Neogen (NEOG) 10-Q 9 Jan 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Nov. 30, 2013	Dec. 01, 2013
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Nov-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'NEOG	'
Entity Registrant Name	'NEOGEN CORP	'
Entity Central Index Key	'0000711377	'
Current Fiscal Year End Date	'--05-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	36,598,767

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
CURRENT ASSETS	'	'
Cash and cash equivalents	$43,613	$50,032
Marketable securities (at fair value, which approximates cost)	35,479	35,337
Accounts receivable, less allowance of $1,000 and $900	45,800	38,737
Inventories	47,330	38,315
Deferred income taxes	1,462	1,462
Prepaid expenses and other current assets	5,172	4,564
TOTAL CURRENT ASSETS	178,856	168,447
NET PROPERTY AND EQUIPMENT	38,233	34,345
OTHER ASSETS	'	'
Goodwill	66,538	59,491
Other non-amortizable intangible assets	7,280	6,660
Customer based intangibles, net of accumulated amortization of $9,954 and $9,446	18,143	12,345
Other non-current assets, net of accumulated amortization of $5,427 and $4,222	10,663	9,270
Total Other Assets	102,624	87,766
TOTAL ASSETS	319,713	290,558
CURRENT LIABILITIES	'	'
Accounts payable	11,358	9,212
Accrued compensation	4,014	3,227
Income taxes	312	165
Other accruals	7,606	5,115
TOTAL CURRENT LIABILITIES	23,290	17,719
DEFERRED INCOME TAXES	12,449	12,449
OTHER LONG-TERM LIABILITIES	2,164	2,103
Liabilities, Noncurrent, Total	14,613	14,552
TOTAL LIABILITIES	37,903	32,271
EQUITY	'	'
Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding	0	0
Common stock, $.16 par value, 60,000,000 shares authorized, 36,598,767 and 36,084,021 shares issued and outstanding at November 30, 2013 and May 31, 2013, respectively	5,856	5,773
Additional paid-in capital	108,239	99,935
Accumulated other comprehensive loss	-160	-1,372
Retained earnings	167,930	153,885
Total Neogen Corporation Stockholders' Equity	281,865	258,221
Noncontrolling interest	-55	66
TOTAL EQUITY	281,810	258,287
TOTAL LIABILITIES AND EQUITY	$319,713	$290,558

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, except Share data, unless otherwise specified
Accounts receivable, allowance	$1,000	$900
Customer based intangibles, accumulated amortization	9,954	9,446
Other non-current assets, accumulated amortization	$5,427	$4,222
Preferred stock, par value	$1	$1
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	'	'
Preferred stock, shares outstanding	'	'
Common stock, par value	$0.16	$0.16
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	36,598,767	36,084,021
Common stock, shares outstanding	36,598,767	36,084,021

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
REVENUES	'	'	'	'
Product revenues	$53,228	$46,492	$104,575	$91,306
Service revenues	6,371	4,245	13,572	9,161
Total Revenues	59,599	50,737	118,147	100,467
COST OF REVENUES	'	'	'	'
Cost of product revenues	25,792	20,695	49,302	41,015
Cost of service revenues	4,316	2,736	8,990	5,652
Total Cost of Revenues	30,108	23,431	58,292	46,667
GROSS MARGIN	29,491	27,306	59,855	53,800
OPERATING EXPENSES	'	'	'	'
Sales and marketing	11,219	9,941	21,543	19,698
General and administrative	6,280	4,895	11,815	9,377
Research and development	2,303	1,993	4,390	3,920
Operating Expenses, Total	19,802	16,829	37,748	32,995
OPERATING INCOME	9,689	10,477	22,107	20,805
OTHER INCOME (EXPENSE)	'	'	'	'
Interest income	28	43	59	81
Change in purchase consideration	0	-40	0	-53
Other income (expense)	11	75	-542	122
Nonoperating Income (Expense), Total	39	78	-483	150
INCOME BEFORE INCOME TAXES	9,728	10,555	21,624	20,955
INCOME TAXES	3,500	3,800	7,700	7,500
NET INCOME	6,228	6,755	13,924	13,455
NET LOSS (INCOME) ATTRIBUTABLE TO NON- CONTROLLING INTEREST	-21	38	121	52
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION	$6,207	$6,793	$14,045	$13,507
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION PER SHARE	'	'	'	'
Basic	$0.17	$0.19	$0.39	$0.38
Diluted	$0.17	$0.19	$0.38	$0.37

