[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","cowcp1x3xzjjn205yhh0mvq7l","revision",2,"title","Neogen Corp. 2026年Q3净亏损1.19亿美元","originalTitle","NEOGEN CORP (0000711377) (Filer)","summary","Neogen Corp. 2026年8月31日季度净亏损1.19亿美元，较2025年同期净收入3.63亿美元大幅下滑。公司总资产达33.03亿美元，现金及现金等价物降至1.72亿美元。公司面临库存减记、生产效率低下和关税成本上升等挑战，并涉及股东诉讼和产品召回。此外，公司正在剥离基因组业务，债务已提前偿还，符合信贷协议要求。","reason","Neogen Corp. reported a significant quarterly net loss, impacted by operational challenges and legal proceedings, with ongoing business divestitures and debt management.","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-07T20:02:32.000Z","discoveredAt","2026-10-07T22:59:03.124Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",75,"selected",true,"channel","news","story",{"_73":74,"_16":17},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fEjck3yziuHY",{"_73":74,"_16":17},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","1148c0bc-af6b-4d07-9771-c99e9c702c1d",{"_73":74,"_16":17},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

(选择一项)

☒\t根据《1934年证券交易法》第13或15(d)条的季度报告

截至 2026年8月31日.

或

☐\t根据《1934年证券交易法》第13或15(d)条的过渡报告

从至

委员会文件编号 0-17988

$\"img162667417_0.jpg\"$

Neogen Corporation

(注册人章程中指定的准确名称)

\n \n \n \n \n \n \n \n \n \n \n

密歇根州

38-2367843

(州或其他司法管辖区)

成立或组织)

(IRS雇主

识别号码)

620 Lesher Place

兰辛, 密歇根州 48912

(主要执行办公室地址，包括邮编)

(517) 372-9200

(注册人的电话号码，包括区号)

根据《法案》第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

每类证券的名称

交易
符号

每种证券的交易所名称

注册的

普通股，每股面值0.16美元

NEOG

纳斯达克全球精选市场

N/A

(如自上次报告以来有更改，请提供原名称、原地址和原财政年度)

通过勾选方框表明注册人（1）是否已提交根据《1934年证券交易法》第13或15(d)条在前12个月内（或注册人需要提交报告的较短期间）应提交的所有报告，以及（2）是否在过去90天内一直受此提交要求约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否在前12个月内（或注册人需要提交这些文件的较短期间）根据S-T条例第405条（本章第232.405条）提交了所有应提交的交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速申报者、加速申报者、非加速申报者、较小报告公司或新兴成长公司。请参见《交易所法》第12b-2条中“大型加速申报者”、“加速申报者”、“较小报告公司”和“新兴成长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
大型加速申报者	☒	加速申报者	☐
非加速申报者	☐	小报告公司	☐
新兴成长公司	☐

如果是新兴成长公司，请勾选方框表示注册人是否选择不使用根据《证券交易法》第13(a)条规定的任何新修订的财务会计标准的延长过渡期。 ☐

请勾选方框表示注册人是否为壳公司（根据《证券交易法》第12b-2条定义）：是 ☐ 否 ☒

截至2026年8月31日，共有 218,306,034股普通股流通。

NEOGEN CORPORATION

\n	\n	\n	\n
		页码
第一部分财务信息

项目 1.	中期合并财务报表（未经审计）		2
	简要合并资产负债表 – 截至2026年8月31日和2026年5月31日		2
	简要合并损益表 – 截至2026年8月31日和2025年8月31日的三个月		3
	简要合并综合（损失）收入表 – 截至2026年8月31日和2025年8月31日的三个月		4
	简要合并股东权益表 – 截至2026年8月31日和2025年8月31日的三个月		5
	简要合并现金流量表 – 截至2026年8月31日和2025年8月31日的三个月		6
	中期简要合并财务报表附注 – 截至2026年8月31日		7
项目 2.	管理层讨论与分析财务状况和经营成果		18
项目 3.	关于市场风险的定量和定性披露		25
项目 4.	内部控制和程序		26

第二部分其他信息

项目 1.	法律诉讼		26
项目 1A.	风险因素		26
项目 2.	未注册的股权证券销售和资金用途		26
项目 5.	其他信息		26
项目 6.	附录		27

签名		28

	首席执行官证明

	首席财务官证明

	第906条证明

第一部分 – 财务信息

项目 1. 中期简要合并财务报表

Neogen Corporation

简要合并资产负债表表

（以百万计）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年8月31日			2026年5月31日
资产		（未经审计）
流动资产
现金及现金等价物		$	172.0			$	185.5
应收账款，扣除允许的$3.8 和 $4.0			136.2				146.8
存货
原材料			49.5				51.1
在制品			11.9				8.0
产成品			101.3				102.4
总存货			162.7				161.5
减去存货准备金			(16.6	)			(17.2	)
存货，净额			146.1				144.3
预付费用和其他流动资产			57.8				60.0
待售资产（注释3）			70.4				68.0
流动资产总计			582.5				604.6
净有形资产			329.8				329.8
其他资产
使用权资产			19.1				16.6
商誉			1,047.6				1,047.2
可摊销无形资产，净额			1,295.8				1,318.0
其他非流动资产			28.4				29.8
其他资产总计			2,390.9				2,411.6
资产总计		$	3,303.2			$	3,346.0
负债和股东权益
流动负债
应付账款		$	77.6			$	79.1
应计薪酬			21.9				26.8
应交税款			8.7				7.2
应计利息			3.4				11.0
递延收入			3.6				3.6
其他流动负债			27.0				23.9
待售负债（注释3）			7.3				6.6
流动负债总计			149.5				158.2
递延所得税负债			251.4				257.6
非流动债务（注释7）			774.2				793.7
其他非流动负债			41.7				43.6
负债总计			1,216.8				1,253.1
承诺和或有事项（注释9）
权益
优先股，$1.00 面值，100.0 股授权，无股发行和流通			—				—
普通股，$0.16 面值 — 授权股 315.0；218.3 和 217.7 股在2026年8月31日和2026年5月31日发行和流通			34.9				34.8
额外 paid-in 资本			2,620.0				2,616.0
其他综合亏损累计			(12.3	)			(13.6	)
累计亏损			(556.2	)			(544.3	)
股东权益总计			2,086.4				2,092.9
负债和股东权益总计		$	3,303.2			$	3,346.0

附注是这些简要合并财务报表的不可分割部分。

Neogen 公司

简要合并损益表（未经审计）

（以百万美元为单位，每股金额除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年8月31日的三个月
		2026			2025
收入
产品收入		$	196.0			$	184.1
服务收入			26.8				25.1
总收入			222.8				209.2
收入成本
产品收入成本			100.6				97.9
服务收入成本			16.7				16.3
总收入成本			117.3				114.2
毛利			105.5				95.0
运营费用
销售和营销			41.5				45.1
一般及行政			59.3				60.9
研究与开发			6.5				5.1
总运营费用			107.3				111.1
运营亏损			(1.8	)			(16.1	)
其他（费用）收入
净利息费用			(13.8	)			(15.5	)
出售业务的（损失）收益			(0.4	)			76.4
其他，净额			1.1				(1.0	)
其他（费用）收入总计			(13.1	)			59.9
税前（损失）收入			(14.9	)			43.8
所得税（收益）费用			(3.0	)			7.5
净（损失）收入		$	(11.9	)		$	36.3
每股净（损失）收入
基本		$	(0.05	)		$	0.17
稀释		$	(0.05	)		$	0.17
加权平均流通股数
基本			218.1				217.2
稀释			218.1				217.3

