Neogen Corp (NEOG) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Neogen Corporation fourth quarter FY 2025 earnings call. (Operator Instructions) This call is being recorded on Tuesday, July 29, 2025.

女士們、先生們，早安。歡迎參加 Neogen Corporation 2025 財年第四季財報電話會議。（操作員指示）此通話於 2025 年 7 月 29 日星期二錄製。

I would now like to turn the conference over to Bill Waelke. Please go ahead.

現在我想將會議交給 Bill Waelke。請繼續。

Thank you for joining us this morning for the discussion of the fourth quarter of our 2025 fiscal year. I'll briefly cover non-GAAP and forward-looking language before passing the call over to our CEO, John Adent, who will be followed by our CFO and COO, David Naemura. Before the market opened today, we published our fourth-quarter results as well as a presentation with both documents available in the Investor Relations section of our website.

感謝您今天上午參加我們關於 2025 財年第四季的討論。在將電話轉交給我們的執行長 John Adent 之前，我將簡要介紹非 GAAP 和前瞻性語言，隨後我們的財務長兼營運長 David Naemura 將接聽電話。在今天開市前，我們發布了第四季度業績以及一份演示文稿，兩份文件均可在我們網站的投資者關係部分查閱。

On our call this morning, we will refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliations of historical non-GAAP financial measures are included in our earnings release and the presentation, slide 2 of which provides a reminder that our remarks will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

在今天早上的電話會議上，我們將參考一些我們認為有助於評估我們績效的非公認會計準則財務指標。我們的收益報告和簡報中包含了歷史上非公認會計準則財務指標的調節，其中第 2 張投影片提醒我們，我們的評論將包括《私人證券訴訟改革法案》所定義的前瞻性陳述。

These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed in or implied by such forward-looking statements. These risks include, among others, matters that we have described in our most recent annual report on Form 10-K and in other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements.

這些前瞻性陳述存在風險，可能導致實際結果與此類前瞻性陳述中表達或暗示的結果有重大差異。這些風險包括我們在最近的 10-K 表年度報告以及向美國證券交易委員會提交的其他文件中所述的事項。我們不承擔更新這些前瞻性聲明的任何義務。

I'll now turn things over to John.

現在我將把事情交給約翰。

Thanks, Bill. Good morning, everyone, and welcome to the earnings call for the fourth quarter of our 2025 fiscal year. You may have seen the press release issued last week announcing that the Board has identified my successor as CEO, and I will be officially stepping down from the role in a couple of weeks. I remain committed to ensuring a smooth transition for our customers and employees and will work with Mike as he takes the helm of the company that I believe is well positioned to capitalize on the significant potential ahead of it.

謝謝，比爾。大家早安，歡迎參加我們 2025 財年第四季的財報電話會議。您可能已經看到了上週發布的新聞稿，宣布董事會已經確定了我的繼任者擔任首席執行官，我將在幾週後正式卸任。我將繼續致力於確保我們的客戶和員工的平穩過渡，並將與麥克一起執掌公司，我相信公司已經做好準備，充分利用未來的巨大潛力。

Now moving on to some color for the quarter. The end market conditions that we saw worsened over the course of the third quarter continued into the fourth quarter, particularly in Food Safety. With consumers continuing to be under pressure from the cumulative inflation over the last four years, we estimate that many food producers are still experiencing year-over-year declines in the production volumes, with many of them not expecting this trend to meaningfully reverse in the near future. Our view is that the Food Safety end market is still able to grow in this environment, but certainly not at the mid- to high-single-digit levels we believe it has historically seen.

現在來討論本季的一些顏色。我們看到，第三季終端市場狀況的惡化一直持續到第四季度，尤其是在食品安全領域。由於消費者繼續承受過去四年累積通膨的壓力，我們估計許多食品生產商的產量仍在逐年下降，其中許多生產商預計這種趨勢在不久的將來不會出現明顯逆轉。我們認為，食品安全終端市場在這種環境下仍然能夠成長，但肯定不會達到我們認為的歷史中高個位數的水平。

As it relates to the regulatory environment in the US specifically, there have been cuts made at both the USDA and the FDA. To date, these cuts have primarily been in areas outside of normal course food safety testing and impacted things like avian flu testing and milk. The emergency response network focused on bioterrorism and certain local food assistance programs. The USDA and FDA are interacting more with state and local agencies in an effort to improve efficiency and responsiveness and both agencies appear to be fully committed to continuing their mission of food safety.

具體來說，由於涉及美國的監管環境，美國農業部和美國食品藥物管理局都進行了削減。到目前為止，這些削減主要發生在正常食品安全檢測之外的領域，影響禽流感檢測和牛奶等方面。緊急應變網路主要針對生物恐怖主義和某些地方糧食援助計畫。美國農業部和美國食品藥物管理局正在與州和地方機構進行更多互動，努力提高效率和反應能力，這兩個機構似乎都完全致力於繼續履行其食品安全使命。

In fact, in the last two weeks, the USDA Food Safety & Inspection Service, or FSIS, announced their food safety policy plan and separately, their fiscal 2025 research priorities. The key tenets of the food safety policy plan were announced at the grand opening of the new state-of-the-art USDA facility in St. Louis, Missouri. I won't run through all of them, but the first of these key tenants is enhanced microbiological testing and inspection oversight. USDA is placing particular emphasis on Listeria and detecting results quicker and for a broader set of species.

事實上，在過去兩週，美國農業部食品安全檢驗局（FSIS）宣布了他們的食品安全政策計劃，並分別宣布了他們 2025 財年的研究重點。食品安全政策計劃的主要原則在密蘇裡州聖路易斯市新的最先進的美國農業部設施的盛大開幕式上宣布。我不會一一列舉，但其中最重要的一條就是加強微生物檢測和檢查監督。美國農業部特別重視李斯特菌，並希望能更快檢測出更廣泛的菌種。

In 2025 so far, the FSIS has increased the volume of samples that is tested for Listeria by over 200% and uses the Neogen Molecular Detection System, or MDS, as its primary method. It is also performing more robust in-person food safety assessments at an increasing rate with the intent of proactively identifying and addressing potential food safety concerns and a priority placed on the ready-to-eat meat and poultry facilities.

2025 年至今，FSIS 已將李斯特菌檢測的樣本量增加了 200% 以上，並使用 Neogen 分子檢測系統 (MDS) 作為主要方法。它還在以更快的速度進行更嚴格的現場食品安全評估，目的是主動識別和解決潛在的食品安全問題，並優先考慮即食肉類和家禽設施。

In 2025, the number of these assessments conducted is up by over 50% to date. Another key tenet of the USDA plan is charging ahead to reduce Salmonella illnesses. In April, the USDA withdrew the previously proposed Salmonella framework that would have extended beyond raw breaded stuff chicken to include all poultry products. This appears to have been done mainly as a result of the practical complications of implementing the framework as proposed and not due to any lack of commitment by the USDA to address Salmonella illnesses. The agency has said they are convening discussions with key stakeholders in the development of a new common-sense strategy to address Salmonella. And we view it as a question of when, not if, a revised Salmonella framework is proposed.

