“At the end of our 2013 fiscal year, when we crossed a milestone of $200 million in sales, we set a new goal of achieving $400 million in sales by the end of fiscal 2018. I am pleased to report that we met this goal. We have now doubled our revenues every five years in the past 20 years,” said James Herbert, Neogen’s executive chairman. “Going forward, Neogen continues to be uniquely positioned to continue this growth.”
The fourth quarter was the 105th of the past 110 quarters that Neogen reported revenue increases as compared with the previous year — a record spanning over 27 years.
“Of special note in our 2018 fiscal year was a 17% increase in international sales, including solid revenue increases into our major markets in Europe, Brazil, and Mexico,” said John Adent, Neogen’s president and chief executive officer. “These increases were comprised of sales of our food and animal safety lines, and reflect continuing consolidation of our global markets, including food safety diagnostics, animal care products, and animal genomics services.”
Gross margins for the company were 47.3% in fiscal 2018, compared to 47.6% in fiscal 2017. Operating income was $70.2 million, or 17.5% of sales, in the current fiscal year, compared to $64.9 million, or 18.0%, in the company’s 2017 fiscal year.
“Fiscal 2018 was another excellent year for us in generating cash and further strengthening our balance sheet,” said Steve Quinlan, Neogen’s chief financial officer. “These results allow us to continue to make investments in our business, including the acquisitions of complementary businesses and technology, and infrastructure improvements to solidify our foundation to help drive future growth.”
Neogen reports fiscal 2018 results
