underlining firmness of the business, I think there is the underlining firmness. I still think the market is growing, right? And I think there's - it just isn't as growing as robustly as it traditionally. Dave, you have anything else that you want to add with that.

David H. Naemura

Chief Financial Officer, Neogen Corp.

Yeah. Just specifically, Brandon, we've talked to you before about our production proxy that we track. That had been coming - it was frankly coming towards even after the six quarters of improvement, eight quarters of negative numbers, it was approaching kind of par, and it moved backwards 70 basis points to 80 basis points in total across the 15 companies that we track.

We have a couple folks that we watch that share a year end with us, and that's where we saw more recent reporting that would show that getting worse and kind of [ph] 300-ish (00:37:04) basis point type moves to the negative. So, we think it's consistent with what we saw in the marketplace. And again, I think it's worth emphasizing, sample collection aside, 7% as a core growth for our Food Safety business, felt pretty good, albeit on an easier compare. So, still growing consistent with what you said, a rather durable end market, but not growing at the rates we've seen historically.

Brandon Vazquez

Analyst, William Blair & Co. LLC

Okay. And following up, switching a little bit to tariff headwinds, one, kind of a clarification and, two, just an operational question. But when you guys talk about tariff headwinds, just to be clear, are we talking mostly here that the tariff headwinds is going to be from margins because, obviously, your COGS will go up? Or is part of the tariff headwind here that you guys are expecting you're going to lose some sales, because your products are going to become more expensive and you could potentially lose some share through that?

And then the follow-up kind of on the operational side of tariffs is, what can you do - I think in the past - it's been a while since we've discussed this, but in the past, we discussed that this is actually a very sticky business and that you probably have some ability to push price. You maybe also have some operational efficiencies you can do to offset some tariff headwinds. So, what can you do over the coming months if these tariffs actually stay a little sticky to kind of offset some of these headwinds?

John E. Adent

President, Chief Executive Officer & Director, Neogen Corp.

Yeah. Brandon, I'll start and then I'll turn it over to Dave. I mean, the analysis we're doing is a market-by-market analysis, right? And it really depends. For example, China is a different dynamic, right, than kind of the rest of the world and some of the other markets. And when we look at it, yes, China, for example, we - and the products we sell to China, 40% on the Animal Safety side come from the US, the rest is not. So, we look at how do we mitigate those because we have manufacturing in Europe. So, our European product is going in there and it's not affected.

So, it's really market-by-market and it is extremely dynamic. I mean, since yesterday, it's gone up, what, 100%, 50%, I mean, it's - things were moving very quickly on. So, understanding that and then as anything coming out of China on the buy/sell nature is having an impact. We have to recognize, China is about 2.5% of the total

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Neogen Corporation published this content on April 10, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 10, 2025 at 15:13 UTC.