$NEOG

NEOGEN CORP

CIK:0000711377|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Millions	12 Months Ended
	May 31, 2026	May 31, 2025	May 31, 2024
Revenues
Total Revenues	$ 870,400,000	$ 894,700,000	$ 924,200,000
Cost of Revenues
Total Cost of Revenues	461,900,000	473,300,000	460,300,000
Gross Profit	408,500,000	421,400,000	463,900,000
Operating Expenses
Sales and marketing	166,600,000	183,800,000	182,900,000
General and administrative	245,100,000	218,200,000	199,900,000
Goodwill impairment	0	1,059,300,000	0
Research and development	18,400,000	21,100,000	22,500,000
Total Operating Expenses	430,100,000	1,482,400,000	405,300,000
Operating (Loss) Income	(21,600,000)	(1,061,000,000)	58,600,000
Other Income (Expense)
Interest expense, net	(57,600,000)	(68,500,000)	(67,000,000)
Gain on sale of business	76,400,000	0	0
Other, net	(6,200,000)	(3,600,000)	(5,900,000)
Total Other Income (Expense)	12,600,000	(72,100,000)	(72,900,000)
Loss Before Taxes	(9,000,000)	(1,133,100,000)	(14,300,000)
Income Tax Benefit	(1,100,000)	(41,100,000)	(4,900,000)
Net Loss	$ (7,900,000)	$ (1,092,000,000)	$ (9,400,000)
Net Loss Per Share
Basic	$ (0.04)	$ (5.03)	$ (0.04)
Diluted	$ (0.04)	$ (5.03)	$ (0.04)
Weighted Average Shares Outstanding
Basic	217.5	216.9	216.5
Diluted	217.5	216.9	216.5
Product Revenues
Revenues
Total Revenues	$ 768,200,000	$ 797,400,000	$ 821,800,000
Cost of Revenues
Total Cost of Revenues	398,800,000	411,500,000	401,100,000
Service Revenues
Revenues
Total Revenues	102,200,000	97,300,000	102,400,000
Cost of Revenues
Total Cost of Revenues	$ 63,100,000	$ 61,800,000	$ 59,200,000

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	May 31, 2026	May 31, 2025	May 31, 2024
Cash Flows provided by Operating Activities
Net loss	$ (7.9)	$ (1,092.0)	$ (9.4)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	116.3	119.5	116.7
Deferred income taxes	(24.3)	(57.8)	(27.4)
Share-based compensation	13.4	17.3	13.8
Loss on disposal of property and equipment	1.2	0.0	1.1
Amortization of debt issuance costs	2.0	3.2	3.4
Goodwill and other asset impairment	0.0	1,068.7	0.6
Loss on refinancing and extinguishment of debt	0.4	1.9	0.0
Right of use asset amortization	5.6	6.2	4.5
Gain on sale of business	(76.4)	0.0	0.0
Other	0.8	(2.8)	4.7
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable, net	6.8	11.6	(20.1)
Inventories, net	38.2	(16.1)	(55.9)
Prepaid expenses and other current assets	(6.7)	(1.5)	11.1
Accounts payable and accrued liabilities	19.8	(0.4)	13.8
Changes in other non-current assets and non-current liabilities	(6.0)	0.4	(21.6)
Net Cash provided by Operating Activities	83.2	58.2	35.3
Cash Flows provided by (used for) Investing Activities
Purchase of property, equipment and other non-current intangible assets	(51.3)	(104.6)	(111.4)
Proceeds from the maturities of marketable securities	0.0	0.3	82.0
Proceeds from sale of business, net of cash divested	121.7	0.0	0.0
Proceeds from the sale of property and equipment and other	0.1	5.1	0.1
Net Cash provided by (used for) Investing Activities	70.5	(99.2)	(29.3)
Cash Flows (used for) provided by Financing Activities
Issuance of shares related to equity compensation and employee stock purchase plan shares	1.6	2.2	2.4
Tax payments related to share-based awards	(0.9)	(1.5)	(0.1)
Proceeds from issuance of long-term debt	0.0	450.0	0.0
Repayment of long-term debt	(100.0)	(550.0)	0.0
Proceeds from issuance of revolving credit facility	0.0	100.0	0.0
Debt issuance costs paid	0.0	(2.0)	0.0
Repayment of finance lease and other	(0.1)	(0.3)	(0.4)
Net Cash (used for) provided by Financing Activities	(99.4)	(1.6)	1.9
Effects of Foreign Exchange Rate on Cash	2.2	1.0	(0.5)
Net Increase (Decrease) in Cash and Cash Equivalents	56.5	(41.6)	7.4
Cash and Cash Equivalents, Beginning of Year	129.0	170.6	163.2
Cash and Cash Equivalents, End of Year	185.5	129.0	170.6
Supplementary Cash Flow Information
Cash paid for interest	58.3	68.1	73.2
Property and equipment obtained for noncash consideration	0.0	0.9	0.0
Income taxes paid, net of refunds	$ 17.7	$ 26.5	$ 22.3

Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2026	May 31, 2025
Current Assets
Cash and cash equivalents	$ 185.5	$ 129.0
Accounts receivable, net	146.8	153.4
Inventory, net	144.3	190.8
Prepaid expenses and other current assets	60.0	53.3
Assets held for sale (note 4)	68.0	50.4
Total Current Assets	604.6	576.9
Property and Equipment
Land and improvements	10.7	10.8
Building and improvements	234.2	108.7
Machinery and equipment	158.8	180.8
Furniture and fixtures	6.9	8.0
Construction in progress	69.8	186.2
Total Property and Equipment	480.4	494.5
Less accumulated depreciation	(150.6)	(155.4)
Property and Equipment, net	329.8	339.1
Other Assets
Right of use assets (note 5)	16.6	17.2
Goodwill (note 6)	1,047.2	1,064.9
Amortizable intangible assets, net (note 6)	1,318.0	1,410.5
Other non-current assets	29.8	35.2
Total Other Assets	2,411.6	2,527.8
Total Assets	3,346.0	3,443.8
Current Liabilities
Current portion of debt	0.0	19.3
Accounts payable	79.1	79.6
Accrued compensation	26.8	14.1
Income tax payable	7.2	5.6
Accrued interest	11.0	11.1
Deferred revenue	3.6	5.6
Other current liabilities	23.9	32.1
Liabilities held for sale (note 4)	6.6	6.6
Total Current Liabilities	158.2	174.0
Deferred Income Tax Liability (note 10)	257.6	280.9
Non-Current Debt (note 8)	793.7	874.8
Other Non-Current Liabilities	43.6	42.9
Total Liabilities	1,253.1	1,372.6
Commitments and Contingencies (note 11)
Stockholders' Equity
Preferred stock, $1.00 par value - shares authorized 100.0; none issued and outstanding
Common stock, $0.16 par value - shares authorized 315.0; 217.7 and 217.0 shares issued and outstanding at May 31, 2026 and 2025, respectively	34.8	34.7
Additional paid-in capital	2,616.0	2,601.8
Accumulated other comprehensive loss	(13.6)	(28.9)
Accumulated deficit	(544.3)	(536.4)
Total Stockholders' Equity	2,092.9	2,071.2
Total Liabilities and Stockholders' Equity	$ 3,346.0	$ 3,443.8