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Net Income	$6,228	$6,755	$13,924	$13,455
Currency Translation Adjustments	882	130	1,212	478
Comprehensive Income	7,110	6,885	15,136	13,933
Comprehensive Loss (Income) attributable to non-controlling interest	-21	38	121	52
Comprehensive Income attributable to Neogen Corporation	$7,089	$6,923	$15,257	$13,985

Consolidated_Statement_of_Equi

Consolidated Statement of Equity (USD $)	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interest
In Thousands, except Share data, unless otherwise specified
Beginning Balance at May. 31, 2013	$258,287	$5,773	$99,935	($1,372)	$153,885	$66
Beginning Balance (in shares) at May. 31, 2013	36,084,021	36,084	'	'	'	'
Issuance of shares of common stock under equity compensation plans, and share based compensation, including $2,107 of excess income tax benefit (in shares)	'	506	'	'	'	'
Issuance of shares of common stock under equity compensation plans, and share based compensation, including $2,107 of excess income tax benefit	8,104	82	8,022	'	'	'
Issuance of shares under employee stock purchase plan (in shares)	'	9	'	'	'	'
Issuance of shares under employee stock purchase plan	283	1	282	'	'	'
Comprehensive income:	'	'	'	'	'	'
Net income (loss) for the six months ended November 30, 2013	13,924	'	'	'	14,045	-121
Foreign currency translation adjustments	1,212	'	'	1,212	'	'
Ending Balance at Nov. 30, 2013	$281,810	$5,856	$108,239	($160)	$167,930	($55)
Ending Balance (in shares) at Nov. 30, 2013	36,598,767	36,599	'	'	'	'

Consolidated_Statement_of_Equi1

Consolidated Statement of Equity (Parenthetical) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013
Issuance of shares of common stock under equity compensation plans, and share based compensation, excessive income tax benefit	$2,107

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net Income	$13,924	$13,455
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	4,170	3,291
Share based compensation	1,695	1,406
Excess income tax benefit from the exercise of stock options	-2,107	-1,500
Changes in operating assets and liabilities, net of business acquisitions:	'	'
Accounts receivable	-5,001	-1,297
Inventories	-3,718	-2,076
Prepaid expenses and other current assets	-104	-1,337
Accounts payable, accruals and other	1,870	-608
NET CASH PROVIDED BY OPERATING ACTIVITIES	10,729	11,334
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of property and equipment and other assets	-4,491	-3,370
Proceeds from the sale of marketable securities	52,083	34,153
Purchases of marketable securities	-52,225	-44,082
Payments for business	-22,080	-9,918
NET CASH USED IN INVESTING ACTIVITIES	-26,713	-23,217
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase (decrease) in other long-term liabilities	110	-90
Net proceeds from issuance of common stock	6,871	2,586
Excess income tax benefit from the exercise of stock options	2,107	1,500
NET CASH PROVIDED BY FINANCING ACTIVITIES	9,088	3,996
EFFECT OF EXCHANGE RATE ON CASH	477	151
DECREASE IN CASH	-6,419	-7,736
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	50,032	49,045
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$43,613	$41,309

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Nov. 30, 2013
Basis of Presentation	'
	1. BASIS OF PRESENTATION
	The accompanying unaudited consolidated financial statements 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 the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results of operations for the three and six month periods ended November 30, 2013 are not necessarily indicative of the results to be expected for the fiscal year ending May 31, 2014. For more complete financial information, these consolidated financial statements should be read in conjunction with the May 31, 2013 audited consolidated financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended May 31, 2013.

