Neogen (NEOG) 10-Q 31 Mar 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Feb. 28, 2021shares
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--05-31
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	NEOGEN CORP
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	53,511,262
Entity File Number	0-17988
Title of 12(b) Security	Common Stock
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
Local Phone Number	372-9200
Entity Address, State or Province	MI
Entity Address, City or Town	Lansing
City Area Code	517
Entity Address, Postal Zip Code	48912

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Feb. 28, 2021	May 31, 2020
Current Assets
Cash and cash equivalents	$ 73,482,000	$ 66,269,000
Marketable securities	279,865,000	277,404,000
Accounts receivable, net of allowance of $1,400 and $1,350 at February 28, 2021 and May 31, 2020, respectively	87,241,000	84,681,000
Inventories	99,267,000	95,053,000
Prepaid expenses and other current assets	15,449,000	13,999,000
Total Current Assets	555,304,000	537,406,000
Net Property and Equipment	97,981,000	78,671,000
Other Assets
Right of use assets	1,269,000	1,952,000
Goodwill	133,029,000	110,340,000
Other non-amortizable intangible assets	15,441,000	15,217,000
Amortizable intangible and other assets, net of accumulated amortization of $50,998 and $44,690 at February 28, 2021 and May 31, 2020, respectively	77,192,000	53,596,000
Total Assets	880,216,000	797,182,000
Current Liabilities
Accounts payable	23,257,000	25,650,000
Accrued compensation	7,928,000	7,735,000
Income taxes	0	1,456,000
Other accruals	14,757,000	13,648,000
Total Current Liabilities	45,942,000	48,489,000
Deferred Income Taxes	21,276,000	18,125,000
Other Non-Current Liabilities	5,315,000	5,391,000
Total Liabilities	72,533,000	72,005,000
Commitments and Contingencies (note 11)
Equity
Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.16 par value, 120,000,000 shares authorized, 53,511,262 and 52,945,841 shares issued and outstanding at February 28, 2021 and May 31, 2020, respectively	8,562,000	8,471,000
Additional paid-in capital	290,118,000	257,693,000
Accumulated other comprehensive loss	(14,841,000)	(19,709,000)
Retained earnings	523,844,000	478,722,000
Total Stockholders' Equity	807,683,000	725,177,000
Total Liabilities and Stockholders' Equity	$ 880,216,000	$ 797,182,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Accounts receivable, allowance	$ 1,400	$ 1,350
Accumulated Amortization	$ 50,998	$ 44,690
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	120,000,000	120,000,000
Common stock, shares issued	53,511,262	52,945,841
Common stock, shares outstanding	53,511,262	52,945,841

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Revenues
Total Revenues	$ 116,709	$ 99,869	$ 341,034	$ 309,096
Cost of Revenues
Total Cost of Revenues	62,860	54,539	183,669	164,546
Gross Margin	53,849	45,330	157,365	144,550
Operating Expenses
Sales and marketing	18,693	17,675	52,938	53,206
General and administrative	15,146	10,789	38,343	32,473
Research and development	4,236	3,823	12,170	11,292
Total Operating Expenses	38,075	32,287	103,451	96,971
Operating Income	15,774	13,043	53,914	47,579
Other Income (Expense)
Interest income	294	1,600	1,571	4,381
Other expense	(91)	(393)	(363)	(832)
Total Other Income	203	1,207	1,208	3,549
Income Before Taxes	15,977	14,250	55,122	51,128
Provision for Income Taxes	2,600	2,050	10,000	8,000
Net Income	$ 13,377	$ 12,200	$ 45,122	$ 43,128
Net Income Per Share
Basic	$ 0.25	$ 0.23	$ 0.85	$ 0.82
Diluted	$ 0.25	$ 0.23	$ 0.85	$ 0.82
Weighted Average Shares Outstanding
Basic	53,413	52,795	53,132	52,463
Diluted	53,695	53,048	53,384	52,783
Product Revenues
Revenues
Total Revenues	$ 92,816	$ 77,736	$ 273,288	$ 247,071
Cost of Revenues
Total Cost of Revenues	49,466	41,068	145,336	128,658
Service Revenues
Revenues
Total Revenues	23,893	22,133	67,746	62,025
Cost of Revenues
Total Cost of Revenues	$ 13,394	$ 13,471	$ 38,333	$ 35,888

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Net income	$ 13,377	$ 12,200	$ 45,122	$ 43,128
Other comprehensive income (loss), net of tax:
foreign currency translations	360	(1,761)	5,419	(2,452)
unrealized gain (loss) on marketable securities	(115)	172	(552)	585
Total comprehensive income	$ 13,622	$ 10,611	$ 49,989	$ 41,261

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning Balance at May. 31, 2019	$ 637,899	$ 8,355	$ 221,937	$ (11,640)	$ 419,247
Beginning Balance (in shares) at May. 31, 2019		52,217
Exercise of options and share-based compensation plan	9,713	$ 30	9,683
Exercise of options and share-based compensation plan (in shares)		196
Issuance of shares under employee stock purchase plan	538	$ 2	536
Issuance of shares under employee stock purchase plan (in shares)		10
Net income	14,652				14,652
Other comprehensive income (loss)	(2,496)			(2,496)
Ending Balance at Aug. 31, 2019	660,306	$ 8,387	232,156	(14,136)	433,899
Ending Balance (in shares) at Aug. 31, 2019		52,423
Beginning Balance at May. 31, 2019	637,899	$ 8,355	221,937	(11,640)	419,247
Beginning Balance (in shares) at May. 31, 2019		52,217
Net income	43,128
Ending Balance at Feb. 29, 2020	711,871	$ 8,466	254,537	(13,507)	462,375
Ending Balance (in shares) at Feb. 29, 2020		52,911
Beginning Balance at Aug. 31, 2019	660,306	$ 8,387	232,156	(14,136)	433,899
Beginning Balance (in shares) at Aug. 31, 2019		52,423
Exercise of options and share-based compensation plan	12,117	$ 47	12,070
Exercise of options and share-based compensation plan (in shares)		288
Net income	16,276				16,276
Other comprehensive income (loss)	2,218			2,218
Ending Balance at Nov. 30, 2019	690,917	$ 8,434	244,226	(11,918)	450,175
Ending Balance (in shares) at Nov. 30, 2019		52,711
Exercise of options and share-based compensation plan	9,736	$ 31	9,705
Exercise of options and share-based compensation plan (in shares)		188
Issuance of shares under employee stock purchase plan	607	$ 1	606
Issuance of shares under employee stock purchase plan (in shares)		12
Net income	12,200				12,200
Other comprehensive income (loss)	(1,589)			(1,589)
Ending Balance at Feb. 29, 2020	711,871	$ 8,466	254,537	(13,507)	462,375
Ending Balance (in shares) at Feb. 29, 2020		52,911
Beginning Balance at May. 31, 2020	$ 725,177	$ 8,471	257,693	(19,709)	478,722
Beginning Balance (in shares) at May. 31, 2020	52,945,841	52,946
Exercise of options and share-based compensation plan	$ 5,839	$ 14	5,825
Exercise of options and share-based compensation plan (in shares)		86
Issuance of shares under employee stock purchase plan	668	$ 2	666
Issuance of shares under employee stock purchase plan (in shares)		9
Net income	15,860				15,860
Other comprehensive income (loss)	4,002			4,002
Ending Balance at Aug. 31, 2020	751,546	$ 8,487	264,184	(15,707)	494,582
Ending Balance (in shares) at Aug. 31, 2020		53,041
Beginning Balance at May. 31, 2020	$ 725,177	$ 8,471	257,693	(19,709)	478,722
Beginning Balance (in shares) at May. 31, 2020	52,945,841	52,946
Net income	$ 45,122
Ending Balance at Feb. 28, 2021	$ 807,683	$ 8,562	290,118	(14,841)	523,844
Ending Balance (in shares) at Feb. 28, 2021	53,511,262	53,511
Beginning Balance at Aug. 31, 2020	$ 751,546	$ 8,487	264,184	(15,707)	494,582
Beginning Balance (in shares) at Aug. 31, 2020		53,041
Exercise of options and share-based compensation plan	9,343	$ 32	9,311
Exercise of options and share-based compensation plan (in shares)		203
Net income	15,885				15,885
Other comprehensive income (loss)	621			621
Ending Balance at Nov. 30, 2020	777,395	$ 8,519	273,495	(15,086)	510,467
Ending Balance (in shares) at Nov. 30, 2020		53,244
Exercise of options and share-based compensation plan	11,030	$ 31	10,999	0	0
Exercise of options and share-based compensation plan (in shares)		193
Issuance of shares under employee stock purchase plan	720	$ 2	718	0	0
Issuance of shares under employee stock purchase plan (in shares)		10
Issuance of shares for Megazyme acquisition , shares		64
Issuance of shares for Megazyme acquisition , Values	4,916	$ 10	4,906
Net income	13,377	0	0	0	13,377
Other comprehensive income (loss)	245	0	0	245	0
Ending Balance at Feb. 28, 2021	$ 807,683	$ 8,562	$ 290,118	$ (14,841)	$ 523,844
Ending Balance (in shares) at Feb. 28, 2021	53,511,262	53,511

