Neogen Corp (NEOG) 2026 Q2 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Neogen Corporation second quarter FY2026 earnings conference call.

女士們、先生們，早安，歡迎參加Neogen公司2026財年第二季財報電話會議。

At this time, all lines are in listen-only mode. (Operator Instructions) I would now like to turn the conference over to Bill Waelke, Head of Investor Relations. Please go ahead.

目前所有線路均處於只聽模式。（操作員指示）現在我將會議交給投資者關係主管比爾·韋爾克。請繼續。

Thank you for joining us this morning for the discussion of the second quarter of our 2026 fiscal year. I'll briefly cover the non-GAAP and forward-looking language before passing the call over to our CEO Mike Nassif, who will be followed by our new CFO, Brian Rigsby.

感謝各位今天上午參加我們關於2026財年第二季的討論。我將簡要介紹非GAAP和前瞻性條款，然後將電話會議交給我們的執行長Mike Nassif，之後將由我們的新任財務長Brian Rigsby接棒。

Before the market opened today, we published our second quarter results as well as a presentation with both documents available in the investor relations section of our website. On our call this morning, we will refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance.

在今天開盤前，我們發布了第二季業績報告及相關演示文稿，這兩份文件均可在公司網站的投資者關係頁面查閱。在今天早上的電話會議上，我們將提及一些我們認為有助於評估公司績效的非GAAP財務指標。

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.

我們的獲利報告和簡報中包含了歷史非GAAP財務指標的調整表，其中第2頁投影片提醒大家，我們的發言將包含《私人證券訴訟改革法案》意義上的前瞻性陳述。

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. I'll now turn things over to Mike.

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明示或暗示的結果有重大差異。這些風險包括但不限於我們在最新年度報告（10-K表格）以及我們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。現在我把麥克風交給麥克。

Thank you, Bill. Good morning, everyone, and thank you for joining the call today. I continue to be energized by the significant opportunity I had at Neogen, working alongside our highly engaged global team as we transform the company with a clear focus on improved top-line growth and profitability.

謝謝你，比爾。各位早安，感謝大家今天參加電話會議。我在 Neogen 獲得的重大機會讓我充滿動力，我與我們積極進取的全球團隊一起工作，致力於公司轉型，明確關注提高營收成長和獲利能力。

We are the scale provider in a highly attractive industry supported by strong long-term secular trends, and I have high confidence in our ability to overcome recent macroeconomic and execution-related headwinds. Our second quarter performance represents encouraging early progress with a return to positive core growth across the enterprise and adjusted EBITDA margins, improving nearly 500 basis points sequentially.

我們身處一個極具吸引力的行業，擁有規模優勢，並且長期發展趨勢強勁，我對我們克服近期宏觀經濟和執行方面的不利因素充滿信心。我們第二季的業績表明，隨著企業核心業務恢復正成長，調整後的 EBITDA 利潤率較上季提高了近 500 個基點，取得了令人鼓舞的早期進展。

The initial phase of our transformation is centered on stabilizing and strengthening our core, providing a solid framework for future innovation. We began with cost structure improvements implemented in the second quarter expected to deliver approximately $20 million in annualized savings. We will continue to rigorously evaluate resource allocation opportunities and instill a culture of disciplined operational execution across the organization.

我們轉型的第一階段重點在於穩定和強化核心業務，為未來的創新奠定堅實的基礎。我們首先在第二季實施了成本結構最佳化，預計每年可節省約2,000萬美元。我們將繼續嚴格評估資源分配機會，並在整個組織中培養嚴謹的營運執行文化。

Turning to our commercial teams, we are implementing a rigorous, process-oriented approach to commercial excellence, emphasizing strong operational planning and data-driven decisions and food safety, where our scale and breadth of offerings provide a clear competitive advantage, we see significant opportunity to shift towards solutions-based selling. This approach should increase customer stickiness and drive greater cost portfolio penetration.

在商業團隊方面，我們正在實施一套嚴謹的、以流程為導向的卓越商業模式，強調強而有力的營運規劃、數據驅動的決策以及食品安全。憑藉我們龐大的規模和廣泛的產品線，我們在食品安全方面擁有明顯的競爭優勢，因此我們看到了向解決方案型銷售模式轉型的巨大機會。這種模式可望提高客戶黏性，並提升產品組合的成本效益。

Globally, over 75% of our food safety customers already purchased multiple product categories from us, and we have targeted initiatives underway to increase that percentage further by delivering comprehensive solutions tailored to their needs.

在全球範圍內，超過 75% 的食品安全客戶已經從我們這裡購買了多種產品類別，我們正在進行有針對性的舉措，透過提供量身定制的綜合解決方案來進一步提高這一比例。

In animal safety, we are focused on elevating our portfolio of products through our long standing partnerships and have made investments to enable our commercial teams to drive growth. To accelerate all these priorities, we have strengthened our leadership of highly experienced operators, including our new CFO, Brian Rigsby and our new Chief Commercial Officer, Joe Friels. Joe is a seasoned diagnostics executive with extensive senior commercial experience at Abbott and Cid.

在動物安全領域，我們致力於透過長期合作夥伴關係提升產品組合，並已進行投資以支持我們的銷售團隊推動業務成長。為了加快推進所有這些優先事項，我們加強了經驗豐富的營運團隊，包括新任財務長布萊恩·里格斯比 (Brian Rigsby) 和新任首席商務官喬·弗里爾斯 (Joe Friels)。Joe 是一位經驗豐富的診斷行業高管，在 Abbott 和 Cid 擁有豐富的資深商業經驗。

He understands what world-class sales execution looks like, and I'm confident he will help transform our sales culture. We have also added Tammy Rinalli as Senior Vice President and general manager of our food safety business unit. James Meadows as head of North America Food Safety and Jeremy Yarwood as Chief Scientific Officer.

他了解世界級的銷售執行力是什麼樣的，我相信他會幫助我們改變銷售文化。我們還聘請了 Tammy Rinalli 擔任食品安全業務部門的高級副總裁兼總經理。James Meadows 擔任北美食品安全主管，Jeremy Yarwood 擔任首席科學官。

These leaders bring proven track records from top tier companies and will accelerate both innovation and execution excellence at Neogen.

這些領導者擁有來自頂級公司的卓越業績記錄，將加速 Neogen 的創新和卓越執行。

In parallel with our commercial focus, we are applying the same discipline and urgency to operational efficiency in key project execution. We saw early benefits in the second quarter from our cost actions which attributed to the sequential adjusted EBITA margin expansion.

在專注於商業發展的同時，我們也以同樣的嚴謹和緊迫感提升關鍵專案執行的營運效率。第二季度，我們採取的成本控制措施已初見成效，並推動了調整後息稅前利潤率的環比增長。

We have continued to make progress on our sample collection product line and expect it to become a positive contributor to gross profit in the second half of this fiscal year. While there remains room for further improvement, we're committed to fully optimizing sample collection over the long-term alongside broader enhancements in inventory management and operational efficiency.