附注是这些简要合并财务报表的不可分割部分。

Neogen 公司

合并资产负债表综合（损失）收益（未经审计）

（以百万美元计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至8月31日的三个月
		2026			2025
净（损失）收入		$	(11.9	)		$	36.3
其他综合收益
外币折算收益			0.9				5.8
衍生工具的未实现收益（损失） (1)			0.4				(0.4	)
税后其他综合收益			1.3				5.4
综合（损失）收入		$	(10.6	)		$	41.7

(1) 金额为税后0.1百万美元和(0.1)百万美元，分别在截至2026年8月31日和2025年8月31日的三个月内。

附注是这些合并财务报表不可分割的一部分。

Neogen Corporation

合并权益表（未经审计）

（以百万美元计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
							额外			其他累计
		普通股			实缴资本			综合收益			累计
		股份数		金额			资本			损失			亏损			总计
2026年5月31日			217.7		$	34.8			$	2,616.0			$	(13.6	)		$	(544.3	)		$	2,092.9
股权激励费用			—			—				3.1				—				—				3.1
期权和RSU的行权			0.5			0.1				0.1				—				—				0.2
员工股票购买计划下发行的股份			0.1			—				0.8				—				—				0.8
净亏损			—			—				—				—				(11.9	)			(11.9	)
其他综合收益			—			—				—				1.3				—				1.3
2026年8月31日			218.3		$	34.9			$	2,620.0			$	(12.3	)		$	(556.2	)		$	2,086.4

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
							额外			其他累计
		普通股			实缴资本			综合收益			累计
		股份数		金额			资本			损失			亏损			总计
2025年5月31日			217.0		$	34.7			$	2,601.8			$	(28.9	)		$	(536.4	)		$	2,071.2
股权激励费用			—			—				4.9				—				—				4.9
期权和RSU的行权			0.1			0.1				(0.2	)			—				—				(0.1	)
员工股票购买计划下发行的股份			0.2			—				0.9				—				—				0.9
净收入			—			—				—				—				36.3				36.3
其他综合收益			—			—				—				5.4				—				5.4
2025年8月31日			217.3		$	34.8			$	2,607.4			$	(23.5	)		$	(500.1	)		$	2,118.6

附注是这些合并财务报表不可分割的一部分。

Neogen Corporation

合并现金流量表（未经审计）

（以百万美元计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至8月31日的三个月
		2026			2025
经营活动产生的现金流量
净（损失）收入		$	(11.9	)		$	36.3
调整项目以将净（损失）收入调节为经营活动的净现金：
折旧和摊销			29.1				29.1
递延所得税			(5.2	)			(5.8	)
股权激励			3.1				5.0
处置固定资产的损失			0.1				0.7
债务发行成本摊销			0.5				0.5
再融资和债务注销损失			0.1				0.4
使用权资产摊销			1.3				1.4
出售业务的损失（收益）			0.4				(76.4	)
其他			0.5				(0.4	)
经营性资产和负债的变化：
应收账款，净额			10.4				17.6
存货，净额			(3.8	)			(2.0	)
预付费用和其他流动资产			1.7				1.2
应付账款和应计负债			(1.2	)			14.2
利息费用应计			(7.6	)			(7.5	)
其他非流动资产和非流动负债的变化			(4.6	)			(3.5	)
经营活动产生的净现金			12.9				10.8
投资活动产生的（使用）现金
购置物业、设备和无形资产			(8.2	)			(24.0	)
出售业务所得款项，扣除已剥离的现金			—				121.7
投资活动产生的净现金（用于）或提供的现金			(8.2	)			97.7
筹资活动使用的现金
与股权激励和员工股票购买计划相关的股票发行			2.2				0.9
与基于股票的奖励相关的税款支付			(1.2	)			(0.2	)
偿还融资租赁			—				(0.1	)
偿还到期债务			(20.0	)			(100.0	)
筹资活动使用的净现金			(19.0	)			(99.4	)
外汇汇率对现金的影响			0.8				0.7
现金及现金等价物的净（减少）增加额			(13.5	)			9.8
期初现金及现金等价物			185.5				129.0
期末现金及现金等价物		$	172.0			$	138.8
补充现金流量信息
支付的利息		$	21.5			$	23.3
支付的所得税，扣除退税		$	2.8			$	5.0

附注是这些简要合并财务报表不可分割的一部分。

NEOGEN CORPORATION

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

（金额以百万美元计，每股金额除外）

1. 业务描述及列报基础

业务描述

Neogen Corporation及其子公司（“Neogen”，“我们”，“我们的”或“公司”）开发、制造和销售一系列致力于食品和动物安全的产品和服务。我们的食品安全业务主要包括诊断试剂盒及互补产品（例如，培养基）销售给食品生产商和加工厂，以检测人类食品和动物饲料中的危险和/或非预期物质，如食源性病原体、腐败生物、天然毒素、食品过敏原、基因改造、反刍动物副产品、肉类种类鉴定、药物残留、农药残留和一般卫生问题。我们的食品安全产品线还包括先进的软件系统，帮助测试人员客观分析和存储，以及在长时间内从多个地点对他们的结果进行分析。

Neogen的动物安全业务涉及开发、制造、营销和分销兽医仪器、药品、疫苗、外用药、驱虫剂、诊断产品、鼠类控制产品、昆虫控制产品和基因组检测服务，面向全球动物安全市场。这些消耗性产品的大部分通过兽医、零售商、畜牧生产者和动物健康产品经销商进行营销。我们的药物检测产品在全球范围内销售，用于检测动物和动物产品中的滥用药物和治疗药物，并已扩展到工作场所检测和人类法医市场。2025年7月，公司剥离了其全球清洁剂和消毒剂业务。有关进一步讨论，请参阅合并财务报表中的第3号附注“待售资产和剥离”。

列报基础和合并

随附的未经审计的合并财务报表包括Neogen及其全部拥有的子公司账户，并根据美国通用会计原则（一般会计原则）编制，适用于中期财务信息，并遵循10-Q表格的说明和Regulation S-X第10条的规定。因此，它们不包含一般会计原则要求的完整财务报表所需的所有信息和脚注。

我们认为，为公允列示中期期间的结果，已在随附的未经审计的合并财务报表中包括了所有必要的调整。所有内部往来余额和交易已在合并中予以抵销。应结合我们截至2026年5月31日止财年年度报告10-K表格中包含的经审计的合并财务报表及其中的附注阅读这些未经审计的合并财务报表。.