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Cash Flows From Operating Activities
Net income	$ 45,122,000	$ 43,128,000
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	15,107,000	13,542,000
Share-based compensation	4,773,000	4,795,000
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable	1,019,000	3,841,000
Inventories	3,328,000	(2,238,000)
Prepaid expenses and other current assets	(1,908,000)	(3,119,000)
Accounts payable, accruals and other changes	(8,321,000)	301,000
Net Cash From Operating Activities	59,120,000	60,250,000
Cash Flows For Investing Activities
Purchases of property, equipment and other non-current intangible assets	(19,393,000)	(16,322,000)
Proceeds from the sales of marketable securities	602,233,000	300,448,000
Purchase of marketable securities	(604,694,000)	(351,002,000)
Business acquisitions, net of cash acquired	(52,000,000)	(9,701,000)
Net Cash For Investing Activities	(73,854,000)	(76,577,000)
Cash Flows From Financing Activities
Exercise of stock options and issuance of employee stock purchase plan shares	22,801,000	27,915,000
Net Cash From Financing Activities	22,801,000	27,915,000
Effect of Foreign Exchange Rate on Cash	(854,000)	(2,502,000)
Net Increase In Cash and Cash Equivalents	7,213,000	9,086,000
Cash and Cash Equivalents, Beginning of Period	66,269,000	41,688,000
Cash and Cash Equivalents, End of Period	$ 73,482,000	$ 50,774,000

Accounting Policies

Accounting Policies	9 Months Ended
	Feb. 28, 2021
Accounting Policies	1. ACCOUNTING POLICIES BASIS OF PRESENTATION AND CONSOLIDATION The accompanying unaudited consolidated financial statements include the accounts of Neogen Corporation (“Neogen” or the “Company”) 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 S-X. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included in the accompanying unaudited consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the three and nine month periods ended February 28, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending May 31, 2021. For more complete financial information, these 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 Our functional currency is the U.S. dollar. We translate our non-U.S. Recently Adopted Accounting Standards Financial Instruments - Credit Losses On June 1, 2020, the Company adopted ASU No. 2016-13—Measurement held-to-maturity Fair Value Measurements On June 1, 2020, the Company adopted ASU 2018-13, Cloud Computing Implementation Cost On June 1, 2020, the Company adopted ASU 2018-15, Internal-Use 350-40): Comprehensive Income Comprehensive income represents net income and any revenues, expenses, gains and losses that, under U.S. generally accepted accounting principles, are excluded from net income and recognized directly as a component of equity. Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments and unrealized gains or losses on marketable securities. Fair Value of Financial Instruments 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. 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. ESTIMATES AND ASSUMPTIONS The preparation of these financial statements requires that management make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates the estimates, including, but not limited to, variable consideration related to revenue recognition, allowances for doubtful accounts, the market value of, and demand for, inventories, stock-based compensation, provision for income taxes and related balance sheet accounts, accruals, goodwill and other intangible assets. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Accounts Receivable Allowance Management attempts to minimize credit risk by reviewing customers’ credit history before extending credit and by monitoring credit exposure on a regular basis. An allowance for doubtful accounts is established based upon factors surrounding the credit risk of specific customers, historical trends, current conditions and other information. Collateral or other security is generally not required for accounts receivable. Once a receivable balance has been determined to be uncollectible, generally after all collection efforts have been exhausted, that amount is charged against the allowance for doubtful accounts. Inventory The reserve for obsolete and slow-moving inventory is reviewed at least quarterly based on an analysis of the inventory, considering the current condition of the asset as well as other known facts and future plans. The reserve required to record inventory at lower of cost or net realizable value is adjusted as conditions change. Product obsolescence may be caused by shelf-life expiration, discontinuance of a product line, replacement products in the marketplace or other competitive situations. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of tangible net assets of acquired businesses after amounts are allocated to other identifiable intangible assets. Other intangible assets include customer relationships, trademarks, licenses, trade names, covenants not-to-compete Long-Lived Assets Management reviews the carrying values of its long-lived assets to be held and used, including definite-lived intangible assets, for possible impairment whenever events or changes in business conditions warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated separately identifiable undiscounted cash flows over the remaining useful life of the asset indicate that the carrying amount of the asset may not be recoverable. In such an event, fair value is determined using discounted cash flows and, if lower than the carrying value, impairment is recognized through a charge to operations. Equity Compensation Plans Share options awarded to employees, restricted stock units (RSUs) and shares of stock awarded to employees under certain stock purchase plans are recognized as compensation expense based on their fair value at grant date. The fair market value of options granted under the Company stock option plans was estimated on the date of grant using the Black-Scholes option-pricing model with assumptions for inputs such as interest rates, expected dividends, an estimate of award forfeitures, volatility measures and specific employee exercise behavior patterns based on statistical data. Some of the inputs used are not market-observable and have to be estimated or derived from available data. Use of different estimates would produce different option values, which in turn would result in higher or lower compensation expense recognized. For RSUs, we use the intrinsic value method to value the units. To value other equity awards, several recognized valuation models exist; none of these models can be singled out as being the best or most correct. The model applied by us can handle most of the specific features included in the options granted, which are the reason for their use. If different models were used, the option values could differ despite using the same inputs. Accordingly, using different assumptions coupled with using a different valuation model could have a significant impact on the fair value of employee stock options. Fair value could be either higher or lower than the number provided by the model applied and the inputs used. Further information on our equity compensation plans, including inputs used to determine the fair value of options, is disclosed in Note 8. Income Taxes We account for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and for tax credit carryforwards and are measured using the enacted tax rates in effect for the years in which the differences are expected to reverse. Deferred income tax expense represents the change in net deferred income tax assets and liabilities during the year.

Cash and Marketable Securities

Cash and Marketable Securities	9 Months Ended
	Feb. 28, 2021
Cash and Cash Equivalents [Abstract]
Cash and marketable securities	2. CASH AND MARKETABLE SECURITIES Cash and Cash Equivalents Cash and cash equivalents consist of bank demand accounts, savings deposits, certificates of deposit and commercial paper with original maturities of 90 days or less. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced losses related to these balances and believes it is not exposed to significant credit risk regarding its cash and cash equivalents. Cash and cash equivalents were $73,482,000 and $66,269,000 at February 28, 2021 and May 31, 2020, respectively. The carrying value of these assets approximates fair value due to the short maturity of these instruments and is classified as Level 1 in the fair value hierarchy. Marketable Securities The Company has marketable securities held by banks or broker-dealers at February 28, 2021. Changes in market value are monitored and recorded on a monthly basis; in the event of a downgrade in credit quality subsequent to purchase, the marketable securities investment is evaluated to determine the appropriate action to take to minimize the overall risk to our marketable securities portfolio. These securities are classified as available for sale. The primary objective of management’s short-term investment activity is to preserve capital for the purpose of funding current operations, capital expenditures and business acquisitions; short-term investments are not entered into for trading or speculative purposes. These securities are recorded at fair value based on recent trades or pricing models and therefore meet the Level 2 criteria. Interest income on these investments is recorded within other income on the income statement. Adjustments in the fair value of these assets are recorded in other comprehensive income. Marketable Securities as of February 28, 2021 and May 31, 2020 are listed below by classification and remaining maturities. (in thousands) Maturity February 28, May 31, US Treasuries 0 - 90 days $ — $ — 91 - 180 days — — 181 days - 1 year — 2,532 1 - 2 years — — Commercial Paper & Corporate Bonds 0 - 90 days 158,183 133,130 91 - 180 days 81,850 73,824 181 days - 1 year 30,189 43,231 1 - 2 years 1,310 7,839 Certificates of Deposit 0 - 90 days 1,253 1,003 91 - 180 days 3,550 5,184 181 days -1 year 3,277 6,069 1 - 2 years 253 4,592 Total Marketable Securities $ 279,865 $ 277,404 The components of marketable securities at February 28, 2021 are as follows: (in thousands) Amortized Unrealized Unrealized Fair Value US Treasuries $ — $ — $ — $ — Commercial Paper & Corporate Bonds 271,600 185 (253 ) 271,532 Certificates of Deposit 8,284 49 — 8,333 Total Marketable Securities $ 279,884 $ 234 $ (253 ) $ 279,865 The components of marketable securities at May 31, 2020 are as follows: (in thousands) Amortized Unrealized Unrealized Fair Value US Treasuries $ 2,502 $ 30 $ — $ 2,532 Commercial Paper & Corporate Bonds 257,700 347 (23 ) 258,024 Certificates of Deposit 16,648 200 — 16,848 Total Marketable Securities $ 276,850 $ 577 $ (23 ) $ 277,404