到 2025 年，此類評估的數量迄今已增加了 50% 以上。美國農業部計畫的另一個關鍵原則是大力減少沙門氏菌病。今年四月，美國農業部撤回了先前提出的沙門氏菌框架，該框架原本將範圍從生裹麵包屑雞肉擴大到所有家禽產品。這樣做似乎主要是因為實施建議框架的實際複雜性，而不是因為美國農業部缺乏解決沙門氏菌疾病的承諾。該機構表示，他們正在與主要利益相關者進行討論，以製定解決沙門氏菌問題的新的常識性策略。我們認為，提出修訂後的沙門氏菌框架只是時間問題，而不是是否提出的問題。

A few days after the food safety policy plan was announced, FSIS released the research priorities for fiscal 2025, in which the prevention, detection, and analysis of pathogens, particularly Salmonella and Campylobacter, are prominent studies. While responsibility for food safety ultimately lies with the producers and we are not dependent on the regulatory action to drive growth, it is certainly a positive to see this prioritization of food safety and the administration.

在食品安全政策計畫公佈幾天后，美國食品安全監督服務局（FSIS）公佈了2025財年的研究重點，其中病原體，特別是沙門氏菌和彎曲桿菌的預防、檢測和分析是重點研究內容。雖然食品安全的責任最終在於生產者，而且我們並不依賴監管行動來推動成長，但看到食品安全和管理的優先地位無疑是一件好事。

On the topic of the enhanced focus on microbiological testing, just yesterday, we announced the launch of our Listeria Right Now for use on our MDS platform for pathogens. MDS utilizes loop-mediated isothermal amplification, providing customers the opportunity to use one robust platform for the fast detection of environmental pathogens in up to 96 samples per cycle. The Pathogen Detection market is one of our top priorities, and we are continuing to invest in the development of additional assays to ensure customers have access to fast, accurate results in order to minimize the risk of product recall or disposal costs and help keep contaminated products from reaching our customers.

關於加強對微生物檢測的關注，就在昨天，我們宣布推出「李斯特菌檢測」（Listeria Right Now），用於我們的 MDS 病原體檢測平台。MDS 利用環介導等溫擴增技術，為客戶提供機會使用一個強大的平台，每個循環快速檢測多達 96 個樣本的環境病原體。病原體檢測市場是我們的首要任務之一，我們將繼續投資開發其他檢測方法，以確保客戶能夠獲得快速、準確的結果，從而最大限度地降低產品召回或處置成本的風險，並幫助防止受污染的產品到達我們的客戶手中。

In our Animal Safety segment, we believe we continue to work through an environment that is in a cyclical trough. Net farm incomes are expected to improve in 2025. However, the size of the cattle herd on which most of our Animal Safety business is focused has declined for several years and is currently at a 70-year low. Inventory levels in the channel remained largely stable, but the veterinary distributors and ag retailers through which we go to market seem to be taking a cautious approach, given the broader market uncertainty. For our Genomics business in total, fourth-quarter core revenue growth improved sequentially and was down low single digits on a year-over-year basis.

在我們的動物安全部門，我們相信我們將繼續努力度過週期性低谷的環境。預計2025年農場淨收入將會提高。然而，我們動物安全業務主要關注的牛群規模多年來一直在下降，目前處於 70 年來的最低水平。通路中的庫存水準基本上保持穩定，但考慮到更廣泛的市場不確定性，我們進入市場的獸醫分銷商和農業零售商似乎採取了謹慎的態度。就我們的基因組學業務而言，第四季度核心收入成長環比提高，但比去年同期下降了個位數。

Strong core growth in the Bovine business was offset by expected declines in companion animal and other markets. We've disclosed that we have a process underway to divest this business, and we have seen a strong level of interest. The process continues to progress, but we won't be commenting beyond that, given the active nature of the project. This portfolio action, in addition to the recently completed cleaners and disinfectants divestiture, will help to simplify the business and focus our efforts on core areas while also accelerating our deleveraging.

牛業務的強勁核心成長被伴侶動物和其他市場的預期下滑所抵消。我們已披露，我們正在進行剝離該業務的流程，並且我們已經看到了強烈的興趣。這個過程仍在繼續進展，但考慮到專案的活躍性質，我們不會對此進行評論。此投資組合行動，加上最近完成的清潔劑和消毒劑業務剝離，將有助於簡化業務，將我們的精力集中在核心領域，同時加速我們的去槓桿化。

Although we are currently in a pause as it relates to some of the steeper tariff rates that have been in effect, the uncertainty has persisted with numerous discussions with key US trade partners still underway. Our most recent communication on tariffs was that we expected a $5 million annualized impact on a fully mitigated basis. We have now had an additional two months to assess the landscape and believe this impact is likely to be closer to $10 million on an annualized basis, given the status of surcharges, competitor actions, and the timing of certain resourcing opportunities. We expect the trade environment to remain dynamic but plan to continue to take actions to mitigate our exposure.

儘管我們目前因一些已實施的更高關稅稅率而處於暫停狀態，但不確定性仍然存在，與美國主要貿易夥伴的多次討論仍在進行中。我們最近就關稅問題進行的溝通是，我們預計在完全緩解的基礎上，年化影響將達到 500 萬美元。現在我們又有兩個月的時間來評估情勢，並認為考慮到附加費的狀況、競爭對手的行動以及某些資源機會的時機，這種影響按年計算可能接近 1000 萬美元。我們預計貿易環境將保持動態，但計劃繼續採取行動以減輕我們的風險。

Our new Petrifilm facility continues to progress well, but our expectation remains that initial testing production will begin in a few months. Once Petrifilm production is fully up and running, our intent is to move some additional product lines that we have in Lansing into the new facility, which will affect overhead absorption rates. We've been able to complete this detailed overhead analysis and also refine our buildup of the bill of material and labor costs with the most current information available. This work has validated our previous estimates and suggest that Petrifilm gross margins in our facility, once fully running, will be slightly better than what we see today on sales of these products made by our transition manufacturing partner.

我們的新 Petrifilm 測試片設施繼續順利進展，但我們仍然預計初步測試生產將在幾個月內開始。一旦 Petrifilm 生產全面啟動並運行，我們打算將位於蘭辛的一些額外產品線轉移到新工廠，這將影響間接費用吸收率。我們已經能夠完成這項詳細的間接費用分析，並且能夠利用最新的可用資訊來完善物料清單和人工成本的編制。這項工作證實了我們先前的估計，並表明一旦我們工廠全面投入運營，Petrifilm 的毛利率將略高於我們目前看到的過渡製造合作夥伴生產的這些產品的銷售水平。

Petrifilm is clearly an important product line for the company. We made additions to the team and implemented an enhanced governance process to ensure the remainder of the integration is derisked as much as possible during the eventual gradual transition of production from our transition manufacturing partner to our own facility.