Inventories

Inventories	6 Months Ended
	Nov. 30, 2013
Inventories	'
	2. INVENTORIES
	Inventories are stated at the lower of cost, determined on the first-in, first-out method, or market. The components of inventories follow:
		November 30,		May 31,
		2013		2013
		(In thousands)
	Raw Materials	$	20,516	$	16,587
	Work-in-process		3,935		3,583
	Finished and purchased goods		22,879		18,145
		$	47,330	$	38,315

Net_Income_per_Share

Net Income per Share	6 Months Ended
	Nov. 30, 2013
Net Income per Share	'
	3. NET INCOME PER SHARE
	The calculation of net income per share attributable to Neogen Corporation follows:
		Three Months Ended				Six Months Ended
		November 30,				November 30,
		2013		2012		2013		2012
		(In thousands, except per share amounts)
	Numerator for basic and diluted net income per share:
	Net Income attributable to Neogen shareholders	$	6,207	$	6,793	$	14,045	$	13,507
	Denominator:
	Denominator for basic net income per share:
	Weighted average shares		36,458		35,742		36,302		35,628
	Effect of dilutive stock options and warrants		916		659		939		719
	Denominator for diluted net income per share		37,374		36,401		37,241		36,347
	Net income attributable to Neogen Corporation per share:
	Basic	$	0.17	$	0.19	$	0.39	$	0.38
	Diluted	$	0.17	$	0.19	$	0.38	$	0.37
	The Board of Directors declared a 3 for 2 stock split effective October 31, 2013. All share and per share amounts in this Form 10-Q reflect amounts as if the split took place at the beginning of the periods presented.

Segment_Information

Segment Information	6 Months Ended
	Nov. 30, 2013
Segment Information	'
	4. SEGMENT INFORMATION
	The Company has two reportable segments: Food Safety and Animal Safety. The Food Safety segment produces and markets 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 production and marketing of products dedicated to animal health, including a complete line of consumable products marketed to veterinarians and animal health product distributors; the segment also provides genetic identification services. Additionally, Animal Safety produces and markets rodenticides and disinfectants to assist in the control of rodents and disease in and around agricultural, food production and other facilities.
	Segment information for the three months ended November 30, 2013 and 2012 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2014
	Product revenues to external customers		$	27,578	$	25,650	$	0		$	53,228
	Service revenues to external customers			821		5,550		0			6,371
	Total revenues to external customers			28,399		31,200		0			59,599
	Operating income (loss)			6,286		4,157		(754	)		9,689
	Total assets			100,172		150,943		68,598			319,713
	Fiscal 2013
	Product revenues to external customers		$	25,344	$	21,148	$	0		$	46,492
	Service revenues to external customers			686		3,559		0			4,245
	Total revenues to external customers			26,030		24,707		0			50,737
	Operating income (loss)			7,112		3,946		(581	)		10,477
	Total assets			88,755		119,471		61,445			269,671
	Segment information for the six months ended November 30, 2013 and 2012 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2014
	Product revenues to external customers		$	56,135	$	48,440	$	0		$	104,575
	Service revenues to external customers			2,263		11,309		0			13,572
	Total revenues to external customers			58,398		59,749		0			118,147
	Operating income (loss)			14,987		8,577		(1,457	)		22,107
	Fiscal 2013
	Product revenues to external customers		$	51,127	$	40,179	$	0		$	91,306
	Service revenues to external customers			1,098		8,063		0			9,161
	Total revenues to external customers			52,225		48,242		0			100,467
	Operating income (loss)			14,781		7,189		(1,165	)		20,805
	-1	Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, deferred assets and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

Equity_Compensation_Plans

Equity Compensation Plans	6 Months Ended
	Nov. 30, 2013
Equity Compensation Plans	'
	5. EQUITY COMPENSATION PLANS
	Options are generally granted under the employee and director stock option plan for five-year periods and become exercisable in equal annual installments during that period. Certain non-qualified options are granted for ten-year periods. A summary of stock option activity during the nine months ended November 30, 2013 follows:
		Shares			Weighted-
					Average
					Exercise Price
	Options outstanding at June 1, 2013		2,091,000		$	19.21
	Granted		512,000			36.44
	Exercised		(513,000	)		13.39
	Forfeited		(80,000	)		21.25
	Options outstanding at November 30, 2013		2,010,000			25
	During the three and six month periods ended November 30, 2013 and 2012, the Company recorded $906,000 and $724,000 and $1,695,000 and $1,406,000 of compensation expense related to its share-based awards.
	The weighted-average fair value of stock options granted during FY-14 and FY-13, estimated on the date of grant using the Black-Scholes option pricing model was $9.87 and $9.20 respectively, per option. The fair value of stock options granted was estimated using the following weighted-average assumptions.
		FY-14			FY-13
	Risk-free interest rate		0.8	%		1.2	%
	Expected dividend yield		0	%		0	%
	Expected stock price volatility		33.1	%		39.2	%
	Expected option life		4.0 years			4.0 years
	The Company has an Employee Stock Purchase plan that provides for employee stock purchases at a 5% discount to market price. The discount is expensed as of the date of purchase.