Inventories

Inventories	9 Months Ended
	Feb. 28, 2021
Inventories	3. INVENTORIES Inventories are stated at the lower of cost, determined by the first-in, first-out (in thousands) February 28, May 31, Raw materials $ 46,423 $ 45,058 Work-in-process 7,408 6,887 Finished and purchased goods 45,436 43,108 $ 99,267 $ 95,053

Leases

Leases	9 Months Ended
	Feb. 28, 2021
Leases [Abstract]
Leases	4. LEASES We lease various manufacturing, laboratory, warehousing and distribution facilities, administrative and sales offices, equipment and vehicles under operating leases. We evaluate our contracts to determine if an arrangement is a lease at inception and classify it as a finance or operating lease. Currently, all of our leases are classified as operating leases. Leased assets and corresponding liabilities are recognized based on the present value of the lease payments over the lease term. Our lease terms may include options to extend when it is reasonably certain that we will exercise that option. Topic ASC 842 requires the Company to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use Right-of-use non-current non-current We have made certain assumptions and judgments when applying ASC 842, the most significant of which are: • We elected the package of practical expedients available for transition that allow us to not reassess whether expired or existing contracts contain leases under the new definition of a lease, lease classification for expired or existing leases and whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. • We did not elect to use hindsight when considering judgments and estimates such as assessments of lessee options to extend or terminate a lease or purchase the underlying asset. • For all asset classes, we elected to not recognize a right-of-use • For all asset classes, we elected to not separate non-lease non-lease • The determination of the discount rate used in a lease is our incremental borrowing rate that is based on what we would normally pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments. Supplemental balance sheet information related to operating leases was as follows: (in thousands) February 28, May 31, Right of use - assets $ 1,269 $ 1,952 Lease liabilities - current 131 1,054 Lease liabilities - non-current 1,089 913 The weighted average remaining lease term and weighted average discount rate were as follows: February 28, May 31, Weighted average remaining lease term 2.4 years 2.5 years Weighted average discount rate 3.0 % 3.2 % Operating lease expenses are classified as cost of revenues or operating expenses on the consolidated statements of income. The components of lease expense were as follows:​​​​​​​ Three Months Ended February 28/29, Nine Months Ended February 28/29, (in thousands) 2021 2020 2021 2020 Operating leases $ 372 $ 316 $ 1,017 $ 889 Short term leases 17 25 76 106 Total lease expense $ 389 $ 341 $ 1,093 $ 995 Cash paid for amounts included in the measurement of lease liabilities for operating leases included in cash flows from operations on the statement of cash flows were approximately $946,000 and $868,000 for the nine months ended February 28, 2021 and February 29, 2020, respectively. There were no non-cash right-of-use Undiscounted minimum lease payments as of February 28, 2021 were as follows: Amount Years ending May 31, 2021 (1) $ 133 2022 601 2023 347 2024 176 2025 47 2026 and thereafter — Total lease payments 1,304 Less: imputed interest 84 Total lease liabilities $ 1,220 (1) Excluding the nine months ended February 28, 2021.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Feb. 28, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	5. REVENUE RECOGNITION The Company determines the amount of revenue to be recognized through application of the following steps: • Identification of the contract with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies the performance obligations. Essentially all of Neogen’s revenue is generated through contracts with its customers. A performance obligation is a promise in a contract to transfer a product or service to a customer. We generally recognized revenue at a point in time when all of our performance obligations under the terms of a contract are satisfied. Revenue is recognized upon transfer of control of promised products and services in an amount that reflects the consideration we expect to receive in exchange for those products or services. The collectability of consideration on the contract is reasonably assured before revenue is recognized. To the extent that customer payment has been received before all recognition criteria are met, these revenues are initially deferred in other accruals on the balance sheet and the revenue is recognized in the period that all recognition criteria have been met. Certain agreements with customers include discounts or rebates on the sale of products and services applied retrospectively, such as volume rebates achieved by purchasing a specified purchase threshold of goods and services. We account for these discounts as variable consideration and estimate the likelihood of a customer meeting the threshold in order to determine the transaction price using the most predictive approach. We typically use the most-likely-amount method, for incentives that are offered to individual customers, and the expected-value method, for programs that are offered to a broad group of customers. Variable consideration reduces the amount of revenue that is recognized. Rebate obligations related to customer incentive programs are recorded in accrued liabilities; the rebate estimates are adjusted at the end of each applicable measurement period based on information currently available. The performance obligations in Neogen’s contracts are generally satisfied well within one year of contract inception. In such cases, management has elected the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component. Management has elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would otherwise have been deferred and amortized is one year or less. We account for shipping and handling for products as a fulfillment activity when goods are shipped. Shipping and handling costs that are charged to and reimbursed by the customer are recognized as revenues, while the related expenses incurred by Neogen are recorded in sales and marketing expense. Revenue is recognized net of any tax collected from customers; the taxes are subsequently remitted to governmental authorities. Our terms and conditions of sale generally do not provide for returns of product or reperformance of service except in the case of quality or warranty issues. These situations are infrequent; due to immateriality of the amount, warranty claims are recorded in the period incurred. The Company derives revenue from two primary sources—product revenue and service revenue. Product revenue consists of shipments of: • Diagnostic test kits, dehydrated 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 • Rodenticides, disinfectants and insecticides 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; 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 The following table presents disaggregated revenue by major product and service categories for the three and nine month periods ended February 28, 2021 and February 29, 2020: Three Months ended Nine Months ended (in thousands) 2021 2020 2021 2020 Food Safety Natural Toxins, Allergens & Drug Residues $ 18,255 $ 17,154 $ 57,271 $ 57,950 Bacterial & General Sanitation 10,333 9,413 31,499 31,345 Culture Media & Other 14,888 11,222 39,577 35,259 Rodenticides, Insecticides & Disinfectants 9,644 7,964 27,230 20,859 Genomics Services 5,304 4,745 14,566 12,961 $ 58,424 $ 50,498 $ 170,143 $ 158,374 Animal Safety Life Sciences $ 1,399 $ 1,376 $ 4,122 $ 4,901 Veterinary Instruments & Disposables 12,494 10,799 34,843 32,621 Animal Care & Other 8,873 6,667 25,902 20,859 Rodenticides, Insecticides & Disinfectants 18,085 14,558 56,470 47,462 Genomics Services 17,434 15,971 49,554 44,879 $ 58,285 $ 49,371 $ 170,891 $ 150,722 Total Revenues $ 116,709 $ 99,869 $ 341,034 $ 309,096

Net Income per Share

Net Income per Share	9 Months Ended
	Feb. 28, 2021
Net Income per Share	6. NET INCOME PER SHARE The calculation of net income per share follows: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator for basic and diluted net income per share: Net income attributable to Neogen $ 13,377 $ 12,200 $ 45,122 $ 43,128 Denominator for basic net income per share: Weighted average shares 53,413 52,795 53,132 52,463 Effect of dilutive stock options and RSUs 282 253 252 320 Denominator for diluted net income per share 53,695 53,048 53,384 52,783 Net income attributable to Neogen per share: Basic $ 0.25 $ 0.23 $ 0.85 $ 0.82 Diluted $ 0.25 $ 0.23 $ 0.85 $ 0.82

