Neogen Corporation (NASDAQ:NEOG) Q4 2023 Earnings Conference Call July 27, 2023 8:00 AM ET

Company Participants

Bill Waelke - Head, Investor Relations

John Adent - Chief Executive Officer

Dave Naemura - Chief Financial Officer

Conference Call Participants

Tim Daley - Wells Fargo

Brandon Vazquez - William Blair

David Westenberg - Piper Sandler

Operator

Good day. And welcome to the Neogen Corporation Fourth Quarter Fiscal Year 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

Please note, this event is being recorded. I would now like to turn the conference over to Bill Waelke, Head of Investor Relations. Please go ahead.

Bill Waelke

Thank you for joining us this morning for the discussion of the results of the fourth quarter of our 2023 fiscal year. I’ll briefly cover the non-GAAP and forward-looking language before passing the call over to our CEO, John Adent, who will be followed by our CFO, Dave Naemura. Before the market opened today, we published our fourth quarter results, as well as the presentation with both documents available in the Investor Relations section of our website.

On our call this morning, we will refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliations of historical non-GAAP financial measures are included in our earnings release and the presentation.

Slide two of which provides a reminder that our remarks will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed in or implied by such forward-looking statements. These risks include, among others, matters that we have described in our most recent annual report on Form 10-K and in other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements.

With that, I’ll turn things over to John.

John Adent

Thanks, Bill. Good morning, everyone. And welcome to our earnings call covering the fourth quarter of our 2023 fiscal year. We’re pleased to be with you today to provide an update on our performance and our initial thoughts on the 2024 fiscal year.

We delivered a solid performance in the quarter with core growth in both of our segments despite the softening market conditions. In Food Safety, many large food producers have continued to experience lower unit volumes on a year-over-year basis, which has negatively affected the volume of tests they use.