我們的樣本採集產品線持續取得進展，預計在本財年下半年將成為毛利的積極貢獻者。儘管仍有改進空間，但我們致力於長期全面優化樣本採集流程，同時在庫存管理和營運效率方面進行更廣泛的提升。

Another key priority is the integration of [Pfilm], which remains on track for the second quarter of fiscal 2027 timeline previously shared. We're currently in the latter stages of the production testing process, which has gone well. In parallel, we have moved into the initial stages of product validation, which is a comprehensive internal process to validate our ability to produce each of the 17 SKUs that we expect will be completed this summer.

另一項重點工作是整合[Pfilm]，目前仍以原計畫在2027財年第二季完成。我們目前正處於生產測試流程的後期階段，進展順利。同時，我們已經進入產品驗證的初始階段，這是一個全面的內部流程，旨在驗證我們是否有能力生產我們預計今年夏天將完成的 17 個 SKU。

As part of the testing and initial validation work we have done so far, we've demonstrated the ability to manufacture P film plates. These plates will continue to be subjected to a wide range of internal quality performance testing, but the early results have been encouraging.

作為目前為止測試和初步驗證工作的一部分，我們已經證明了製造P型薄膜版的能力。這些版材將繼續接受一系列內部品質效能測試，但初步結果令人鼓舞。

As Brian will discuss later in the call, we are making positive progress on the previously announced sale of our genomics business, the completion of which will provide an opportunity to accelerate the deleveraging of our balance sheet. As a reminder, this past summer we divested our cleaners and disinfectants business, which allowed us to pay down $100 million of debt.

正如布萊恩稍後將在電話會議中討論的那樣，我們在先前宣布的基因組學業務出售方面取得了積極進展，該業務的完成將為加速降低我們資產負債表的槓桿率提供機會。提醒一下，去年夏天我們剝離了清潔劑和消毒劑業務，這使我們能夠償還 1 億美元的債務。

To wrap up my opening remarks, I'm pleased with the initial progress we've made over the past few months, which has led us to raise our outlook for the year and represents a solid step in the right direction. We are still in the early innings of our transformation journey, and the in-market backdrop is not without some challenges.

最後，我想總結一下我的開場白。過去幾個月我們取得了初步進展，對此我感到非常滿意。這些進展促使我們提高了今年的業績預期，也標誌著我們朝著正確的方向邁出了堅實的一步。我們仍處於轉型之旅的初期階段，市場環境並非一帆風順。

However, we believe they are solvable or transitory in nature. I have every confidence in our ability to exit this fiscal year as a stronger, leaner, and more disciplined organization positioned to increasingly focus on innovation and the next leg of growth in fiscal 2027 and beyond.

然而，我們認為這些問題是可以解決的，或者本質上是暫時的。我完全有信心，我們能夠在本財年結束時成為一個更強大、更精簡、更自律的組織，從而更加專注於創新，並在 2027 財年及以後實現下一階段的增長。

I look forward to meeting with many of you at the JPMorgan conference next week where we will provide more details on our operational strategy. With that, I'll now turn the call over to Brian to share some details on our results and our updated outlook.

我期待下週在摩根大通會議上與各位見面，屆時我們將詳細介紹我們的營運策略。接下來，我將把電話交給布萊恩，讓他分享一些關於我們業績和最新展望的細節。

Thank you, Mike, and welcome to all the investors and analysts joining us on the call today. Similar to Mike, I'm incredibly excited to be part of the team at Neogen and emboldened by the significant opportunity ahead of the company to drive shareholder value.

謝謝麥克，也歡迎各位投資人和分析師今天參加我們的電話會議。和麥克一樣，我非常高興能加入Neogen團隊，公司未來巨大的發展機會也讓我倍感振奮，相信我們能為股東創造更大的價值。

To that end, we saw a return to positive core growth in both segments for the first time in four quarters, with total second quarter revenues of $224.7 million increasing 2.9% on a core basis. Looking at the components of growth, foreign currency added 0.9%, and divestitures and discontinued products were a headwind of 6.6% compared to the prior year.

為此，我們看到兩個業務部門的核心收入四個季度以來首次恢復正增長，第二季度總收入為2.247億美元，按核心收入計算增長2.9%。從成長組成來看，外匯因素貢獻了0.9%，而資產剝離和停產產品則造成了6.6%的年比負面影響。

The impact from divestitures was attributable to the sale of the cleaners and disinfectants business, which was completed in July 2025.

資產剝離的影響主要歸因於清潔劑和消毒劑業務的出售，該出售已於 2025 年 7 月完成。

At the segment level, revenues in our food safety segment were 165.6 million in the quarter, including core revenue growth of 4.1%. We saw the strongest growth in our indicator testing and culture media product category led by sample collection, which benefited from an easy prior year compare, and [PetrieFilm], which saw a nice recovery from the first quarter and returned to high single-digit growth.

從業務部門來看，本季食品安全業務部門的收入為1.656億美元，其中核心收入成長4.1%。指標檢測和培養基產品類別的成長最為強勁，這主要得益於樣品採集業務（受益於去年同期較低的基數）以及[PetrieFilm]業務（該業務從第一季度的低迷中強勁復甦，恢復了高個位數增長）。

Double-digit growth in pathogens led the bacterial and general sanitation product category, while the allergens and natural toxins category saw growth in allergens offset by a decline in natural toxins. From a macro perspective, we continue to see disruption at the customer level, with food production volumes estimated to generally still be down across major producers on a year over year basis. Additionally, there have been several major plant closures and food producer bankruptcies across the industry in the last 12 months.

病原體產品實現了兩位數成長，引領了細菌和一般衛生用品類別的發展；而過敏原和天然毒素類別中，過敏原的成長被天然毒素的下降所抵消。從宏觀角度來看，我們持續看到消費者層面的波動，預計主要生產商的食品產量將比去年同期普遍下降。此外，在過去的 12 個月裡，整個產業出現了幾起大型工廠倒閉和食品生產商破產事件。

Given the short-term fundamental backdrop that we believe is primarily driven by inflationary cost pressures, we are even more encouraged by the strong results in the second quarter. While macro trends remain negative, there are signs some of the headwinds may begin to abate as we transition into fiscal year 2027 and beyond.

鑑於我們認為短期基本面主要受通膨成本壓力驅動，第二季強勁的業績更令我們倍感鼓舞。雖然宏觀趨勢依然不利，但有跡象表明，隨著我們邁入2027財年及以後，一些不利因素可能會開始緩解。

Quarterly revenues in the animal safety segment were 59.1 million, including core revenue growth that was approximately flat compared to the prior year quarter. We experience solid growth in our biosecurity product category led by higher sales of insect control products due in part to market share gains.

