Neogen (NEOG) 10-Q 1 Apr 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Feb. 28, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	28-Feb-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	NEOG
Entity Registrant Name	NEOGEN CORP
Entity Central Index Key	711377
Current Fiscal Year End Date	-26
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	37,042,058

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Feb. 28, 2015	31-May-14
In Thousands, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$57,484	$40,675
Marketable securities (at fair value, which approximates cost)	44,664	35,821
Accounts receivable, less allowance of $1,200 and $1,200	52,887	51,901
Inventories	55,096	51,178
Deferred income taxes	1,680	1,710
Prepaid expenses and other current assets	5,535	7,461
TOTAL CURRENT ASSETS	217,346	188,746
NET PROPERTY AND EQUIPMENT	43,543	41,949
OTHER ASSETS
Goodwill	70,119	68,190
Other non-amortizable intangible assets	9,020	9,682
Customer based intangibles, net of accumulated amortization of $13,036 and $11,915 at February 28, 2015 and May 31, 2014	21,853	25,230
Other non-current assets, net of accumulated amortization of $6,955 and $5,494 at February 28, 2015 and May 31, 2014	16,554	11,504
Total Other Assets	117,546	114,606
TOTAL ASSETS	378,435	345,301
CURRENT LIABILITIES
Accounts payable	10,592	13,396
Accrued compensation	3,528	4,357
Income taxes	4,862	0
Other accruals	7,569	7,214
TOTAL CURRENT LIABILITIES	26,551	24,967
DEFERRED INCOME TAXES	13,071	12,155
OTHER LONG-TERM LIABILITIES	2,100	1,879
Liabilities, Noncurrent, Total	15,171	14,034
TOTAL LIABILITIES	41,722	39,001
COMMITMENTS AND CONTINGENCIES (note 7)	0	0
EQUITY
Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.16 par value, 60,000,000 shares authorized 37,042,058 and 36,732,313 shares issued and outstanding at February 28, 2015 and May 31, 2014, respectively.	5,927	5,877
Additional paid-in capital	126,795	118,070
Accumulated other comprehensive income (loss)	-2,134	371
Retained earnings	206,185	182,043
TOTAL NEOGEN CORPORATION STOCKHOLDERS' EQUITY	336,773	306,361
Non-controlling interest	-60	-61
TOTAL EQUITY	336,713	306,300
TOTAL LIABILITIES AND EQUITY	$378,435	$345,301

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2015	31-May-14
In Thousands, except Share data, unless otherwise specified
Accounts receivable, allowance	$1,200	$1,200
Customer based intangibles, accumulated amortization	13,036	11,915
Other non-current assets, accumulated amortization	$6,955	$5,494
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	60,000,000	60,000,000
Common stock, shares issued	37,042,058	36,732,313
Common stock, shares outstanding	37,042,058	36,732,313

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
REVENUES
Product revenues	$59,172	$54,623	$179,206	$159,198
Service revenues	9,237	7,373	25,257	20,945
Total Revenues	68,409	61,996	204,463	180,143
COST OF REVENUES
Cost of product revenues	29,133	26,933	86,927	76,234
Cost of service revenues	5,573	4,358	15,549	13,349
Total Cost of Revenues	34,706	31,291	102,476	89,583
GROSS MARGIN	33,703	30,705	101,987	90,560
OPERATING EXPENSES
Sales and marketing	12,655	11,986	37,617	33,529
General and administrative	6,522	6,320	18,629	18,135
Research and development	2,366	2,106	7,245	6,496
Operating Expenses, Total	21,543	20,412	63,491	58,160
OPERATING INCOME	12,160	10,293	38,496	32,400
OTHER INCOME (EXPENSE)
Interest income	66	28	158	88
Change in purchase consideration	-84	0	-297	0
Other income (expense)	-508	-68	-589	-610
Nonoperating Income (Expense), Total	-526	-40	-728	-522
INCOME BEFORE INCOME TAXES	11,634	10,253	37,768	31,878
INCOME TAXES	4,225	3,700	13,625	11,400
NET INCOME	7,409	6,553	24,143	20,478
NET LOSS/(INCOME) ATTRIBUTABLE TO NON- CONTROLLING INTEREST	45	22	-1	143
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION	$7,454	$6,575	$24,142	$20,621
NET INCOME ATTRIBUTABLE TO NEOGEN CORPORATION PER SHARE
Basic	$0.20	$0.18	$0.65	$0.57
Diluted	$0.20	$0.18	$0.65	$0.56