Petrifilm 顯然是該公司的一個重要產品線。我們擴充了團隊，並實施了增強的治理流程，以確保在生產從我們的過渡製造合作夥伴逐步過渡到我們自己的工廠的過程中，盡可能降低剩餘整合的風險。

We saw improved output of sample collection production during the quarter, which enabled a sequential revenue improvement around 50% in the overall product category, although it remained lower than prior year levels. The challenge with achieving these higher rates is that we were very inefficient in doing so. The production equipment is of an advanced age, and we continue to struggle with sustaining consistent uptime of the automated processes, which is causing us to produce a significant amount of products manually.

我們看到本季樣品收集產量有所提高，這使整個產品類別的收入環比增長了約 50%，儘管仍低於去年同期的水平。實現這些更高利率的挑戰在於我們在這方面效率非常低。生產設備已經老化，我們一直在努力維持自動化流程的持續正常運作時間，這導致我們必須手動生產大量產品。

Our experience so far in the first quarter has continued to be inconsistent. We are, however, seeing reductions in back orders and hopefully, a more normalized production rate, combined with our engineering efforts, will allow productivity to improve in the coming quarters.

到目前為止，我們在第一季的經驗仍然不一致。然而，我們看到積壓訂單正在減少，希望更加正常的生產力，加上我們的工程努力，將使未來幾季的生產力提高。

Given the softer market backdrop, we are squarely focused on controlling what we can in order to put the company in the best position to capitalize as conditions improve. To that end, you may have seen the targeted improvement plan we released last month. This is effectively the near-term blueprint in place for managing through the current transition period for Neogen. As we mentioned on our prior earnings call, we are undertaking actions to accelerate the building of a more profitable, focused Neogen. We believe that rigorously managing these discrete items with a focus on improved execution will maximize the company's ability to take full advantage of its position in attractive end markets.

鑑於市場環境疲軟，我們正專注於控制我們所能控制的資源，以便隨著情況的改善，讓公司處於最佳的資本化位置。為此，您可能已經看到了我們上個月發布的有針對性的改進計劃。這其實是 Neogen 度過當前過渡期的近期藍圖。正如我們在之前的財報電話會議上提到的那樣，我們正在採取行動加速建立一個更有利可圖、更專注的 Neogen。我們相信，嚴格管理這些離散項目並專注於提高執行力將最大限度地提高公司在有吸引力的終端市場中充分利用其地位的能力。

I'll now turn the call over to Dave for some more insights into our results for the quarter and our outlook for the year.

現在我將把電話轉給戴夫，讓他進一步了解我們本季的業績和今年的展望。

Thank you, John, and welcome to everyone on the call today. Jumping into the results. Our fourth-quarter revenues were $225 million. Core revenue, which excludes the impact of foreign currency, acquisitions, and discontinued product lines was down 290 basis points for the quarter, while foreign currency and discontinued products were a headwind of 190 basis points compared to the prior year. At the segment level, revenues in our Food Safety segment were $162 million in the quarter, down 3% compared to the prior year, including a core revenue decline of 1.3%.

謝謝你，約翰，歡迎今天參加電話會議的各位。跳入結果。我們第四季的營收為 2.25 億美元。本季核心收入（不包括外匯、收購和停產產品線的影響）下降了 290 個基點，而外匯和停產產品的影響與去年相比下降了 190 個基點。從分部層級來看，本季我們食品安全部門的收入為 1.62 億美元，較上年下降 3%，其中核心收入下降 1.3%。

We saw growth in biosecurity products as well as in the Bacterial and General Sanitation product category, which benefited from strong growth in Pathogen Detection products. In the Indicated Testing, Culture Media, and Other product category, solid new product growth in our Food Quality product line was offset by the decline in Sample Collection as well as a decline in Petrifilm that was mostly compare driven. Outside of the Sample Collection issues, Food Safety core revenue was up low single digits in Q4 and mid-single digits for the full fiscal year. Accordingly, revenues in the Animal Safety segment were $64 million, which includes a core revenue decline of 6.7% compared to the prior year quarter. Solid growth in our Small Animal Supplements and Rodenticides product lines was offset by declines in the rest of our major products.

我們看到生物安全產品以及細菌和一般衛生產品類別的成長，這受益於病原體檢測產品的強勁成長。在指示性測試、培養基和其他產品類別中，食品品質產品線的穩健新產品成長被樣品採集量的下降以及主要由比較驅動的 Petrifilm 的下降所抵消。除了樣本收集問題之外，食品安全核心收入在第四季度增長了低個位數，整個財年增長了中等個位數。因此，動物安全部門的收入為 6,400 萬美元，其中核心收入與去年同期相比下降了 6.7%。我們的小動物補充劑和殺鼠劑產品線的穩健增長被我們其他主要產品的下滑所抵消。

As we discussed, we believe this end market has been in or around a trough for several quarters now. Excluding Genomics, the Animal Safety segment has had core revenue growth at a compound annual rate of 3.5% over the last four fiscal years. This is below the typical through-the-cycle growth rate, but about what we would expect for three of those four years representing periods of weakening market conditions.

正如我們所討論的，我們認為這個終端市場已經連續幾個季度處於低谷或低谷附近。除基因組學外，動物安全部門的核心收入在過去四個財年中以 3.5% 的複合年增長率成長。這低於典型的周期成長率，但與我們預期的四年中三年市場狀況疲軟時期的成長率大致相同。

Genomics core revenue declined low single digits in Q4, reflecting a sequential improvement and benefits from refocusing the business on more attractive end market opportunities. From a regional perspective, core revenue growth in the fourth quarter was mixed.

基因組學核心收入在第四季度下降了個位數，反映出連續的改善以及將業務重點重新放在更具吸引力的終端市場機會上所帶來的好處。從區域來看，第四季核心營收成長喜憂參半。

Growth was led by our Europe region, up mid-single digits with strong sales of Pathogen and Food Quality products as well as Petrifilm, partially offset by a decline in Sample Collection. Asia Pacific core revenue was down mid-single digits on a year-over-year basis with solid growth in Pathogen Detection, offset by declines in most other major product categories with some impact from the global trade uncertainty we've experienced, particularly in China.

成長主要由歐洲地區帶動，該地區病原體和食品品質產品以及 Petrifilm 的銷售強勁，實現了中等個位數成長，但樣本採集的下降部分抵消了這一增長。亞太地區核心收入年減中個位數，病原體檢測業務穩健成長，但其他大多數主要產品類別的下滑抵消了這一影響，並受到我們所經歷的全球貿易不確定性（尤其是在中國）的一些影響。

After several quarters of strong growth, our Latin America region was down mid-single digits on a core basis with growth in Culture Media and General Microbiology products, offset by declines in General Sanitation Testing, Sample Collection, and Petrifilm, which faced a very difficult compare against the prior year quarter.

經過幾個季度的強勁增長後，我們的拉丁美洲地區核心業務出現中等個位數下滑，其中培養基和一般微生物產品實現增長，但被一般衛生檢測、樣本採集和 Petrifilm 的下滑所抵消，與去年同期相比，這些業務面臨很大的困難。

In our US and Canada region, Food Safety core revenue improved sequentially to low single-digit growth. Solid growth in our Food Quality, Allergen, and Pathogen product categories was partially offset by declines in most other major Food Safety product categories as well as a decline in the Animal Safety segment.

