Neogen (NEOG) 10-Q 10 Oct 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page	3 Months Ended
	Aug. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--05-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	Neogen Corporation
Entity Central Index Key	0000711377
Trading Symbol	NEOG
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Document Quarterly Report	true
Document Transition Report	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	216,698,138
Entity File Number	0-17988
Title of 12(g) Security	Common Stock, $0.16 par value per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2367843
Entity Address, Address Line One	620 Lesher Place
Entity Address, State or Province	MI
Local Phone Number	372-9200
Entity Address, City or Town	Lansing
City Area Code	517
Entity Address, Postal Zip Code	48912

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Current Assets
Cash and cash equivalents	$ 120,477	$ 170,611
Marketable securities	0	325
Accounts receivable, net of allowance of $4,137 and $4,140	167,639	173,005
Inventories
Raw materials	77,217	78,799
Work-in-process	12,593	10,990
Finished goods	125,995	111,839
Inventory, Gross, Total	215,805	201,628
Less inventory reserve	(17,209)	(12,361)
Inventories, net	198,596	189,267
Prepaid expenses and other current assets	53,938	56,025
Total Current Assets	540,650	589,233
Net Property and Equipment	300,971	277,104
Other Assets
Right of use assets	14,311	14,785
Goodwill	2,137,494	2,135,632
Intangible assets, net	1,489,751	1,511,653
Other non-current assets	19,996	20,426
Total Assets	4,503,173	4,548,833
Current Liabilities
Current portion of finance lease	2,651	2,447
Accounts payable	61,464	83,061
Accrued compensation	15,803	19,949
Income tax payable	11,102	10,449
Accrued interest	3,554	10,985
Deferred revenue	5,635	4,632
Other current liabilities	22,480	22,800
Total Current Liabilities	122,689	154,323
Deferred Income Tax Liability	317,574	326,718
Non-Current Debt	889,129	888,391
Other Non-Current Liabilities	38,589	35,259
Total Liabilities	1,367,981	1,404,691
Commitments and Contingencies (note 7)
Equity
Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.16 par value, 315,000,000 shares authorized, 216,698,138 and 216,614,407 shares issued and outstanding	34,672	34,658
Additional paid-in capital	2,588,930	2,583,885
Accumulated other comprehensive loss	(31,421)	(30,021)
Retained earnings	543,011	555,620
Total Stockholders' Equity	3,135,192	3,144,142
Total Liabilities and Stockholders' Equity	$ 4,503,173	$ 4,548,833

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Accounts receivable, allowance	$ 4,137	$ 4,140
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.16	$ 0.16
Common stock, shares authorized	315,000,000	315,000,000
Common stock, shares issued	216,698,138	216,614,407
Common stock, shares outstanding	216,698,138	216,614,407

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Revenues
Total Revenues	$ 216,964	$ 228,987
Cost of Revenues
Total Cost of Revenues	112,038	112,226
Gross Profit	104,926	116,761
Operating Expenses
Sales and marketing	45,799	45,783
General and administrative	51,671	45,121
Research and development	5,199	6,722
Total Operating Expenses	102,669	97,626
Operating Income	2,257	19,135
Other Expense
Interest income	993	1,790
Interest expense	(18,615)	(18,456)
Other, net	(244)	(806)
Total Other Expense	(17,866)	(17,472)
(Loss) Income Before Taxes	(15,609)	1,663
Income Tax (Benefit) Expense	(3,000)	160
Net (Loss) Income	$ (12,609)	$ 1,503
Net (Loss) Earnings Per Share
Basic	$ (0.06)	$ 0.01
Diluted	$ (0.06)	$ 0.01
Weighted Average Shares Outstanding
Basic	216,695,348	216,309,084
Diluted	216,695,348	216,846,106
Product Revenues
Revenues
Total Revenues	$ 192,518	$ 204,401
Cost of Revenues
Total Cost of Revenues	97,836	96,959
Service Revenues
Revenues
Total Revenues	24,446	24,586
Cost of Revenues
Total Cost of Revenues	$ 14,202	$ 15,267

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands		3 Months Ended
		Aug. 31, 2024	Aug. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income		$ (12,609)	$ 1,503
Other comprehensive (loss) income
Foreign currency translation gain		2,459	3,223
Unrealized gain on marketable securities	[1]	0	576
Unrealized (loss) gain on derivative instruments	[2]	(3,859)	2,956
Other comprehensive (loss) income, net of tax:		(1,400)	6,755
Total comprehensive (loss) income		$ (14,009)	$ 8,258
[1] Amounts are net of tax of $ 183 during the three months ended August 31, 2023 . Amounts are net of tax of $( 926 ) and $ 933 during the three months ended August 31, 2024 and 2023 , respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on marketable securities, net of tax		$ 183
Unrealized (loss) gain on derivative instruments, net of tax	$ (926)	$ 933

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance at May. 31, 2023	$ 3,134,217	$ 34,599	$ 2,567,828	$ (33,251)	$ 565,041
Beginning Balance (in shares) at May. 31, 2023		216,245,501
Exercise of options, RSUs and share-based compensation expense	2,661	$ 0	2,661
Exercise of options, RSUs and share-based compensation expense (in shares)		2,591
Issuance of shares under employee stock purchase plan	1,039	$ 11	1,028
Issuance of shares under employee stock purchase plan (in shares)		62,490
Net income (loss)	1,503				1,503
Other comprehensive income (loss)	6,755			6,755
Ending Balance at Aug. 31, 2023	3,146,175	$ 34,610	2,571,517	(26,496)	566,544
Ending Balance (in shares) at Aug. 31, 2023		216,310,582
Beginning Balance at May. 31, 2024	$ 3,144,142	$ 34,658	2,583,885	(30,021)	555,620
Beginning Balance (in shares) at May. 31, 2024	216,614,407	216,614,407
Exercise of options, RSUs and share-based compensation expense	$ 4,018	$ 1	4,017
Exercise of options, RSUs and share-based compensation expense (in shares)		4,854
Issuance of shares under employee stock purchase plan	1,041	$ 13	1,028
Issuance of shares under employee stock purchase plan (in shares)		78,877
Net income (loss)	(12,609)				(12,609)
Other comprehensive income (loss)	(1,400)			(1,400)
Ending Balance at Aug. 31, 2024	$ 3,135,192	$ 34,672	$ 2,588,930	$ (31,421)	$ 543,011
Ending Balance (in shares) at Aug. 31, 2024	216,698,138	216,698,138