New_Accounting_Pronouncements

New Accounting Pronouncements	6 Months Ended
	Nov. 30, 2013
New Accounting Pronouncements	'
	6. NEW ACCOUNTING PRONOUNCEMENTS
	In June 2011, the FASB issued an accounting standards update titled Presentation of Comprehensive Income. This update eliminated the current option to report other comprehensive income and its components in the statement of changes in equity. An entity can elect to present items of net income and other comprehensive income in one continuous statement or in two separate consecutive statements. Each component of net income and each component of other comprehensive income, together with totals for comprehensive income and its two parts, net income and other comprehensive income, must be displayed under either alternative. The Company adopted the update in the first quarter of its fiscal 2013; the adoption affected the presentation of its financial statements, but did not have an impact on the results of the Company’s operations.
	In September 2011, the FASB issued an accounting standards update titled Intangibles — Goodwill and Other: Testing Goodwill for Impairment. This update gives the option of performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount and, in some cases, skip the two-step impairment test. The adoption of this update did not have a material effect on the Company’s consolidated financial statements.
	In July 2012, the FASB issued an accounting standard update titled Intangibles – Goodwill and Other: Testing Indefinite Lived Intangible Assets for Impairment. This update gives the option of performing a qualitative assessment to determine whether it is more likely than not that the fair value of the intangible amount is less than its carrying amount and, in some cases, skip the quantitative impairment test. The early adoption of this update did not have a material effect on the Company’s consolidated financial statements.
	In February 2013, the FASB further amended ASC220, Comprehensive Income, with ASU 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (amended ASC220), which was designed to improve the reporting of reclassifications out of accumulated other comprehensive income by requiring an entity to present the effect of significant reclassifications out of accumulated other comprehensive income on the respective lines of net income. The impact of adopting amended ASC220 did not have a material impact on the consolidated financial statements and therefore has not been disclosed in the FY2014 second quarter Form 10-Q.

