Neogen announced the results of the second quarter ended November 30, 2023.
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Revenues for the second quarter were $229.6 million, a decrease of 0.2% compared to $230.0 million in the prior year.
Core revenue, which excludes the impacts of foreign currency translation, as well as acquisitions completed and product lines discontinued in the last 12 months, declined 0.9%.
Acquisitions and discontinued product lines contributed 0.2% to revenue growth, while foreign currency added 0.5%.
Net loss for the second quarter was $3.5 million, or $(0.02) per diluted share, compared to a net loss of $41.8 million, or ($0.19) per diluted share, in the prior-year period.
The lower net loss was driven primarily by higher transaction fees and integration costs in the prior year, and benefits from product mix, with higher sales of higher margin products.
Adjusted Net Income was $24.9 million, or $0.11 per diluted share, compared to $31.4 million, or $0.15 per diluted share, in the prior-year period.
Lower Adjusted EBITDA drove the decrease in Adjusted Net Income.
On a per-share basis, Adjusted Net Income was lower by $0.04 in the second quarter compared to the prior-year period.
Gross margin was 50.9% in the second quarter of fiscal 2024.
This compares to a gross margin of 48.9% in the same quarter a year ago, with the increase primarily due to favorable impact from product mix.
Second-quarter Adjusted EBITDA was $55.1 million, representing an Adjusted EBITDA Margin of 24.0%, compared to $64.1 million and a margin of 27.8% in the prior-year period, when operating expenses had not yet been fully added to accommodate the increased size of the Company following the completion of the 3M Food Safety merger. ■
Modified arctic air combined with a moisture-laden area of low pressure along the Gulf Coast will continue to allow for a broad area of winter weather impacts from the Lower Mississippi Valley to the Southeast today into early Saturday morning.