Revenue Growth and Core Revenue Stability
Neogen delivered revenue of approximately $209 million, up 0.3% year-over-year on a core basis, which was in line with expectations.
Animal Safety Segment Performance
Quarterly revenues in the Animal Safety segment were $57 million, with core revenue growth of 5.8%, led by higher sales of biologics and wound care products.
LatAm Region Growth
The LatAm region experienced mid-single-digit growth, with strong sales of pathogen detection and general sanitation products.
Improvement in Free Cash Flow
Free cash flow in the quarter represented a significant improvement compared to the prior year, with lower investment in CapEx and working capital being the biggest drivers.
Reduction in Force and Cost Savings
A global headcount reduction of approximately 10% was executed, leading to an annualized operating expense reduction of approximately USD 20 million.