Segment Information and Geograp

Segment Information and Geographic Data	9 Months Ended
	Feb. 28, 2021
Segment Information and Geographic Data	7. SEGMENT INFORMATION AND GEOGRAPHIC DATA We have two Our international operations in the United Kingdom, Mexico, Brazil, China and India 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 our complete line of products and services, including those usually associated with the Animal Safety segment such as cleaners, disinfectants, rodenticides, insecticides, 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. Neogen’s operation in Australia originally focused on providing genomics services and sales of animal safety products and reports through the Animal Safety segment. With the acquisition of Cell BioSciences on February 28, 2020, this operation has expanded to offer our complete line of products and services, including those usually associated with the Food Safety segment. These additional products are managed and directed by existing management at Neogen Australasia and report through the Animal Safety segment. The accounting policies of each of the segments are the same as those described in Note 1. Segment information follows: (in thousands) Food Animal Corporate and Total As of and for the three months ended February 28, 2021 Product revenues to external customers $ 51,965 $ 40,851 $ — $ 92,816 Service revenues to external customers 6,459 17,434 — 23,893 Total revenues to external customers 58,424 58,285 — 116,709 Operating income (loss) 7,911 11,657 (3,794 ) 15,774 Total assets 287,690 239,179 353,347 880,216 As of and for the three months ended February 29, 2020 Product revenues to external customers $ 44,450 $ 33,286 $ — $ 77,736 Service revenues to external customers 6,048 16,085 — 22,133 Total revenues to external customers 50,498 49,371 — 99,869 Operating income (loss) 5,881 8,492 (1,330 ) 13,043 Total assets 226,077 219,501 327,923 773,501 (1) Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, current and deferred tax accounts and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions. (in thousands) Food Animal Corporate and Total As of and for the nine months ended February 28, 2021 Product revenues to external customers $ 151,951 $ 121,337 $ — $ 273,288 Service revenues to external customers 18,192 49,554 — 67,746 Total revenues to external customers 170,143 170,891 — 341,034 Operating income (loss) 24,834 36,068 (6,988 ) 53,914 As of and for the nine months ended February 29, 2020 Product revenues to external customers $ 141,516 $ 105,555 $ — $ 247,071 Service revenues to external customers 16,858 45,167 — 62,025 Total revenues to external customers 158,374 150,722 — 309,096 Operating income (loss) 24,571 26,521 (3,513 ) 47,579 (1) Includes elimination of intersegment transactions. The following table presents the Company’s revenue disaggregated by geographic location: Three months ended Nine months ended (in thousands) 2021 2020 2021 2020 Domestic $ 70,387 $ 59,762 $ 207,544 $ 186,887 International 46,322 40,107 133,490 122,209 Total revenue 116,709 99,869 341,034 309,096

Equity Compensation Plans

Equity Compensation Plans	9 Months Ended
	Feb. 28, 2021
Equity Compensation Plans	8. EQUITY COMPENSATION PLANS Incentive and non-qualified three five (Options in thousands) Shares Weighted- Options outstanding June 1, 2020 2,162 $ 55.96 Granted 261 68.47 Exercised (491 ) 44.91 Forfeited (179 ) 57.58 Options outstanding February 28, 2021 1,753 $ 58.41 The weighted-average fair value per share of stock options granted during the first nine months of fiscal years 2021 and 2020, estimated on the date of grant using the Black-Scholes option pricing model, was $15.41 and $15.56, respectively. FY2021 Risk-free interest rate 0.2 % Expected dividend yield 0.0 % Expected stock price volatility 31.3 % Expected option life 3.25 years The Company granted 59,125 restricted stock units (RSUs) to directors, officers and employees under the terms of the 2018 Omnibus Incentive Plan in October 2020, which vest ratably over three R SU non-vested During the three and nine month periods ended February 28, 2021 and February 29, 2020, the Company recorded $1,581,000 and $1,640,000 and $4,773,000 and $4,795,000, respectively, of compensation expense related to its share-based awards. The Company offers eligible employees the option to purchase common stock at a 5% discount to the lower of the market value of the stock at the beginning or end of each participation period under the terms of the 2011 Employee Stock Purchase Plan; the discount is recorded in general and administrative expense. Total individual purchases in any year are limited to 10% of compensation.

Business and Product Line Acqui

Business and Product Line Acquisitions	9 Months Ended
	Feb. 28, 2021
Business and Product Line Acquisitions	9. 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. Goodwill recognized in the acquisitions discussed below relates primarily to enhancing the Company’s strategic platform for the expansion of available product offerings. On January 1, 2020, the Company acquired all of the stock of Productos Quimicos Magiar, a distributor of Neogen’s Food Safety products for the past 20 years, located in Argentina. This acquisition gives Neogen a direct sales presence in Argentina. Consideration for the purchase was $3,776,000 in net cash, with $3,237,000 paid at closing and $540,000 payable to the former owner on January 1, 2022, and up to $979,000 of contingent consideration, payable in one year, based upon an excess net sales formula. The final purchase price allocation, based upon the fair value of these assets and liabilities determined using the income approach, included accounts receivable of $603,000, inventory of $446,000, machinery and equipment of $36,000, other current assets of $221,000, accounts payable of $383,000, other current liabilities of $312,000, contingent consideration accrual of $640,000, non-current 5- 10 (non-deductible but not earned recorded operation. On January 1, 2020, the Company acquired all of the stock of Productos Quimicos Magiar, a distributor non-current 5-10 (non-deductible but no t earned On January 9, 2020, the Company acquired all non-current 5-10 (non-deductible Scotland On January 31, 2020, the Company acquired all of the stock of Abtek Biologicals Limited, a manufacturer non-current 5-10 (non-deductible On February 28, 2020, the Company acquired the assets of Cell BioSciences, an Australian distributor of food safety and industrial microbiology products. This acquisition gives Neogen a direct sales presence across Australasia for its entire product portfolio. Consideration for the purchase was $3,768,000 in cash, with $3,596,000 paid at closing and $172,000 payable in one year. The final purchase price allocation, based upon the fair value of these assets and liabilities determined using the income approach, included inventory of $420,000, unearned revenue liability of $13,000, intangible assets of $1,338,000 (with an estimated life of 3 to 10 years) and the remainder to goodwill (non-deductible o On March 26, 2020, the Company acquired the assets of Chile-based Magiar Chilena, a distributor of food animal 5-10 On July 31, 2020, the Company acquired the U.S. (including territories) rights to Elanco’s StandGuard Pour-on On December 30, 2020, the Company acquired all of the stock of Megazyme, Ltd, an Ireland-based company, and its wholly owned U.S. subsidiary, Megazyme, Inc. Megazyme is a manufacturer and supplier of diagnostic assay kits and enzymes to measure dietary fiber, complex carbohydrates and enzymes in food and beverages as well as animal feeds. This acquisition will allow Neogen to expand its commercial relationships across food, feed and beverage companies, and provide additional food quality diagnostic products to commercial labs and food science research institutions. Consideration for the purchase was net cash of $39.8 million paid at closing, $8.6 million of cash payable in two installments in two and four years, $4.9 million of stock issued at closing, and up to $2.5 million of contingent consideration, payable in two installments over the next year, based upon an excess net sales formula. The preliminary purchase price allocation, based upon the fair value of these assets and liabilities determined using the income approach, included accounts receivable of $1,339,000, inventory of $5,619,000, net property, plant and equipment of $12,141,000, prepayments of $69,000, accounts payable of $4,000, other current liabilities of $2,405,000, contingent consideration accrual of $2,458,000, non-current 5-10 (non-deductible For each acquisition listed above, the revenues and net income were not considered material and were therefore not disclosed.