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
Net Income	$7,409	$6,553	$24,143	$20,478
Currency Translation Adjustments	-648	497	-2,505	1,708
Comprehensive Income	6,761	7,050	21,638	22,186
Comprehensive Loss (Income) attributable to non-controlling interest	45	22	-1	143
Comprehensive Income attributable to Neogen Corporation	$6,806	$7,072	$21,637	$22,329

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, unless otherwise specified
Beginning Balance at May. 31, 2014	$306,300	$5,877	$118,070	$371	$182,043	($61)
Beginning Balance (in shares) at May. 31, 2014		36,732
Issuance of shares of common stock under equity compensation plans, and share based compensation (in shares)		290
Issuance of shares of common stock under equity compensation plans, and share based compensation	8,051	47	8,004
Issuance of shares under employee stock purchase plan (in shares)		20
Issuance of shares under employee stock purchase plan	724	3	721
Comprehensive income:
Net income for the nine months ended February 28, 2015	24,143				24,142	1
Other comprehensive loss	-2,505			-2,505
Ending Balance at Feb. 28, 2015	$336,713	$5,927	$126,795	($2,134)	$206,185	($60)
Ending Balance (in shares) at Feb. 28, 2015		37,042

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$24,143	$20,478
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,852	6,641
Share based compensation	3,187	2,689
Excess income tax benefit from the exercise of stock options	-1,672	-3,948
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable	-884	-6,789
Inventories	-3,171	-4,060
Prepaid expenses and other current assets	1,956	-963
Accounts payable, accruals and other	2,060	3,114
NET CASH PROVIDED BY OPERATING ACTIVITIES	33,471	17,162
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment and other assets	-6,861	-7,347
Proceeds from the sale of marketable securities	67,419	76,996
Purchases of marketable securities	-76,262	-67,192
Payments for businesses	-6,554	-39,265
NET CASH USED IN INVESTING ACTIVITIES	-22,258	-36,808
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in other long-term liabilities	0	168
Net proceeds from issuance of common stock	4,809	8,112
Excess income tax benefit from the exercise of stock options	1,672	3,948
NET CASH PROVIDED BY FINANCING ACTIVITIES	6,481	12,228
EFFECT OF EXCHANGE RATE ON CASH	-885	662
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	16,809	-6,756
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	40,675	50,032
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$57,484	$43,277

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2015
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 nine month periods ended February 28, 2015 are not necessarily indicative of the results to be expected for the fiscal year ending May 31, 2015. For more complete financial information, these consolidated financial statements should be read in conjunction with the May 31, 2014 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, 2014.

Inventories

Inventories	9 Months Ended
	Feb. 28, 2015
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:
		February 28,		May 31,
		2015		2014
		(In thousands)
	Raw Materials	$	23,178	$	21,515
	Work-in-process		4,363		3,681
	Finished and purchased goods		27,555		25,982
		$	55,096	$	51,178