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Cash Flows (used for) provided by Operating Activities
Net (loss) income	$ (12,609)	$ 1,503
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	29,800	28,734
Deferred income taxes	(9,119)	998
Share-based compensation	3,982	2,638
Loss on disposal of property and equipment	77	0
Amortization of debt issuance costs	860	860
Other	(261)	0
Change in operating assets and liabilities, net of business acquisitions:
Accounts receivable, net	4,796	16,242
Inventories, net	(9,939)	(6,304)
Prepaid expenses and other current assets	(1,733)	(12,925)
Accounts payable and accrued liabilities	(15,881)	4,980
Interest expense accrual	(7,431)	(7,711)
Change in other non-current assets and non-current liabilities	(456)	(6,006)
Net Cash (used for) provided by Operating Activities	(17,914)	23,009
Cash Flows used for Investing Activities
Purchases of property, equipment and other non-current intangible assets	(38,433)	(30,630)
Proceeds from the maturities of marketable securities	325	21,905
Proceeds from the sale of property and equipment and other	4,446	41
Net Cash used for Investing Activities	(33,662)	(8,684)
Cash Flows provided by Financing Activities
Exercise of stock options and issuance of employee stock purchase plan shares	1,077	1,062
Repayment of long-term debt and finance lease	(98)	0
Net Cash provided by Financing Activities	979	1,062
Effects of Foreign Exchange Rate on Cash	463	205
Net (Decrease) Increase in Cash and Cash Equivalents	(50,134)	15,592
Cash and Cash Equivalents, Beginning of Year	170,611	163,240
Cash and Cash Equivalents, End of Year	$ 120,477	$ 178,832

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,609)	$ 1,503

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Aug. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Aug. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS Neogen Corporation and subsidiaries ("Neogen," "we," "our" or the "Company") develop, manufacture and market a diverse line of products and services dedicated to food and animal safety. Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns. The majority of the test kits are disposable, single-use, immunoassay and DNA detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results. Our expanding line of food safety products also includes genomics-based diagnostic technology, and advanced software systems that help testers objectively analyze and store, as well as perform analysis on, their results from multiple locations over extended periods. Neogen’s Animal Safety segment is engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, cleaners, biosecurity products and genomics testing services for the worldwide animal safety market. The majority of these consumable products are marketed through veterinarians, retailers, livestock producers and animal health product distributors. Our line of drug detection products is sold worldwide for the detection of abused and therapeutic drugs in animals and animal products, and has expanded into the workplace and human forensic markets. BASIS OF PRESENTATION AND CONSOLIDATION The accompanying unaudited condensed consolidated financial statements include the accounts of Neogen and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (generally accepted accounting principles) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of the interim period have been included in the accompanying unaudited condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. The results of operations during the three months ended August 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year ending May 31, 2025. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2024. New Accounting Pronouncements Not Yet Adopted Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We expect to adopt this guidance for our fiscal year 2025 annual reporting and are currently finalizing our assessment of the impact that this standard will have on our segment disclosures. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. This guidance becomes effective for our fiscal year 2026 annual reporting. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Aug. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	2. REVENUE RECOGNITION The Company derives revenue from two primary sources—product revenue and service revenue. Product revenue consists of shipments of: • Diagnostic test kits, culture media and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation; • Consumable products marketed to veterinarians, retailers, livestock producers and animal health product distributors; and • Biosecurity products to assist in the control of rodents, insects and disease in and around agricultural, food production and other facilities. Revenues for our products are recognized and invoiced when the product is shipped to the customer. Service revenue consists primarily of: • Genomic identification and related interpretive bioinformatic services; • Neogen Analytics; and • Other commercial laboratory services. Revenues for Neogen’s genomics and commercial laboratory services are recognized and invoiced when the applicable laboratory service is performed and the results are conveyed to the customer. Payment terms for products and services are generally 30 to 60 days . Contract liabilities represent deposits made by customers before the satisfaction of performance obligation(s) and recognition of revenue. Upon completion of the performance obligation(s) that the Company has with the customer, the liability for the customer deposit is relieved and revenue is recognized. These customer deposits are recorded within deferred revenue on the condensed consolidated balance sheets. Changes in the balances relate primarily to sales of the Company's genomics services. The following table summarizes contract liabilities by period: Three months ended August 31, 2024 2023 Beginning balance $ 4,632 $ 4,616 Additions 3,078 1,857 Amounts recognized into revenue ( 2,075 ) ( 2,684 ) Ending balance $ 5,635 $ 3,789 The following table presents disaggregated revenue by major product and service categories during the three months ended August 31, 2024 and August 31, 2023: Three months ended August 31, 2024 2023 Food Safety Natural Toxins & Allergens $ 20,376 $ 22,268 Bacterial & General Sanitation 39,899 45,224 Indicator Testing, Culture Media & Other 81,703 81,886 Biosecurity Products 11,779 11,090 Genomics Services 5,588 5,810 $ 159,345 $ 166,278 Animal Safety Life Sciences $ 1,733 $ 1,661 Veterinary Instruments & Disposables 12,523 12,932 Animal Care & Other 6,679 8,175 Biosecurity Products 20,806 22,686 Genomics Services 15,878 17,255 57,619 62,709 Total Revenues $ 216,964 $ 228,987

Net (Loss) Income Per Share

Net (Loss) Income Per Share	3 Months Ended
	Aug. 31, 2024
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	3. NET (LOSS) INCOME PER SHARE Basic net (loss) income per share was computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period. Diluted net (loss) income per share was computed using the treasury stock method by dividing net (loss) income by the weighted average number of shares of common stock outstanding. The calculation of net (loss) income per share follows: Three months ended August 31, 2024 2023 Numerator for basic and diluted net (loss) income per share: Net (loss) income attributable to Neogen $ ( 12,609 ) $ 1,503 Denominator for basic net (loss) income per share: Weighted average shares 216,695,348 216,309,084 Effect of dilutive stock options and RSUs — 537,022 Denominator for diluted net (loss) income per share 216,695,348 216,846,106 Net (loss) income per share: Basic $ ( 0.06 ) $ 0.01 Diluted $ ( 0.06 ) $ 0.01 Due to the net loss reported for the three months ended August 31, 2024 , the dilutive stock options and RSUs were anti-dilutive. As of August 31, 2023, 45,000 shares were excluded from the calculation of diluted net income per share, because the inclusion of such securities in the calculation would have been anti-dilutive.