Business_and_Product_Line_Acqu

Business and Product Line Acquisitions	6 Months Ended
	Nov. 30, 2013
Business and Product Line Acquisitions	'
	7. BUSINESS AND PRODUCT LINE ACQUISITIONS
	The Consolidated Statements of Income reflect the results of operations for business acquisitions since the respective dates of purchase. All are accounted for using the purchase method.
	On October 1, 2012, Neogen Corporation acquired the stock of Macleod Pharmaceuticals, Inc., of Fort Collins, Colorado. Macleod is the manufacturer of Uniprim, a leading veterinary antibiotic. The product is widely distributed throughout the U.S., and is also available in Canada through an exclusive distribution agreement. Consideration for the purchase was $9,918,000 in net cash and $100,000 accrued for secondary consideration. The purchase price was allocated to the fair value of these assets which included accounts receivable of $353,000, inventory of $1,238,000, fixed assets of $300,000, current liabilities of $82,000, deferred tax liabilities of $2,054,000, secondary payment liabilities of $100,000, intangible assets of $5,542,000 and the remainder to goodwill (non-deductible for tax purposes). The secondary payment was finalized in October 2013 and amounted to $62,000. These values are Level 3 fair value measurements. Macleod operates as a subsidiary of Neogen Corporation, reporting within the Animal Safety segment.
	On January 2, 2013, Neogen Corporation acquired the assets of Scidera Genomics, LLC, an animal genomics business based in Davis, California. The company, formerly operated as MetaMorphix, Inc., or MMI Genomics, performs parentage testing and trait analysis primarily for the cattle and canine industries. Consideration for the purchase was $3,400,000 in cash. The preliminary purchase price allocation included current assets of $35,000, fixed assets of $246,000, intangible assets of $1,570,000 and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business has been relocated to the Geneseek facility in Lincoln, Nebraska, and reports within the Animal Safety segment.
	On July 1, 2013, Neogen Corporation acquired the assets of SyrVet, Inc., a veterinary business based in Waukee, Iowa. SyrVet offered a product line similar to Neogen’s Ideal Instruments line of veterinary instruments with 30% of their sales coming from international markets, primarily in Mexico and Latin America. Consideration for the purchase was $10,012,000 in cash and up to $1,500,000 of a secondary payment liability, due at the end of the first year, based on an excess net sales formula. The Company has estimated the secondary payment liability to be $700,000, based on forecasted sales. The preliminary purchase price allocation included accounts receivable of $747,000, net inventory of $2,195,000, fixed assets of $556,000, current liabilities of $226,000, secondary payment liabilities of $700,000, non-amortizable trademarks of $347,000, intangible assets of $3,010,000 (with an estimated life of 15 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business is currently being relocated to Lexington, Kentucky to be integrated with the Company’s current operation there, reporting within the Animal Safety segment.
	On November 1, 2013, Neogen Corporation acquired the assets of Prima Tech Incorporated, a veterinary instrument company based in Kenansville, North Carolina. Prima Tech manufactures devices used by farmers, ranchers, and veterinarians to inject animals, provide topical applications, and to use for oral administration. Prima Tech is also a unique supplier of products used in artificial insemination in the swine industry. Consideration for the purchase was $12,068,000 in cash and up to $600,000 of a secondary payment, due at the end of the first year, based on an excess net sales formula. The Company has estimated the secondary payment liability to be $200,000 based on forecasted sales. The preliminary purchase price allocation included accounts receivable of $963,000, net inventory of $2,944,000, fixed assets of $1,653,000, prepaid assets of $8,000, current liabilities of $1,840,000, secondary payment liabilities of $200,000, non-amortizable trademarks of $196,000, intangible assets of $5,275,000 (with an estimated life of 15 years) and the remainder to goodwill (deductible for tax purposes). These values are Level 3 fair value measurements. This business will continue to operate in its current location and reports within the Animal Safety segment.
	On January 2, 2014, Neogen Corporation acquired the stock of Chem Tech, Ltd., a pest control manufacturing and distribution business located in Pleasantville, Iowa. Consideration for the purchase was $17,185,000 in cash and secondary payment liability of up to $1,000,000. Due to the timing of the transaction, the preliminary allocation was not complete at the time of filing.
	Goodwill recognized in the acquisitions discussed above relates primarily to enhancing the Company’s strategic platform for the expansion of available product offerings.

Long_Term_Debt

Long Term Debt	6 Months Ended
	Nov. 30, 2013
Long Term Debt	'
	8. LONG TERM DEBT
	The Company has a financing agreement with a bank providing for an unsecured revolving line of credit of $12,000,000, which matures on September 1, 2014. There were no advances against this line of credit during FY-2014 and FY-2013 and no balance outstanding at November 30, 2013. Interest is at LIBOR plus 100 basis points (rate under the terms of the agreement was 1.17% at November 30, 2013). Financial covenants include maintaining specified levels of tangible net worth, debt service coverage, and funded debt to EBITDA, each of which the Company was in compliance with at November 30, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Nov. 30, 2013
Commitments and Contingencies	'
	9. 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 is currently expensing annual costs of remediation, which have ranged from $50,000 to $105,000 per year over the past five years. The Company’s estimated liability for these costs of $916,000 at November 30, 2013 and May 31, 2013, measured on an undiscounted basis over an estimated period of 15 years, is recorded within other long-term liabilities in the consolidated balance sheet.
	The Company is subject to certain legal and other proceedings in the normal course of business that, in the opinion of management, should not have a material effect on its future results of operations or financial position.

Stock_Purchase

Stock Purchase	6 Months Ended
	Nov. 30, 2013
Stock Purchase	'
	10. STOCK PURCHASE
	In December 2008, the Company’s Board of Directors authorized a program to purchase, subject to market conditions, up to 1,125,000 shares of the Company’s common stock. As of November 30, 2013, 112,026 cumulative shares had been purchased in negotiated and open market transactions for a total price, including commissions, of approximately $923,000. Shares purchased under the program were retired. There have been no purchases in FY-14 and there were none in FY-13.