尚未采用的新会计准则

利润表（主题220）：费用分解披露

2024年11月，FASB发布了ASU No. 2024-03，利润表 - 报告综合收益 - 费用分解披露，该准则要求上市公司在财务报表附注中对利润表中费用项目所包含的某些费用类别提供分解披露。本更新中的修订条款适用于2026年12月15日之后开始的年度报告期间，以及2027年12月15日之后开始的中期报告期间。我们正在评估新指南对我们合并财务报表及附注呈现的影响。

政府拨款（主题832）：企业收到的政府拨款的会计处理

2025年12月，FASB发布了ASU 2025-10，政府拨款（主题832）：企业收到的政府拨款的会计处理，该准则定义了政府拨款，并为企业收到的政府拨款建立了确认、计量和披露指南，包括与资产相关的拨款和与收入相关的拨款。更新中的修订要求，收到的政府拨款应在企业很可能遵守拨款条件、将收到拨款且企业符合与资产相关的拨款或与收入相关的拨款的确认指南时才予以确认。

收入。本更新中的修订条款适用于2028年12月15日之后开始的中期和年度期间，允许提前采用。公司正在评估新要求的潜在影响。

2. 收入确认

下表按主要产品和服务类别列示了分解后的收入：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至8月31日的三个月
		2026			2025
食品安全
天然毒素与过敏原		$	19.3			$	20.0
细菌与一般卫生			44.6				41.6
指示检测与培养基			85.6				76.8
生物安全产品			4.6				5.8
基因组学服务			6.7				5.6
其他			2.4				2.3
总食品安全收入		$	163.2			$	152.1
动物安全
生命科学		$	1.6			$	1.9
兽医仪器及消耗品			14.1				11.9
动物护理及其他			7.7				7.6
生物安全产品			18.9				19.2
基因组学服务			17.3				16.5
总动物安全收入		$	59.6			$	57.1
总收入		$	222.8			$	209.2

以下表格按期间总结了递延收入：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至8月31日的三个月
		2026			2025
期初余额		$	3.6			$	5.6
新增			2.4				3.2
确认为收入			(2.4	)			(3.0	)
期末余额		$	3.6			$	5.8

3. 待出售资产及剥离

2025年6月，公司宣布计划出售其全球基因组业务，作为剥离非核心资产举措的一部分。截至2025年11月30日，基因组业务及其相关资产和负债符合作为待出售资产列示的标准。公司确定，公允价值减去出售成本超过账面价值，因此，在将其分类为待出售资产时，没有确认减值费用。该计划的剥离不符合作为终止经营列示的标准。

2026年3月2日，Neogen Corporation与Zoetis Inc.（一家全球动物健康公司）达成最终协议，以1.6亿美元的价格出售其基因组业务。该交易需满足常规交割条件和监管批准，公司将继续努力完成该出售。2026年7月，澳大利亚竞争与消费者委员会（ACCC）和新西兰商业委员会（NZCC）分别宣布，他们将各自对该公司拟议的基因组剥离的审查推进到第二阶段审查。公司将继续配合ACCC和NZCC完成各自审查流程。

基因组业务中待出售的资产和负债的主要类别如下：

\n	\n	\n	\n	\n	\n	\n	\n
	2026年8月31日			2026年5月31日
应收账款，净额	$	4.0			$	3.8
存货，净额		12.4				10.3
预付费用及其他流动资产		1.7				1.5
固定资产，净额		20.1				20.1
使用权资产		0.9				0.9
商誉		19.4				19.4
可摊销的无形资产，净额		7.9				7.9
其他非流动资产		4.0				4.1
待出售总资产	$	70.4			$	68.0

应付账款	$	1.6			$	0.9
应计薪酬		2.5				2.0
其他负债		3.2				3.7
待出售总负债	$	7.3			$	6.6

清洁剂和消毒剂

在2026财年第一季度，我们完成了将清洁剂和消毒剂（“C&D”）业务出售给Kersia集团（“Kersia”）的交易。我们在交割时收到总计121.7百万美元现金，扣除剥离的现金后，加上基于交割日后12个月内剥离业务的收入表现，最高可达3.5百万美元的或有对价（“业绩支付”）。如果未达到购买协议中定义的某些收入门槛，业绩支付可能会减少。在截至2025年8月31日的三个月内，我们确认了该业务出售的收益为76.4百万美元，该收益包含在合并损益表中的“业务出售收益”项目中。此外，在交割时，我们还与Kersia签订了过渡服务和过渡分销协议，要求我们在过渡期内向Kersia提供服务。与过渡分销协议相关，对于作为代理人履行的履约义务，我们按毛收费额减去支付给Kersia的金额确认收入。对于作为主要责任人履行的履约义务，我们按向客户收取的总金额确认收入。我们在这些协议相关的其他流动负债中确认了我们预计提供的服务公允价值为1.7百万美元的负债。该负债在交割日后12个月内计入“其他，净额”，并在2027财年第一季度完全摊销。

在截至2026年8月31日的三个月内，公司因与C&D业务出售相关的营运资本调整最终结算确认了0.4百万美元的损失。该损失包含在合并损益表中的“业务出售收益”项目中。此外，在截至2026年8月31日的三个月内，业绩支付里程碑未达成，因此不会支付额外对价。

4. 每股净（损失）收益

基本每股净（损失）收益通过将净（损失）收益除以当期流通的普通股加权平均数计算得出。稀释每股净（损失）收益使用库藏股法计算，即通过将净（损失）收益除以流通的普通股加权平均数计算得出。

每股净（损失）收益的计算如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至8月31日的三个月
		2026			2025
基本和稀释每股净（损失）收益的分子：
归属于Neogen的净（损失）收益		$	(11.9	)		$	36.3
基本每股净（损失）收益的分母：
加权平均股数			218.1				217.2
稀释股票奖励的有效性			—				0.1
稀释每股净（损失）收益的分母			218.1				217.3
每股净（损失）收益：
基本		$	(0.05	)		$	0.17
稀释		$	(0.05	)		$	0.17

某些未实现的股票奖励未计入稀释每股收益的计算，因为其影响将是反稀释的。这些可能在未来稀释每股收益的潜在稀释性普通股如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
			截至2026年8月31日的三个月
			2026			2025
未计入每股收益计算的反稀释股票奖励 (1)				2.4				0.7

(1) 由于截至2026年8月31日的三个月出现净亏损，稀释性股票奖励产生了反稀释效果。

5. 分部信息和地理数据

该公司有两个报告分部：食品安全和动物安全。各分部的业绩由首席运营决策者（“CODM”）定期审查，以评估分部的业绩并就资源分配做出决策。我们的CODM是我们的首席执行官。 CODM使用的业绩衡量标准是运营收入。我们的CODM审查运营分部的预算和实际财务结果，决定如何分配资源以满足我们的战略重点，并定期与运营分部负责人会面以确定资源分配。请参阅简明合并利润表中关于合并运营收入（亏损）的调节表，即公司各分部利润或亏损的总和，到税前合并收入。

以下表格反映了分部和公司信息：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年8月31日的三个月
		食品安全			动物安全			总计
总收入		$	169.7			$	61.6			$	231.3
内部交易收入			(6.5	)			(2.0	)		$	(8.5	)
来自外部客户的收入			163.2				59.6				222.8
净收入成本			80.0				37.3				117.3
运营费用			66.9				14.8				81.7
分部运营收入		$	16.3			$	7.5			$	23.8
公司费用和抵消 (1)									25.6
合并运营亏损								$	(1.8	)

报告分部总资产		$	2,851.6			$	279.6			$	3,131.2
公司资产									172.0
合并总资产								$	3,303.2

折旧和摊销		$	26.7			$	2.4			$	29.1
长期资产支出		$	7.1			$	1.1			$	8.2
公司利息支出								$	14.4