動物安全業務部門季度營收為5,910萬美元，其中核心營收成長與去年同期基本持平。生物安全產品類別達到穩健成長，主要得益於昆蟲控制產品銷售成長，而這部分歸功於市場佔有率的提升。

In the veterinary instruments product category, lower sales were primarily driven by needles and syringes, while lower sales in the life sciences product category were largely driven by timing of orders and fulfillment. Our global genomics business had core revenue growth accelerate to 6% in the quarter with solid growth in the bovine market partially offset by weakness in companion animal testing.

在獸醫器械產品類別中，銷售額下降主要受針頭和注射器的影響；而生命科學產品類別的銷售額下降則主要受訂單和交貨時間的影響。我們的全球基因組學業務核心收入在本季加速成長至6%，牛類市場的穩健成長部分被伴侶動物檢測業務的疲軟所抵消。

From a macro perspective, we have also seen challenges in animal safety as a part of a multi-year trend with production animal herds declining in the US to record lows. Most forecasts have this trend reversing next year as ranchers begin to invest again given record beef prices. But we will continue to take a more cautious approach as we approach guidance until evidence of positive improvement is more apparent. From a regional perspective, core revenue growth in the second quarter was led by ourlatamm region, up high single-digits with strong sales of pathogen detection products and petrie film.

從宏觀角度來看，隨著美國畜牧業存欄量多年來持續下降至歷史新低，動物安全問題也成為一大挑戰。大多數預測認為，鑑於牛肉價格創歷史新高，牧場主明年將重新加大投資，這一趨勢有望逆轉。但在出現更明顯的正面改善跡象之前，我們將繼續採取更謹慎的態度來發布指導意見。從區域角度來看，第二季核心營收成長主要由ourlatamm地區帶動，實現了高個位數成長，這得益於病原體檢測產品和培養膜的強勁銷售。

The US and Canada region had poor growth in the mid-single-digit range, with food safety up mid-single-digits and animal safety about flat. Strong growth in sample collection, as well as in petri film, pathogen detection, and allergens was partially offset by a decline in food quality and culture media.

美國和加拿大地區的成長乏力，僅為個位數中段水平，其中食品安全成長也僅為個位數中段水平，而動物安全則基本持平。樣本採集、培養膜檢測、病原體檢測和過敏原檢測的強勁增長被食品品質檢測和培養基檢測的下降部分抵消。

The AAC region saw low single-digit core growth that was led by pathogen detection products, sample collection, and genomics, offsetting declines in culture, media, and allergen test kits. Our EMEA region had core growth decline, low single-digits, with growth in sample collection, food quality, genomics, and petri film offset by declines in natural toxins, culture, media, and general sanitation products.

AAC 地區的核心業務實現了個位數低成長，這主要得益於病原體檢測產品、樣本採集和基因組學的發展，抵消了培養、培養基和過敏原測試試劑盒的下滑。我們的 EMEA 地區核心業務成長下滑，降幅為個位數，樣本採集、食品品質、基因組學和培養膜業務的成長被天然毒素、培養物、培養基和一般衛生產品的下滑所抵消。

Gross margin in the second quarter was 47.5%, a sequential improvement of 210 basis points from the first quarter, with the increase due primarily to volume and lower tariff costs, excluding the impact of integration-related and restructuring costs, the second quarter gross margin was 50.3%. Addressing the production efficiency of our sample collection product line has been a priority, and we saw improvement in the quarter, which is a trend we expect to continue in the second half of the fiscal year.

第二季毛利率為47.5%，較第一季季增210個基點，主要得益於銷售成長及關稅成本降低。若不計整合及重組相關成本的影響，第二季毛利率為50.3%。提升採樣產品線的生產效率一直是我們的工作重點，本季我們已看到成效，預計這一趨勢將在下半年持續維持。

With an increased focus on inventory across the organization, we did see an elevated level of inventory write-offs in the quarter. We have described this as a multi-quarter process to return to more normal levels of scrap and continue to expect to see improvement in the second half, as this is an item of high emphasis for our operations teams.

由於整個組織更加重視庫存管理，我們確實看到本季庫存報廢率上升。我們已將此描述為一個需要多個季度才能恢復到正常廢料水平的過程，並繼續期待在下半年看到改善，因為這是我們營運團隊高度重視的事項。

Adjusted EBITDA was $48.7 million in the quarter, representing a margin of 21.7%, an improvement of 470 basis points from the first quarter. The margin improvement was driven primarily by the higher gross margin and the headcount reduction implemented during the second quarter.

本季調整後 EBITDA 為 4,870 萬美元，利潤率為 21.7%，比第一季提高了 470 個基點。利潤率的提高主要得益於第二季毛利率的提高和人員精簡。

Second quarter adjusted net income and adjusted earnings per share were $22.6 million $0.10 respectively compared to $9.4 million $0.04 in the prior quarter due primarily to the higher level of adjusted EBITA.

第二季調整後淨利和調整後每股盈餘分別為 2,260 萬美元 0.10 美元，而上一季為 940 萬美元 0.04 美元，這主要是由於調整後 EBITA 水準較高。

Moving to the balance sheet, we ended the quarter with gross debt of $800 million 68% of which remains at a fixed rate and a total cash position of $145.3 million. We remain in compliance with all debt covenants and remain comfortable with our position as we look to the second half of the fiscal year.

從資產負債表來看，本季末我們的總負債為 8 億美元，其中 68% 仍為固定利率，現金總額為 1.453 億美元。我們始終遵守所有債務契約，並且對本財年下半年的財務狀況充滿信心。

Free cash flow in Q2 was $7.8 million, representing an improvement of $20.9 million from Q1, the result of lower cap and improved trade working capital efficiency. Importantly, we expect that routine CapEx will trend towards more normal levels of 3% to 4% of revenues starting in late fiscal year 2026, which will further improve free cash flow trends.

第二季自由現金流為 780 萬美元，比第一季增加了 2,090 萬美元，這是資本減少和貿易營運資本效率提高的結果。重要的是，我們預計從 2026 財年末開始，常規資本支出將趨向於收入的 3% 至 4% 的正常水平，這將進一步改善自由現金流趨勢。

As Mike noted earlier, we are raising our full year guidance for fiscal 2026 to reflect the second quarter performance being ahead of our expectations.

正如麥克之前提到的，由於第二季業績超出預期，我們提高了 2026 財年的全年業績預期。

We now expect revenue to be in the range of $845 million to $855 million and adjusted EBITDA to be approximately $175 million for the fiscal year.