Long Term Debt

Long Term Debt	9 Months Ended
	Feb. 28, 2021
Long Term Debt	10. LONG TERM DEBT We have a financing agreement with a bank providing for a $15,000,000 unsecured revolving line of credit, which was amended in the second quarter to extend the expiration to November 30, 2023. There were no 100

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Feb. 28, 2021
Commitments and Contingencies	11. 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. Neogen expenses these annual costs of remediation, which have ranged from $38,000 to $131,000 per year over the past five years. The Company’s estimated liability for these costs was $916,000 at both February 28, 2021 and May 31, 2020, measured on an undiscounted basis over an estimated period of 15 years; $100,000 of the liability is recorded within current liabilities and the remainder is recorded within other non-current 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.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Feb. 28, 2021
Basis of presentation and consolidation	BASIS OF PRESENTATION AND CONSOLIDATION The accompanying unaudited consolidated financial statements include the accounts of Neogen Corporation (“Neogen” or the “Company”) 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 S-X. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included in the accompanying unaudited consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. The results of operations for the three and nine month periods ended February 28, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending May 31, 2021. For more complete financial information, these 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 Our functional currency is the U.S. dollar. We translate our non-U.S.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Financial Instruments - Credit Losses On June 1, 2020, the Company adopted ASU No. 2016-13—Measurement held-to-maturity Fair Value Measurements On June 1, 2020, the Company adopted ASU 2018-13, Cloud Computing Implementation Cost On June 1, 2020, the Company adopted ASU 2018-15, Internal-Use 350-40):
Comprehensive Income	Comprehensive Income Comprehensive income represents net income and any revenues, expenses, gains and losses that, under U.S. generally accepted accounting principles, are excluded from net income and recognized directly as a component of equity. Accumulated other comprehensive income (loss) consists of foreign currency translation adjustments and unrealized gains or losses on marketable securities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments 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. 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.
Estimates and assumptions	ESTIMATES AND ASSUMPTIONS The preparation of these financial statements requires that management make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates the estimates, including, but not limited to, variable consideration related to revenue recognition, allowances for doubtful accounts, the market value of, and demand for, inventories, stock-based compensation, provision for income taxes and related balance sheet accounts, accruals, goodwill and other intangible assets. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
Accounts Receivable Allowance	Accounts Receivable Allowance Management attempts to minimize credit risk by reviewing customers’ credit history before extending credit and by monitoring credit exposure on a regular basis. An allowance for doubtful accounts is established based upon factors surrounding the credit risk of specific customers, historical trends, current conditions and other information. Collateral or other security is generally not required for accounts receivable. Once a receivable balance has been determined to be uncollectible, generally after all collection efforts have been exhausted, that amount is charged against the allowance for doubtful accounts.
Inventory	Inventory The reserve for obsolete and slow-moving inventory is reviewed at least quarterly based on an analysis of the inventory, considering the current condition of the asset as well as other known facts and future plans. The reserve required to record inventory at lower of cost or net realizable value is adjusted as conditions change. Product obsolescence may be caused by shelf-life expiration, discontinuance of a product line, replacement products in the marketplace or other competitive situations.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over fair value of tangible net assets of acquired businesses after amounts are allocated to other identifiable intangible assets. Other intangible assets include customer relationships, trademarks, licenses, trade names, covenants not-to-compete
Long-lived Assets	Long-Lived Assets Management reviews the carrying values of its long-lived assets to be held and used, including definite-lived intangible assets, for possible impairment whenever events or changes in business conditions warrant such a review. The carrying value of a long-lived asset is considered impaired when the anticipated separately identifiable undiscounted cash flows over the remaining useful life of the asset indicate that the carrying amount of the asset may not be recoverable. In such an event, fair value is determined using discounted cash flows and, if lower than the carrying value, impairment is recognized through a charge to operations.
Equity Compensation Plans	Equity Compensation Plans Share options awarded to employees, restricted stock units (RSUs) and shares of stock awarded to employees under certain stock purchase plans are recognized as compensation expense based on their fair value at grant date. The fair market value of options granted under the Company stock option plans was estimated on the date of grant using the Black-Scholes option-pricing model with assumptions for inputs such as interest rates, expected dividends, an estimate of award forfeitures, volatility measures and specific employee exercise behavior patterns based on statistical data. Some of the inputs used are not market-observable and have to be estimated or derived from available data. Use of different estimates would produce different option values, which in turn would result in higher or lower compensation expense recognized. For RSUs, we use the intrinsic value method to value the units. To value other equity awards, several recognized valuation models exist; none of these models can be singled out as being the best or most correct. The model applied by us can handle most of the specific features included in the options granted, which are the reason for their use. If different models were used, the option values could differ despite using the same inputs. Accordingly, using different assumptions coupled with using a different valuation model could have a significant impact on the fair value of employee stock options. Fair value could be either higher or lower than the number provided by the model applied and the inputs used. Further information on our equity compensation plans, including inputs used to determine the fair value of options, is disclosed in Note 8.
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and for tax credit carryforwards and are measured using the enacted tax rates in effect for the years in which the differences are expected to reverse. Deferred income tax expense represents the change in net deferred income tax assets and liabilities during the year.

Cash and Marketable Securities

Cash and Marketable Securities (Tables)	9 Months Ended
	Feb. 28, 2021
Cash and Cash Equivalents [Abstract]
Schedule Of Classification And Maturities Of Marketable Securities	Marketable Securities as of February 28, 2021 and May 31, 2020 are listed below by classification and remaining maturities. (in thousands) Maturity February 28, May 31, US Treasuries 0 - 90 days $ — $ — 91 - 180 days — — 181 days - 1 year — 2,532 1 - 2 years — — Commercial Paper & Corporate Bonds 0 - 90 days 158,183 133,130 91 - 180 days 81,850 73,824 181 days - 1 year 30,189 43,231 1 - 2 years 1,310 7,839 Certificates of Deposit 0 - 90 days 1,253 1,003 91 - 180 days 3,550 5,184 181 days -1 year 3,277 6,069 1 - 2 years 253 4,592 Total Marketable Securities $ 279,865 $ 277,404
Summary of components of marketable securities	The components of marketable securities at February 28, 2021 are as follows: (in thousands) Amortized Unrealized Unrealized Fair Value US Treasuries $ — $ — $ — $ — Commercial Paper & Corporate Bonds 271,600 185 (253 ) 271,532 Certificates of Deposit 8,284 49 — 8,333 Total Marketable Securities $ 279,884 $ 234 $ (253 ) $ 279,865 The components of marketable securities at May 31, 2020 are as follows: (in thousands) Amortized Unrealized Unrealized Fair Value US Treasuries $ 2,502 $ 30 $ — $ 2,532 Commercial Paper & Corporate Bonds 257,700 347 (23 ) 258,024 Certificates of Deposit 16,648 200 — 16,848 Total Marketable Securities $ 276,850 $ 577 $ (23 ) $ 277,404

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Feb. 28, 2021
Inventories	The components of inventories follow:​​​​​​​ (in thousands) February 28, May 31, Raw materials $ 46,423 $ 45,058 Work-in-process 7,408 6,887 Finished and purchased goods 45,436 43,108 $ 99,267 $ 95,053

Leases (Tables)

Leases (Tables)	9 Months Ended
	Feb. 28, 2021
Supplemental balance sheet information related to operating leases	Supplemental balance sheet information related to operating leases was as follows: (in thousands) February 28, May 31, Right of use - assets $ 1,269 $ 1,952 Lease liabilities - current 131 1,054 Lease liabilities - non-current 1,089 913
Weighted average remaining lease term and weighted average discount rate	The weighted average remaining lease term and weighted average discount rate were as follows: February 28, May 31, Weighted average remaining lease term 2.4 years 2.5 years Weighted average discount rate 3.0 % 3.2 %
Components of lease expense	The components of lease expense were as follows: Three Months Ended February 28/29, Nine Months Ended February 28/29, (in thousands) 2021 2020 2021 2020 Operating leases $ 372 $ 316 $ 1,017 $ 889 Short term leases 17 25 76 106 Total lease expense $ 389 $ 341 $ 1,093 $ 995
Undiscounted minimum lease payments	Undiscounted minimum lease payments as of February 28, 2021 were as follows: Amount Years ending May 31, 2021 (1) $ 133 2022 601 2023 347 2024 176 2025 47 2026 and thereafter — Total lease payments 1,304 Less: imputed interest 84 Total lease liabilities $ 1,220