		截至2025年8月31日的三个月
		食品安全			动物安全			总计
总收入		$	158.5			$	58.8			$	217.3
内部交易收入			(6.4	)			(1.7	)			(8.1	)
来自外部客户的收入			152.1				57.1				209.2
净收入成本			76.5				37.7				114.2
运营费用			68.4				14.9				83.3
分部运营收入		$	7.2			$	4.5			$	11.7
公司费用和抵消 (1)									27.8
合并运营亏损								$	(16.1	)

报告分部总资产		$	2,947.3			$	291.9			$	3,239.2
公司资产									138.9
合并总资产								$	3,378.1

折旧和摊销		$	25.9			$	3.2			$	29.1
长期资产支出		$	23.4			$	0.6			$	24.0
公司利息支出								$	16.4

(1)

包括未分配到特定业务分部的公司间接费用，并排除内部交易。

以下表格显示了按地理区域划分的收入：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
			截至的三个月
			2026			2025
国内			$	110.1			$	102.1
国际				112.7				107.1
总收入			$	222.8			$	209.2

6. 重组

我们定期评估业务，以确保根据不断变化的市场条件正确配置和规模。因此，我们实施了一些重组计划，包括在全球范围内整合某些设施以及优化运营。

截至2026年8月31日的三个月内记录的金额主要与公司为加强其商业运营并实施其市场进入策略而开展的人员精简计划有关。

我们的重组费用包括遣散费、职业安置服务费用和离职后福利（统称为“员工离职成本”）、其他相关退出费用以及与重组活动相关的资产减值费用。这些金额部分记录在合并损益表中的销售和营销以及一般及行政费用中。

按部门划分的重组费用如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
			截至2026年8月31日的三个月
			2026			2025
食品安全			$	0.8			$	0.4
动物安全				—				0.1
公司				—				(0.2	)
总计			$	0.8			$	0.3

截至2026年8月31日的三个月内重组活动如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
			员工离职成本			其他退出费用			总计
截至2026年5月31日的余额			$	0.6			$	—			$	0.6
费用				0.7				0.1				0.8
现金支付				(1.0	)			—				(1.0	)
资产减值和其他				—				(0.1	)			(0.1	)
截至2026年8月31日的余额			$	0.3			$	—			$	0.3

7. 长期债务

长期债务包括以下内容：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年8月31日			2026年5月31日
定期贷款		$	385.0			$	405.0
高级债券			346.5				346.5
循环贷款设施			48.5				48.5
融资租赁			—				—
总债务和融资租赁			780.0				800.0
减：流动部分			—				—
总非流动债务			780.0				800.0
减：未摊销债务发行成本			(5.8	)			(6.3	)
总非流动债务，净额		$	774.2			$	793.7

2026年6月，公司对其定期贷款进行了20.0百万美元的提前还款，这导致与未摊销债务发行成本相关的注销损失为0.1百万美元。

在截至2025年8月31日的三个月内，我们使用清洁剂和消毒剂业务出售的净收益偿还了部分现有债务。我们偿还了循环贷款设施的51.5百万美元本金，对定期贷款进行了45.0百万美元的提前还款，并在公开市场上回购了3.5百万美元的高级债券。定期贷款的提前还款导致与未摊销债务发行成本相关的注销损失为0.4百万美元。

后续事件

2026年9月，公司对其定期贷款进行了10.0百万美元的提前还款。根据此次提前还款，定期贷款在2029财年第三季度之前没有额外的本金支付要求。

8. 所得税

所得税收益为$3.0百万美元，较2025年8月31日止三个月的所得税费用$7.5百万美元有所减少。本财年期间的净税务收益主要与收购摊销和利息费用导致的税前亏损有关。上年同期的所得税费用主要由出售清洁剂和消毒剂业务产生的收益带来的税前收入驱动。

经济合作与发展组织（“OECD”）第二支柱全球最低税率规则，通常规定最低有效税率为15%，旨在适用于2024年开始的纳税年度。我们继续密切关注相关进展，并评估这些新规则对我们税率的影响，包括是否有资格符合某些安全港条款。如果没有满足任何安全港条款，我们已评估根据已采用第二支柱指令的国家的相关规则，是否需要为海外子公司缴纳“补足税”。截至2026年8月31日的三个月内，未预测到任何海外子公司会因第二支柱而产生重大补足税。

2025年7月4日，美国《一个美丽的大法案》（“OBBBA”）正式成为法律。OBBBA包含重要的国内和国际税收条款，包括对外国收入、外国税收抵免、业务利息费用限制和研究与实验性支出的税收规定。公司已评估2027财年现行条款，并将这些变化纳入季度税务拨备和年度有效税率计算中。

截至2026年8月31日和2026年5月31日，若确认，将影响有效税率的未确认税务利益总额分别为$5.3百万美元和$5.0百万美元。未确认税务利益的增加主要与转让定价和研发抵免相关。

9. 承诺与或有事项

环境事项

我们在威斯康星州兰道夫的制造设施中参与环境修复和监测活动。因此，当这些成本被认定为很可能且可以估算时，我们会确认相关成本。我们目前采用泵和处理修复策略，包括每半年一次的监测和报告、咨询以及监测井的维护。截至2026年8月31日和2026年5月31日，我们在合并资产负债表中将0.1百万美元记入其他流动负债，将0.8百万美元记入其他非流动负债。这些金额在估计的15年期内按未折现基础进行计量。在2022财年，我们与威斯康星州自然资源部（\"WDNR\"）合作，启动了一项原位化学修复试点研究，该研究持续了两年。这项研究的结果作为我们标准年度报告的一部分提交给了WDNR。如果WDNR要求从当前的泵和处理修复策略进行更改，这种更改可能导致未来成本增加，并最终导致目前记录的负债增加，同时在记录期间对运营产生抵消性费用。

CAPInnoVet 业绩对赌

在2027财年第一季度，由于对CAPInnoVet, Inc.交易相关的业绩里程碑负债进行了更新估值，我们在其他净收益中记录了280万美元的收益。该估值反映了某些里程碑实现概率的变化。

股东诉讼和股东要求

2025年7月18日，建筑工业和杂项养老基金在美国密歇根州西区法院对本公司、John Adent和David Naemura提起拟议的集体诉讼。该诉讼依据《1934年证券交易法》第10(b)条和第20(a)条，指控被告在2023年1月5日至2025年6月3日期间，就3M业务整合到Neogen的过程中发表了虚假和误导性公开声明和遗漏。该诉讼要求，除其他外， unspecified monetary damages（ unspecified 金额的损害赔偿）、合理费用和开支以及/或法院认为适当的其他救济。2026年1月20日，原告提交了修订后的诉状。2026年2月10日，被告提交了驳回修订后诉状的动议。2026年8月10日，法院全面驳回了此案，并且具有既判力。2026年9月8日，原告向美国第六巡回上诉法院提交了上诉通知。上诉仍在进行中。

2025年8月27日，公司、John Adent、Steven J. Quinlan、James C. Borel、William T. Boehm、Ronald D. Green、Ralph A. Rodriguez、James P. Tobin、Darci L. Vetter 和 Catherine E. Woteki 被列为在明尼苏达州第二司法区（Ramsey County）提起的拟议集体诉讼的被告。诉状根据《1933年证券法》第11条、第12(a)(2)条和第15条提出指控，称被告在2022年交易中发布的关于Neogen收购3M食品安全业务的发行材料中存在虚假和误导性公开声明。诉状要求，除其他外， unspecified monetary damages（未指明的金钱赔偿）、合理费用和开支、撤销以及/或法院认为适当的其他衡平法或禁令救济。2026年2月3日，原告提交了修订后的诉状。2026年4月6日，被告提交了全面驳回修订后诉状的动议。该驳回动议已充分准备，目前仍在审理中。