在美國和加拿大地區，食品安全核心收入持續提高，達到低個位數成長。我們的食品品質、過敏原和病原體產品類別的穩健成長被大多數其他主要食品安全產品類別的下滑以及動物安全部門的下滑部分抵消。

Gross margin in the fourth quarter was 41.2%, which was primarily impacted by lower volume, elevated inventory write-offs, sample collection production inefficiencies, and some tariff impact. Given the focus on improving our internal processes around inventory planning, we believe the fourth quarter should be the peak of these costs and that we will see a benefit from these improvements in fiscal 2026.

第四季毛利率為 41.2%，主要受到銷售下降、庫存註銷增加、樣品收集生產效率低以及部分關稅影響。鑑於我們專注於改進庫存規劃的內部流程，我們認為第四季度應該是這些成本的峰值，並且我們將在 2026 財年看到這些改進的好處。

For Sample Collection, we've discussed that as part of the integration of the 3M business, we relocated this production to a Neogen facility and have been operating with a very high level of inefficiency. We noted that revenue in Q4, although still down year over year, represented a significant sequential improvement from Q3, but was achieved with significant inefficiencies.

對於樣品收集，我們已經討論過，作為 3M 業務整合的一部分，我們將該生產遷移到 Neogen 工廠，並且一直以非常低的效率運作。我們注意到，第四季的營收雖然同比仍下降，但與第三季相比有了顯著的環比改善，但效率卻很低。

The elevated level of manual work is causing us to incur costs for expensive temporary labor and excessive scrap rates. We have multiple work streams underway in parallel to address this challenge, including reviewing potential opportunities to involve global manufacturing partners with certain areas of the product line. We continue to have periods of improvement followed by setbacks, and clear line of sight to consistent performance at higher output levels will likely be a gradual progression over the coming quarters.

手工勞動水準的提高導致我們承擔昂貴的臨時勞動成本和過高的廢品率。我們同時進行多個工作流程來應對這項挑戰，包括檢視讓全球製造合作夥伴參與產品線某些領域的潛在機會。我們將繼續經歷一段進步時期，隨後又遭遇挫折，在未來幾季中，在更高的產出水準上實現持續表現的清晰路線可能會是一個逐步的進展。

Adjusted EBITDA was $41 million in the quarter, representing a margin of 18%. In addition to lower volume, the adjusted EBITDA margin was negatively impacted by the previously covered inventory write-offs, tariffs, and Sample Collection inefficiencies, a portion of which were not considered start-up costs, but rather run rate inefficiencies.

本季調整後的 EBITDA 為 4,100 萬美元，利潤率為 18%。除了銷售下降之外，調整後的 EBITDA 利潤率還受到先前提到的庫存註銷、關稅和樣品收集效率低下的負面影響，其中一部分不被視為啟動成本，而是運行率低。

The elevated inventory write-offs negatively impacted adjusted EBITDA margin by a few hundred basis points compared to what we had anticipated. The tariff impact was driven by some purchases that were in route, particularly from China prior to the current pause going into effect and subject to the higher rates. And there was also some time lag in the implementation of our offsetting actions.

與我們的預期相比，庫存註銷增加對調整後的 EBITDA 利潤率產生了幾百個基點的負面影響。關稅的影響是由一些正在運輸途中的採購造成的，特別是在當前暫停生效之前從中國採購並受到較高關稅的影響。我們的抵消行動的實施也存在一定的時間延遲。

Fourth-quarter adjusted net income and adjusted earnings per share were $11 million and $0.05, respectively, compared to $22 million and $0.10 in the prior year quarter due primarily to the lower adjusted EBITDA, which more than offset the lower interest expense and effective tax rate.

第四季調整後淨收入和調整後每股收益分別為 1,100 萬美元和 0.05 美元，而去年同期分別為 2,200 萬美元和 0.10 美元，這主要歸因於調整後 EBITDA 較低，抵消了利息支出和有效稅率的降低。

During the fourth quarter, in connection with our annual goodwill valuation assessment, we further impaired the carrying value of goodwill primarily associated with the 3M Food Safety division acquisition. As we have seen end market conditions weaken and some impacts from the global trade environment as well as inconsistent execution in our start-up of sample collection production, we determined that a further impairment under US GAAP was warranted and recorded an additional $598 million non-cash charge.

在第四季度，結合我們的年度商譽估值評估，我們進一步減損了主要與 3M 食品安全部門收購相關的商譽的帳面價值。由於我們看到終端市場狀況減弱、全球貿易環境產生一些影響以及樣品收集生產啟動時的執行不一致，我們確定根據美國公認會計準則進一步減值是合理的，並記錄了額外的 5.98 億美元非現金費用。

Moving to the balance sheet. We ended the quarter with gross debt of $900 million, 61% of which is at a fixed rate and a total cash position of $129 million. Just under two weeks ago, we completed the divestiture of our Cleaners and Disinfectants business, which resulted in approximately $115 million in net proceeds that will be used to pay down $100 million of debt in Q1. On a pro forma basis, this would reduce our net leverage by approximately 0.4 turns.

轉到資產負債表。本季末，我們的總負債為 9 億美元，其中 61% 為固定利率，總現金部位為 1.29 億美元。就在不到兩週前，我們完成了清潔劑和消毒劑業務的剝離，產生了約 1.15 億美元的淨收益，將用於償還第一季的 1 億美元債務。從形式上看，這將使我們的淨槓桿率降低約 0.4 倍。

Free cash flow in Q4 was roughly breakeven, representing an improvement of $14 million compared to Q3, but lower than we had anticipated due to lower EBITDA, some pull forward of CapEx from fiscal 2026, and the timing of certain international cash taxes. Total capital expenditures declined to $16 million in Q4, a trend we expect to continue with substantially lower CapEx in fiscal 2026 compared to fiscal 2025.

第四季的自由現金流大致達到收支平衡，與第三季相比增加了 1,400 萬美元，但低於我們的預期，原因是 EBITDA 較低、部分資本支出從 2026 財年提前，以及某些國際現金稅的時間安排。第四季總資本支出下降至 1,600 萬美元，我們預計這一趨勢將持續下去，2026 財年的資本支出將比 2025 財年大幅下降。

Moving to our outlook. We are not assuming the current end market conditions will improve meaningfully over the course of the fiscal year. The cumulative effect on the consumer from the protracted period of elevated inflation and the related pressure on overall food production are conditions we currently expect to continue through fiscal year '26. Until we see signs that the Animal Safety market is beginning to meaningfully improve, our expectation is that we will continue to work through the trough of the cycle.

轉向我們的展望。我們並不認為目前的終端市場狀況會在本財政年度內顯著改善。我們目前預計，長期高通膨對消費者的累積影響以及對整體食品生產的相關壓力將持續到26財年。在我們看到動物安全市場開始顯著改善的跡象之前，我們預計我們將繼續努力度過週期的低谷。

In addition to the underlying market weakness, we see indications that the uncertain global trade environment is having some effect on food producers' import-export planning as well as distributors' purchase decisions. Taking these factors into account, our current expectation is for revenue to be between $820 million and $840 million, which excludes 10.5 months of annualized revenue from our Cleaners and Disinfectants business, which was in the low $60 million in fiscal 2025. Our current view is that revenue in the second half of fiscal 2026 will be higher than in the first half due in part to the normal seasonality of the business.

