Neogen develops and sells food- and animal-safety testing products, laboratory services, veterinary instruments and biosecurity products. Its Food Safety and Animal Safety segments include genomics operations that remained subject to a proposed sale to Zoetis in the latest supplied disclosures.
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A snapshot of what NEOGEN CORP owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| May 31, 20240000950170-24-087670 | Jul 30, 2024 | 10-K | Open 10-Ksec.gov |
| May 31, 20250000950170-25-100064 | Jul 30, 2025 | 10-K | Open 10-Ksec.gov |
| May 31, 20260001193125-26-326092 | Jul 30, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Neogen’s operating recovery is becoming more visible, but its earnings headlines still require substantial qualification. Fiscal 2026 revenue declined as portfolio exits outweighed business growth, while the much smaller net loss largely reflected the absence of prior goodwill impairment and a disposal gain. Cash generation improved through working capital and lower capital spending, supporting debt repayment rather than establishing recurring profitability. After the July 30, 2026 annual filing, first-quarter fiscal 2027 sales and operating results improved, although distributor comparisons and order timing helped growth. Petrifilm’s manufacturing transfer remained incomplete, the Genomics sale remained conditional, and recall-related litigation and an FDA warning added uncertainty. Effective financial-reporting controls represent genuine progress. The central question is whether operating improvements can persist while Neogen completes manufacturing integration and manages its remaining debt and legal exposures.
Sources: 10-K · 2026-05-31 · 10-Q · 2026-08-31 · EX-99.1 · 2026-10-06
Neogen supplies diagnostic tests, culture media, sampling products, instruments and software used to identify contamination and monitor food quality. Animal Safety adds veterinary instruments, pharmaceuticals, vaccines, pest-control products and genomic testing. Many tests are single-use consumables, supporting repeat purchases, but customers generally order through purchase orders rather than long-term contracts. Fiscal 2026 product revenue was USD 768.2 million and service revenue USD 102.2 million. International customers generated 51.2% of revenue. Genomics appears in both segments; neither Animal Safety nor total service revenue represents the precise disposal perimeter.
Sources: 10-K · 2026-05-31
For the year ended May 31, 2026, revenue was USD 870.4 million. Management attributed the decline from USD 894.7 million to USD 55.6 million of discontinued-business and product-line effects, partly offset by USD 14.0 million of favorable currency translation and USD 17.3 million of business growth. Food Safety grew modestly; Animal Safety contracted, predominantly because of portfolio exits. Gross margin slipped to 46.9%, with lower volume and duplicate Petrifilm manufacturing costs partly offset by pricing and currency.
The USD 7.9 million GAAP net loss was far smaller than fiscal 2025’s USD 1,092.0 million loss, but the comparison benefited from no repeat of USD 1,059.3 million of goodwill impairment and a USD 76.4 million business-sale gain. Operating loss remained USD 21.6 million. Company-defined adjusted EBITDA also declined, to USD 177.8 million from USD 184.2 million. Fourth-quarter improvement was stronger than the full-year result and should not be generalized into annual margin expansion.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-30
Fiscal 2026 operating cash flow increased to USD 83.2 million, helped by inventory release and payables. Capital purchases, including non-current intangibles, fell to USD 51.3 million; reported non-GAAP free cash flow was USD 31.9 million. Cash also benefited from USD 121.7 million of Cleaners and Disinfectants disposal proceeds, distinct from its accounting gain. Debt repayments totaled USD 100.0 million. At May 31, cash was USD 185.5 million against USD 800.0 million of gross debt; the USD 793.7 million balance-sheet carrying amount deducts financing costs.
Sources: 10-K · 2026-05-31 · EX-99.1 · 2026-07-30
The October 7, 2026 quarterly filing reported revenue of USD 222.8 million for June–August 2026, up 6.5%, and an operating loss narrowed to USD 1.8 million. The October 6 release reported 8.1% non-GAAP core growth, including an approximately 3% benefit from prior-year distributor inventory adjustments and current order timing. Net loss was USD 11.9 million versus prior-year profit of USD 36.3 million, principally because the earlier quarter included the disposal gain. The latest quarter also included a USD 2.8 million gain in Other, net from revaluing the CAPInnoVet performance-milestone liability after a change in milestone-achievement probabilities. This favorably affected GAAP pre-tax earnings, not operating performance or cash receipts, and is distinct from the separate C&D earnout outcome; it does not establish definitive failure of the CAPInnoVet milestones. These results show operating improvement without establishing a recurring growth rate or positive GAAP profitability.
Management raised fiscal 2027 guidance on October 6 to USD 885–890 million revenue and USD 181–183 million adjusted EBITDA. July guidance explicitly included Genomics; the October release did not restate its disposal assumptions. The sale remained pending regulatory reviews expected to conclude by December’s end—not a guaranteed closing date. Petrifilm’s first SKU completed validation in August, but November saleable production and the multi-quarter manufacturing transfer remained prospective in the supplied disclosures.
Sources: 10-Q · 2026-08-31 · EX-99.1 · 2026-10-06 · EX-99.1 · 2026-07-30
Neogen remains exposed to manufacturing-transfer execution, supplier quality, tariffs, customer insourcing and acquisition-asset valuation. August 31 cash was USD 172.0 million and gross debt USD 780.0 million; USD 199.9 million of revolving availability was conditional financing capacity, not cash. The company reported covenant compliance, without numerical headroom. Prior control weaknesses were remediated by May 31, and disclosure controls remained effective in August. Separately, Vet HyCoat claims involved probable but unquantifiable losses, and a September FDA warning remained unresolved at filing. Federal securities litigation had been dismissed but appealed, so legal exposure was not extinguished.
Sources: 10-K · 2026-05-31 · 10-Q · 2026-08-31
USD 924.222 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 924.222 m | — |
Reported product and service revenue, including acquisitions from their closing dates.
Sources: 10-K · 2024-05-31
USD 894.661 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 894.661 m | — |
Consolidated product and service revenue, as reported; not pro forma or constant currency.
Sources: 10-K · 2025-05-31
USD 870.4 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 870.4 m | — |
Consolidated product and service revenue, after intersegment eliminations.
Sources: 10-K · 2026-05-31
USD -1.092044 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -1.092044 bn | Loss widened |
| 2024 | USD -9.421 m | — |
Consolidated GAAP net income or loss after income taxes; loss is negative.
Sources: 10-K · 2025-05-31
USD -7.9 m
FY2026 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD -7.9 m | — |
Consolidated GAAP net income or loss after income taxes; losses are negative.
Sources: 10-K · 2026-05-31
USD 58.244 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 58.244 m | 65.2% |
| 2024 | USD 35.264 m | — |
GAAP operating cash flow after working-capital changes; not net income or free cash flow.
Sources: 10-K · 2025-05-31
USD 83.2 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 83.2 m | — |
GAAP cash flow from operating activities, including working-capital movements.
Sources: 10-K · 2026-05-31
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