2025年8月13日、2025年8月15日、2025年12月22日和2026年1月27日，公司收到了四份单独的股东诉讼要求，要求董事会调查联邦证券集体诉讼中的指控，并根据这些指控代表公司追究索赔。2025年10月4日，董事会成立了一个诉讼委员会，以考虑和调查这些要求。

2025年12月4日，公司、John Adent、Dave Naemura、James C. Borel、Thierry Bernard、William T. Boehm、Jeffrey D. Capello、Ronald D. Green、Aashima Gupta、Raphael A. Rodriguez、James P. Tobin、Darci L. Vetter 和 Catherine Woteki 被列为在美国密歇根州西区联邦法院提起的拟议股东派生诉讼的被告。诉状指控被告违反忠实义务、协助和教唆违反忠实义务、不当得利、浪费公司资产，并违反《1934年证券交易法》第14条，称被告关于将3M业务整合到Neogen中的公开声明存在虚假和误导性。诉状要求，除其他外，未指明的金钱赔偿、合理费用和开支、撤销以及/或法院认为适当的其他衡平法或禁令救济。2026年3月30日，双方同意暂停派生诉讼，等待联邦证券集体诉讼中驳回动议的裁决，该协议于2026年4月1日获得法院批准。2026年8月11日，法院在联邦证券诉讼被驳回后解除了暂停。2026年9月22日，双方同意暂停派生诉讼，等待联邦证券集体诉讼的上诉裁决，该协议于2026年9月23日获得法院批准。

等待联邦证券集体诉讼上诉的裁决，该协议于2026年9月23日获得法院批准。

鉴于诉讼的不确定性以及案件尚处于初步阶段，我们无法估计上述行动的结果，也无法估计可能由此产生的合理可能损失或损失范围。

产品召回

2026年1月28日，由于某些10毫升/50毫克产品安瓿瓶中发现微生物污染，公司启动了其Vet HyCoat® 玻尿酸钠无菌溶液（“召回产品”）所有未过期批次的自愿召回。召回产品由公司分销，但由一家非关联的第三方供应商生产。在某些马匹关节内注射召回产品后，公司收到了一些不良事件报告，这与其标签上注明的预期用途不一致。截至目前，公司尚未收到在按照标签预期用途使用召回产品时出现不良事件的报告。尽管公司对此问题的调查仍在进行中，但出于谨慎考虑，2毫升/20毫克产品安瓿瓶也被召回。此次召回影响约133,000个自2023年以来售出的未过期单位；但由于自那时以来产品已被使用，预计退货数量会更少。这些单位于2023年2月至2025年11月期间销售至美国市场、波多黎各和某些拉丁美洲市场。公司在此过程中一直与美国食品药品监督管理局（FDA）合作，并向受影响的客户提供了全额退款。2026年2月，我们为与召回相关的预计客户退款记录了0.6百万美元的其他流动负债。在2027财年第一季度，我们根据更新的预计退货和退款数据，将该准备金减少了0.2百万美元。 2026年9月23日，FDA在对非关联第三方合同制造商的设施进行检查，并由FDA实验室对产品进行检测后，向公司发出了一封警告信，检测结果显示存在微生物污染。公司计划及时回应警告信，并就下一步行动与美国食品药品监督管理局合作。

截至本文件提交之日，公司已收到一些主张与召回产品使用相关的索赔要求的函件（“产品索赔”）。公司还了解到，有三起个人诉讼案件，分别于2026年3月25日、2026年6月9日和2026年9月17日提起，以及一起于2026年4月13日代表一名原告提起的未经认证的集体诉讼。2026年3月提起的诉讼已于2026年9月28日达成和解。公司认为其对与本事项相关的任何索赔都有充分的抗辩理由，包括公司仅作为分销商，且与召回产品的生产没有任何关系。此外，尽管公司调查仍在进行中，但初步证据表明，只有在召回产品使用方式与标签上注明的预期用途不一致时，才会出现不良事件。

公司拥有产品责任保险，该保险可能涵盖与本事项相关的损失。该保单规定，保险公司负责对与承保损失相关的索赔人进行辩护和谈判和解。

基于目前可获得的信息，公司认为与产品索赔相关的损失很可能发生。然而，鉴于收到的索赔尚属初步阶段，且关于潜在索赔的数量和有效性以及可能结果的范围存在不确定性，如果此类索赔超过我们产品责任保险的赔偿限额，损失金额或重要性无法合理估计。因此，截至本报告所涵盖期间结束时，未就与这些产品索赔相关的损失准备金进行记录。

公司将持续评估可用信息，并在损失金额可以合理估计时，就这些产品索赔相关的预计损失确认准备金。目前，公司认为这些产品索赔的最终解决不太可能对公司的财务状况、经营成果或现金流量产生重大不利影响。

除上述披露的事项外，我们在日常业务中还面临一些其他法律和其他程序，根据管理层的意见，这些事项不太可能对我们的财务报表产生重大影响。

10. 公允价值和衍生工具

金融工具的公允价值

公允价值的计量基于在有序交易中，市场参与者之间出售资产所获得的价格或转移负债所支付的价格，不包括任何交易成本。公司采用基于估值技术中所使用输入值的可观测性程度的公允价值层级，如下所示：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n
层级1：	活跃市场中可观察的报价；

层级2：	除活跃市场中可观察的报价以外的输入值，可以直接或间接地观察到；以及

层级3：	市场数据很少或没有的不可观察输入值，这需要报告实体自行开发其假设。

应收账款和应付账款按其短期到期的金额计价。这些工具的估计公允价值将被归类为公允价值层级的第二层级，因为其估值基于可观察的市场输入值。现金等价物被归类为公允价值层级的第一层级，因为它们使用相同资产的市场报价进行估值。

衍生工具

我们全球运营，面临由于外汇汇率和利率波动带来的市场风险。作为我们财务风险管理策略的一部分，我们使用衍生金融工具来对冲与这些市场风险相关的现金流波动。这些工具仅用于风险管理目的。我们不进行衍生交易用于交易或投机目的。

未指定为对冲工具的衍生工具

我们已签订非指定外币远期合约，以管理与内部贷款及其他外币计价资产和负债相关的资产负债表外币风险。这些合约在公允价值层级中被归类为第2级，按公允价值净额列示在我们的合并资产负债表上，相关损益在其他项目中确认。截至29.4百万美元的远期合约名义金额，其中包括到期日为2026年9月的经济对冲。这些衍生品未被指定为对冲工具。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n

未指定为对冲工具的衍生品的公允价值		资产负债表项目		2026年8月31日			2026年5月31日
外币远期合约，净额		其他流动负债		$	(0.1	)		$	(0.1	)

我们合并损益表中未指定为对冲工具的衍生品的项目和金额如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
				截至2026年8月31日的三个月
未指定为对冲工具的衍生品		损益表项目		2026			2025
外币远期合约		其他，净额		$	(0.3	)		$	0.1