Net_Income_per_Share

Net Income per Share	9 Months Ended
	Feb. 28, 2015
Net Income per Share	3. NET INCOME PER SHARE
	The calculation of net income per share attributable to Neogen Corporation follows:
		Three Months Ended				Nine Months Ended
		February 28,				February 28,
		2015		2014		2015		2014
		(In thousands, except per share amounts)
	Numerator for basic and diluted net income per share:
	Net Income attributable to Neogen shareholders	$	7,454	$	6,575	$	24,142	$	20,621
	Denominator:
	Denominator for basic net income per share:
	Weighted average shares		37,006		36,613		36,907		36,471
	Effect of dilutive stock options and warrants		530		620		492		678
	Denominator for diluted net income per share		37,536		37,233		37,399		37,149
	Net income attributable to Neogen Corporation
	per share:
	Basic	$	0.2	$	0.18	$	0.65	$	0.57
	Diluted	$	0.2	$	0.18	$	0.65	$	0.56
	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	9 Months Ended
	Feb. 28, 2015
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, disinfectants and insecticides to assist in the control of rodents and disease in and around agricultural, food production and other facilities.
	Segment information as of and for the three months ended February 28, 2015 and 2014 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2015
	Product revenues to external customers		$	30,454	$	28,718	$	0		$	59,172
	Service revenues to external customers			1,511		7,726		0			9,237
	Total revenues to external customers			31,965		36,444		0			68,409
	Operating income (loss)			6,976		6,087		(903	)		12,160
	Total assets			108,993		178,685		90,757			378,435
	Fiscal 2014
	Product revenues to external customers		$	26,627	$	27,996	$	0		$	54,623
	Service revenues to external customers			1,393		5,980		0			7,373
	Total revenues to external customers			28,020		33,976		0			61,996
	Operating income (loss)			5,969		5,169		(845	)		10,293
	Total assets			110,038		149,202		71,110			330,350
	Segment information for the nine months ended February 28, 2015 and 2014 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2015
	Product revenues to external customers		$	90,853	$	88,353	$	0		$	179,206
	Service revenues to external customers			5,030		20,227		0			25,257
	Total revenues to external customers			95,883		108,580		0			204,463
	Operating income (loss)			22,688		18,228		(2,420	)		38,496
	Fiscal 2014
	Product revenues to external customers		$	82,761	$	76,437	$	0		$	159,198
	Service revenues to external customers			3,656		17,289		0			20,945
	Total revenues to external customers			86,417		93,726		0			180,143
	Operating income (loss)			20,956		13,746		(2,302	)		32,400
	-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	9 Months Ended
	Feb. 28, 2015
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 February 28, 2015 follows:
		Shares			Weighted-
					Average
					Exercise Price
	Options outstanding at June 1, 2014		1,869,000		$	25.69
	Granted		530,000			39.79
	Exercised		(295,000	)		17.04
	Forfeited		(28,000	)		33.74
	Options outstanding at February 28, 2015		2,076,000			30.41
	During the three and nine month periods ended February 28, 2015 and 2014, the Company recorded $1,228,000 and $993,000 and $3,187,000 and $2,198,000 of compensation expense related to its share-based awards.
	The weighted-average fair value of stock options granted during fiscal 2015 and fiscal 2014, estimated on the date of grant using the Black-Scholes option pricing model was $11.91 and $9.87 respectively, per option. The fair value of stock options granted was estimated using the following weighted-average assumptions.
		FY2015		FY2014
	Risk-free interest rate	1.20%		0.80%
	Expected dividend yield	0%		0%
	Expected stock price volatility	36.20%		33.10%
	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 recorded in administrative expense as of the date of purchase.

New_Accounting_Pronouncements

New Accounting Pronouncements	9 Months Ended
	Feb. 28, 2015
New Accounting Pronouncements	6. NEW ACCOUNTING PRONOUNCEMENTS
	In May 2014, the FASB issued a new standard on revenue recognition. The new standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is designed to create greater comparability for financial statement users across industries and jurisdictions and also requires enhanced disclosures. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Business_and_Product_Line_Acqu

