--- title: "Neogen files NT 10-Q late-filing notice, expects $461.4 million goodwill" url: "https://aibio.space/news/neogen-files-nt-10-q-late-filing-notice-expects-461-4-million-goodwill/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-01-10" section: "Distress" tickers: "NASDAQ:NEOG" source: "https://www.sec.gov/Archives/edgar/data/711377/000095017025004136/neogen_q2_2025_form_nt.htm" summary: "Neogen filed a late-filing notice on January 10, 2025 for its quarterly report for the quarter ended November 30, 2024. The company expects a $461.4 millio" --- By the aibio.space news desk. Sources - [NEOGEN CORP Form NT 10-Q filed January 10, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/711377/000095017025004136/neogen_q2_2025_form_nt.htm) - [NEOGEN CORP Form 10-K filed July 30, 2024: business overview and signatures (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/711377/000095017024087670/neog-20240531.htm) [NEOG](https://aibio.space/companies/neogen/) 2025-01-10 # Neogen files NT 10-Q late-filing notice, expects $461.4 million goodwill impairment Tickers [NEOG](https://aibio.space/companies/neogen/) Neogen filed a late-filing notice on January 10, 2025 for its quarterly report for the quarter ended November 30, 2024. The company expects a $461.4 million goodwill impairment on its Food Safety unit and a net loss of $456.3 million, against a loss of $3.5 million a year earlier. ## Key facts - **Company**: NEOGEN CORP (NASDAQ: NEOG) - **News type**: Distress - **Primary source**: [NEOGEN CORP Form NT 10-Q filed January 10, 2025 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/711377/000095017025004136/neogen_q2_2025_form_nt.htm) *The Washington Monument and the city beyond. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* Neogen Corporation (Nasdaq: [NEOG](https://aibio.space/companies/neogen/)) said on January 10, 2025 that it cannot file its quarterly report on time. The company filed a [Form 12b-25 notice of late filing](https://www.sec.gov/Archives/edgar/data/711377/000095017025004136/neogen_q2_2025_form_nt.htm), known as an NT 10-Q, for the quarter ended November 30, 2024, which it calls "Q2 FY25." The original due date for the Form 10-Q was January 10, 2025. The notice says the company expects and intends to file no later than the fifth calendar day after that date. The delay follows a goodwill impairment test. Neogen says its interim analysis found that the carrying value of its Food Safety reporting unit exceeded its fair value as of September 1, 2024. The company currently expects to record an impairment charge of $461.4 million in Q2 FY25. It says it needs more time to finish that analysis and to update its financial statements and disclosures. ## The expected loss Neogen expects to report a net loss of $456.3 million for the quarter. In the same quarter a year earlier it reported a net loss of $3.5 million. The company says the goodwill charge is the primary driver of the change. On the form's question about a significant change in results from the prior year's period, it answered yes. The company also says the figure could change. It states that the review and finalization of the analysis "could result in a change" to the $461.4 million charge, "although that is not currently expected by the Company." Its forward-looking statements list the chance that it will not file the 10-Q within the five-day extension as one of the risks. The notice does not say whether the charge is cash or non-cash, and it does not describe the cash position. Neogen is still finalizing its condensed consolidated financial statements, and it says the anticipated results are subject to change. A goodwill impairment is a write-down that a company records when the carrying value of a reporting unit is higher than its fair value. Here, the write-down falls on the unit that holds the Food Safety business, and the notice gives no detail on how the fair value was estimated. ## The business and the 2022 combination According to the company's [annual report on Form 10-K](https://www.sec.gov/Archives/edgar/data/711377/000095017024087670/neog-20240531.htm) for the year ended May 31, 2024, Neogen develops, manufactures and markets products and services for food and animal safety. The Food Safety segment consists mainly of diagnostic test kits and complementary products sold to food producers and processors. The Animal Safety segment covers veterinary instruments, pharmaceuticals, vaccines and related products. The Food Safety segment includes products from a larger transaction. On September 1, 2022, Neogen, 3M Company and Neogen Food Safety Corporation closed a Reverse Morris Trust transaction that combined 3M's Food Safety Division with Neogen. After the closing, former Neogen Food Safety Corporation stockholders owned about 50.1% of Neogen's shares, and former Neogen shareholders owned about 49.9%. The 10-K says products from the acquired division are reported in the Food Safety segment. The impairment now falls on the business that the 2022 deal created. The company was formed as a Michigan corporation in June 1981, and operations began in 1982. ## What the notice does not say The notice gives no date for filing beyond the five-day window. It does not say what the company's fair value estimate was, which discount rate or cash flow assumptions it used, or whether it has found any other problem in the financial statements. Readers should also note that the company's own risk language treats the analysis as unfinished. The loss is an expectation, not a reported result. ## Who signed Chief Financial Officer David H. Naemura signed the notice and is the contact person listed on it. 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Cite as: aibio.space, "Neogen files NT 10-Q late-filing notice, expects $461.4 million goodwill", 2025-01-10, https://aibio.space/news/neogen-files-nt-10-q-late-filing-notice-expects-461-4-million-goodwill/