我們現在預計本財年的營收將在 8.45 億美元至 8.55 億美元之間，調整後的 EBITDA 約為 1.75 億美元。

This updated guidance reflects a cautious approach to the second half of the year, given the lingering weakness in our in-markets and the fact that we have a new team on board that is still settling in and evaluating opportunities.

鑑於我們市場持續疲軟，以及我們新組建的團隊仍在適應和評估各種機會，此次更新後的指導意見反映了我們對下半年的謹慎態度。

As a management team, Mike and I take very seriously the commitments and guidance we provide to investors.

作為管理團隊，我和麥克非常重視我們對投資人的承諾和指導。

Looking on a quarterly basis, our guidance contemplates revenue in the fourth quarter being modestly higher than the third quarter, which we are assuming will step down from the second quarter due primarily to seasonality, and that adjusted EBITDA margins will follow a similar trend.

從季度來看，我們的預期是第四季營收將略高於第三季度，我們假設第三季營收將因季節性因素而從第二季開始下降，調整後的 EBITDA 利潤率也將呈現類似的趨勢。

We continue to expect our capital expenditures for the year will be approximately $50 million and that free cash flow will be positive.

我們仍預期本年度的資本支出約為 5,000 萬美元，自由現金流將為正值。

We have also previously disclosed that we have a process underway to divest our global genomics business. The process continues to move along, and while the timing of such processes is inherently difficult to predict, we anticipate being able to make an announcement in the 4th quarter of the current fiscal year given the current stage of the process. In addition to the net proceeds being prioritized for debt reduction, this divestiture will further simplify and focus the business and also position the business for enhanced incremental margins.

我們先前也曾揭露，我們正在推動剝離全球基因組學業務的流程。該流程仍在繼續推進，雖然此類流程的時間表本身就很難預測，但鑑於該流程目前的階段，我們預計能夠在本財年的第四季度發佈公告。除了將淨收益優先用於償還債務外，此資產剝離還將進一步簡化和聚焦業務，並使業務能夠獲得更高的增量利潤。

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

現在我把電話交還給麥克，讓他做最後的總結。

Thanks Brian. When I joined Neogen, I was thrilled to lead a company with strong leadership positions and highly attractive in markets. While we have faced both macroeconomic headwinds and execution challenges, we believe these are solvable and that Neogen's best days lie ahead.

謝謝你，布萊恩。加入 Neogen 時，我非常興奮能夠領導一家在市場上擁有強大領導地位和極高吸引力的公司。儘管我們面臨著宏觀經濟逆風和執行方面的挑戰，但我們相信這些都是可以解決的，Neogen 最好的日子還在後頭。

Now nearly five months into my role, I've had the privilege of meeting many of our customers and team members around the world. These interactions have only strengthened my optimism and deepened my appreciation for the power of the Neogen brand.

上任至今已近五個月，我有幸認識了許多來自世界各地的客戶和團隊成員。這些交流更增強了我的樂觀情緒，也加深了我對Neogen品牌實力的認知。

Our customers don't see us simply as a supplier. They view us as a true partner and a trusted authority in food safety. We are committed to further strengthening these vital partnerships, accelerating groundbreaking innovation, and delivering greater value to our customers than ever before.

我們的客戶並不僅僅把我們視為供應商。他們視我們為真正的合作夥伴和值得信賴的食品安全權威。我們致力於進一步加強這些至關重要的合作夥伴關係，加速突破性創新，並為我們的客戶提供比以往任何時候都更大的價值。

In my interactions with team members across the globe, I've been deeply encouraged by the passion and commitment I've witnessed firsthand. The thoughtful dialogue and sharp insights shared in these conversations reaffirm what I already knew.

在與全球各地團隊成員的交流中，我親眼目睹了他們的熱情和奉獻精神，這令我深受鼓舞。這些對話中分享的深思熟慮的見解和敏銳的洞察力，印證了我早已知道的事情。

We have an exceptional team that is fully invested in our mission. We now have a strengthened leadership team in place, seasoned executives with deep experience driving transformation in global life sciences and diagnostics businesses.

我們擁有一支卓越的團隊，他們全心投入我們的使命。如今，我們已組建了一支實力雄厚的領導團隊，這些經驗豐富的管理人員在推動全球生命科學和診斷業務轉型方面擁有深厚的經驗。

They bring a disciplined, fundamental, focused approach centered on process excellence, clear prioritization, cross-functional collaboration, transparency, and accountability. Importantly, we are already seeing strong buy-in across the organization as we implement these changes, a clear signal that we are aligning around the right strategy to unlock Neogen's potential.

他們帶來了嚴謹、基礎、專注的方法，以流程卓越、明確的優先順序、跨職能協作、透明度和問責制為中心。重要的是，隨著我們實施這些變革，我們已經看到整個組織都給予了強有力的支持，這清楚地表明我們正在圍繞正確的策略進行協調，以釋放 Neogen 的潛力。

In closing, I want to extend my heartfelt gratitude to every employee around the world for your hard work, resilience, and unwavering dedication. It is your talent and commitment that will drive our success, and I'm more confident than ever in our ability to deliver outstanding results for both our customers and shareholders.

最後，我要衷心感謝全球每位員工的辛勤付出、堅韌不拔和矢志不渝的奉獻精神。正是你們的才華和敬業精神將推動我們走向成功，我對我們為客戶和股東創造卓越成果的能力也比以往任何時候都更加充滿信心。

Thank you. And now I'd like to turn things over to the operator to begin the Q&A session.

謝謝。現在我將把問答環節交給接線員。

Thank you, ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions) Rob Labick, CJS Securities.

謝謝各位女士、先生。現在開始問答環節。 （操作員說明）羅伯·拉比克，CJS證券。

Good morning. Congratulations on the strong results and outlook. Thanks Bob.

早安.祝賀你們取得如此優異的成績和良好的前景。謝謝鮑勃。

Great, so I wanted to start, where you just finished, Mike, you talked about the new management team. Can you discuss, kind of maybe a little more what you look for in each of the people as you built out this team and how long it'll take to get, I mean, the announcements kind of just happened obviously, get people on board and for everyone to, gel and make a difference and, start operating as one.

好的，我想從你剛才說完的地方開始，麥克，你談到了新的管理團隊。您能否再詳細談談，在組建這個團隊的過程中，您在每個人身上尋找的是什麼？以及需要多長時間才能——我的意思是，這些公告顯然是剛剛發布的——讓每個人都加入進來，彼此融合，發揮作用，並開始像一個整體一樣運作？

Yeah, thank you for that question. The great news is. We've attracted top tier talent to this company, which speaks highly to the opportunity we have at Neogen in turning this business around.