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Nov. 30, 2013
Inventories	'
	The components of inventories follow:
		November 30,		May 31,
		2013		2013
		(In thousands)
	Raw Materials	$	20,516	$	16,587
	Work-in-process		3,935		3,583
	Finished and purchased goods		22,879		18,145
		$	47,330	$	38,315

Net_Income_per_Share_Tables

Net Income per Share (Tables)	6 Months Ended
	Nov. 30, 2013
Calculation of Net Income Per Share	'
	The calculation of net income per share attributable to Neogen Corporation follows:
		Three Months Ended				Six Months Ended
		November 30,				November 30,
		2013		2012		2013		2012
		(In thousands, except per share amounts)
	Numerator for basic and diluted net income per share:
	Net Income attributable to Neogen shareholders	$	6,207	$	6,793	$	14,045	$	13,507
	Denominator:
	Denominator for basic net income per share:
	Weighted average shares		36,458		35,742		36,302		35,628
	Effect of dilutive stock options and warrants		916		659		939		719
	Denominator for diluted net income per share		37,374		36,401		37,241		36,347
	Net income attributable to Neogen Corporation per share:
	Basic	$	0.17	$	0.19	$	0.39	$	0.38
	Diluted	$	0.17	$	0.19	$	0.38	$	0.37

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
	Nov. 30, 2013
Segment Information	'
	Segment information for the three months ended November 30, 2013 and 2012 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2014
	Product revenues to external customers		$	27,578	$	25,650	$	0		$	53,228
	Service revenues to external customers			821		5,550		0			6,371
	Total revenues to external customers			28,399		31,200		0			59,599
	Operating income (loss)			6,286		4,157		(754	)		9,689
	Total assets			100,172		150,943		68,598			319,713
	Fiscal 2013
	Product revenues to external customers		$	25,344	$	21,148	$	0		$	46,492
	Service revenues to external customers			686		3,559		0			4,245
	Total revenues to external customers			26,030		24,707		0			50,737
	Operating income (loss)			7,112		3,946		(581	)		10,477
	Total assets			88,755		119,471		61,445			269,671
	Segment information for the six months ended November 30, 2013 and 2012 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2014
	Product revenues to external customers		$	56,135	$	48,440	$	0		$	104,575
	Service revenues to external customers			2,263		11,309		0			13,572
	Total revenues to external customers			58,398		59,749		0			118,147
	Operating income (loss)			14,987		8,577		(1,457	)		22,107
	Fiscal 2013
	Product revenues to external customers		$	51,127	$	40,179	$	0		$	91,306
	Service revenues to external customers			1,098		8,063		0			9,161
	Total revenues to external customers			52,225		48,242		0			100,467
	Operating income (loss)			14,781		7,189		(1,165	)		20,805
	-1	Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, deferred assets and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

Equity_Compensation_Plans_Tabl

Equity Compensation Plans (Tables)	6 Months Ended
	Nov. 30, 2013
Stock Option Activity	'
	A summary of stock option activity during the nine months ended November 30, 2013 follows:
		Shares			Weighted-
					Average
					Exercise Price
	Options outstanding at June 1, 2013		2,091,000		$	19.21
	Granted		512,000			36.44
	Exercised		(513,000	)		13.39
	Forfeited		(80,000	)		21.25
	Options outstanding at November 30, 2013		2,010,000			25
Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions	'
	The fair value of stock options granted was estimated using the following weighted-average assumptions.
		FY-14			FY-13
	Risk-free interest rate		0.8	%		1.2	%
	Expected dividend yield		0	%		0	%
	Expected stock price volatility		33.1	%		39.2	%
	Expected option life		4.0 years			4.0 years

Inventories_Detail

Inventories (Detail) (USD $)	Nov. 30, 2013	31-May-13
In Thousands, unless otherwise specified
Inventory [Line Items]	'	'
Raw Materials	$20,516	$16,587
Work-in-process	3,935	3,583
Finished and purchased goods	22,879	18,145
Inventories	$47,330	$38,315