Segment Information and Geograp

Segment Information and Geographic Data	3 Months Ended
	Aug. 31, 2024
Segment Information and Geographic Data	4. SEGMENT INFORMATION AND GEOGRAPHIC DATA The Company has two reportable segments: Food Safety and Animal Safety. The Food Safety segment is primarily engaged in the development, production and marketing of diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the development, production and marketing of products dedicated to animal safety, including a complete line of consumable products marketed to veterinarians and animal health product distributors. This segment also provides genomic identification and related interpretive bioinformatic services. Additionally, the Animal Safety segment produces and markets biosecurity products to assist in the control of rodents, insects and disease in and around agricultural, food production and other facilities. Many of our international operations originally focused on the Company’s food safety products, and each of these units reports through the Food Safety segment. In recent years, these operations have expanded to offer the Company’s complete line of products and services, including those usually associated with the Animal Safety segment such as cleaners, biosecurity products, veterinary instruments and genomics services. These additional products and services are managed and directed by existing management and are reported through the Food Safety segment. Segment information follows: Food Animal Corporate and (1) Total As of and during the three months ended August 31, 2024 Product revenues to external customers $ 150,777 $ 41,741 $ — $ 192,518 Service revenues to external customers 8,568 15,878 — 24,446 Total revenues to external customers $ 159,345 $ 57,619 $ — $ 216,964 Operating income (loss) $ 17,905 $ 2,589 $ ( 18,237 ) $ 2,257 Total assets $ 4,056,444 $ 342,077 $ 104,652 $ 4,503,173 As of and during the three months ended August 31, 2023 Product revenues to external customers $ 158,947 $ 45,454 $ — $ 204,401 Service revenues to external customers 7,331 17,255 — 24,586 Total revenues to external customers $ 166,278 $ 62,709 $ — $ 228,987 Operating income (loss) $ 22,241 $ 8,356 $ ( 11,462 ) $ 19,135 Total assets $ 3,983,553 $ 338,297 $ 239,255 $ 4,561,105 (1) Includes corporate assets, including cash and cash equivalents, current and deferred tax accounts and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions. The following table presents the Company’s revenue disaggregated by geographic location: Three months ended August 31, 2024 2023 Domestic $ 104,383 $ 111,068 International 112,581 117,919 Total revenue $ 216,964 $ 228,987

Business Combinations

Business Combinations	3 Months Ended
	Aug. 31, 2024
Business Combinations	5. BUSINESS COMBINATIONS The condensed consolidated statements of operations reflect the results of operations for business acquisitions since the respective dates of purchase. All are accounted for using the acquisition method. Goodwill recognized in the acquisitions discussed below relates primarily to enhancing the Company’s strategic platform for the expansion of available product offerings. Fiscal 2023 Corvium Acquisition In February 2023, the Company acquired certain assets as part of an asset purchase agreement with Corvium, Inc., a partner and supplier within the Company's software analytics platform. This acquisition, which primarily includes the software technology, advances the Company's food safety data analytics strategy. The purchase price consideration was $ 24,067 , which included $ 9,004 held in escrow. In the first quarter of fiscal 2024, $ 8,000 of the escrow balance was released to Corvium, Inc. In the third quarter of fiscal 2024, the remaining escrow balance was released to Corvium, Inc. This transaction is a business combination and was accounted for using the acquisition method. There also is the potential for performance milestone payments of up to $ 8,500 based on successful implementation of the software service at customer sites and sale of licenses. As a result, the Company has recorded contingent liabilities of $ 930 as part of the opening balance sheet within other non-current liabilities, as shown below. In fiscal year 2024, the first milestone period occurred, resulting in no performance milestone payment. In the first quarter of fiscal 2024, the Company recorded an increase to intangible assets of $ 100 , based on finalization of a third-party advisor's valuation work and fair value estimates. The goodwill recorded as part of this transaction, which is fully deductible for tax purposes, includes value associated with profits earned from data management solutions that can be offered to existing customers and the expertise and reputation of the assembled workforce. These values are Level 3 fair value measurements. The final purchase price allocation, based upon the fair value of these assets acquired and liabilities assumed, which was determined using the income approach, is summarized in the following table: Prepaids and other current assets $ 66 Property, plant and equipment 13 Intangible assets 10,280 Deferred revenue ( 1,827 ) Adjustment of annual license prepaid ( 419 ) Other non-current liabilities ( 930 ) Total identifiable assets and liabilities acquired 7,183 Goodwill 16,884 Total purchase consideration $ 24,067 For each completed acquisition listed above, the revenues and net income were not considered material and were therefore not disclosed. 3M Food Safety Transaction In September 2022, Neogen, 3M, and Neogen Food Safety Corporation, formerly named Garden SpinCo, a subsidiary created to carve out 3M’s FSD, closed on a transaction combining 3M’s FSD with Neogen in a Reverse Morris Trust transaction and Neogen Food Safety Corporation became a wholly owned subsidiary of Neogen (“FSD transaction”). Immediately following the FSD transaction, pre-merger Neogen Food Safety Corporation stockholders owned, in the aggregate, approximately 50.1 % of the issued and outstanding shares of Neogen common stock and pre-merger Neogen shareholders owned, in the aggregate, approximately 49.9 % of the issued and outstanding shares of Neogen common stock. This transaction is a business combination and was accounted for using the acquisition method. The purchase price consideration for the 3M FSD was $ 3.2 billion, net of customary purchase price adjustments and transaction costs, which consisted of 108,269,946 shares of Neogen common stock issued on closing with a fair value of $ 2.2 billion and non-cash consideration of $ 1 billion, funded by the additional financing obtained by Garden SpinCo and assumed by the Company as part of the transaction. In the first quarter of fiscal 2024, the Company recorded adjustments to goodwill and intangible assets, based on third-party advisor's valuation work and fair value estimates, resulting in an increase to goodwill and a decrease to the intangible assets balance. The Company also recorded adjustments to deferred tax liabilities, which increased the balance, based on finalization of entity income tax provisions. The excess of the purchase price over the fair value of the net tangible assets and identifiable intangible assets of $ 1.97 billion was recorded as goodwill, of which $ 1.92 billion is not deductible for tax purposes. Goodwill includes value associated with profits earned from market and expansion capabilities, expected synergies from integration and streamlining operational activities, the expertise and reputation of the assembled workforce and other intangible assets that do not qualify for separate recognition. These values are Level 3 fair value measurements. The final purchase price allocation, based upon the fair value of these assets acquired and liabilities assumed, which was determined using the income approach, is summarized in the following table: Cash and cash equivalents $ 319 Inventories 18,403 Other current assets 14,855 Property, plant and equipment 25,832 Intangible assets 1,559,805 Right of use asset 882 Lease liability ( 885 ) Deferred tax liabilities ( 352,636 ) Other liabilities ( 2,832 ) Total identifiable assets and liabilities acquired 1,263,743 Goodwill 1,974,870 Total purchase consideration $ 3,238,613