指定为对冲工具的衍生品

我们签订了一份收取浮动利率、支付固定利率的利率互换协议，名义价值为200.0百万美元，该协议被指定为现金流量对冲。该现金流量对冲固定了我们定期贷款设施上部分浮动利息，生效日期为2022年12月2日，到期日为2027年6月30日。根据协议条款，我们支付固定利率为4.215%，加上在137.5至175个基点之间的适用利差，并从交易对手方收取基于期限SOFR的浮动利率，该利率根据SOFR期限的持续时间重新设定。公司预计将在利率互换的剩余期限内，于2027年6月30日前将0.1百万美元的累计

其他综合收益中的损失转入收益。

我们定期使用第2级可观察市场输入值对我们的利率互换的公允价值进行记录，这些输入值适用于活跃市场中类似资产或负债。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
指定为对冲工具的衍生品的公允价值		资产负债表项目		2026年8月31日			2026年5月31日
利率互换 - 流动		其他流动负债		$	(0.1	)		$	(0.6	)

11. 累计其他综合损失

累计其他综合损失按项目计算，税后净额如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
			截至2026年8月31日的三个月
			2026			2025
累计其他综合损失，期初余额			$	(13.6	)		$	(28.9	)

外币折算调整
期初余额			$	(13.2	)		$	(27.6	)
未重新分类的其他综合收益收益				0.9				5.9
从累计其他综合损失中重新分类的金额				—				(0.1	)
期末余额			$	(12.3	)		$	(21.8	)

衍生品价值变动的公允价值
期间期初余额			$	(0.4	)		$	(1.3	)
重分类前的其他综合收益（亏损）				0.2				(0.3	)
从累计其他综合收益中重分类的金额				0.2				(0.1	)
期间期末余额			$	—			$	(1.7	)

累计其他综合收益，期末余额			$	(12.3	)		$	(23.5	)

第一部分 – 财务信息

(金额以百万美元计)

第2项：管理层讨论与分析财务状况和经营成果

本管理层讨论与分析财务状况和经营成果中的信息包含历史财务信息和前瞻性声明。虽然管理层对我们长期前景持乐观态度，但历史财务信息可能不能反映未来的财务结果。

安全港和前瞻性声明

本季度报告包含符合《1933年证券法》第27A条和《1934年证券交易法》第21E条含义的前瞻性声明，包括（但不限于）管理层对新产品发布的预期；我们某些组件、原材料和成品来源的充足性；我们利用某些库存的能力；基因组业务待处理的剥离；未来收入增长和市场趋势；从重组计划中预期的成本节约和运营效率；关税和贸易政策变化的预期影响；以及待处理的法律诉讼和监管事项的结果。为此，本报告中任何不是历史事实的陈述均可被视为前瞻性声明。为不限制上述内容，本报告中使用的“相信”、“预期”、“计划”、“期望”、“寻求”、“估计”和类似表述旨在识别前瞻性声明。这些前瞻性声明旨在提供我们当前对未来事件的期望或预测；基于当前的估计、预测、信念和假设；并且不是对未来表现的保证。实际事件或结果可能与前瞻性声明中描述的内容有重大差异。有许多重要因素可能导致Neogen的结果与前瞻性声明中所指示的内容有重大差异，包括许多我们无法控制的因素。可能导致实际结果与前瞻性声明中所包含的内容不同的因素包括（但不限于）3M食品安全业务的持续整合以及从该收购中实现预期收益；与过渡制造合作伙伴的关系和表现；我们维持有效的财务报告内部控制的能力；关税和贸易政策变化；产品召回及相关诉讼；待处理的证券诉讼和股东要求；待处理剥离所需的监管批准可能无法按预期时间或根本无法获得的风险；网络攻击和数据安全风险；税法或法规的变化；待处理的剥离及相关预期收益的实现；竞争；关键员工的招聘和保留；天气对农业和食品生产的影响；由于俄罗斯入侵乌克兰及其相关制裁和中东冲突导致的全球业务中断；收购的识别和整合；研究和开发风险；知识产权保护；政府监管的增加和发展；以及在我们最近的年度报告10‑K第1A项“风险因素”中详细说明的其他风险，以及随后的季度报告10‑Q和8‑K当前报告，已提交给美国证券交易委员会.

此外，任何前瞻性陈述仅反映本季度10-Q表首次向证券交易委员会提交之日管理层的观点，不应视为反映任何后续日期管理层的观点。尽管管理层可能在将来选择更新前瞻性陈述，但其明确否认任何更新的义务，即使其观点发生变化，除非法律要求。

在本季度10-Q表中，“Neogen”、“公司”、“我们”、“我们”和“我们的”指Neogen公司及其合并子公司（如适用），除非上下文另有说明。

趋势与不确定性

我们一直并将继续经历投入成本通胀，包括某些原材料价格上涨，这会对经营成果产生负面影响。尽管通胀率有所放缓，但我们仍面临经济逆风，包括与消费者需求、高利率以及某些地区的地缘政治紧张局势（如东欧和中东）有关。

利率升高导致借贷成本增加和总体资本成本上升。为应对历史上高的通胀环境，我们在之前的财年采取了定价措施以减轻对业务的影响。尽管我们已重新融资浮动利率债务并通过对债务偿还减少了未偿还借款，但我们对未偿还债务支付的总体利率仍处于高位

compared to recent historical interest rates. This increases interest expense on the unhedged portion of our outstanding debt.

In fiscal years 2025 and 2026, we experienced an elevated amount of inventory write-offs, due, in part, to expiration of certain inventory held at our international locations stemming from supply chain and distribution challenges in fiscal year 2024. Further, in fiscal year 2025, we experienced negative impacts from delays in restarting full production of our sample collection product line, which we relocated from 3M into a Neogen facility. In the second half of fiscal year 2025, production increased to the prior normal levels, but with significant production inefficiencies. These production inefficiencies continued throughout fiscal year 2026 and the first quarter of fiscal year 2027, albeit with continued improvement in each successive quarter.

With a change in administration in fiscal year 2025, there has been an economic policy shift towards increasing tariffs, which in turn has led and could lead to further retaliatory tariffs. These have increased and may continue to increase our costs on materials imported into the U.S. and have also increased costs and negatively impacted sales from our international locations, which primarily sell U.S. manufactured products.

In fiscal year 2025, restructuring actions in our genomics business led to voluntary revenue attrition, following our strategic shift away from lower margin business. A portion of our genomics business also serves the companion animal market, which has been experiencing weakness, primarily due to the impact of continued inflation, a lower number of pet adoptions, and a higher level of customer in-sourcing. Additionally, in the second quarter of fiscal year 2026, management initiated a restructuring plan to right-size our cost base through a reduction of approximately 10% in global headcount, including both existing and planned positions, as well as additional non-labor cost reductions.

In the first quarter of fiscal year 2027, we initiated a growth strategy focused on commercial excellence, innovation, and operational efficiency. Key initiatives include enhancing our global go-to-market capabilities, investing in research and development to expand and differentiate our product portfolio, and strengthening customer engagement to drive market share growth. These investments are expected to be supported by cost management and operational improvement initiatives designed to enhance profitability and fund continued reinvestment in the business.