Calculation_of_Net_Income_Per_

Calculation of Net Income Per Share (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012
Earnings Per Share [Line Items]	'	'	'	'
Net Income attributable to Neogen shareholders	$6,207	$6,793	$14,045	$13,507
Weighted average shares	36,458	35,742	36,302	35,628
Effect of dilutive stock options and warrants	916	659	939	719
Denominator for diluted net income per share	37,374	36,401	37,241	36,347
Net income attributable to Neogen Corporation per share:	'	'	'	'
Basic	$0.17	$0.19	$0.39	$0.38
Diluted	$0.17	$0.19	$0.38	$0.37

Net_Income_Per_Share_Additiona

Net Income Per Share - Additional Information (Detail)	0 Months Ended
	Oct. 31, 2013
Net Income Per Share [Line Items]	'
Stock split	1.5

Segment_Information_Additional

Segment Information - Additional Information (Detail)	6 Months Ended
	Nov. 30, 2013
	Segment
Segment Reporting Information [Line Items]	'
Number of reportable segments	2

Segment_Information_Detail

Segment Information (Detail) (USD $)	3 Months Ended				6 Months Ended
In Thousands, unless otherwise specified	Nov. 30, 2013		Nov. 30, 2012		Nov. 30, 2013		Nov. 30, 2012		31-May-13
Segment Reporting Information [Line Items]	'		'		'		'		'
Product revenues to external customers	$53,228		$46,492		$104,575		$91,306		'
Service revenues to external customers	6,371		4,245		13,572		9,161		'
Total revenues to external customers	59,599		50,737		118,147		100,467		'
Operating income (loss)	9,689		10,477		22,107		20,805		'
Total assets	319,713		269,671		319,713		269,671		290,558
Food Safety	'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'
Product revenues to external customers	27,578		25,344		56,135		51,127		'
Service revenues to external customers	821		686		2,263		1,098		'
Total revenues to external customers	28,399		26,030		58,398		52,225		'
Operating income (loss)	6,286		7,112		14,987		14,781		'
Total assets	100,172		88,755		100,172		88,755		'
Animal Safety	'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'
Product revenues to external customers	25,650		21,148		48,440		40,179		'
Service revenues to external customers	5,550		3,559		11,309		8,063		'
Total revenues to external customers	31,200		24,707		59,749		48,242		'
Operating income (loss)	4,157		3,946		8,577		7,189		'
Total assets	150,943		119,471		150,943		119,471		'
Corporate Eliminations	'		'		'		'		'
Segment Reporting Information [Line Items]	'		'		'		'		'
Product revenues to external customers	0	[1]	0	[1]	0	[1]	0	[1]	'
Service revenues to external customers	0	[1]	0	[1]	0	[1]	0	[1]	'
Total revenues to external customers	0	[1]	0	[1]	0	[1]	0	[1]	'
Operating income (loss)	-754	[1]	-581	[1]	-1,457	[1]	-1,165	[1]	'
Total assets	$68,598	[1]	$61,445	[1]	$68,598	[1]	$61,445	[1]	'
[1]	Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, deferred assets and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions.

Equity_Compensation_Plans_Addi

Equity Compensation Plans - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended	6 Months Ended	9 Months Ended
	Nov. 30, 2013	Nov. 30, 2012	Nov. 30, 2013	Nov. 30, 2012	31-May-13	Nov. 30, 2013	Nov. 30, 2013	Nov. 30, 2013
						Employee Stock Purchase Plan	Minimum	Maximum
						2011 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'	'	'
Stock option vesting period	'	'	'	'	'	'	'5 years	'10 years
Share based compensation	$906,000	$724,000	$1,695,000	$1,406,000	'	'	'	'
Weighted-Average Grant-Date Fair Value of Options Granted	'	'	$9.87	'	$9.20	'	'	'
Annual maximum limit percentage of compensation to purchase shares	'	'	'	'	'	5.00%	'	'

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	9 Months Ended
	Nov. 30, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'
Shares Outstanding, Beginning Balance	2,091,000
Shares, Granted	512,000
Shares, Exercised	-513,000
Shares, Forfeited	-80,000
Shares Outstanding, Ending Balance	2,010,000
Weighted-Average Exercise Price, Beginning Balance	$19.21
Weighted-Average Exercise Price, Granted	$36.44
Weighted-Average Exercise Price, Exercised	$13.39
Weighted-Average Exercise Price, Forfeited	$21.25
Weighted-Average Exercise Price, Ending Balance	$25