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Feb. 28, 2021
Disaggregated Revenue	The following table presents the Company’s revenue disaggregated by geographic location: Three months ended Nine months ended (in thousands) 2021 2020 2021 2020 Domestic $ 70,387 $ 59,762 $ 207,544 $ 186,887 International 46,322 40,107 133,490 122,209 Total revenue 116,709 99,869 341,034 309,096
Operating Segments [Member]
Disaggregated Revenue	The following table presents disaggregated revenue by major product and service categories for the three and nine month periods ended February 28, 2021 and February 29, 2020: Three Months ended Nine Months ended (in thousands) 2021 2020 2021 2020 Food Safety Natural Toxins, Allergens & Drug Residues $ 18,255 $ 17,154 $ 57,271 $ 57,950 Bacterial & General Sanitation 10,333 9,413 31,499 31,345 Culture Media & Other 14,888 11,222 39,577 35,259 Rodenticides, Insecticides & Disinfectants 9,644 7,964 27,230 20,859 Genomics Services 5,304 4,745 14,566 12,961 $ 58,424 $ 50,498 $ 170,143 $ 158,374 Animal Safety Life Sciences $ 1,399 $ 1,376 $ 4,122 $ 4,901 Veterinary Instruments & Disposables 12,494 10,799 34,843 32,621 Animal Care & Other 8,873 6,667 25,902 20,859 Rodenticides, Insecticides & Disinfectants 18,085 14,558 56,470 47,462 Genomics Services 17,434 15,971 49,554 44,879 $ 58,285 $ 49,371 $ 170,891 $ 150,722 Total Revenues $ 116,709 $ 99,869 $ 341,034 $ 309,096

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Feb. 28, 2021
Calculation of Net Income Per Share	The calculation of net income per share follows: Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2021 2020 2021 2020 Numerator for basic and diluted net income per share: Net income attributable to Neogen $ 13,377 $ 12,200 $ 45,122 $ 43,128 Denominator for basic net income per share: Weighted average shares 53,413 52,795 53,132 52,463 Effect of dilutive stock options and RSUs 282 253 252 320 Denominator for diluted net income per share 53,695 53,048 53,384 52,783 Net income attributable to Neogen per share: Basic $ 0.25 $ 0.23 $ 0.85 $ 0.82 Diluted $ 0.25 $ 0.23 $ 0.85 $ 0.82

Segment Information and Geogr_2

Segment Information and Geographic Data (Tables)	9 Months Ended
	Feb. 28, 2021
Segment Information	Segment information follows: (in thousands) Food Animal Corporate and Total As of and for the three months ended February 28, 2021 Product revenues to external customers $ 51,965 $ 40,851 $ — $ 92,816 Service revenues to external customers 6,459 17,434 — 23,893 Total revenues to external customers 58,424 58,285 — 116,709 Operating income (loss) 7,911 11,657 (3,794 ) 15,774 Total assets 287,690 239,179 353,347 880,216 As of and for the three months ended February 29, 2020 Product revenues to external customers $ 44,450 $ 33,286 $ — $ 77,736 Service revenues to external customers 6,048 16,085 — 22,133 Total revenues to external customers 50,498 49,371 — 99,869 Operating income (loss) 5,881 8,492 (1,330 ) 13,043 Total assets 226,077 219,501 327,923 773,501 (1) Includes corporate assets, consisting principally of cash and cash equivalents, marketable securities, current and deferred tax accounts and overhead expenses not allocated to specific business segments. Also includes the elimination of intersegment transactions. (in thousands) Food Animal Corporate and Total As of and for the nine months ended February 28, 2021 Product revenues to external customers $ 151,951 $ 121,337 $ — $ 273,288 Service revenues to external customers 18,192 49,554 — 67,746 Total revenues to external customers 170,143 170,891 — 341,034 Operating income (loss) 24,834 36,068 (6,988 ) 53,914 As of and for the nine months ended February 29, 2020 Product revenues to external customers $ 141,516 $ 105,555 $ — $ 247,071 Service revenues to external customers 16,858 45,167 — 62,025 Total revenues to external customers 158,374 150,722 — 309,096 Operating income (loss) 24,571 26,521 (3,513 ) 47,579 (1) Includes elimination of intersegment transactions.
Disaggregated Revenue	The following table presents the Company’s revenue disaggregated by geographic location: Three months ended Nine months ended (in thousands) 2021 2020 2021 2020 Domestic $ 70,387 $ 59,762 $ 207,544 $ 186,887 International 46,322 40,107 133,490 122,209 Total revenue 116,709 99,869 341,034 309,096

Equity Compensation Plans (Tabl

Equity Compensation Plans (Tables)	9 Months Ended
	Feb. 28, 2021
Stock Option Activity	A summary of stock option activity during the nine months ended February 28, 2021 follows: (Options in thousands) Shares Weighted- Options outstanding June 1, 2020 2,162 $ 55.96 Granted 261 68.47 Exercised (491 ) 44.91 Forfeited (179 ) 57.58 Options outstanding February 28, 2021 1,753 $ 58.41
Fair Value of Stock Options Granted Estimated Weighted-Average Assumptions	The fair value of stock options granted was estimated using the following weighted-average assumptions. FY2021 Risk-free interest rate 0.2 % Expected dividend yield 0.0 % Expected stock price volatility 31.3 % Expected option life 3.25 years

Accounting Policies - Additiona

Accounting Policies - Additional Information (Detail)	9 Months Ended
	Feb. 28, 2021
Minimum
Significant Accounting Policies [Line Items]
Finite lived intangible assets, useful life	5 years
Maximum
Significant Accounting Policies [Line Items]
Finite lived intangible assets, useful life	25 years

Cash and Marketable Securitie_2

Cash and Marketable Securities - Additional Information (Detail) - USD ($)	9 Months Ended
	Feb. 28, 2021	May 31, 2020	Feb. 29, 2020	May 31, 2019
Cash and Cash Equivalents [Line Items]
Marketable securities, maturity period	90 days
Cash and cash equivalents	$ 73,482,000	$ 66,269,000	$ 50,774,000	$ 41,688,000

Marketable Securities (Detail)

Marketable Securities (Detail) - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Marketable Securities, Current	$ 279,865	$ 277,404
US Treasury Securities | Maturing in 0 - 90 days
Marketable Securities, Current	0	0
US Treasury Securities | Maturing in 91 - 180 days
Marketable Securities, Current	0	0
US Treasury Securities | Maturing in 181 days - 1 year
Marketable Securities, Current	0	2,532
US Treasury Securities | Maturing in 1 - 2 years
Marketable Securities, Current	0	0
Commercial Paper | Maturing in 0 - 90 days
Marketable Securities, Current	158,183	133,130
Commercial Paper | Maturing in 91 - 180 days
Marketable Securities, Current	81,850	73,824
Commercial Paper | Maturing in 181 days - 1 year
Marketable Securities, Current	30,189	43,231
Commercial Paper | Maturing in 1 - 2 years
Marketable Securities, Current	1,310	7,839
Certificates of Deposit | Maturing in 0 - 90 days
Marketable Securities, Current	1,253	1,003
Certificates of Deposit | Maturing in 91 - 180 days
Marketable Securities, Current	3,550	5,184
Certificates of Deposit | Maturing in 181 days - 1 year
Marketable Securities, Current	3,277	6,069
Certificates of Deposit | Maturing in 1 - 2 years
Marketable Securities, Current	$ 253	$ 4,592

Components of marketable securi

Components of marketable securities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Feb. 28, 2021	May 31, 2020
Marketable Securities [Line Items]
Amortized Cost	$ 279,884	$ 276,850
Unrealized gains	234	577
Unrealized Losses	(253)	(23)
Fair Value	279,865	277,404
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	0	2,502
Unrealized gains	0	30
Unrealized Losses	0
Fair Value	0	2,532
Commercial Paper And Corporate Bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	271,600	257,700
Unrealized gains	185	347
Unrealized Losses	(253)	(23)
Fair Value	271,532	258,024
Certificates of Deposit [Member]
Marketable Securities [Line Items]
Amortized Cost	8,284	16,648
Unrealized gains	49	200
Unrealized Losses	0
Fair Value	$ 8,333	$ 16,848

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Inventory [Line Items]
Raw Materials	$ 46,423	$ 45,058
Work-in-process	7,408	6,887
Finished and purchased goods	45,436	43,108
Inventories	$ 99,267	$ 95,053

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands	Feb. 28, 2021	May 31, 2020
Right of use - assets	$ 1,269	$ 1,952
Lease liabilities - current	131	1,054
Lease liabilities - non-current	$ 1,089	$ 913

Weighted Average Remaining Leas

Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Detail)	Feb. 28, 2021	May 31, 2020
Weighted average remaining lease term	2 years 4 months 24 days	2 years 6 months
Weighted average discount rate	3.00%	3.20%

Components of Lease Expense (De

Components of Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Operating leases	$ 372	$ 316	$ 1,017	$ 889
Short term leases	17	25	76	106
Total lease expense	$ 389	$ 341	$ 1,093	$ 995