Business and Product Line Acquisitions	9 Months Ended
	Feb. 28, 2015
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 acquisition method.
	On July 1, 2013, the Company 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 a strong presence in Mexico and Latin America. Consideration for the purchase was $10,012,000 in cash and up to $1,500,000 of a contingent consideration liability, due at the end of the first year, based on an excess net sales formula. The final purchase price allocation, based upon the fair value of these assets determined using the income approach, included accounts receivable of $747,000, net inventory of $2,195,000, property and equipment of $556,000, current liabilities of $226,000, contingent consideration liabilities of $930,000, non-amortizable trademarks of $790,000, intangible assets of $4,810,000 (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 has been relocated to Lexington, Kentucky and integrated with the Company’s current operations there, reporting within the Animal Safety segment. In August 2014, the Company paid $689,000 for contingent consideration; the remaining $241,000 of the accrual was reversed to Other Income.
	On November 1, 2013, the Company 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 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 contingent consideration, due at the end of the first year, based on an excess net sales formula. The Company has estimated the contingent consideration liability to be $146,000 based on forecasted sales. The final purchase price allocation, based upon the fair value of these assets determined using the income approach, included accounts receivable of $963,000, net inventory of $2,796,000, property and equipment of $1,653,000, prepaid assets of $8,000, current liabilities of $1,840,000, contingent consideration liabilities of $146,000, non-amortizable trademarks of $1,500,000, intangible assets of $4,400,000 (with an estimated life of 5-15 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. In October 2014, the Company recorded an additional $454,000 for contingent consideration, which was charged to Other Expense.
	On January 2, 2014, the Company acquired all of 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 up to $1,000,000 of a contingent consideration liability, due at the end of the first year, based on an excess sales formula. The Company has estimated the contingent consideration liability to be $390,000, based on forecasted sales. The final purchase price allocation, based upon the fair value of these assets determined using the income approach, included accounts receivable of $380,000, net inventory of $4,184,000, prepaid assets of $100,000, property and equipment of $807,000, current liabilities of $184,000, contingent consideration liabilities of $390,000, intangible assets of $8,327,000 (with an estimated life of 5-25 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. In February 2015, the Company recorded on additional $84,000 for contingent consideration, which was charged to Other Expense.
	On October 1, 2014, the Company acquired all of the stock of BioLumix, Inc., a manufacturer and marketer of automated systems for the detection of microbial contaminants located in Ann Arbor, Michigan. Consideration for the purchase was $4,514,000 in cash. The preliminary purchase price allocation included accounts receivable of $499,000, other receivable of $178,000, net inventory of $421,000, prepaid assets of $48,000, property and equipment of $159,000, current liabilities of $130,000, long-term liabilities of $813,000, intangible assets of $2,109,000 (with an estimated life of 5-15 years) and the remainder to goodwill (non-deductible for tax purposes). These values are Level 3 fair value measurements. This business continues to operate in its current location and reports within the Food Safety segment.
	On December 8, 2014, the Company acquired the food safety and veterinary genomic assets of its Chinese distributor Beijing Anapure BioScientific Co., Ltd. Consideration for the purchase was $2,040,000 in cash. The preliminary purchase allocation included inventory of $525,000, property and equipment of $64,000, intangible assets of $20,000 (with an estimated life of five years) and the remainder to goodwill. These are Level 3 fair value measurements. This business has been integrated into the Company’s subsidiary in China and reports within the Food Safety segment.
	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	9 Months Ended
	Feb. 28, 2015
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, 2017. There were no advances against this line of credit during fiscal 2015 and fiscal 2014 and no balance outstanding at February 28, 2015. Interest is at LIBOR plus 100 basis points (rate under the terms of the agreement was 1.17% at February 28, 2015). 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 February 28, 2015.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Feb. 28, 2015
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 $47,000 to $79,000 per year over the past five years. The Company’s estimated liability for these costs of $916,000 at February 28, 2015 and May 31, 2014, 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	9 Months Ended
	Feb. 28, 2015
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 February 28, 2015, 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 fiscal 2015 and there were none in fiscal 2014.