除了潛在的市場疲軟之外，我們還看到跡象表明，不確定的全球貿易環境正在對食品生產商的進出口計劃以及分銷商的採購決策產生一定影響。考慮到這些因素，我們目前預計收入將在 8.2 億美元至 8.4 億美元之間，這不包括清潔劑和消毒劑業務的 10.5 個月年化收入，該收入在 2025 財年僅為 6,000 萬美元出頭。我們目前認為，2026 財年下半年的營收將高於上半年，部分原因是業務的正常季節性。

Regarding adjusted EBITDA, our current expectation is a range of $165 million to $175 million, which similarly excludes 10.5 months of an annualized EBITDA impact of approximately $11 million from Cleaners and Disinfectants. Compared to fiscal 2025, we are planning for gross margin in fiscal 2026 to include a tailwind from lower inventory write-offs and headwinds from Sample Collection and tariffs, which will flow through to impact adjusted EBITDA. Our work to reduce these headwinds continues, but we believe it is prudent to reflect them in our outlook.

關於調整後的 EBITDA，我們目前的預期是 1.65 億美元至 1.75 億美元之間，同樣不包括清潔劑和消毒劑 10.5 個月的年化 EBITDA 影響（約 1100 萬美元）。與 2025 財政年度相比，我們計劃 2026 財年的毛利率將包括較低的庫存註銷帶來的順風以及樣品收集和關稅帶來的逆風，這些都將影響調整後的 EBITDA。我們仍在繼續努力減少這些不利因素，但我們認為，在我們的展望中反映這些不利因素是明智之舉。

Accordingly, we would anticipate higher adjusted EBITDA margins in the second half of the year as we make improvements in these areas and also benefit from the higher expected second half revenue from normal seasonality. Due in part to our expectation of capital expenditures coming down significantly to approximately $50 million, we expect free cash flow in fiscal 2026 will be positive.

因此，隨著我們在這些領域取得進步，並且受益於正常季節性因素帶來的下半年預期收入增加，我們預計下半年調整後的 EBITDA 利潤率將會更高。部分原因是我們預計資本支出將大幅下降至約 5,000 萬美元，我們預計 2026 財年的自由現金流將為正值。

Finally, I am pleased to share that we have successfully remediated two of the Sarbanes-Oxley material weaknesses, which will be reflected in the upcoming filing of our 10-K.

最後，我很高興地告訴大家，我們已經成功糾正了薩班斯-奧克斯利法案中的兩項重大缺陷，這將反映在我們即將提交的 10-K 文件中。

I'll now hand the call back to John for some final thoughts.

我現在將把電話交還給約翰，讓他發表一些最後的看法。

Thanks, Dave. Before we wrap up today's call, I want to thank you for your engagement and support as the company progresses into the later stages of the integration of the former 3M Food Safety business. While we have made significant progress, the integration has been complex, and we've had some execution shortfalls, which have been exacerbated by the soft end market conditions, foreign currency headwinds, and more recently, the global trade environment. We are taking clear steps to address the Sample Collection production challenges and in parallel, implementing pricing actions to improve the profitability.

謝謝，戴夫。在我們結束今天的電話會議之前，我想感謝您在公司進入前 3M 食品安全業務整合後期階段時的參與和支持。雖然我們取得了重大進展，但整合過程十分複雜，執行方面也存在一些不足，而疲軟的終端市場條件、外匯逆風以及最近的全球貿易環境加劇了這些不足。我們正在採取明確的措施來解決樣品收集生產挑戰，同時實施定價行動以提高獲利能力。

As it relates to inventory, we are implementing more robust planning and coordination across the key organizational functions and expect to see a decreasing impact from this issue moving forward. At the same time, I want to emphasize that we believe the company is well positioned, particularly in the attractive Food Safety end market and that our long-term growth drivers remain fully intact.

由於與庫存有關，我們正在關鍵組織職能部門實施更有力的規劃和協調，並預期這個問題的影響將逐漸減少。同時，我想強調的是，我們相信公司處於有利地位，特別是在具有吸引力的食品安全終端市場，我們的長期成長動力仍然完好無損。

Our core mission, helping to protect the world's food supply, has never been more relevant. The global food system is under increasing pressure to be safer, more transparent, and more resilient. We believe the regulatory backdrop is favorable, particularly in the US with the USDA having made key announcements this month focused on the priority of food safety.

我們的核心使命是幫助保護世界糧食供應，這從未如此重要。全球糧食系統面臨越來越大的壓力，需要變得更安全、更有透明、更有彈性。我們認為監管背景是有利的，特別是在美國，美國農業部本月發布了重要聲明，重點關注食品安全問題。

We have a long history as a trusted food safety partner and source of expertise for our customers resulting from our over 40-plus years in the industry. Our commercial teams, in combination with our leading product portfolio and innovation opportunities, should be valuable partners for both customers and regulators to maximize the effectiveness of their food safety efforts.

我們在該行業擁有 40 多年的經驗，是客戶值得信賴的食品安全合作夥伴和專業知識來源。我們的商業團隊結合我們領先的產品組合和創新機會，應該成為客戶和監管機構的寶貴合作夥伴，以最大限度地提高他們的食品安全工作的有效性。

I'd like to once again thank the Neogen team for their dedication and perseverance throughout my tenure at the company. We faced and overcome real challenges, and the team is entirely focused on the road ahead and executing our improvement plan with precision. I'm excited about the positive future I believe is in store for the company.

我想再次感謝 Neogen 團隊在我任職期間的奉獻和毅力。我們面臨並克服了真正的挑戰，團隊全神貫注於未來的道路並精確執行我們的改進計劃。我對公司美好的未來充滿信心。

I'll now turn things over to the operator to begin the Q&A.

現在我將把問題交給接線員開始問答。

(Operator Instructions) Subbu Nambi, Guggenheim.

（操作員指示）Subbu Nambi，古根漢。

At this time, with Mike as a new CEO appointment, why is this the right time to put out guidance? And why are these the right numbers? How much prudence is built in?

此時，麥克被任命為新首席執行官，為什麼現在是發布指導的最佳時機？為什麼這些是正確的數字？其中蘊含著多少謹慎？

Look, I think at the end of the day, we still have a position here that we want to give people color as to where the year is going. We tried to take into account that there would be a change. But I think we're operating going forward here like we usually would, and I don't think we've put Mike in a position here where we've signed him up for something that's out of the ordinary for us. So I guess I would characterize a little more as business as usual.

聽著，我認為到最後，我們仍然有一個立場，那就是我們希望讓人們了解今年的走向。我們試著考慮到會發生的變化。但我認為，我們目前的運作方式與往常一樣，而且我認為，我們並沒有讓麥克承擔什麼對我們來說不尋常的任務。所以我想我會將其描述為一切如常。

And then David, along those lines, you articulated some of the assumptions here, recognizing that you limited the tariff impact to $10 million annualized after supply actions. So how much of a headwind is built for next year?