是的，謝謝你的提問。好消息是，我們已經吸引到頂尖人才加入公司，這充分說明了Neogen在扭轉公司頹勢方面擁有巨大的機會。

When I was recruiting for the talent, I was really looking for very experienced leaders in diagnostics or life sciences that have been part of large organizations that understand the discipline and complexity of managing global businesses. But more importantly, we're operators that they were able to zoom in and zoom out and really help the organization accelerate, the basics that I've talked about before, and I think that's extremely important because, we've got a great workforce and in some cases, we're trying to implement global processes that require a lot of hands on initially to get everybody going in the same direction. So I'm very, I'm very proud and I think we're extremely lucky to have attracted the talent that we've attracted.

我當時在招募人才時，真正想尋找的是在診斷或生命科學領域擁有豐富經驗的領導者，他們曾在大型組織工作過，了解管理全球業務的紀律和複雜性。但更重要的是，我們是能夠放大和縮小視角，真正幫助組織加速發展的營運人員，這正是我之前談到的基本要素，我認為這非常重要，因為我們擁有一支優秀的員工隊伍，在某些情況下，我們正在嘗試實施全球流程，這些流程最初需要大量的實踐操作，才能讓每個人都朝著同一個方向前進。所以我非常非常自豪，我認為我們非常幸運能夠吸引這樣的人才。

As far as how long it's going to take to get them up and running, I would say that given the talent caliber and experience of these professionals, they're already hitting the ground running, and our business is not so different than the diagnostic than the human diagnostics business. So from a technology and go to market, there's a lot of similarities there, so we've got a very robust onboarding plan for all of the leaders. And we are starting now to meet as a full management team and really focusing on the priorities which have not changed, which are all about driving top-line optimizing our growth and really focusing and becoming masters in the fundamentals.

至於需要多長時間才能讓他們投入運營，我認為考慮到這些專業人員的才能和經驗，他們已經迅速進入工作狀態，而且我們的業務與人類診斷業務並沒有太大區別。因此，從技術和市場推廣的角度來看，有很多相似之處，所以我們為所有領導者制定了一個非常完善的入職計劃。現在，我們開始以完整的管理團隊形式開會，真正專注於那些沒有改變的優先事項，那就是推動營收成長，優化我們的發展，真正專注於基本面並成為這方面的專家。

Okay, that sounds great. And then maybe just one more question. I'll jump back and queue and obviously good quarter, strong sequential margin improvement, but you know I think you said you'll get better improvement in sample handling in the back half. I'm trying to get a sense of what was the headwind to margins maybe from sample handling or maybe said another way once you get that to the margins you want, what would be the equivalent or close EBITDA margins, at current levels, and then obviously as top-line grows you can grow that from there.

好的，聽起來不錯。然後，或許可以再問一個問題。我會回到隊列中，顯然本季業績不錯，環比利潤率大幅提升，但你知道，我想你說過下半年樣本處理方面會有更好的改進。我想了解利潤率面臨的阻力是什麼，可能是樣本處理方面的問題，或者換句話說，一旦達到你想要的利潤率，在當前水準下，等效或接近的 EBITDA 利潤率是多少？然後，隨著營收成長，顯然你可以從那裡開始成長。

Yeah, I mean, let me give you a little bit of my thoughts on sample collection and then I'd like to ask Brian to share his thoughts as well, more specifics, but listen, sample collection is a challenge for us. We've been pretty transparent about that. We're working it, multiple fronts from making sure that pricing is reflective of the average price in the market. We are taking all of the improvements, on improving the efficiency on the line. I think the great. Progress that we have made in getting back, getting out of back orders means that we can reduce the temporary labor, some of the scrap and other things that were impacting our margins and kind of get more to steady state, and we are 100% focused on improving profitability on this product, but this continues to be a gateway product that our customers need.

是的，我的意思是，讓我先簡單談談我對採樣收集的看法，然後我想請布萊恩也分享他的看法，更具體一些。但是聽著，採樣收集對我們來說是一個挑戰。我們在這方面一直都相當透明。我們正在從多個方面著手，確保定價能反映市場平均價格。我們正在採取一切改進措施，以提高生產線的效率。我認為很棒。我們在恢復生產、擺脫積壓訂單方面取得的進展意味著我們可以減少臨時工、一些廢料和其他影響我們利潤率的因素，並逐漸恢復到穩定狀態。我們 100% 專注於提高該產品的獲利能力，但這仍然是我們的客戶所需的入門級產品。

But it leads to other purchases within our portfolio, and I personally don't think the product's ever going to be as profitable as other parts in our portfolio, but we're not giving up and we're going to continue to be focused on that. But I would say high level we would expect this product to return to some profitability in the second half.

但這會促使我們購買投資組合中的其他產品，我個人認為該產品永遠不會像我們投資組合中的其他產品那樣盈利，但我們不會放棄，我們將繼續專注於此。但從整體來看，我們預計該產品將在下半年恢復獲利。

And I'd like to ask Brian to share any thoughts on that.

我想請布萊恩分享他對此的看法。

Yeah, thanks, Mike. Bob, I, my comment would just be, I think if you look at the, at our non-GAAP reconciliation schedule where we've excluded the negative impact of that previously, you can see that it was Q4 in Q4 it was around $10 million, in Q1 it was $6 million, in Q2 it was around $3 million. So the trend is favorable and again to Mike's comments, we would expect it to then turn positive as we move into the back half of the year.

謝謝你，麥克。鮑勃，我的評論是，如果你看一下我們的非GAAP財務報表調整表，其中我們已經排除了之前該項因素的負面影響，你可以看到，第四季度約為1000萬美元，第一季度約為600萬美元，第二季度約為300萬美元。所以目前的趨勢是有利的，正如麥克所說，我們預計隨著下半年的到來，情況會好轉。

Okay, super, congrats again. Thank you.

好的，太棒了，再次恭喜。謝謝。

Thank you. Thanks.

謝謝。謝謝。

Pa.

賓州

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

Hi, thanks for taking the question and congrats on a really good quarter here. So I'll just start off with, why hasn't the implied H2 growth, or margin, a little bit higher, falling, a really good quarter? Do you think, is this conservatism or, like just first quarter for both the CFO and I guess second quarter for the CEO? You just want to make sure that, everything's right here.

您好，感謝您回答這個問題，也恭喜您本季業績非常出色。那我就先問一個問題，為什麼下半年的隱含成長率或利潤率沒有略微提高，反而下降，導致本季業績不佳呢？你認為這是保守主義，還是說這只是財務長第一季的保守做法，以及執行長第二季的保守做法？你只是想確認一下，這裡的一切都正確無誤。

Yeah, let me start. I, I'll share some thoughts.

好的，我先開始。我，我來分享一些想法。

Thank you for the question. I think that's a very fair question, and I'll ask Brian to jump in. I mean I think, listen, what you see contemplated in the guide.