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Feb. 28, 2015
Inventories	The components of inventories follow:
		February 28,		May 31,
		2015		2014
		(In thousands)
	Raw Materials	$	23,178	$	21,515
	Work-in-process		4,363		3,681
	Finished and purchased goods		27,555		25,982
		$	55,096	$	51,178

Net_Income_per_Share_Tables

Net Income per Share (Tables)	9 Months Ended
	Feb. 28, 2015
Calculation of Net Income Per Share	The calculation of net income per share attributable to Neogen Corporation follows:
		Three Months Ended				Nine Months Ended
		February 28,				February 28,
		2015		2014		2015		2014
		(In thousands, except per share amounts)
	Numerator for basic and diluted net income per share:
	Net Income attributable to Neogen shareholders	$	7,454	$	6,575	$	24,142	$	20,621
	Denominator:
	Denominator for basic net income per share:
	Weighted average shares		37,006		36,613		36,907		36,471
	Effect of dilutive stock options and warrants		530		620		492		678
	Denominator for diluted net income per share		37,536		37,233		37,399		37,149
	Net income attributable to Neogen Corporation
	per share:
	Basic	$	0.2	$	0.18	$	0.65	$	0.57
	Diluted	$	0.2	$	0.18	$	0.65	$	0.56

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Feb. 28, 2015
Segment Information	Segment information as of and for the three months ended February 28, 2015 and 2014 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2015
	Product revenues to external customers		$	30,454	$	28,718	$	0		$	59,172
	Service revenues to external customers			1,511		7,726		0			9,237
	Total revenues to external customers			31,965		36,444		0			68,409
	Operating income (loss)			6,976		6,087		(903	)		12,160
	Total assets			108,993		178,685		90,757			378,435
	Fiscal 2014
	Product revenues to external customers		$	26,627	$	27,996	$	0		$	54,623
	Service revenues to external customers			1,393		5,980		0			7,373
	Total revenues to external customers			28,020		33,976		0			61,996
	Operating income (loss)			5,969		5,169		(845	)		10,293
	Total assets			110,038		149,202		71,110			330,350
	Segment information for the nine months ended February 28, 2015 and 2014 follows:
			Food		Animal		Corporate and			Total
			Safety		Safety		Eliminations
							-1
			(In thousands)
	Fiscal 2015
	Product revenues to external customers		$	90,853	$	88,353	$	0		$	179,206
	Service revenues to external customers			5,030		20,227		0			25,257
	Total revenues to external customers			95,883		108,580		0			204,463
	Operating income (loss)			22,688		18,228		(2,420	)		38,496
	Fiscal 2014
	Product revenues to external customers		$	82,761	$	76,437	$	0		$	159,198
	Service revenues to external customers			3,656		17,289		0			20,945
	Total revenues to external customers			86,417		93,726		0			180,143
	Operating income (loss)			20,956		13,746		(2,302	)		32,400
	-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)	9 Months Ended
	Feb. 28, 2015
Stock Option Activity	A summary of stock option activity during the nine months ended February 28, 2015 follows:
		Shares			Weighted-
					Average
					Exercise Price
	Options outstanding at June 1, 2014		1,869,000		$	25.69
	Granted		530,000			39.79
	Exercised		(295,000	)		17.04
	Forfeited		(28,000	)		33.74
	Options outstanding at February 28, 2015		2,076,000			30.41
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.
		FY2015		FY2014
	Risk-free interest rate	1.20%		0.80%
	Expected dividend yield	0%		0%
	Expected stock price volatility	36.20%		33.10%
	Expected option life	4.0 years		4.0 years

Inventories_Detail

Inventories (Detail) (USD $)	Feb. 28, 2015	31-May-14
In Thousands, unless otherwise specified
Inventory [Line Items]
Raw Materials	$23,178	$21,515
Work-in-process	4,363	3,681
Finished and purchased goods	27,555	25,982
Inventories	$55,096	$51,178