然後，大衛，沿著這個思路，你闡明了這裡的一些假設，並認識到你將關稅影響限制在供應行動後的年化 1000 萬美元。那麼明年的逆風有多大呢？

I'm so sorry, can you repeat that part again about the $10 million? I didn't quite catch the question, Subbu.

非常抱歉，您能再重複一次有關 1000 萬美元的部分嗎？我不太明白這個問題，Subbu。

The tariff impact that you have cited to $10 million annualized after the issues, how much of a headwind is built in for next year?

您提到的關稅影響在問題解決後年化為 1000 萬美元，那麼明年的阻力有多大？

Yeah. $10 million is the headwind for fiscal '26 that we're trying to communicate. And we increased that from our previous -- okay. So does that make sense? Did I answer your question?

是的。我們試圖傳達的是，1000 萬美元是 26 財年的逆風。我們比以前增加了這個數字——好的。這有意義嗎？我回答你的問題了嗎？

Yes, David. Yes, yes. And then I have two questions, real quick, recognizing there are others on the line. We've seen some of the major food brands continue to emphasize that consumer backdrop is pressured, just as you mentioned today. How do you work around that headwind this year? And then what are some of the ways that you'll be able to grow above market?

是的，大衛。是的，是的。然後我有兩個問題，很快，意識到還有其他人在問。我們看到一些主要的食品品牌不斷強調消費者背景受到壓力，正如您今天所提到的。今年您如何應對這項不利因素？那麼，你們可以透過哪些方式實現超越市場的成長呢？

Yeah. Look, I think what you see is coming into the year with is a view that kind of carries in the market environment that we experienced in the second half of the year. The Sample Collection here for us is an opportunity to drive additional volumes, but we're being cautious about that, given the inefficiencies that we've experienced.

是的。瞧，我認為，您看到的是進入今年的情況，這種觀點與我們在下半年經歷的市場環境有關。這裡的樣品收集對我們來說是一個增加產量的機會，但考慮到我們所經歷的低效率，我們對此持謹慎態度。

So I think also -- and I'm going to turn it over to John because we think there's a regulatory backdrop in our portfolio that provides us a nice opportunity. John, can you speak to that?

所以我也認為——我將把它交給約翰，因為我們認為我們的投資組合中的監管背景為我們提供了一個很好的機會。約翰，你能談談這個嗎？

Yeah. Thanks, Dave. Yeah. So I think a way to help us continue -- help us outgrow the market is to use the tailwind of the regulatory. As we talked about, we saw that testing at FDA was up -- or USDA was up almost 200 -- or FSIS was up 200% increase in Listeria on a pace because the administration is really focusing on pathogen, whether that's Listeria or Salmonella. And we think we're really well aligned for that.

是的。謝謝，戴夫。是的。因此，我認為幫助我們繼續發展、幫助我們超越市場的一種方法是利用監管的順風。正如我們所討論的，我們發現 FDA 的檢測數量有所增加——或者 USDA 增加了近 200%——或者 FSIS 的李斯特菌檢測數量增加了 200%，因為政府真正關注的是病原體，無論是李斯特菌還是沙門氏菌。我們認為我們確實已經準備好了。

Regarding Salmonella, we're working kind of with National Chicken Council, Meat Institute, and FSIS to kind of develop a program. And we think that our MDS quant Salmonella and serotyping kits are really going to provide the data that is going to help them develop a robust program for this protein industry. So working with those constituents is going to help us continue to grow.

關於沙門氏菌，我們正在與國家雞肉委員會、肉類研究所和食品安全檢驗局合作制定一項計劃。我們認為，我們的 MDS 定量沙門氏菌和血清分型試劑盒確實將提供數據，幫助他們為這個蛋白質產業開發一個強大的計畫。因此，與這些選民合作將有助於我們繼續成長。

Thank you for that, David and John. What are you pointing investors to in terms of clear KPIs in regards to Petrifilm, SKU numbers, transition, CapEx targets or just other beyond just timing of these projects? I know you said Q4 is going to be the largest impact in terms of duplication cost, but anything else that you would point out when it comes to Petrifilm transition?

謝謝你，大衛和約翰。就 Petrifilm、SKU 數量、過渡、資本支出目標或其他除了這些項目的時間表之外的明確 KPI 而言，您會向投資者指出什麼？我知道您說過第四季度對複製成本的影響最大，但談到 Petrifilm 轉換，您還有什麼要指出的嗎？

Yeah. Thanks, Subbu. Clearly, we have a large reduction in capital expenditures year over year, and we're going to -- we'll stay within that envelope. As we move into the transition period here, we've talked about starting test production that is an important milestone. And then as we proceed through test production, the degree to which we're kind of certifying SKUs for saleable product, there are 17 SKUs of Petrifilm that will stand up over four or five quarters after we start test production. And that will be an important milestone that we take people through. So I think more to come here in the quarter as we work towards standup.

是的。謝謝，Subbu。顯然，我們的資本支出逐年大幅減少，而且我們將會維持在這個範圍內。隨著我們進入過渡期，我們談到了開始測試生產，這是一個重要的里程碑。然後，隨著我們進行測試生產，我們對可銷售產品的 SKU 進行認證的程度不斷提高，在我們開始測試生產後的四到五個季度內，Petrifilm 測試片的 17 個 SKU 將會穩定存在。這將是我們帶領人們走過的一個重要里程碑。因此，我認為隨著我們努力實現站立，本季將會有更多事情發生。

Thank you, guys.

謝謝你們。

Brandon Vasquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

The first one, I just wanted to focus a little bit on the macro side first and clarify. It sounds like -- correct me if I'm wrong, are things getting incrementally worse on a sequential basis on the macro front? Anywhere that you can point to what you think might be causing it getting worse, if I'm understanding that correctly.

第一個問題，我只是想先稍微關註一下宏觀方面並澄清一下。聽起來──如果我錯了請糾正我，宏觀的情況是否會逐級惡化？如果我理解正確的話，您可以指出任何您認為可能導致情況惡化的原因。

And then maybe just talk about, historically, we've said even though food volumes from the manufacturers are declining, the Food Testing segment is still growing somewhere in the mid-single digits. Where do you guys expect that to be over the next four quarters? What are you assuming within the guidance?

然後也許只是談論一下，從歷史上看，我們已經說過，儘管製造商的食品產量正在下降，但食品測試部門仍然以中等個位數的速度增長。你們預計未來四個季度的情況會如何？您對指導有何假設？

Yeah, Brandon, it's a good question. So I think what we saw kind of rewinding a little bit is as we came through the third quarter, we saw softening of the macro environment as we work through the third. We saw that continue through the fourth. So sequentially, a lower environment. As you know, we developed some internal proxies that we use as an indicator of food production levels, and we saw that decrease sequentially Q3 to Q4.