Undiscounted Minimum Lease Paym

Undiscounted Minimum Lease Payments (Detail) $ in Thousands	Feb. 28, 2021USD ($)
Years ending May 31, 2021	$ 133
2022	601
2023	347
2024	176
2025	47
2026 and thereafter	0
Total lease payments	1,304
Less: imputed interest	84
Total lease liabilities	$ 1,220

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($)	9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020
Operating lease payments	$ 946,000	$ 868,000

Revenue Recognition- Additional

Revenue Recognition- Additional Information (Detail)	9 Months Ended
	Feb. 28, 2021
Products and Services, Payment Terms	30 to 60 days

Disaggregated Revenue (Detail)

Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	Feb. 29, 2020
Disaggregation of Revenue [Line Items]
Total Revenues	$ 116,709	$ 99,869	$ 341,034	$ 309,096	$ 309,096
Food Safety
Disaggregation of Revenue [Line Items]
Total Revenues	58,424	50,498	170,143		158,374
Food Safety | Natural Toxins, Allergens & Drug Residues
Disaggregation of Revenue [Line Items]
Total Revenues	18,255	17,154	57,271		57,950
Food Safety | Bacterial & General Sanitation
Disaggregation of Revenue [Line Items]
Total Revenues	10,333	9,413	31,499		31,345
Food Safety | Culture Media & Other
Disaggregation of Revenue [Line Items]
Total Revenues	14,888	11,222	39,577		35,259
Food Safety | Rodenticides, Insecticides & Disinfectants
Disaggregation of Revenue [Line Items]
Total Revenues	9,644	7,964	27,230		20,859
Food Safety | Genomics Services
Disaggregation of Revenue [Line Items]
Total Revenues	5,304	4,745	14,566		12,961
Animal Safety
Disaggregation of Revenue [Line Items]
Total Revenues	58,285	49,371	170,891		150,722
Animal Safety | Life Sciences
Disaggregation of Revenue [Line Items]
Total Revenues	1,399	1,376	4,122		4,901
Animal Safety | Animal Care & Other
Disaggregation of Revenue [Line Items]
Total Revenues	8,873	6,667	25,902		20,859
Animal Safety | Veterinary Instruments & Disposables
Disaggregation of Revenue [Line Items]
Total Revenues	12,494	10,799	34,843		32,621
Animal Safety | Rodenticides, Insecticides & Disinfectants
Disaggregation of Revenue [Line Items]
Total Revenues	18,085	14,558	56,470		47,462
Animal Safety | Genomics Services
Disaggregation of Revenue [Line Items]
Total Revenues	$ 17,434	$ 15,971	$ 49,554		$ 44,879

Calculation of Net Income Per S

Calculation of Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Earnings Per Share [Line Items]
Numerator for basic and diluted net income per share - Net income attributable to Neogen	$ 13,377	$ 12,200	$ 45,122	$ 43,128
Denominator for basic net income per share - Weighted average shares	53,413	52,795	53,132	52,463
Effect of dilutive stock options and RSUs	282	253	252	320
Denominator for diluted net income per share	53,695	53,048	53,384	52,783
Net income attributable to Neogen per share:
Basic	$ 0.25	$ 0.23	$ 0.85	$ 0.82
Diluted	$ 0.25	$ 0.23	$ 0.85	$ 0.82

Segment Information and Geogr_3

Segment Information and Geographic Data (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	May 31, 2020
Segment Reporting Information [Line Items]
Product revenues to external customers			$ 341,034	$ 309,096
Operating income (loss)	$ 15,774	$ 13,043	53,914	47,579
Total Assets	880,216		880,216		$ 797,182
Operating Segments
Segment Reporting Information [Line Items]
Product revenues to external customers	116,709	99,869
Operating income (loss)	15,774	13,043
Total Assets	880,216	773,501	880,216	773,501
Operating Segments | Corporate and Eliminations
Segment Reporting Information [Line Items]
Product revenues to external customers	0		0
Operating income (loss)	(3,794)	(1,330)	(6,988)	(3,513)
Total Assets	353,347	327,923	353,347	327,923
Operating Segments | Food Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	58,424	50,498	170,143	158,374
Operating income (loss)	7,911	5,881	24,834	24,571
Total Assets	287,690	226,077	287,690	226,077
Operating Segments | Food Safety | Corporate and Eliminations
Segment Reporting Information [Line Items]
Product revenues to external customers			0
Operating Segments | Animal Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	58,285	49,371	170,891	150,722
Operating income (loss)	11,657	8,492	36,068	26,521
Total Assets	239,179	219,501	239,179	219,501
Operating Segments | Animal Safety | Corporate and Eliminations
Segment Reporting Information [Line Items]
Product revenues to external customers			0
Product Revenues
Segment Reporting Information [Line Items]
Product revenues to external customers			273,288	247,071
Product Revenues | Operating Segments
Segment Reporting Information [Line Items]
Product revenues to external customers	92,816	77,736
Product Revenues | Operating Segments | Corporate and Eliminations
Segment Reporting Information [Line Items]
Product revenues to external customers	0
Product Revenues | Operating Segments | Food Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	51,965	44,450	151,951	141,516
Product Revenues | Operating Segments | Animal Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	40,851	33,286	121,337	105,555
Service Revenues
Segment Reporting Information [Line Items]
Product revenues to external customers			67,746	62,025
Service Revenues | Operating Segments
Segment Reporting Information [Line Items]
Product revenues to external customers	23,893	22,133
Service Revenues | Operating Segments | Corporate and Eliminations
Segment Reporting Information [Line Items]
Product revenues to external customers	0
Service Revenues | Operating Segments | Food Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	6,459	6,048	18,192	16,858
Service Revenues | Operating Segments | Animal Safety
Segment Reporting Information [Line Items]
Product revenues to external customers	$ 17,434	$ 16,085	$ 49,554	$ 45,167

Segment Information and Geogr_4

Segment Information and Geographic Data - Additional Information (Detail)	9 Months Ended
	Feb. 28, 2021Segment
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	2

Disaggregated Revenue by Geogra

Disaggregated Revenue by Geographic Location (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020	Feb. 29, 2020
Revenues by Geographic Location [Line Items]
Total revenue	$ 116,709	$ 99,869	$ 341,034	$ 309,096	$ 309,096
Domestic
Revenues by Geographic Location [Line Items]
Total revenue	70,387	59,762	207,544	186,887
International
Revenues by Geographic Location [Line Items]
Total revenue	$ 46,322	$ 40,107	$ 133,490	$ 122,209

Stock Option Activity (Detail)

Stock Option Activity (Detail)	9 Months Ended
	Feb. 28, 2021$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Beginning Balance | shares	2,162,000
Options, Granted | shares	261,000
Options, Exercised | shares	(491,000)
Options, Forfeited | shares	(179,000)
Options Outstanding, Ending Balance | shares	1,753,000
Weighted-Average Exercise Price, Beginning Balance | $ / shares	$ 55.96
Weighted-Average Exercise Price, Granted | $ / shares	68,470
Weighted-Average Exercise Price, Exercised | $ / shares	44,910
Weighted-Average Exercise Price, Forfeited | $ / shares	57,580
Weighted-Average Exercise Price, Ending Balance | $ / shares	$ 58.41

Fair Value of Stock Options Gra

Fair Value of Stock Options Granted, Estimated using Weighted-Average Assumptions (Detail)	9 Months Ended
	Feb. 28, 2021
Schedule of Weighted Average Assumptions for Fair Values of Stock Options [Line Items]
Risk-free interest rate	0.20%
Expected dividend yield	0.00%
Expected stock price volatility	31.30%
Expected option life (in years)	3 years 3 months

Equity Compensation Plans - Add

Equity Compensation Plans - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Feb. 28, 2021	Feb. 29, 2020	Feb. 28, 2021	Feb. 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per share of stock options granted				$ 15.41	$ 15.56
Compensation expense related to share based awards		$ 1,581,000	$ 1,640,000	$ 4,773,000	$ 4,795,000
2018 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	59,125
Weighted-average fair value per share of RSUs				$ 68.43
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				4 years 5 months 26 days
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 3,144,000		$ 3,144,000
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%
Employee stock purchase plan stock price percentage				10.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period				3 years
Stock option contractual terms				5 years
Minimum | 2018 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period				5 years
Stock option contractual terms				10 years
Maximum | 2018 Omnibus Incentive Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	5 years