Income Taxes

Income Taxes	3 Months Ended
	Aug. 31, 2024
Income Taxes	6. INCOME TAXES Income tax benefit was $ 3,000 during the three months ended August 31, 2024 . Income tax expense was $ 160 during the three months ended August 31, 2023 . The net tax benefit for the quarter is primarily related to pre-tax losses due to amortization expense and interest expense from the 3M FSD acquisition. The Organization for Economic Cooperation and Development (“OECD”) Pillar 2 global minimum tax rules, which generally provide for a minimum effective tax rate of 15 %, are intended to apply for tax years beginning in 2024. The Company is closely monitoring developments and evaluating the impact these new rules will have on our tax rate, including eligibility to qualify for certain safe harbors. Where no safe harbor is met, The Company has included in its income tax benefit during the three months ended August 31, 2024, a forecasted amount of top-up tax for its foreign subsidiaries as required under the applicable rules of the countries that have adopted the Pillar Two directives. The total amounts of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of August 31, 2024 and May 31, 2024 were $ 3,288 and $ 2,739 , respectively. Increases in unrecognized tax benefits are primarily associated with the acquired 3M FSD, including positions for transfer pricing and research and development credits.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. COMMITMENTS AND CONTINGENCIES The Company is involved in environmental remediation and monitoring activities at its Randolph, Wisconsin manufacturing facility and accrues for related costs, when such costs are determined to be probable and estimable. The Company currently utilizes a pump and treat remediation strategy, which includes semi-annual monitoring and reporting, consulting, and maintenance of monitoring wells. These annual remediation costs are expensed and have ranged from $ 38 to $ 131 per year over the past five years. The Company’s estimated remaining liability for these costs is $ 916 as of both August 31, 2024 and May 31, 2024 , measured on an undiscounted basis over an estimated period of 15 years . In fiscal 2019, the Company performed an updated Corrective Measures Study on the site, per a request from the Wisconsin Department of Natural Resources ("WDNR"), and is currently working with the WDNR regarding potential alternative remediation strategies going forward. The Company believes that the current pump and treat strategy is appropriate for the site. In fiscal 2022, in collaboration with the WDNR, the Company initiated an in-situ chemical remediation pilot study, which ran over a two-year period. The results of this study were submitted to the WDNR as part of our standard annual report. If the WDNR were to require a change from the current pump and treat remediation strategy, this change could result in an increase in future costs and, ultimately, an increase in the currently recorded liability, with an offsetting charge to operations in the period recorded. The Company has recorded $ 100 as a current liability as of August 31, 2024 , and the remaining $ 816 is recorded in other non-current liabilities in the condensed consolidated balance sheets. The Company is subject to certain legal and other proceedings in the normal course of business that, in the opinion of management, are not expected to have a material effect on its future results of operations or financial position.