謝謝你的提問。我認為這是一個非常合理的問題，我請布萊恩來回答。我的意思是，我認為，聽著，你在指南中看到的內容。

Is our prudent approach approach to beginning to return the business to sustain a predictable performance, and you've heard me talk about that last time that very much focused on driving predictability in this business and consistency.

我們謹慎的做法是開始恢復業務，以維持可預測的績效。你們也聽我上次說過，我們非常注重推動業務的可預測性和一致性。

Listen, I'm happy with how the org is reacting to the new ways of working in the very short period of time that we've been here, and Q2 is a great quarter, but it's one data point. We've also got a brand new team that's going to be settling in and, learning how to work together and really start to scale these things that we've put in place.

聽著，我對公司在如此短的時間內對新的工作方式的反應感到滿意，第二季也表現出色，但這只是一個數據點。我們還有一個全新的團隊，他們將逐漸融入團隊，學習如何合作，並真正開始擴大我們已經制定的這些計劃的規模。

And I would say just as important, and Brian and I have talked a lot about this, we understand the importance of our commitment to investors and building credibility. That's extremely important to us. And so with that said and the lingering macroeconomic weaknesses, tariffs, uncertainty, and what have you, we feel confident with the trajectory, the early progress we've made, and taking all of that into account, we believe it's appropriate to take a conservative tack for the remainder of the fiscal year. And the last point I'd make is it's important to note that we are now forecasting a positive growth for the year.

而且我認為同樣重要的是，我和布萊恩也多次討論過這個問題，我們明白我們對投資者的承諾和建立信譽的重要性。這對我們來說極為重要。綜上所述，考慮到宏觀經濟持續疲軟、關稅、不確定性等等因素，我們對目前的進展軌跡和早期取得的成果充滿信心，並考慮到所有這些因素，我們認為在本財年剩餘時間裡採取保守策略是合適的。最後一點是，值得注意的是，我們現在預測今年將實現正成長。

Given this latest update on the guide.

根據指南的最新更新。

Brian, yeah, I would just echo Mike's comments in terms of, it's one data point, we did raise the guide to reflect the overdel delivery in Q2, but, we, we've got a new team in here. I, I've been here for 2 months now, and we just want to make sure that we, take the right approach that relates to how we manage the guide.

Brian，是的，我同意Mike的觀點，這只是一個數據點，我們確實提高了業績指引以反映第二季度的超額交付情況，但是，我們這裡有一個新團隊。我在這裡已經兩個月了，我們只是想確保我們採取正確的方法來管理導遊。

Perfect. And just asking one more kind of basic blocking and tackling question as we look at our models. Were there any one-time revenue tailwinds in the quarter and we think about recurring adjustments, how do we think about those cycling through for the rest of the year? I think, with the recurring adjustments, it's one of those, have a limited time, but I mean, I guess you always have new ones. So I guess, anyway to think about that anyway.

完美的。在審視我們的模型時，我們再提出一個基本的阻擋和攔截問題。本季是否存在一次性收入利多因素？考慮到經常性調整，我們該如何看待這些因素在今年剩餘時間內的影響？我認為，由於會不斷進行調整，這種情況屬於那種有時間限制的，但我的意思是，我想總是會有新的調整出現。所以我想，總之，可以這樣想。

Yeah, sure, I, I'll take the question and Iike can add anything you like. The only thing I would sort of call out, we had, we did have about $2 million of insecticide, tailwind in Q2, in the animal safety segment, but really that would be the only thing of note that I would call out as a one-timer.

當然可以，我會回答這個問題，Iike 可以補充任何你想補充的內容。唯一值得一提的是，我們在第二季度獲得了大約 200 萬美元的殺蟲劑收益，這得益於動物安全領域的順風效應，但這真的是我唯一想特別提及的一次性事件。

Yeah, the.

是的，那個。

Yeah, David, what I would just add is that, we saw. It's crazy when you know the simplicity sometimes is you get what you measure. So, driving the commercial excellence, focusing on key products when you think about, petri film, pathogens, allergens which have been a focus for us in that quarter, you see very healthy returns on those when you drive the right focus. And so, we were very pleased with how the organization's responding to the additional focus, and we feel that a lot of this growth was due to. Driving the specificity and commercial excellence, so the organic growth is great, and now we're looking to, scale that and accelerate it.

是的，大衛，我只想補充一點，我們看到了。當你意識到有時最簡單的道理就是“你衡量什麼，就會得到什麼”，這真是令人匪夷所思。因此，要推動商業卓越，就要專注於關鍵產品，例如培養膜、病原體、過敏原，這些都是我們本季的重點，當你採取正確的策略時，你會看到這些產品帶來非常健康的效益。因此，我們對該組織對額外關注的回應方式感到非常滿意，我們認為這種成長很大程度上歸功於此。我們致力於提升產品的針對性和商業卓越性，因此有機成長非常顯著，現在我們正在尋求擴大規模並加速成長。

Got it. I'll just give it a 2 knowing that you still have a few more analysts to ask some questions from.

知道了。我知道你還可以向其他幾位分析師諮詢一些問題，所以我就先給它2分吧。

Okay.

好的。

Thanks, David.

謝謝你，大衛。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

Hey, good morning, guys. Thanks for taking the question and congrats on a nice quarter as well. Mike, maybe as you sit, you're maybe about 6 months into the seat now, you guys have had a strong quarter here. Talk to us a little bit about specifically what in the commercial organization has changed that is working. This is probably the first time in several quarters. If not a couple of years where you've been able to kind of accurately forecast the business and actually give improving expectations for the business on a go forward basis. So what is working and what's giving you the confidence to raise guidance already, less than a year into the seat in the CEO seat?

嘿，各位早安。感謝您回答這個問題，也恭喜您本季業績優異。麥克，也許你現在坐任大概有6個月了，你們這季業績非常出色。請您具體談談商業組織中哪些方面發生了有效的改變。這可能是幾個季度以來的第一次。如果不是過去幾年你能夠比較準確地預測業務發展，並切實地對業務未來的發展給予不斷提高的預期。那麼，是什麼因素奏效，又是什麼讓您有信心在擔任 CEO 不到一年的時間內就提高業績預期呢？

Yeah, thanks Brandon and listen, I wish I can tell you something that makes me look really smart. Reality is it's just focusing on the basics and driving simplicity.

是啊，謝謝你，布蘭登。聽著，我真希望我能告訴你一些讓我看起來很聰明的事。實際上，它只是專注於基本要素，力求簡潔。

I think that, last quarter when we were talking about, in the quarter discussion but also in the one on ones, specifically the organization was very comfortable doing monthly forecasts, for example, and very early on that didn't seem like the right approach given our history of missing our forecasts.