Fair_Value_of_Stock_Options_Gr

Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions (Detail)	6 Months Ended	12 Months Ended
	Nov. 30, 2013	31-May-13
Schedule of Weighted Average Assumptions for Fair Values of Stock Options[Line Items]	'	'
Risk-free interest rate	0.80%	1.20%
Expected dividend yield	0.00%	0.00%
Expected stock price volatility	33.10%	39.20%
Expected option life (in years)	'4 years	'4 years

Business_and_Product_Line_Acqu1

Business and Product Line Acquisitions - Additional Information (Detail) (USD $)	0 Months Ended		0 Months Ended			1 Months Ended		0 Months Ended
	Jul. 01, 2013	Jul. 01, 2013	Oct. 31, 2013	Oct. 01, 2012	Jan. 02, 2013	Nov. 01, 2013	Nov. 01, 2013	Jan. 02, 2014
	SyrVet, Inc.	SyrVet, Inc.	Macleod Pharmaceuticals	Macleod Pharmaceuticals	Scidera Genomics,LLC	Prima Tech Incorporated	Prima Tech Incorporated	Chem Tech Ltd
		Trademarks					Trademarks	Subsequent Event
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'
Cash consideration for purchase of business	$10,012,000	'	'	$9,918,000	$3,400,000	$12,068,000	'	$17,185,000
Contingent consideration potential payment	1,500,000	'	'	100,000	'	600,000	'	1,000,000
Purchase price allocation for accounts receivable	747,000	'	'	353,000	'	963,000	'	'
Purchase price allocation for inventory	2,195,000	'	'	1,238,000	'	2,944,000	'	'
Purchase price allocation for fixed assets	556,000	'	'	300,000	246,000	1,653,000	'	'
Purchase price allocation for current liabilities	226,000	'	'	82,000	'	1,840,000	'	'
Purchase price allocation for deferred tax liabilities, current	'	'	'	2,054,000	'	'	'	'
Allocation of purchase price for contingent consideration potential payment	700,000	'	'	100,000	'	200,000	'	'
Purchase price allocation for intangible assets	3,010,000	'	'	5,542,000	1,570,000	5,275,000	'	'
Business Acquisition Contingent Consideration Cash Payment	'	'	62,000	'	'	'	'	'
Purchase price allocation for current assets	'	'	'	'	35,000	'	'	'
Sales from International Markets	30.00%	'	'	'	'	'	'	'
Purchase price allocation for non-amortizable trademarks	'	347,000	'	'	'	'	196,000	'
Finite lived intangible assets, useful life	'15 years	'	'	'	'	'15 years	'	'
Purchase price allocation for prepaid assets	'	'	'	'	'	$8,000	'	'

Long_Term_Debt_Additional_Info

Long Term Debt - Additional Information (Detail) (USD $)	6 Months Ended
	Nov. 30, 2013
Debt Instrument [Line Items]	'
Unsecured revolving line of credit, total amount available	$12,000,000
Unsecured revolving line of credit, maturity date	1-Sep-14
Unsecured revolving line of credit, interest terms	'LIBOR plus 100 basis points
Unsecured revolving line of credit, spread	1.00%
Unsecured revolving line of credit, interest rate	1.17%

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	6 Months Ended
	Nov. 30, 2013	31-May-13
Commitments and Contingencies Disclosure [Line Items]	'	'
Environmental remediation expense, period of remediation, years	'5 years	'
Estimated liability costs of remediation	$916,000	$916,000
Estimated liability, measurement period, years	'15 years	'
Minimum	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'
Environmental remediation expense	50,000	'
Maximum	'	'
Commitments and Contingencies Disclosure [Line Items]	'	'
Environmental remediation expense	$105,000	'

Stock_Purchase_Additional_Info

Stock Purchase - Additional Information (Detail) (USD $)	6 Months Ended
	Nov. 30, 2013	Dec. 31, 2008
Stock Repurchase Program [Line Items]	'	'
Shares authorized to purchase	'	1,125,000
Cumulative number of shares repurchased	112,026	'
Cost of repurchased shares, including commissions	$923,000	'