Within the Food Safety industry, market conditions remain mixed, with consumers continuing to face inflationary pressures, although recent food producer commentary indicates some improvement in overall volume trends. Within our Food Safety segment, initial indications of improved commercial execution have emerged from greater organizational focus, strategic customer targeting, competitive conversions, new product promotions, and a more rigorous sales operating model and KPI monitoring cadence. Within Animal Safety, end market indicators have improved, as US herd sizes remain near multi-decade lows, cattle pricing remains favorable, and the USDA anticipates herd expansion in future periods, despite continued pressure from certain input costs. The Company also continues to leverage its longstanding distribution relationships, while the third-party supplier quality and manufacturing issues that adversely affected Animal Safety during fiscal year 2026 have largely improved following implementation of enhanced supplier qualification and quality programs.

On March 2, 2026, we announced that we had entered into a definitive agreement to sell our Genomics business to Zoetis Inc. The transaction is subject to customary closing conditions and regulatory approvals, and we continue to work toward completing the sale. In July 2026, the Australian Competition and Consumer Commission (ACCC) and the New Zealand Commerce Commission (NZCC) each announced that they are moving their respective reviews of the Company’s proposed genomics divestiture into the second phase of review. We will continue to cooperate with the ACCC and the NZCC as they complete their respective review processes, which are currently expected to conclude by the end of December 2026.

We continue to evaluate the nature and extent of these issues and their impact on our business, including consolidated results of operations, financial condition and liquidity. We expect these issues to continue to impact our results throughout fiscal year 2027.

Executive Overview

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
			Three months ended August 31,
			2026			2025			Change
Total Revenues			$	222.8			$	209.2			$	13.6
Cost of Revenues				117.3				114.2				3.1
Gross Profit				105.5				95.0				10.5
Operating Expenses
Sales and marketing				41.5				45.1				(3.6	)
General and administrative				59.3				60.9				(1.6	)
Research and development				6.5				5.1				1.4
Total Operating Expenses				107.3				111.1				(3.8	)
Operating Loss				(1.8	)			(16.1	)			14.3
Other (Expense) Income
Interest expense, net				(13.8	)			(15.5	)			1.7
(Loss) Gain on sale of business				(0.4	)			76.4				(76.8	)
Other, net				1.1				(1.0	)			2.1
Total Other (Expense) Income				(13.1	)			59.9				(73.0	)
(Loss) Income Before Taxes				(14.9	)			43.8				(58.7	)
Income Tax (Benefit) Expense				(3.0	)			7.5				(10.5	)
Net (Loss) Income			$	(11.9	)		$	36.3			$	(48.2	)

Results of Operations

Revenues

Revenue increased $13.6 million during the three months ended August 31, 2026 compared to the three months ended August 31, 2025. The increase is primarily driven by $16.9 million growth in business, reflecting continued strength in our indicators and pathogens product line, as well as the current year benefit of distributor inventory adjustments in the prior year and timing of customer orders in the current quarter, and a favorable foreign exchange rate impact of $1.6 million. This was partially offset by a $4.9 million unfavorable impact due to the divestiture of our Cleaners and Disinfectants business and, to a lesser extent, discontinued product lines.

Service Revenue

Service revenue, which consists primarily of genomics services provided to production and companion animal markets, was $26.8 million during the three months ended August 31, 2026 and $25.1 million during the three months ended August 31, 2025. The increase in the period is primarily driven by higher genomics revenue in bovine markets.

International Revenue

International sales were $112.7 million during the three months ended August 31, 2026 compared to $107.1 million during the three months ended August 31, 2025. The increase was primarily driven by higher sales in countries within Asia and Latin America and favorable foreign exchange rate impact, partially offset by a decline in sales from the divested Cleaners and Disinfectants business.

Gross Margin

Gross margin was 47.4% during the three months ended August 31, 2026, compared to 45.4% during the three months ended August 31, 2025. The increase in margin was primarily due to volume increases, price increases, and favorable foreign currency exchange impacts. These were partially offset by higher duplicative costs as we prepare to manufacture Petrifilm products internally.

Sales and Marketing

Sales and marketing expense was $41.5 million during the three months ended August 31, 2026, compared to $45.1 million during the three months ended August 31, 2025. The decrease was primarily due to lower outbound shipping costs and lower compensation costs associated with headcount reductions, partially offset by increased restructuring costs.

General and Administrative

General and administrative expense was $59.3 million during the three months ended August 31, 2026, compared to $60.9 million during the three months ended August 31, 2025. The decrease in the period was driven by lower stock compensation expense and prior year costs associated with the divested Cleaners and Disinfectants business. These decreases were partially offset by investments in transformation initiatives and transaction costs.

General and administrative expense includes amortization expenses relating to definite-lived intangible assets of $23.0 million during the three months ended August 31, 2026 and August 31, 2025, respectively.

Research and Development

Research and development expense was $6.5 million during the three months ended August 31, 2026, compared to $5.1 million during the three months ended August 31, 2025. The increase during the period is primarily the result of higher headcount costs resulting from innovation initiatives.

Other Income/Expense

Other expense was $13.1 million during the three months ended August 31, 2026, compared to other income of $59.9 million during the three months ended August 31, 2025. In the prior year, other income related primarily to a $76.4 million gain recognized on the sale of our Cleaners and Disinfectants business. In the current year period, we incurred lower interest expense, as a result of lower amounts of outstanding debt. Additionally, in the first quarter of fiscal year 2027, a $2.8 million gain was recorded due to an updated valuation of the performance milestone liability associated with the CAPInnoVet, Inc. transaction.

Provision for Income Taxes

Income tax benefit was $3.0 million during the three months ended August 31, 2026 compared to income tax expense of $7.5 million during the three months ended August 31, 2025. The net tax benefit for the current year period was primarily related to pre-tax losses due to acquisition amortization and interest expense. Income tax expense in the prior year period was primarily driven by pre-tax income due to the gain on the sale of our Cleaners & Disinfectants business.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the United States. OBBBA contains significant domestic and international tax provisions, including changes to the taxation of foreign earnings, foreign tax credits, business interest expense limitations and research and experimental expenditures. The Company has evaluated the provisions currently effective for fiscal year 2027 and incorporated those changes into its quarterly tax provision and annual effective tax rate calculation.

Segment Results of Operations

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three months ended August 31,
		2026			2025			Change			% Change
Food Safety Revenue		$	163.2			$	152.1			$	11.1				7.3	%
Animal Safety Revenue			59.6				57.1				2.5				4.4	%
Total Revenues			222.8				209.2				13.6				6.5	%

Food Safety Operating Income			16.3				7.2				9.1				126.4	%
Animal Safety Operating Income			7.5				4.5				3.0				66.7	%
Segment Operating Income			23.8				11.7				12.1				103.4	%
Corporate Operating Loss			(25.6	)			(27.8	)			2.2				(7.9	)%
Operating Loss		$	(1.8	)		$	(16.1	)		$	14.3				(88.8	)%

Revenues

Revenue for the Food Safety segment increased $11.1 million during the three months ended August 31, 2026, compared to the three months ended August 31, 2025. The increase was driven by $12.3 million of growth in the business as well as the current year benefit of distributor inventory adjustments in the prior year and timing of customer orders in the current quarter, and a $1.2 million favorable currency impact. Business growth was led by higher sales of pathogen detection products, indicator and sample collection products, partially offset by a decline in sales of food quality products. These gains were offset by a $2.4 million decline primarily from the divestiture of our Cleaners and Disinfectants business.