我認為，上個季度我們在季度討論以及一對一談話中都提到過，公司非常樂於進行月度預測，例如，但鑑於我們以往的預測都未能達標，這很快就顯得不是正確的方法。

So we instituted a weekly latest best estimate process where we bring in all of the sales leaders and all of the supporting functions on a weekly basis reviewing the forecast, reviewing the risks and opportunities, reviewing the targeted accounts, discussing what needs to be true, what do we need to do to enable the sales team to deliver on the commitments to the customers, and you know I would say in the first couple of weeks it was a little bit rough but now you see the leaders running the calls and the whole organization. Is really focused on enabling the commercial team and one of the things that I think I've shared and I've been trying to instill in the organization is our commercial team needs to be very customer centric. The rest of the organization needs to be in service of the commercial team, and that is how we're driving this. And so early signs, is that this is really resonating with the organization and I think we can kind of see that reflected in the Q2 performance.

因此，我們建立了一個每週一次的最新最佳預測流程，每週召集所有銷售主管和所有支援職能部門，審查預測、風險和機會、目標客戶，討論哪些內容必須屬實，以及我們需要做些什麼才能使銷售團隊能夠履行對客戶的承諾。你知道，我想說，在最初的幾周里，情況有點艱難，但現在你可以看到領導們在打電話，整個組織都在積極參與。真正關注的是賦能商業團隊，我認為我一直分享並試圖灌輸給組織的一點是，我們的商業團隊需要非常以客戶為中心。組織的其他部門需要為商業團隊服務，而我們正是這樣推動這項工作的。因此，初步跡象表明，這確實引起了組織的共鳴，我認為我們可以在第二季的業績中看到這一點。

Now that said, we don't want to get ahead of our skis. We're going to continue to do the same thing this quarter that we did last quarter, get the new leaders on board, drive more com, drive more specificity, making sure we're really looking at the opportunities, addressing the concerns, that we have and the headwinds in the market, and I think really that is the formula for success.

話雖如此，我們也不想操之過急。本季我們將繼續沿用上季的做法，讓新領導層到位，推動更多溝通，更加具體化，確保我們真正專注於機遇，解決我們面臨的擔憂和市場逆風，我認為這才是成功的秘訣。

Got it. Great. That's helpful. And then one of the other big questions I get a lot with investors now, and I'm sure you're aware, is just the feature film manufacturing process. You made a couple of comments in your prepared remarks on, some confidence there. Can you maybe just spend another minute on like what is it that's giving you confidence that this is continuing on time, and, what are you seeing in the early ramp of that facility?

知道了。偉大的。那很有幫助。另一個我常被投資人問到的重要問題，我相信你也知道，就是電影製作流程。你在事先準備好的演講稿中提到了一些問題，這反映了你的一些自信。您能否再花一分鐘時間談談是什麼讓您相信這項工程會按計劃進行，以及您在該設施的早期爬坡階段看到了什麼？

Yeah, absolutely, it is a super important project for us, in Q1 I shared that, early on I knew this was a priority and I spent a lot of time with Jim Walters, our head of operations in the manufacturing team, really looking at the at this plan, having been in biopharma businesses and med tech businesses, any tech transfer has a lot of challenges. In this case we're doing 17 on 17 SKUs, and I was very proud and happy, pleasantly surprised, I guess, happy. Of how the team has thought about all of the potential factors and things that can come to play in in making sure that this transition is is extremely successful, and I think that since then we have executed that plan. That plan remains the same.

是的，當然，這對我們來說是一個非常重要的項目。我在第一季就分享過這一點，我很早就知道這是一個優先事項，我花了很多時間和我們製造團隊的營運主管吉姆·沃特斯一起認真研究這個計劃。我曾在生物製藥和醫療科技產業工作過，任何技術轉移都會面臨許多挑戰。在這種情況下，我們推出了 17 個 SKU，我感到非常自豪和高興，可以說是驚喜，或者說，很高興。團隊已經考慮到了所有可能影響過渡成功的潛在因素和事項，我認為從那時起，我們已經執行了該計劃。計劃不變。

We remain extremely focused and the process of doing that is starting to, demonstrate some results and so we're still on track for. The November 2027 timeline, we're in the late stages of production testing, which has gone very well so far. In parallel, we've begun initial phases of product validation, which we expect to continue into the summer.

我們仍然非常專注，而且這個過程已經開始顯現一些成果，所以我們仍然在按計劃進行。截至 2027 年 11 月，我們已進入生產測試的後期階段，目前為止一切進展順利。同時，我們已經開始了產品驗證的初步階段，預計該階段將持續到夏季。

As I mentioned in the opening remarks, throughout the course of production testing and the initial product validation work, we've demonstrated that we can manufacture feature film on the new equipment, which is a very important milestone. And so we're going to continue to execute the plan. We've got the right talent, the right resources. This is the top focus for us. We are not sparing any focus or resource required, and, that's what gives me confidence.

正如我在開場白中提到的，在整個生產測試和初步產品驗證工作過程中，我們已經證明我們可以用新設備製作長片，這是一個非常重要的里程碑。因此，我們將繼續執行該計劃。我們擁有合適的人才，也擁有合適的資源。這是我們工作的重中之重。我們不遺餘力地投入所需的一切精力和資源，這讓我充滿信心。

Got it. Thanks a lot, guys, and congrats again.

知道了。非常感謝各位，再次恭喜你們。

Thanks, Brandon.

謝謝你，布蘭登。

Subbu Nambi, Guggenheim Securities

Subbu Nambi，古根漢證券

Hi guys, this is Thomas on Pursubu. Thanks for taking our questions. For the growth in indicator testing and culture media, how much of that was volume driven and then how much was on price? Just trying to gauge how we should think about growth for the rest of the year and if that's sustainable.

大家好，我是 Pursubu 上的 Thomas。謝謝您回答我們的問題。指標檢測和培養基的成長有多少是受銷售驅動，又有多少是受價格驅動？我只是想評估我們應該如何看待今年剩餘時間的成長，以及這種成長是否可持續。

Yeah, I can share some thoughts and maybe Brian wants to add a few things. I would say that.

是的，我可以分享一些想法，也許布萊恩也想補充幾點。我會這麼說。

Most of it is organic growth, these are product lines that we drove specific focus on, and so there are some, last quarter we did share that there was a, part of the decline of Petrie Film was due to an inventory correction in our major distributor in the United States. We've seen that distributor go back to normal, levels, and when you look at sellout data, it's around 9%.

大部分成長來自有機成長，這些是我們重點發展的產品線，因此，上個季度我們確實提到，Petrie Film 的部分下滑是由於我們在美國的主要分銷商的庫存調整造成的。我們已經看到分銷商恢復了正常水平，從售罄資料來看，大約是 9%。

So the petrif market continues to be healthy. We continue to be the market leader, and growing, at that pace. I think pathogens is also another one where we're seeing significant growth, organic growth just due to, all of the illnesses, the rise in illnesses and other things, that you see. And then with the allergens, that was, as you guys might be aware. You know we've had some supply issues in the past. We're not through those. We're working. We've worked through all of the back orders, and we're gaining some lost customers, and we're really looking to get that platform back on, sustained growth.