Derivatives

Derivatives	3 Months Ended
	Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	8. DERIVATIVES AND FAIR VALUE Derivatives The Company operates on a global basis and is exposed to the risk that its financial condition, results of operations and cash flows could be adversely affected by changes in foreign currency exchange rates and changes in interest rates. To reduce the potential effects of foreign currency exchange rate movements on net earnings, the Company enters into derivative financial instruments in the form of foreign currency exchange forward contracts with major financial institutions and has also entered into interest rate swap contracts as a hedge against changes in interest rates. The Company has established policies and procedures for risk assessment and the approval, reporting and monitoring of derivative financial instrument activities. On the date the derivative is established, the Company designates the derivative as either a fair value hedge, a cash flow hedge or a net investment hedge in accordance with its established policy. Each reporting period, derivatives are recorded at fair value in other current assets, other assets, accrued liabilities and other long-term liabilities. The change in fair value is recorded in accumulated other comprehensive loss, and amounts are reclassified into earnings on the condensed consolidated statements of operations when transactions are realized. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. The Company does not enter into derivative financial instruments for trading or speculative purposes. Derivatives Not Designated as Hedging Instruments The Company forecasts its net exposure in various receivables and payables to fluctuations in the value of various currencies, and has entered into a number of foreign currency forward contracts each month to mitigate that exposure. These contracts are recorded net at fair value on our consolidated balance sheets, classified as Level 2 in the fair value hierarchy. Gains and losses from these contracts are recognized in other income in our condensed consolidated statements of operations. The notional amount of forward contracts in place was $ 74,972 and $ 70,315 as of August 31, 2024 and May 31, 2024, respectively, and consisted of hedges of transactions up to October 2024. Fair Value of Derivatives Not Designated as Hedging Instruments Balance Sheet Location August 31, 2024 May 31, 2024 Foreign currency forward contracts, net Other current liabilities $ 580 $ 265 The location and amount of gains (losses) from derivatives not designated as hedging instruments in our condensed consolidated statements of operations were as follows: Three months ended August 31, Derivatives Not Designated as Hedging Instruments Location in statements of operations 2024 2023 Foreign currency forward contracts Other expense $ 634 $ 320 Derivatives Designated as Hedging Instruments In November 2022, we entered into a receive-variable, pay-fixed interest rate swap agreement with a $ 250,000 notional value, which is designated as a cash flow hedge. In accordance with the agreement, in November 2024, the notional value will decrease to $ 200,000 . This agreement fixed a portion of the variable interest due on our term loan facility, with an effective date of December 2, 2022 and a maturity date of June 30, 2027 . Under the terms of the agreement, we pay a fixed interest rate of 4.215 %, plus an applicable margin ranging between 150 to 225 basis points and receive a variable rate of interest based on term SOFR from the counterparty, which is reset according to the duration of the SOFR term. The fair value of the interest rate swap as of August 31, 2024 and May 31, 2024 was a net (liability) asset of ($ 2,625 ) and $ 2,451 , respectively. The Company expects to reclassify a $ 241 gain of accumulated other comprehensive income into earnings in the next 12 months. We record the fair value of our interest rate swaps on a recurring basis using Level 2 observable market inputs for similar assets or liabilities in active markets. Fair Value of Derivatives Designated as Hedging Instruments Balance Sheet Location August 31, 2024 May 31, 2024 Interest rate swap – current Other current assets $ 317 $ 2,222 Interest rate swap – non-current Other (non-current liabilities) non-current assets $ ( 2,942 ) $ 229 Fair Value of Financial Instruments Fair value measurements are determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs. The Company utilizes a fair value hierarchy based upon the observability of inputs used in valuation techniques as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments other than cash equivalents and marketable securities, which include accounts receivable and accounts payable, approximate fair value based on either their short maturity or current terms for similar instruments.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Aug. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	9. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss changes by component, net of related tax, were as follows: Three months ended August 31, 2024 2023 Accumulated other comprehensive loss, beginning balance $ ( 30,021 ) $ ( 33,251 ) Foreign currency translation adjustment Balance at beginning of period $ ( 31,885 ) $ ( 30,285 ) Other comprehensive gain (loss) before reclassifications 2,459 3,223 Balance at end of period $ ( 29,426 ) $ ( 27,062 ) Marketable securities Balance at beginning of period $ - $ ( 927 ) Other comprehensive loss before reclassifications - - Amounts reclassified from accumulated other comprehensive loss - 576 Balance at end of period $ - $ ( 351 ) Fair value of derivatives change Balance at beginning of period $ 1,864 $ ( 2,039 ) Other comprehensive (loss) gain before reclassifications ( 3,271 ) 3,479 Amounts reclassified from accumulated other comprehensive loss ( 588 ) ( 523 ) Balance at end of period $ ( 1,995 ) $ 917 Accumulated other comprehensive loss, ending balance $ ( 31,421 ) $ ( 26,496 )

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Aug. 31, 2024
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We expect to adopt this guidance for our fiscal year 2025 annual reporting and are currently finalizing our assessment of the impact that this standard will have on our segment disclosures. Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024. This guidance becomes effective for our fiscal year 2026 annual reporting. The Company is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Aug. 31, 2024
Summary of Contract Liabilities by Period	The following table summarizes contract liabilities by period: Three months ended August 31, 2024 2023 Beginning balance $ 4,632 $ 4,616 Additions 3,078 1,857 Amounts recognized into revenue ( 2,075 ) ( 2,684 ) Ending balance $ 5,635 $ 3,789
Summary of Disaggregated Revenue by Geographic Location	The following table presents the Company’s revenue disaggregated by geographic location: Three months ended August 31, 2024 2023 Domestic $ 104,383 $ 111,068 International 112,581 117,919 Total revenue $ 216,964 $ 228,987
Operating Segments
Summary of Disaggregated Revenue by Geographic Location	The following table presents disaggregated revenue by major product and service categories during the three months ended August 31, 2024 and August 31, 2023: Three months ended August 31, 2024 2023 Food Safety Natural Toxins & Allergens $ 20,376 $ 22,268 Bacterial & General Sanitation 39,899 45,224 Indicator Testing, Culture Media & Other 81,703 81,886 Biosecurity Products 11,779 11,090 Genomics Services 5,588 5,810 $ 159,345 $ 166,278 Animal Safety Life Sciences $ 1,733 $ 1,661 Veterinary Instruments & Disposables 12,523 12,932 Animal Care & Other 6,679 8,175 Biosecurity Products 20,806 22,686 Genomics Services 15,878 17,255 57,619 62,709 Total Revenues $ 216,964 $ 228,987

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	3 Months Ended
	Aug. 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Net (Loss) Income Per Share	The calculation of net (loss) income per share follows: Three months ended August 31, 2024 2023 Numerator for basic and diluted net (loss) income per share: Net (loss) income attributable to Neogen $ ( 12,609 ) $ 1,503 Denominator for basic net (loss) income per share: Weighted average shares 216,695,348 216,309,084 Effect of dilutive stock options and RSUs — 537,022 Denominator for diluted net (loss) income per share 216,695,348 216,846,106 Net (loss) income per share: Basic $ ( 0.06 ) $ 0.01 Diluted $ ( 0.06 ) $ 0.01