Revenue for the Animal Safety segment increased $2.5 million during the three months ended August 31, 2026, compared to the three months ended August 31, 2025. The increase was due to $4.6 million in business growth from higher sales of veterinary instruments and insect control products and a $0.4 million favorable foreign currency impact. These increases were partially offset by a $2.5 million reduction from the divestiture of our Cleaners and Disinfectants business and, to a lesser extent, discontinued products.

Operating Income

Operating income for the Food Safety segment increased $9.1 million during the three months ended August 31, 2026, compared to the three months ended August 31, 2025. The increase was primarily driven by higher sales volumes and lower sample collection manufacturing cost inefficiencies.

Operating income for the Animal Safety segment increased $3.0 million during the three months ended August 31, 2026 compared to the three months ended August 31, 2025. The increase was primarily due to higher sales volumes, partially offset by transaction costs incurred as part of our pending sale of our genomics business.

The decreased corporate expense during the period is related to lower equity-based compensation expense and savings from prior year restructuring initiatives. This decrease was partially offset by increases in transformation initiatives and certain corporate development initiatives.

Financial Condition and Liquidity

Our primary sources of liquidity are cash and cash equivalents, cash flows from the operation of our business, and available borrowing capacity under our Revolving Facility. Our principal uses of cash include working capital-related items, capital expenditures, debt service, and strategic investments.

Our future cash generation and borrowing capacity may not be sufficient to meet cash requirements to fund the operating business, repay debt obligations, construct new manufacturing facilities, commercialize products currently under development or execute our future plans to acquire additional businesses, technology and products that fit within our strategic plan. Accordingly, we may be required, or may choose, to issue additional equity securities or enter into other financing arrangements for a portion of our future capital needs. However, we continuously monitor and forecast our liquidity situation in light of industry, customer and economic factors, and take the necessary actions to preserve our liquidity and evaluate other financial alternatives that may be available to us should the need arise. As a result, we believe that our cash flows from operations, cash on hand, and borrowing capacity will enable us to fund the operating business, repay debt obligations, construct new manufacturing facilities, commercialize products currently under development, and execute our strategic plans.

We are subject to certain legal and other proceedings that have not had, and, in the opinion of management, are not expected to have a material effect on our results of operations or financial position.

As of August 31, 2026, we had cash and cash equivalents of $172.0 million. The Company had irrevocable standby letters of credit totaling $3.2 million during fiscal 2026. During the first quarter of fiscal year 2027, $1.6 million was drawn under the standby letters of credit and subsequently repaid, resulting in outstanding standby letters of credit of $1.6 million as of August 31, 2026. The remaining standby letters of credit reduced the borrowing capacity available under the revolving line of credit to $199.9 million as of August 31, 2026.

The Company made $45.0 million prepayments on its Term Loan during fiscal year 2026 and an additional $20.0 million prepayment during the first quarter of fiscal year 2027. As a result of these prepayments as of August 31, 2026, there are no additional required principal payments for the Term Loan until the first quarter of fiscal year 2029. Subsequent to August 31, 2026, we repaid $10.0 million of our Term Loan. See Note 7, \"Long Term Debt\" in the interim condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. As a result of the prepayment, there are no additional required principal payments for the Term Loan until the third quarter of fiscal year 2029.

Financial covenants include maintaining specified levels of funded debt to EBITDA, and debt service coverage. As of August 31, 2026, we are in compliance with all financial covenants under the Credit Facilities.

We continue to make investments in our business and operating facilities. Our estimate for capital expenditures in fiscal 2027 is approximately $40.0 million.

Cash Flows

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\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three months ended August 31,
		2026			2025			Change
Net Cash provided by Operating Activities		$	12.9			$	10.8			$	2.1
Net Cash (used for) provided by Investing Activities		$	(8.2	)		$	97.7			$	(105.9	)
Net Cash used for Financing Activities		$	(19.0	)		$	(99.4	)		$	80.4

Net Cash provided by Operating Activities

Net cash provided by operating activities increased $2.1 million during the three months ended August 31, 2026 compared to the three months ended August 31, 2025. The increase is primarily due to an improvement in operating income offset by unfavorable changes in working capital primarily associated with accounts receivable and accounts payable.

Net Cash (used for) provided by Investing Activities

The net cash (used for) provided by investing activities decreased $105.9 million during the three months ended August 31, 2026 compared to the three months ended August 31, 2025. In the prior year, cash provided by investing activities included $121.7 million in cash proceeds related to the sale of our Cleaners and Disinfectants business. The net cash decrease was partially offset by a reduction in capital expenditure of $15.8 million in the current year period compared to the prior year period.

Net Cash used for Financing Activities

Cash used for financing activities decreased $80.4 million during the three months ended August 31, 2026 compared to the three months ended August 31, 2025. The decrease was driven by debt repayments of $100.0 million in the prior year period compared to $20.0 million of debt repayments in the current year period.

PART I – FINANCIAL INFORMATION

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We continuously evaluate our exposure to currency exchange and interest rate risk. There have been no meaningful changes in our exposure to risk associated with fluctuations in foreign currency exchange rates and interest rates related to our variable-rate borrowings under the Credit Facilities from that discussed in our Form 10-K.

PART I – FINANCIAL INFORMATION

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of August 31, 2026 was carried out under the supervision and with the participation of the Company’s management, including the President & Chief Executive Officer and Chief Financial Officer (“the Certifying Officers”). Based on the evaluation, the Certifying Officers concluded that the Company’s disclosure controls and procedures are effective.

Changes in Internal Controls over Financial Reporting

No changes in our control over financial reporting were identified as having occurred during the quarter ended August 31, 2026 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

For a description of our material pending legal proceedings, see Note 9. “Commitments and Contingencies” of the Notes to interim condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated by reference.

Item 1A. Risk Factors

This Form 10-Q should be read in conjunction with Part I Item 1A “Risk Factors” in our Annual Report on Form 10- K for the year ended May 31, 2026. There have been no material changes in the risk factors described in our Annual Report on Form 10-K for the year ended May 31, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

In October 2018, our Board of Directors authorized a program to purchase, subject to market conditions, up to 6,000,000 shares of our common stock. The program does not have a scheduled expiration date. As of August 31, 2026, a total of 5,900,000 shares of common stock remained available for repurchase under this program. The following is a summary of share repurchase activity during the fiscal quarter ended August 31, 2026:

Period

Shares Purchased

Average Price Paid per Share

Shares Purchased as Part of Publicly Announced Plans or Programs

Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs

June 2026

—

5,900,000

July 2026

—

5,900,000

August 2026

—

5,900,000

Total

—

5,900,000

Items 3 and 4 are not applicable and have been omitted.

Item 5. Other Information

During the quarterly period ended August 31, 2026, no director or officer (as defined in SEC Rule 16a-1(f)) of our Company adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K).

Item 6. Exhibits

(a) Exhibit Index

\n	\n


31.1	Certification of Principal Executive Officer


31.2	Certification of Chief Financial Officer

32	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document

101.SCH	Inline XBRL Taxonomy Extension Schema Document

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

\n \n \n \n \n \n \n \n \n

NEOGEN CORPORATION

(Registrant)

Dated: October 7, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

/s/ Mikhael Nassif

Mikhael Nassif

President & Chief Executive Officer

(Principal Executive Officer)

Dated: October 7, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

/s/ R. Bryan Riggsbee

R. Bryan Riggsbee

Chief Financial Officer

(Principal Financial Officer)

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