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Neogen Corporation (NEOG-3.96%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $231.3 million, a slight increase from $229.6 million in the same quarter the previous year.
Cost of revenues for the quarter was $117.9 million, compared to $112.9 million in the same quarter of the previous year, leading to a gross profit of $113.3 million, down from $116.8 million.
Operating expenses increased significantly to $570.8 million from $102.3 million, primarily due to a goodwill impairment charge of $461.4 million.
The company reported an operating loss of $457.5 million for the quarter, compared to an operating income of $14.5 million in the previous year.
Interest expense was $18.1 million, slightly up from $18.0 million, while interest income decreased to $0.8 million from $1.9 million.
Neogen recorded a net loss of $456.3 million for the quarter, compared to a net loss of $3.5 million in the previous year.
Cash provided by operating activities was $22.3 million, while cash used in investing and financing activities was $50.8 million and $0.4 million, respectively.
The filing also details the company's restructuring efforts and ongoing challenges in the Food Safety segment, including production constraints and market conditions.
Neogen continues to focus on integrating the 3M Food Safety business and addressing identified material weaknesses in internal controls over financial reporting.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Neogen Corporation quarterly 10-Q report dated January 15, 2025. To report an error, please email earnings@qz.com.