Neogen Corporation (NASDAQ:NEOG) Q1 2023 Earnings Conference Call September 27, 2022 11:00 AM ET
Company Participants
John Adent - President and CEO
Steve Quinlan - Chief Financial Officer
Conference Call Participants
David Westenberg - Piper Sandler
Brandon Vazquez - William Blair
Operator
Good day and welcome to the Neogen Corporation First Quarter Fiscal Year 2023 Earnings Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to John Adent, CEO and President. Please go ahead.
John Adent
Good morning, and welcome to our regular quarterly conference call for investors and analysts. Today, we will be reporting on the first quarter of our 2023 fiscal year, which ended on August 31.
As usual, some of the statements made here today could be termed as forward-looking statements. These statements are subject to certain risks and uncertainties, and our actual results may differ from those that we discuss today. The risks associated with our business are covered in part in the company's Form 10-K as filed with the Securities and Exchange Commission.
In addition to those of you joining us by live telephone conference, I also welcome those of you joining us via the Internet. Following our prepared comments this morning, we will entertain questions from participants who have joined this live conference.
I'm joined this morning by Steve Quinlan, our Chief financial Officer, who will provide some additional details on our results for the quarter.
As we stated in our press release this morning, we reported 3% growth across our business in the first quarter of our new fiscal year, despite the challenging business environment that we've been operating under throughout these months. Steve will talk about it more in his comments later on the call, but we faced particularly strong currency headwinds that impacted our business. Without these, total revenues would've increased 6% and our Food Safety business would've been up 9%. I can't say enough about our incredible team here at Neogen and their continued dedication to our mission in Neogen’s success.
The first quarter presented us with many challenges, both with the current state of the economy and the added responsibilities of our existing job duties as we worked to close the 3M’s Food Safety transaction on September 1. Thanks to the collective efforts of the Neogen team and our new 3M team members from around the world, we are pleased to successfully close the transaction on the morning of September 1 and begin the integration of the former 3M Food Safety business with our operations.