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NEOGEN CORP Reports Net Income of $1.5 Million for the Quarter Ended August 31, 2023
Quarterly Revenue of $228.9 Million
NEOGEN CORP [NEOG], a leading provider of innovative solutions for food and animal safety, has announced its financial results for the quarter ended August 31, 2023. The company reported a net income of $1.5 million for the quarter, reflecting a decrease compared to the same period last year. The quarterly revenue stood at $228.9 million, indicating a significant growth in the company's top line.
Despite a decline in net income, NEOGEN CORP has demonstrated strong financial performance with a substantial increase in revenue. The company's total revenue for the quarter reached $228.9 million, representing a remarkable year-over-year growth of 73%. This growth can be attributed to higher product revenues, which amounted to $204.4 million, and service revenues, which totaled $24.6 million. The cost of revenues for both product and service segments also witnessed an upward trend, indicating increased sales and production costs.