NEOGEN CORP (NEOG) FY2025 10-K Annual Report
NEOGEN CORP (NEOG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Jul 30, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NEOGEN CORP FY2025 10-K Analysis
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 specific regulatory/legal risk disclosed in current risk factors section
- • 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
NEOGEN CORP FY2025 Key Financial MetricsXBRL
Revenue
$895M
▼ -3.2% YoY
Net Income
-$1.1B
▼ -11491.6% YoY
Gross Margin
47.1%
▼ -309bp YoY
Operating Margin
-118.6%
▼ -12494bp YoY
Net Margin
-122.1%
▼ -12104bp YoY
ROE
-52.7%
▼ -5242bp YoY
Total Assets
$3.4B
▼ -24.3% YoY
EPS (Diluted)
$-5.03
▼ -12475.0% YoY
Operating Cash Flow
$58M
▲ +65.2% YoY
Source: XBRL data from NEOGEN CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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