Segment Information and Geogr_2

Segment Information and Geographic Data (Tables)	3 Months Ended
	Aug. 31, 2024
Segment Information	Segment information follows: Food Animal Corporate and (1) Total As of and during the three months ended August 31, 2024 Product revenues to external customers $ 150,777 $ 41,741 $ — $ 192,518 Service revenues to external customers 8,568 15,878 — 24,446 Total revenues to external customers $ 159,345 $ 57,619 $ — $ 216,964 Operating income (loss) $ 17,905 $ 2,589 $ ( 18,237 ) $ 2,257 Total assets $ 4,056,444 $ 342,077 $ 104,652 $ 4,503,173 As of and during the three months ended August 31, 2023 Product revenues to external customers $ 158,947 $ 45,454 $ — $ 204,401 Service revenues to external customers 7,331 17,255 — 24,586 Total revenues to external customers $ 166,278 $ 62,709 $ — $ 228,987 Operating income (loss) $ 22,241 $ 8,356 $ ( 11,462 ) $ 19,135 Total assets $ 3,983,553 $ 338,297 $ 239,255 $ 4,561,105 (1) Includes corporate assets, including cash and cash equivalents, current and deferred tax accounts and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.
Disaggregated Revenue	The following table presents the Company’s revenue disaggregated by geographic location: Three months ended August 31, 2024 2023 Domestic $ 104,383 $ 111,068 International 112,581 117,919 Total revenue $ 216,964 $ 228,987

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Aug. 31, 2024
Corvium Inc [Member]
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Line Items]
Summary of Final Purchase Price Allocation Based upon Fair Value of Assets Acquired And Liabilities Assumed	The final purchase price allocation, based upon the fair value of these assets acquired and liabilities assumed, which was determined using the income approach, is summarized in the following table: Prepaids and other current assets $ 66 Property, plant and equipment 13 Intangible assets 10,280 Deferred revenue ( 1,827 ) Adjustment of annual license prepaid ( 419 ) Other non-current liabilities ( 930 ) Total identifiable assets and liabilities acquired 7,183 Goodwill 16,884 Total purchase consideration $ 24,067
3M Food Safety Transaction [Member]
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Line Items]
Summary of Final Purchase Price Allocation Based upon Fair Value of Assets Acquired And Liabilities Assumed	The final purchase price allocation, based upon the fair value of these assets acquired and liabilities assumed, which was determined using the income approach, is summarized in the following table: Cash and cash equivalents $ 319 Inventories 18,403 Other current assets 14,855 Property, plant and equipment 25,832 Intangible assets 1,559,805 Right of use asset 882 Lease liability ( 885 ) Deferred tax liabilities ( 352,636 ) Other liabilities ( 2,832 ) Total identifiable assets and liabilities acquired 1,263,743 Goodwill 1,974,870 Total purchase consideration $ 3,238,613

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Other Derivatives Not Designated As Hedging Instruments Statements of Financial Performance And Financial Position Location	Fair Value of Derivatives Not Designated as Hedging Instruments Balance Sheet Location August 31, 2024 May 31, 2024 Foreign currency forward contracts, net Other current liabilities $ 580 $ 265
Schedule of Gain Loss From Derivatives Not Designated As Hedging Instruments Statements of Financial Performance And Location	The location and amount of gains (losses) from derivatives not designated as hedging instruments in our condensed consolidated statements of operations were as follows: Three months ended August 31, Derivatives Not Designated as Hedging Instruments Location in statements of operations 2024 2023 Foreign currency forward contracts Other expense $ 634 $ 320
Summary of Interest Rate Swaps on Recurring Basis Using Observable Market Inputs for Similar Assets or Liabilities	We record the fair value of our interest rate swaps on a recurring basis using Level 2 observable market inputs for similar assets or liabilities in active markets. Fair Value of Derivatives Designated as Hedging Instruments Balance Sheet Location August 31, 2024 May 31, 2024 Interest rate swap – current Other current assets $ 317 $ 2,222 Interest rate swap – non-current Other (non-current liabilities) non-current assets $ ( 2,942 ) $ 229 Fair Value of Financial Instruments Fair value measurements are determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs. The Company utilizes a fair value hierarchy based upon the observability of inputs used in valuation techniques as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments other than cash equivalents and marketable securities, which include accounts receivable and accounts payable, approximate fair value based on either their short maturity or current terms for similar instruments.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Aug. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss Changes by Component, Net of Related Tax	Accumulated other comprehensive loss changes by component, net of related tax, were as follows: Three months ended August 31, 2024 2023 Accumulated other comprehensive loss, beginning balance $ ( 30,021 ) $ ( 33,251 ) Foreign currency translation adjustment Balance at beginning of period $ ( 31,885 ) $ ( 30,285 ) Other comprehensive gain (loss) before reclassifications 2,459 3,223 Balance at end of period $ ( 29,426 ) $ ( 27,062 ) Marketable securities Balance at beginning of period $ - $ ( 927 ) Other comprehensive loss before reclassifications - - Amounts reclassified from accumulated other comprehensive loss - 576 Balance at end of period $ - $ ( 351 ) Fair value of derivatives change Balance at beginning of period $ 1,864 $ ( 2,039 ) Other comprehensive (loss) gain before reclassifications ( 3,271 ) 3,479 Amounts reclassified from accumulated other comprehensive loss ( 588 ) ( 523 ) Balance at end of period $ ( 1,995 ) $ 917 Accumulated other comprehensive loss, ending balance $ ( 31,421 ) $ ( 26,496 )

Cash and Marketable Securities

Cash and Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 120,477	$ 170,611

Cash And Marketable Securitie_2

Cash And Marketable Securities - Schedule Of Classification And Maturities Of Marketable Securities (Detail) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Marketable Securities, Current	$ 0	$ 325

Revenue Recognition (Additional

Revenue Recognition (Additional Information) (Details)	3 Months Ended
	Aug. 31, 2024
Revenue from Contract with Customer [Abstract]
Products and services, payment terms	30 to 60 days

Revenue Recognition - Summary o

Revenue Recognition - Summary of Contract Liabilities by Period (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 4,632	$ 4,616
Additions	3,078	1,857
Amounts recognized into revenue	(2,075)	(2,684)
Ending balance	$ 5,635	$ 3,789