Calculation_of_Net_Income_Per_

Calculation of Net Income Per Share (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
Earnings Per Share [Line Items]
Net Income attributable to Neogen shareholders	$7,454	$6,575	$24,142	$20,621
Weighted average shares	37,006	36,613	36,907	36,471
Effect of dilutive stock options and warrants	530	620	492	678
Denominator for diluted net income per share	37,536	37,233	37,399	37,149
Net income attributable to Neogen Corporation per share:
Basic	$0.20	$0.18	$0.65	$0.57
Diluted	$0.20	$0.18	$0.65	$0.56

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)	9 Months Ended
	Feb. 28, 2015
	Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2

Segment_Information_Detail

Segment Information (Detail) (USD $)	3 Months Ended				9 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015		Feb. 28, 2014		Feb. 28, 2015		Feb. 28, 2014		31-May-14
Segment Reporting Information [Line Items]
Product revenues to external customers	$59,172		$54,623		$179,206		$159,198
Service revenues to external customers	9,237		7,373		25,257		20,945
Total revenues to external customers	68,409		61,996		204,463		180,143
Operating income (loss)	12,160		10,293		38,496		32,400
Total assets	378,435		330,350		378,435		330,350		345,301
Operating Segments | Food Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	30,454		26,627		90,853		82,761
Service revenues to external customers	1,511		1,393		5,030		3,656
Total revenues to external customers	31,965		28,020		95,883		86,417
Operating income (loss)	6,976		5,969		22,688		20,956
Total assets	108,993		110,038		108,993		110,038
Operating Segments | Animal Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	28,718		27,996		88,353		76,437
Service revenues to external customers	7,726		5,980		20,227		17,289
Total revenues to external customers	36,444		33,976		108,580		93,726
Operating income (loss)	6,087		5,169		18,228		13,746
Total assets	178,685		149,202		178,685		149,202
Corporate and 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)	-903	[1]	-845	[1]	-2,420	[1]	-2,302	[1]
Total assets	$90,757	[1]	$71,110	[1]	$90,757	[1]	$71,110	[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		9 Months Ended		12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014	31-May-14	31-May-13
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation	$1,228	$993	$3,187	$2,198
Weighted-Average Grant-Date Fair Value of Options Granted					$11.91	$9.87
Employee Stock Purchase Plan | 2011 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual maximum limit percentage of compensation to purchase shares			5.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period			5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period			10 years

Stock_Option_Activity_Detail

Stock Option Activity (Detail) (USD $)	9 Months Ended
	Feb. 28, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Shares Outstanding, Beginning Balance	1,869,000
Shares, Granted	530,000
Shares, Exercised	-295,000
Shares, Forfeited	-28,000
Shares Outstanding, Ending Balance	2,076,000
Weighted-Average Exercise Price, Beginning Balance	$25.69
Weighted-Average Exercise Price, Granted	$39.79
Weighted-Average Exercise Price, Exercised	$17.04
Weighted-Average Exercise Price, Forfeited	$33.74
Weighted-Average Exercise Price, Ending Balance	$30.41

Fair_Value_of_Stock_Options_Gr

Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions (Detail)	9 Months Ended	12 Months Ended
	Feb. 28, 2015	31-May-14
Schedule of Weighted Average Assumptions for Fair Values of Stock Options [Line Items]
Risk-free interest rate	1.20%	0.80%
Expected dividend yield	0.00%	0.00%
Expected stock price volatility	36.20%	33.10%
Expected option life (in years)	4 years	4 years