是的，布蘭登，這是個好問題。因此，我認為我們看到了一種稍微倒退的情況，即當我們進入第三季度時，我們看到宏觀環境在第三季度有所軟化。我們看到這種情況一直持續到第四節。因此，依次類推，環境較低。如您所知，我們開發了一些內部代理，用作食品生產水平的指標，我們發現該指標在第三季度到第四季度連續下降。

And then, of course, we pay close attention to what some of our larger, broader customers are saying. So we think the environment remains soft, and we're going to see some -- we're going to need to see some recovery in the macro for the consumer to get back to buying more volumes. As it relates to Food Safety industry growth, yes, we believe Food Safety Testing grows even when production is negative, but we think it grows at a lower rate. I think if we rewound the year, we felt that was mid-single. It might be lower than that now. It's difficult to tell.

當然，我們會密切注意一些規模更大、範圍更廣的客戶的意見。因此，我們認為環境仍然疲軟，我們將看到一些——我們需要看到宏觀經濟出現一些復甦，消費者才能重新購買更多商品。就食品安全產業成長而言，是的，我們相信即使產量為負，食品安全檢測也會成長，但我們認為其成長率較低。我想如果我們回顧那一年，我們會覺得那是單身的中期。現在可能比這更低。這很難說。

We think other than our Sample Collection issues, we grew low single in the fourth on our Food Safety Testing side. And we've really, for the year, assumed this kind of environment that we've exited the year is what we're kind of carrying through the year. And until we maybe see something different, given some of the uncertainties out there, including some of the impacts of the global trade environment and related uncertainty, we've kind of planned an environment not too dissimilar than what we experienced during the second half of the year.

我們認為，除了樣品收集問題之外，我們在食品安全測試方面的第四次嘗試也進展不順利。我們確實認為，今年我們結束的這種環境就是我們今年要維持的環境。在我們看到一些不同情況之前，考慮到一些不確定因素，包括全球貿易環境的影響和相關的不確定性，我們已經規劃了一個與下半年經歷的環境不太相似的環境。

Okay. And just to clarify, Dave, on what you just said there, it sounds like from what you can tell, you are growing in line with the Food Safety market, the Food Testing market ex sample handling at that low single digit clip. And for the most part, that's kind of what you're assuming for the rest of the year. Is that the right way to categorize that?

好的。戴夫，為了澄清一下，關於你剛才所說的內容，從你可以看出，你們的增長速度與食品安全市場、食品檢測市場（不包括樣品處理）的速度一致，都是以個位數的低速增長。在很大程度上，這就是你對今年剩餘時間的期望。這是正確的分類方法嗎？

Yeah. Brandon, directionally, I think that's right. I mean if we step back and look for the full year, it would be 5%. So we think we're in that zone.

是的。布蘭登，從方向上來說，我認為這是正確的。我的意思是，如果我們回顧一下全年的情況，這個數字將是 5%。所以我們認為我們處於那個區域。

Okay. And then, Dave, maybe you can spend a minute just talking a little bit also about -- like is there any kind of sequential guidance you can give us, whether it's kind of high level, even on where margins go on a sequential basis through the year? There's just a lot of moving pieces, like when do the tariffs really roll through inventory and meaningfully start impacting you? When does some of the OpEx of the Disinfectants business kind of roll off? Anything else in terms of -- when does the inventory management level -- or sorry, not the inventory management, but the inventory write-offs, when do those level off? Like help us think about how we should be modeling the sequentials of margins through the year.

好的。然後，戴夫，也許您可以花一點時間稍微談談 - 例如，您能否給我們任何連續的指導，無論是高層次的指導，還是關於全年利潤率的連續變化？有很多變化的因素，例如關稅什麼時候才會真正影響庫存並開始對你產生重大影響？消毒劑業務的部分營運支出何時會減少？還有什麼其他問題嗎 - 庫存管理何時達到水平 - 或者抱歉，不是庫存管理，而是庫存註銷，何時達到水平？例如，幫助我們思考如何對全年的利潤率序列進行建模。

Okay. So we usually start the year with Q1 as our lowest quarter. And I think a combination of volumes, plus some of the headwinds that we intend to make improvement upon over the course of the year, particularly Sample Collection, will most impact margins in the first quarter and will improve as the year progresses, and that's kind of compounded with a lower volume environment. On the margin side, I think we can point to some of the challenges we saw in the fourth and see some pretty clear path to doing better this year, but we will get a full year of Sample Handling, which is very inefficient. We have a path to doing better there, but it's going to take a few quarters at least here.

好的。因此，我們通常以第一季作為年度最低季度來開始。我認為，產量加上我們打算在一年內改進的一些不利因素，特別是樣品收集，將對第一季的利潤率產生最大影響，並且會隨著時間的推移而改善，而這與產量較低的環境有些重疊。在利潤方面，我認為我們可以指出第四季度看到的一些挑戰，並看到今年做得更好的一些相當清晰的道路，但我們將獲得整整一年的樣品處理，這是非常低效的。我們有辦法在那裡做得更好，但在這裡至少需要幾個季度的時間。

So I think we'll see gradual improvement as well. I think all of these things are pointing to kind of directional improvement as the year progresses with some bias from a volume standpoint usually towards the second half, maybe not as large as we've seen in prior years because we've taken Cleaners and Disinfectants out of the business and that tended to drive a little bit of the seasonality and lumpiness. Does that help directionally Brandon?

所以我認為我們也會看到逐步的改善。我認為，隨著時間的推移，所有這些都表明情況會有所改善，但從銷售角度來看，通常會偏向下半年，增幅可能不如前幾年那麼大，因為我們已經將清潔劑和消毒劑從業務中剔除，這往往會帶來一些季節性和波動性的影響。這對布蘭登的方向有幫助嗎？

Yeah, it does. And I'll just ask one last one and let someone else hop in here. But as we think about -- obviously, you have the Disinfectants that you've already announced as a divestiture. We'll have Genomics updates later in the year. When these businesses are divested and as we play with our model, it seems like maybe the biggest lever in terms of understanding what the stand-alone company or pro forma margins will be is essentially how much OpEx goes away with those businesses.

是的，確實如此。我只問最後一個問題，然後讓其他人來回答。但正如我們所想——顯然，你們已經宣布剝離消毒劑業務。我們將在今年稍後發布基因組學更新。當這些業務被剝離時，當我們運用我們的模型時，似乎在理解獨立公司或備考利潤率方面最大的槓桿本質上就是這些業務減少了多少營運支出。

Is there anything you can share with us in terms of how quickly OpEx goes with those businesses? Will there be some stranded costs that need to come out? Will they take a couple of quarters, any color around that would be helpful, too, and I'll let someone else hop in. Thanks, guys.

能與我們分享一下這些業務的營運支出進度速度嗎？是否會有一些擱淺成本需要支出？他們會拿走幾季的錢嗎？任何顏色的錢都會有幫助，然後我就會讓其他人跳進去。謝謝大家。

Yeah. So as we sell the businesses, the majority of the -- let's talk about Cleaners and Disinfectants because that's done. The majority of the related costs are direct costs that go directly with the business. There tends to be $1.5 million to $2 million of additional costs that remain behind. We will be delayed in getting those out because we will continue to service under a TSA arrangement for a period of time, probably at least a full year here in the case of this business, and then we'll see some reductions.