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenues	$ 216,964	$ 228,987
Food Safety
Disaggregation of Revenue [Line Items]
Total Revenues	159,345	166,278
Food Safety | Natural Toxins & Allergens
Disaggregation of Revenue [Line Items]
Total Revenues	20,376	22,268
Food Safety | Bacterial & General Sanitation
Disaggregation of Revenue [Line Items]
Total Revenues	39,899	45,224
Food Safety | Indicator Testing, Culture Media & Other
Disaggregation of Revenue [Line Items]
Total Revenues	81,703	81,886
Food Safety | Biosecurity Products
Disaggregation of Revenue [Line Items]
Total Revenues	11,779	11,090
Food Safety | Genomics Services
Disaggregation of Revenue [Line Items]
Total Revenues	5,588	5,810
Animal Safety
Disaggregation of Revenue [Line Items]
Total Revenues	57,619	62,709
Animal Safety | Biosecurity Products
Disaggregation of Revenue [Line Items]
Total Revenues	20,806	22,686
Animal Safety | Genomics Services
Disaggregation of Revenue [Line Items]
Total Revenues	15,878	17,255
Animal Safety | Life Sciences
Disaggregation of Revenue [Line Items]
Total Revenues	1,733	1,661
Animal Safety | Veterinary Instruments & Disposables
Disaggregation of Revenue [Line Items]
Total Revenues	12,523	12,932
Animal Safety | Animal Care & Other
Disaggregation of Revenue [Line Items]
Total Revenues	$ 6,679	$ 8,175

Net (Loss) Income Per Share - C

Net (Loss) Income Per Share - Calculation of Net (Loss) Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Earnings Per Share [Line Items]
Numerator for basic and diluted net (loss) income per share: - Net (loss) income attributable to Neogen	$ (12,609)	$ 1,503
Denominator for basic net (loss) income per share - Weighted average shares	216,695,348	216,309,084
Effect of dilutive stock options and RSUs	0	537,022
Denominator for diluted net (loss) income per share	216,695,348	216,846,106
Net (loss) income per share:
Basic	$ (0.06)	$ 0.01
Diluted	$ (0.06)	$ 0.01

Net (Loss) Income Per Share - A

Net (Loss) Income Per Share - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2023 shares
Earnings Per Share [Abstract]
Shares excluded from calculation of diluted net income per share	45,000

Segment Information and Geogr_3

Segment Information and Geographic Data - Additional Information (Detail)	3 Months Ended
	Aug. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments | Segment	2

Segment Information and Geogr_4

Segment Information and Geographic Data - Segment Information (Detail) - USD ($) $ in Thousands		3 Months Ended
		Aug. 31, 2024	Aug. 31, 2023	May 31, 2024
Segment Reporting Information [Line Items]
Total revenues to external customers		$ 216,964	$ 228,987
Operating income (loss)		2,257	19,135
Total Assets		4,503,173	4,561,105	$ 4,548,833
Operating Segments | Food Safety
Segment Reporting Information [Line Items]
Total revenues to external customers		159,345	166,278
Operating income (loss)		17,905	22,241
Total Assets		4,056,444	3,983,553
Operating Segments | Animal Safety
Segment Reporting Information [Line Items]
Total revenues to external customers		57,619	62,709
Operating income (loss)		2,589	8,356
Total Assets		342,077	338,297
Product Revenues
Segment Reporting Information [Line Items]
Total revenues to external customers		192,518	204,401
Product Revenues | Operating Segments | Food Safety
Segment Reporting Information [Line Items]
Total revenues to external customers		150,777	158,947
Product Revenues | Operating Segments | Animal Safety
Segment Reporting Information [Line Items]
Total revenues to external customers		41,741	45,454
Service Revenues
Segment Reporting Information [Line Items]
Total revenues to external customers		24,446	24,586
Service Revenues | Operating Segments | Food Safety
Segment Reporting Information [Line Items]
Total revenues to external customers		8,568	7,331
Service Revenues | Operating Segments | Animal Safety
Segment Reporting Information [Line Items]
Total revenues to external customers		15,878	17,255
Corporate and Eliminations | Operating Segments
Segment Reporting Information [Line Items]
Total revenues to external customers	[1]	0	0
Operating income (loss)	[1]	(18,237)	(11,462)
Total Assets	[1]	104,652	239,255
Corporate and Eliminations | Product Revenues | Operating Segments
Segment Reporting Information [Line Items]
Total revenues to external customers	[1]	0	0
Corporate and Eliminations | Service Revenues | Operating Segments
Segment Reporting Information [Line Items]
Total revenues to external customers	[1]	$ 0	$ 0
[1] Includes corporate assets, including cash and cash equivalents, current and deferred tax accounts and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

Segment Information and Geogr_5

Segment Information and Geographic Data - Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Revenues by Geographic Location [Line Items]
Total revenue	$ 216,964	$ 228,987
Domestic
Revenues by Geographic Location [Line Items]
Total revenue	104,383	111,068
International
Revenues by Geographic Location [Line Items]
Total revenue	$ 112,581	$ 117,919

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 28, 2023	Sep. 30, 2022	Aug. 31, 2024	Aug. 31, 2023	May 31, 2024
Business Acquisition [Line Items]
Maximum potential Payments	$ 8,500				$ 0
Other non-current liabilities	(930)
Adjustments to intangible assets			$ 100
Goodwill			2,137,494		$ 2,135,632
Operating Income (Loss)			2,257	$ 19,135
Three M Food Safety Transaction [Member]
Business Acquisition [Line Items]
Purchase price allocation for inventory		$ 18,403
Purchase price allocation for land, property and equipment		25,832
Purchase price allocation for intangible assets		1,559,805
Purchase price allocation for deferred tax liability		352,636
Other non-current liabilities		$ (2,832)
Number of shares issued in business acquisitions		108,269,946
Stock Issued During Period, Value, Acquisitions		$ 2,200,000
Non-cash consideration		3,200,000
Goodwill		1,974,870	1,970,000
Business acquisition, goodwill, not deductible for tax purposes			1,920,000
Corvium Inc [Member]
Business Acquisition [Line Items]
Purchase price allocation for land, property and equipment	13
Purchase price allocation for intangible assets	10,280
Consideration for purchase of business	24,067
Unearned revenue liability	1,827
Purchase price allocation for Prepaid Expenses	66
Other non-current liabilities	(930)
Escrow Deposit	9,004
Escrow balance released			$ 8,000
Goodwill	$ 16,884
Garden SpinCo [Member] | Three M Food Safety Transaction [Member]
Business Acquisition [Line Items]
Non-cash consideration by additional financing		$ 1,000,000
Postmerger Neogen Corp [Member] | Garden SpinCo [Member] | Three M Food Safety Transaction [Member]
Business Acquisition [Line Items]
Minority interest ownership percentage by Parent		50.10%
Postmerger Neogen Corp [Member] | Premerger Neogen Shareholders [Member] | Three M Food Safety Transaction [Member]
Business Acquisition [Line Items]
Minority interest ownership percentage by Noncontrolling owners		49.90%

