Short answer
NEOGEN CORP (NEOG) filed its fiscal 2025 10-K annual report with the SEC on Jul 30, 2025. It reported revenue of $895M (−3.2% year over year) and net income of −$1.1B.
- Top risk flagged: Foreign exchange risk reducing revenue by $44.9M from 10% USD depreciation, impacting 50.2% of international revenues in fiscal year 2025
FY2025 key financial metrics · XBRL
- Revenue
- $895M
- −3.2% YoY
- Net income
- −$1.1B
- −11491.6% YoY
- Operating margin
- -118.6%
- −124.9 pp YoY
- Gross margin
- 47.1%
- −3.1 pp YoY
- EPS (diluted)
- −$5.03
- −12475.0% YoY
- ROE
- -52.7%
- −52.4 pp YoY
- Operating cash flow
- $58M
- +65.2% YoY
Source: XBRL data from the NEOGEN CORP (NEOG) FY2025 10-K on SEC EDGAR. USD.
NEOGEN CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Develops, manufactures, and markets diagnostic test kits and complementary products for food and animal safety globally
- New emphasis: Completion of 3M Food Safety Division acquisition Sept 2022, now a wholly owned subsidiary, expanding Food Safety segment portfolio
- Strategic shift: April 2025 agreement to sell global Cleaners and Disinfectants business, streamlining Animal Safety segment focus
- Notable metric: Revenues from Food Safety segment increased to 71.3% of total in FY2025 from 66.5% in FY2023, reflecting growth post-acquisition
- Unusual fact: Food safety test kits now integrate advanced software-as-a-service (Neogen Analytics), linked with Clean-Trace and Petrifilm Plate Reader devices for enhanced data insights
Management Discussion & Analysis
- Revenue $894.7M, down 3% YoY from $924.2M, decline driven by $24.3M FX headwind and $3.9M discontinued product lines
- Gross margin 47.1% vs 50.2% YoY, decrease due to lower volume, higher manufacturing costs, inventory write-offs, tariffs, and $4.4M restructuring charges
- Food Safety best segment: revenue $638.1M (-3%), operating loss $985.7M due to $1.06B goodwill impairment; Animal Safety worst: revenue $256.5M (-5%), operating income $7.2M down 82%
- Operating expenses $1.48B vs $405.2M prior year, goodwill impairment $1.06B charged in 2025, G&A $218.2M (+9%), Sales & Marketing $183.8M (+0.5%)
- Net cash from operating activities $58.2M (+65%), investing cash outflow $99.2M vs $29.3M, capex $104.6M; completed $130M Cleaners & Disinfectants divestiture to repay debt
- Management guidance: capex $50M in FY26, focus on new product development, manufacturing transition, margin maintenance, geographic expansion, technology strategy, and acquisitions
- Key risks: tax law changes including global minimum tax, customer market weakness, restructuring impact, ERP system costs, and goodwill impairment potential
Risk Factors
- Foreign exchange risk reducing revenue by $44.9M from 10% USD depreciation, impacting 50.2% of international revenues in fiscal year 2025
- Interest rate risk with 38.9% of total debt at variable rates, causing $2.6M earnings loss from 75 basis point rate increase
- No competitor or market disruption risk disclosed; next material risk is foreign currency loss exposure
- No operational or supply chain risk detailed in this risk factors section
Generated from the filing text; verify against the original. How to read a 10-K
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