Business_and_Product_Line_Acqu1

Business and Product Line Acquisitions - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		0 Months Ended					1 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014	Jan. 02, 2014	Nov. 01, 2013	Oct. 01, 2014	Dec. 08, 2014	Jul. 01, 2013	Aug. 31, 2014
Business Acquisition [Line Items]
Reversed the remaining contingent consideration accrual to other income	($84,000)	$0	($297,000)	$0
Chem Tech Ltd
Business Acquisition [Line Items]
Cash consideration for purchase of business					17,185,000
Contingent consideration potential payment					1,000,000
Purchase price allocation for accounts receivable					380,000
Purchase price allocation for inventory					4,184,000
Purchase price allocation for property and equipment					807,000
Purchase price allocation for current liabilities					184,000
Allocation of purchase price for contingent consideration potential payment					390,000
Purchase price allocation for intangible assets					8,327,000
Purchase price allocation for prepaid assets					100,000
Cash recorded for contingent consideration					84,000
Chem Tech Ltd | Minimum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life					5 years
Chem Tech Ltd | Maximum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life					25 years
Prima Tech Incorporated
Business Acquisition [Line Items]
Cash consideration for purchase of business						12,068,000
Contingent consideration potential payment						600,000
Purchase price allocation for accounts receivable						963,000
Purchase price allocation for inventory						2,796,000
Purchase price allocation for property and equipment						1,653,000
Purchase price allocation for current liabilities						1,840,000
Allocation of purchase price for contingent consideration potential payment						146,000
Purchase price allocation for intangible assets						4,400,000
Purchase price allocation for prepaid assets						8,000
Cash recorded for contingent consideration						454,000
Prima Tech Incorporated | Minimum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life						5 years
Prima Tech Incorporated | Maximum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life						15 years
Prima Tech Incorporated | Trademarks
Business Acquisition [Line Items]
Purchase price allocation for non-amortizable trademarks						1,500,000
BioLumix, Inc.
Business Acquisition [Line Items]
Cash consideration for purchase of business							4,514,000
Purchase price allocation for accounts receivable							499,000
Purchase price allocation for inventory							421,000
Purchase price allocation for property and equipment							159,000
Purchase price allocation for current liabilities							130,000
Purchase price allocation for intangible assets							2,109,000
Purchase price allocation for prepaid assets							48,000
Purchase price allocation for other receivable							178,000
Purchase price allocation for long-term liabilities							813,000
BioLumix, Inc. | Minimum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life							5 years
BioLumix, Inc. | Maximum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life							15 years
Beijing Anapure BioScientific Co., Ltd.
Business Acquisition [Line Items]
Cash consideration for purchase of business								2,040,000
Purchase price allocation for inventory								525,000
Purchase price allocation for property and equipment								64,000
Purchase price allocation for intangible assets								20,000
Finite lived intangible assets, useful life								5 years
SyrVet, Inc.
Business Acquisition [Line Items]
Cash consideration for purchase of business									10,012,000
Contingent consideration potential payment									1,500,000
Purchase price allocation for accounts receivable									747,000
Purchase price allocation for inventory									2,195,000
Purchase price allocation for property and equipment									556,000
Purchase price allocation for current liabilities									226,000
Allocation of purchase price for contingent consideration potential payment									930,000
Purchase price allocation for intangible assets									4,810,000
Finite lived intangible assets, useful life									15 years
Cash paid for contingent consideration										689,000
Reversed the remaining contingent consideration accrual to other income										241,000
SyrVet, Inc. | Trademarks
Business Acquisition [Line Items]
Purchase price allocation for non-amortizable trademarks									$790,000

Long_Term_Debt_Additional_Info

Long Term Debt - Additional Information (Detail) (USD $)	9 Months Ended
	Feb. 28, 2015	31-May-14	31-May-13
Debt Instrument [Line Items]
Unsecured revolving line of credit, total amount available	$12,000,000
Unsecured revolving line of credit, maturity date	1-Sep-17
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%
Unsecured revolving line of credit, balance outstanding	0
Unsecured revolving line of credit, advances		$0	$0

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	9 Months Ended
	Feb. 28, 2015	31-May-14
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	47,000
Maximum
Commitments and Contingencies Disclosure [Line Items]
Environmental remediation expense	$79,000

Stock_Purchase_Additional_Info

Stock Purchase - Additional Information (Detail) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	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