因此，石化劑市場仍保持健康發展。我們繼續保持市場領先地位，並以這樣的速度成長。我認為病原體也是另一個我們看到顯著增長的領域，這僅僅是由於各種疾病的增加以及其他因素造成的。至於過敏原，你們可能也知道。你知道我們過去遇到過一些供應問題。我們還沒擺脫這些困境。我們正在努力。我們已經處理完了所有積壓訂單，並且正在贏回一些流失的客戶，我們真的希望能夠讓這個平台恢復正常運轉，實現持續成長。

I know Brian, if anything you want to share that, yeah, I.

我知道布萊恩，如果你想分享什麼，是的，我。

Would just say, in total, up 6%, and just more volume than price would be the only thing I would.

我只想說，整體上漲了 6%，而且成交量大於價格，這是我唯一要說的。

Okay, awesome, and then maybe just to stay there on Petrie Film.

好的，太棒了，然後也許就留在 Petrie Film 吧。

What are your updated assumptions around the 2026 growth rate and then just how should we think about this longer-term if much of the growth was volume is their pricing power still available in the market to take for feature film?

您對 2026 年的成長率有何最新假設？如果大部分成長來自數量，那麼我們應該如何看待這種長期成長？他們在電影市場上的定價權是否仍然可用？

Thank you guys.

謝謝大家。

Yeah I mean I think the there's always there's always pricing opportunity and in fact that's the standard language in all of our contracts one of the things that.

是的，我的意思是，我認為總是有定價機會的，事實上，這是我們所有合約中的標準措辭之一。

It's not unique to this business is that we have different contract durations and different contract expiry. So as new contracts come on board, certainly the inflationary pricing adjustments are introduced and of course when we launch new Petrie Film tests that we always, price that accordingly, but I think there continues to be an opportunity to adjust for inflationary measures as new contracts come up for renewal.

並非我們這個行業獨有的現象，我們的合約期限和合約到期日各不相同。因此，隨著新合約的簽訂，肯定會引入通貨膨脹價格調整，當然，當我們推出新的 Petrie Film 測試時，我們總是會相應地定價，但我認為，隨著新合約的續約，仍然有機會根據通貨膨脹措施進行調整。

Yeah, I think the only thing I would add is just that you may recall that in Q1 we had one of our largest US distributor adjusting their inventory levels which provided for a headwind in Q1 even though the end market was still strong and so that phenomenon wasn't there in the second quarter, so we would expect the remainder of the year for that product to look more like Q2.

是的，我唯一要補充的是，您可能還記得，在第一季度，我們最大的美國分銷商之一調整了庫存水平，這給第一季帶來了不利影響，儘管終端市場仍然強勁。但這種現像在第二季並沒有出現，因此我們預期該產品今年剩餘時間的表現將更接近第二季。

Yeah, I'll see.

嗯，我看看。

Tom DeBourcy, Nephron Research.

Tom DeBourcy，腎臟單位研究。

Hi, thanks guys for taking the question. I was just wondering, like it just in terms of, I guess coming into the CEO role, your feedback from customers, the business overall, obviously they've had to deal with some stock outs of certain products like in sample collection and just their willingness to kind of work with you as you. Ramp up production and get back towards more normal inventory levels and then just overall the business, is there a rough breakout you could give in terms of volume versus price in terms, of the organic growth, thanks.

大家好，感謝各位回答這個問題。我只是想知道，就你擔任CEO這個職位而言，你從客戶那裡得到的反饋，以及整個業務的情況，顯然他們不得不處理一些產品的缺貨問題，比如樣品收集方面的問題，以及他們與你合作的意願。提高產量，恢復到更正常的庫存水平，然後就整體業務而言，您能否就銷量與價格的有機增長情況提供一個大致的細分數據？謝謝。

Thanks Tom for your question. By now I have visited all regions, and have visited customers, distributors, direct customers from around the world, and I H1stly have to say, I've never been in a market where customers are rooting for you like they are for Neogen.

謝謝湯姆的提問。到目前為止，我已經走遍了所有地區，拜訪了來自世界各地的客戶、分銷商和直接客戶，我必須說，我從未在一個市場中看到客戶像支持 Neogen 那樣支持你。

We are the food safety company. I can't tell you how many customers, some more impacted than others with our supply issues, but they want us to succeed. They see us as a vital partner in their food safety quality program. If you, if you look at food safety quality program at sites, these are cost centers, these are, they're doing the testing required. And sometimes they have a lot of turnover and when there are gaps in their competency or gaps in their training or knowledge, they rely on NeoGym to help fill that GAAP and I think that is one of the competitive advantages that we have in addition to having a full food safety portfolio is that we're seen as the experts in the food safety business and so it has been consistent around the world. Yes, some customers are frustrated, but they very much want us and need us to succeed. Because that means that their food safety programs will also succeed.

我們是一家食品安全公司。我無法告訴你，有多少客戶（其中一些受到的供應問題影響更大）都希望我們成功。他們視我們為食品安全品質計畫中的重要夥伴。如果你查看各個場所的食品安全品質計劃，你會發現這些都是成本中心，他們正在進行必要的測試。有時候，他們的員工流動率很高，當他們的能力、培訓或知識出現不足時，他們會依靠 NeoGym 來幫助他們彌補 GAAP 方面的不足。我認為，除了擁有全面的食品安全產品組合之外，這是我們的競爭優勢之一，因為我們被視為食品安全領域的專家，這一點在世界各地都得到了認可。是的，有些客戶感到沮喪，但他們非常希望我們成功，也需要我們成功。因為這意味著他們的食品安全計畫也會成功。

Brian, I don't know if you.

布萊恩，我不知道你是否。

Have any, I would just say similar to my earlier comments, about another product category, it was positive but more volume than price.

如果有的話，我想說的和我之前對另一個產品類別的評論類似，總體來說是積極的，但銷量比價格更重要。

Yeah, great.

好的，太棒了。

Thank you.

謝謝。

Don't no further questions at this time. I will now turn the call over to Mike Nassif for her closing remarks.

目前請不要再問任何問題了。現在我將把電話交給麥克‧納西夫，請他作總結發言。

Great. Thank you everybody for joining and all the conversations and the feedback. I very much look forward to seeing many of you, next week at JPMorgan to continue the conversation and have a great rest of your day.

太好了。感謝大家的參與、討論與回饋。我非常期待下週在摩根大通見到各位，繼續交流，祝大家今天剩下的時間過得愉快。

Ladies and gentlemen, this concludes the conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。