是的。因此，當我們出售業務時，大多數人——讓我們來談談清潔劑和消毒劑，因為這已經完成了。大部分相關成本都是與業務直接相關的直接成本。通常會有 150 萬至 200 萬美元的額外成本留存。我們將延遲將這些服務推出去，因為我們將在一段時間內繼續按照 TSA 安排提供服務，就這項業務而言，可能至少是整整一年，然後我們會看到一些減少。

But again, at maybe $1.5 million or so, not the biggest number, the majority of the costs go directly with the business. So thanks for the questions, Brandon.

但同樣，這筆費用大概在 150 萬美元左右，並不是最大的數字，大部分成本都直接用於業務。謝謝你的提問，布蘭登。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

This is John on for Dave. So just first off, could you give any commentary, like any thoughts on the key differences in the management styles between Mike and John, any different priorities? And what we should be looking out for going forward?

這是戴夫的約翰。首先，您能否發表一些評論，例如對麥克和約翰在管理風格上的主要區別以及不同的優先事項有何看法？那我們下一步該注意什麼呢？

Yeah. Look, fair question. But again, let's remember, Mike hasn't started yet. And so I think we'll see. Getting to know Mike a little bit, I think very much a back-to-basics guy. But he'll start here in a few weeks, and we'll get into it. And I think as we do that, he'll be looking forward to kind of meeting you guys and sharing some of this philosophy in the coming quarters.

是的。瞧，這是公平的問題。但是，讓我們再次記住，麥克還沒有開始。所以我想我們會看到。對麥克有了一點了解後，我認為他是一個非常回歸本源的人。但他將在幾週後開始在這裡工作，然後我們就會開始工作。我認為，當我們這樣做的時候，他會期待在接下來的幾季與你們見面並分享一些這樣的理念。

Got it. Thank you. And you mentioned that Genomics saw a sequential improvement, particularly in Bovine. Do you see that, that business overall is stabilizing for fiscal '26? And can you give any thoughts on demand in the different species and use cases for it?

知道了。謝謝。您提到基因組學取得了連續的進步，特別是在牛科領域。您是否認為 26 財年整體業務正在趨於穩定？您能否就不同物種的需求和用例發表一些看法？

Yeah. Look, if you recall back in mid-year fiscal '25, we talked about a restructuring of that business, trying to refocus it on more attractive cattle end market where we think we're more highly differentiated. And with that, we brought down some of the second half revenue associated with Genomics. I'd say the top line for Genomics will be a little less in fiscal '26 as compared to fiscal '25. And I can't break it down for you by species, but recall that it's predominantly or the majority of the business is focused on the cattle end markets.

是的。聽著，如果你還記得 25 財年中期，我們談到了重組該業務，試圖將其重新聚焦到更具吸引力的牛終端市場上，我們認為我們的差異化程度更高。因此，我們降低了與基因組學相關的部分下半年收入。我認為，與 25 財年相比，Genomics 26 財年的營業收入會略低一些。我無法按品種為您細分，但請記住，它的主要或大部分業務都集中在牛終端市場上。

All right. Great. Thank you. I'll turn back in the queue.

好的。偉大的。謝謝。我會回到隊列中。

(Operator Instructions) Thomas DeBourcy, Nephron Research.

（操作員指示）Thomas DeBourcy，腎元研究。

So just on the Food Safety segment, in terms of the strength that you've seen, I guess, in the Food Quality Pathogen product lines, would you say that you've seen some market share gain or addressing additional kind of unmet need? What has really driven, I guess, maybe the strikes, I guess, in Pathogen more specifically?

那麼，僅在食品安全領域，就您所看到的食品品質病原體產品線的優勢而言，您是否認為您已經看到了一些市場份額的成長或解決了其他未滿足的需求？我想，真正推動這次攻擊的是什麼？我想，更具體地說，是針對病原體的攻擊？

Sure, Tom. I can start with that. I think, look, we know that pathogens have been a priority for us. We've stated that pathogens have been a priority. And part of that is some of the new launches we've done, right?

當然，湯姆。我可以從那裡開始。我認為，我們知道病原體一直是我們的首要任務。我們已經聲明病原體是首要任務。其中一部分是我們進行的一些新產品的發布，對嗎？

We've talked a little bit about our MDS quant Salmonella test that we just launched. And then we just did our Listeria right now on the MDS platform. So we're continuing to invest in the Pathogen space. And with those investments, we're saying that we're able to meet some of the needs where we didn't have the product portfolio before that we do now. So we see that as a great opportunity for us to continue to drive growth in that Pathogen space.

我們已經談論了一些我們剛剛推出的 MDS 定量沙門氏菌測試。然後我們現在就在 MDS 平台上進行了李斯特菌檢測。因此，我們將繼續投資病原體領域。透過這些投資，我們可以滿足一些以前沒有的產品組合現在能夠滿足的需求。因此，我們認為這是一個繼續推動病原體領域成長的絕佳機會。

Got it. And just one other question on CapEx. For 2026, I think you mentioned $50 million, actually a little bit lower than I was expecting. So just is part of the divestiture helping or was this kind of in line with maybe expected CapEx step down over the kind of years since the merger?

知道了。還有一個關於資本支出的問題。對於 2026 年，我想您提到的是 5000 萬美元，實際上比我預期的要低一點。那麼，剝離部分資產是否有幫助，或者這是否與合併後這些年預期的資本支出下降相一致？

Tom, I think a combination of things, maybe minimally from the divestiture that we did, but we also did see some CapEx pull forward into '25 from '26. So that brings it down a few million as well. And look, we're prioritizing the plant and getting that work done, as you know. So what I think you see us here doing is also just kind of focusing on our CapEx on the priority. So it's a pretty good step down for us, as you point out.

湯姆，我認為是多種因素共同作用的結果，可能至少是因為我們進行的資產剝離，但我們也確實看到一些資本支出從 26 年提前到 25 年。因此這也使其減少了幾百萬。而且，正如你所知，我們正在優先考慮工廠並完成這項工作。所以我認為你看到我們在這裡所做的也只是優先關注我們的資本支出。因此，正如您所指出的，這對我們來說是一個很好的舉措。

Thank you.

謝謝。

And we have no further questions. At this time, I would like to turn it back to John Adent for closing remarks.

我們沒有其他問題了。現在，我想請約翰·阿登特 (John Adent) 致閉幕詞。

Thank you. Thank you all for joining us. We look forward to helping drive -- I look forward to helping drive a smooth transition to Mike. We talked about -- I will be here through the end of October and working with him and really see great opportunities for Neogen in the future and excited to watch the growth of this company. So thank you very much.

謝謝。感謝大家的參與。我們期待著幫助推動——我期待著幫助推動向麥克的平穩過渡。我們談到——我將在這裡待到十月底並與他一起工作，我真的看到了 Neogen 未來的巨大機遇，並很高興看到這家公司的成長。非常感謝。

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝各位主持人。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。