Business and Product Line Acq_2

Business and Product Line Acquisitions - Additional Information (Detail) - USD ($)	Dec. 30, 2020	Jul. 31, 2020	Mar. 26, 2020	Feb. 28, 2020	Jan. 31, 2020	Jan. 09, 2020	Jan. 01, 2020	Feb. 28, 2021	Feb. 28, 2021	Jan. 31, 2021
Business Acquisition [Line Items]
Cash consideration for purchase of business				$ 172,000
Purchase price allocation for inventory			$ 164,000
Cash payable to former owner for purchase of business	$ 8.6
Abtek Biologicals Limited
Business Acquisition [Line Items]
Cash consideration for purchase of business					$ 1,401,000
Purchase price allocation for accounts receivable					135,000
Purchase price allocation for inventory					207,000
Purchase price allocation for land, property and equipment					105,000
Purchase price allocation for intangible assets					484,000
Purchase price allocation for accounts payable					118,000
Purchase price allocation for deferred tax liability					92,000
Purchase price allocation for other current liabilities					34,000
Cash payable to former owner for purchase of business					119,000					$ 119,000
Cash paid for purchase of business					1,282,000
Purchase price allocation for Prepaid Expenses					$ 6,000
Chile-based Magiar Chilena
Business Acquisition [Line Items]
Cash consideration for purchase of business			400,000
Purchase price allocation for land, property and equipment			53,000
Purchase price allocation for intangible assets			183,000
Cash payable to former owner for purchase of business			50,000
Cash paid for purchase of business			$ 350,000
Cash payable to former owner for purchase of business, due date			Mar. 26, 2021
Beef Cattle And Related Assets [Member]
Business Acquisition [Line Items]
Cash consideration for purchase of business		$ 2,351,000
Purchase price allocation for inventory		51,000
Purchase price allocation for intangible assets		$ 2,300,000
Finite lived intangible assets, useful life		15 years
Megazyme Ltd and Subsidiary Megazyme Inc [Member]
Business Acquisition [Line Items]
Cash consideration for purchase of business	39.8							$ 1,229,000
Contingent consideration potential payment	2.5
Purchase price allocation for accounts receivable	1,339,000
Purchase price allocation for inventory	5,619,000
Purchase price allocation for land, property and equipment	12,141,000
Allocation of purchase price for contingent consideration potential payment	2,458,000
Purchase price allocation for intangible assets	19,461,000
Purchase price allocation for accounts payable	4,000
Purchase price allocation for deferred tax liability	2,389,000
Purchase price allocation for other current liabilities	2,405,000
Purchase price allocation for Prepaid Expenses	69,000
Business acquisition Value of equity interest issued	$ 4.9
ARGENTINA | Productos Quimicos Magiar
Business Acquisition [Line Items]
Cash consideration for purchase of business							$ 3,776,000
Contingent consideration potential payment							979,000
Purchase price allocation for accounts receivable							603,000
Purchase price allocation for inventory							446,000
Purchase price allocation for land, property and equipment							36,000
Allocation of purchase price for contingent consideration potential payment							640,000
Purchase price allocation for intangible assets							1,471,000
Purchase price allocation for accounts payable							383,000
Purchase price allocation for deferred tax liability							441,000
Purchase price allocation for other current liabilities							312,000
Cash payable to former owner for purchase of business							540,000
Cash paid for purchase of business							3,237,000
Contingent consideration paid							$ 530,000
Cash payable to former owner for purchase of business, due date							Jan. 1, 2022
Purchase price allocation for other current assets							$ 221,000
Gain on Contingent Consideration							110,000
URUGUAY | Productos Quimicos Magiar
Business Acquisition [Line Items]
Cash consideration for purchase of business							1,488,000
Contingent consideration potential payment							241,000
Purchase price allocation for accounts receivable							280,000
Purchase price allocation for inventory							174,000
Purchase price allocation for land, property and equipment							16,000
Allocation of purchase price for contingent consideration potential payment							159,000
Purchase price allocation for intangible assets							398,000
Purchase price allocation for accounts payable							204,000
Purchase price allocation for deferred tax liability							99,000
Purchase price allocation for other current liabilities							11,000
Cash payable to former owner for purchase of business							210,000
Cash paid for purchase of business							1,278,000
Contingent consideration paid							$ 158,000
Cash payable to former owner for purchase of business, due date							Jan. 1, 2022
Purchase price allocation for other current assets							$ 68,000
Gain on Contingent Consideration							$ 1,000
ITALY | Diessechem Srl
Business Acquisition [Line Items]
Cash consideration for purchase of business						$ 3,455,000
Purchase price allocation for accounts receivable						780,000
Purchase price allocation for inventory						5,000
Purchase price allocation for intangible assets						1,225,000
Purchase price allocation for accounts payable						140,000
Purchase price allocation for deferred tax liability						294,000
Purchase price allocation for other current liabilities						305,000
Purchase price allocation for other current assets						$ 160,000
AUSTRALIA | Cell BioSciences
Business Acquisition [Line Items]
Cash consideration for purchase of business				3,768,000
Purchase price allocation for inventory				420,000
Allocation of purchase price for contingent consideration potential payment				13,000
Purchase price allocation for intangible assets				1,338,000
Cash payable to former owner for purchase of business				172,000
Cash paid for purchase of business				$ 3,596,000
Minimum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life									5 years
Minimum | Abtek Biologicals Limited
Business Acquisition [Line Items]
Finite lived intangible assets, useful life					5 years
Minimum | Chile-based Magiar Chilena
Business Acquisition [Line Items]
Finite lived intangible assets, useful life			5 years
Minimum | Megazyme Ltd and Subsidiary Megazyme Inc [Member]
Business Acquisition [Line Items]
Finite lived intangible assets, useful life	5 years
Minimum | ARGENTINA | Productos Quimicos Magiar
Business Acquisition [Line Items]
Finite lived intangible assets, useful life							5 years
Minimum | URUGUAY | Productos Quimicos Magiar
Business Acquisition [Line Items]
Finite lived intangible assets, useful life							5 years
Minimum | ITALY | Diessechem Srl
Business Acquisition [Line Items]
Finite lived intangible assets, useful life						5 years
Minimum | AUSTRALIA | Cell BioSciences
Business Acquisition [Line Items]
Finite lived intangible assets, useful life				3 years
Maximum
Business Acquisition [Line Items]
Finite lived intangible assets, useful life									25 years
Maximum | Abtek Biologicals Limited
Business Acquisition [Line Items]
Finite lived intangible assets, useful life					10 years
Maximum | Chile-based Magiar Chilena
Business Acquisition [Line Items]
Finite lived intangible assets, useful life			10 years
Maximum | Megazyme Ltd and Subsidiary Megazyme Inc [Member]
Business Acquisition [Line Items]
Finite lived intangible assets, useful life	10 years
Maximum | ARGENTINA | Productos Quimicos Magiar
Business Acquisition [Line Items]
Finite lived intangible assets, useful life							10 years
Maximum | URUGUAY | Productos Quimicos Magiar
Business Acquisition [Line Items]
Finite lived intangible assets, useful life							10 years
Maximum | ITALY | Diessechem Srl
Business Acquisition [Line Items]
Finite lived intangible assets, useful life						10 years
Maximum | AUSTRALIA | Cell BioSciences
Business Acquisition [Line Items]
Finite lived intangible assets, useful life				10 years

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Feb. 28, 2021	Feb. 28, 2021	May 31, 2021	May 31, 2020
Debt Instrument [Line Items]
Unsecured revolving line of credit, total amount available	$ 15,000,000	$ 15,000,000
Unsecured revolving line of credit, maturity date		Nov. 30, 2023
Unsecured revolving line of credit, interest terms		LIBOR plus 100 basis points
Unsecured revolving line of credit, interest rate	1.12%	1.12%
Unsecured revolving line of credit, balance outstanding		$ 0
Unsecured revolving line of credit, advances			$ 0	$ 0
Libor Plus | Unsecured Revolving Line of Credit
Debt Instrument [Line Items]
Unsecured revolving line of credit, spread	1.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	9 Months Ended
	Feb. 28, 2021	May 31, 2020
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
Estimated liability costs of remediation, current		$ 100,000
Minimum
Commitments and Contingencies Disclosure [Line Items]
Environmental remediation expense	$ 38,000
Maximum
Commitments and Contingencies Disclosure [Line Items]
Environmental remediation expense	$ 131,000