Business Combinations - Summary

Business Combinations - Summary of Final Purchase Price Allocation Based upon Fair Value of Assets Acquired And Liabilities Assumed (Detail) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Feb. 28, 2023	Sep. 30, 2022
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Line Items]
Other non-current liabilities			$ (930)
Goodwill	$ 2,137,494	$ 2,135,632
Corvium Inc [Member]
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Line Items]
Prepaids and other current assets			66
Property, plant and equipment			13
Intangible assets			10,280
Deferred revenue			(1,827)
Adjustment of annual license prepaid			(419)
Other non-current liabilities			(930)
Total identifiable assets and liabilities acquired			7,183
Goodwill			16,884
Total purchase consideration			$ 24,067
3M Food Safety Transaction [Member]
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net [Line Items]
Cash and cash equivalents				$ 319
Inventories				18,403
Other current assets				14,855
Property, plant and equipment				25,832
Intangible assets				1,559,805
Right of use asset				882
Lease liability				(885)
Deferred tax liabilities				(352,636)
Other non-current liabilities				(2,832)
Total identifiable assets and liabilities acquired				1,263,743
Goodwill	$ 1,970,000			1,974,870
Total purchase consideration				$ 3,238,613

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	May 31, 2024
Income Taxes [Line Items]
Income tax (benefit) expense	$ (3,000)	$ 160
Minimum effective tax rate	15%
Unrecognized tax benefits that would impact the tax effective rate	$ 3,288		$ 2,739

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	May 31, 2024
Commitments and Contingencies Disclosure [Line Items]
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Estimated liability costs of remediation	$ 916	$ 916
Estimated liability, measurement period, years	15 years
Estimated liability costs of remediation, current	$ 100
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current
Estimated liability costs of remediation, non current	$ 816
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Minimum
Commitments and Contingencies Disclosure [Line Items]
Environmental remediation expense	$ 38
Environmental Remediation Expense, before Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses
Maximum
Commitments and Contingencies Disclosure [Line Items]
Environmental remediation expense	$ 131
Environmental Remediation Expense, before Recovery, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Nov. 30, 2024	Aug. 31, 2024	Feb. 28, 2025	May 31, 2024	Aug. 31, 2023	May 31, 2023	Nov. 30, 2022
Derivative [Line Items]
Accumulated other comprehensive loss		$ (31,421)		$ (30,021)	$ (26,496)	$ (33,251)
Scenario Forecast [Member]
Derivative [Line Items]
Accumulated other comprehensive loss			$ 241
Interest Rate Swap [Member]
Derivative [Line Items]
Fair value of interest rate swap		$ (2,625)		2,451
Cash Flow Hedging [Member] | Base Rate
Derivative [Line Items]
Derivative fixed interest rate		1.50%
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, notional amount		$ 74,972		$ 70,315
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, notional amount							$ 250,000
Derivatives, maturity date		Jun. 30, 2027
Derivative fixed interest rate		4.215%
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Scenario Forecast [Member]
Derivative [Line Items]
Decrease in notional amount	$ 200,000
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Prime Rate
Derivative [Line Items]
Derivative fixed interest rate		2.25%

Derivatives - Schedule of Other

Derivatives - Schedule of Other Derivatives Not Designated As Hedging Instruments Statements of Financial Performance And Financial Position Location (Detail) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Other Current Liabilities [Member]
Derivative [Line Items]
Foreign currency forward contracts, net	$ 580	$ 265

Derivatives - Schedule of Gain

Derivatives - Schedule of Gain Loss From Derivatives Not Designated As Hedging Instruments Statements of Financial Performance And Location (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member] | Other Expense [Member]
Derivative [Line Items]
Foreign currency forward contracts	$ 634	$ 320

Derivatives - Summary of Intere

Derivatives - Summary of Interest Rate Swaps on Recurring Basis Using Observable Market Inputs for Similar Assets or Liabilities (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Derivative [Line Items]
Interest rate swaps	$ (2,625)	$ 2,451
Designated as Hedging Instrument [Member] | Other Current Assets [Member]
Derivative [Line Items]
Interest rate swaps	317	2,222
Designated as Hedging Instrument [Member] | Other Noncurrent Liabilities [Member]
Derivative [Line Items]
Interest rate swaps	$ (2,942)	$ 229

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss Changes by Component, Net of Related Tax (Detail) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance	$ (30,021)	$ (33,251)
Accumulated other comprehensive loss, ending balance	(31,421)	(26,496)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance	(31,885)	(30,285)
Other comprehensive gain (loss) before reclassifications	2,459	3,223
Accumulated other comprehensive loss, ending balance	(29,426)	(27,062)
Marketable Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance	0	(927)
Other comprehensive gain (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0	576
Accumulated other comprehensive loss, ending balance	0	(351)
Fair Value of Derivatives Change
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss, beginning balance	1,864	(2,039)
Other comprehensive gain (loss) before reclassifications	(3,271)	3,479
Amounts reclassified from accumulated other comprehensive loss	(588)	(523)
Accumulated other comprehensive loss, ending balance	$ (1,995)	$ 917