Neogen Q1 revenue up 3% to $132.3M; net income down to $0.05/sh due to $13.7M deal costs

NEOGEN CORP

2023-Q1 EPS reported $0.05 revenue$132,349,000

Revenue $132.3M, up 3% (6% constant currency); organic growth 4%.
Net income $5.2M ($0.05/sh) includes $13.7M 3M Food Safety deal costs; adjusted $0.15/sh vs $0.16 prior year.
Adjusted EBITDA $27.0M, down 6% from $28.9M; gross margin improved 20bp to 47.0%.
Food Safety segment +3% (9% constant currency); Animal Safety +3% (4% constant currency).
3M Food Safety acquisition ($370M annual rev) closed Sept 1; integration started with 400+ new colleagues.

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