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FULL YEAR: NEOGEN'S REVENUES UP 12%, NET INCOME UP 2%
Neogen reports:

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Lansing, MI - Neogen Corporation (NASDAQ: NEOG) announced today the results for its fourth quarter and full 2021 fiscal year, which ended May 31, 2021. Revenues for the fourth quarter increased 17% to $127,425,000, compared to $109,074,000 in the prior year, and revenues for the full fiscal year were $468,459,000, compared to the prior year's $418,170,000, an increase of 12%.

The fourth quarter was the 116th of the past 122 quarters that Neogen reported revenue increases as compared to the same period in the previous year.

Fourth-quarter net income was $15,760,000, or $0.15 per share, compared to the prior year's $16,347,000, or $0.15 per share. Net income for the full 2021 fiscal year was $60,882,000, or $0.57 per share, compared to the prior year's $59,475,000, or $0.56 per share. Prior year fourth quarter results benefitted from temporary cost actions taken to mitigate the impact of COVID-19, which amounted to approximately $2 million pre-tax ($0.01 per share); additionally, non-recurring corporate development expenditures of approximately $3.1 million pre-tax ($0.02 per share) were incurred in the second and third quarters of the current fiscal year.

Adjusting for these items, earnings per share would have increased $0.01 for the current quarter and $0.04 for the year. For all comparative periods, earnings per share amounts have been adjusted to reflect the company's 2-for-1 stock split on June 4, 2021.

"The past year has been full of uncertainty, but these strong top-line results demonstrate the resiliency of the entire Neogen team and their dedication to protecting the global food supply," said John Adent, Neogen's President and Chief Executive Officer. "I am pleased to report this solid growth across our entire business, both domestically and internationally. Our success this year reflects the strength and diversity of our product portfolio, which allows us to offer comprehensive solutions under extremely challenging market conditions."


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