Neogen Corporation (NASDAQ:NEOG) Q2 2023 Results Conference Call January 5, 2023 8:00 AM ET

Company Participants

Bill Waelke - Investor Relations

John Adent - President and Chief Executive Officer

Steve Quinlan - Retiring Chief Financial Officer

Dave Naemura - Current Chief Financial Officer

Conference Call Participants

Brandon Vazquez - William Blair

David Westenberg - Piper Sandler

Operator

Good morning, and welcome to the Neogen Corporation Second Quarter Fiscal Year 2023 Earnings Call. All participants will be in a listen-only mode. [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 second 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 Steve Quinlan, our retiring CFO; and Dave Naemura, our current CFO.

Before the market opened today, we published our second 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 2 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 second quarter of our 2023 fiscal year.

We're pleased to be with you today to provide the first view of the company's performance since the completion of the Food Safety acquisition from 3M.

We've delivered solid core growth in both of our segments and, notably, a level of profitability well ahead of where the company was prior to the acquisition. The former 3M Food Safety business is a great business and highly complementary and we're excited about what we've seen in the first four months of our ownership.