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(RTTNews) - Neogen Corporation (NEOG) posted a net loss for the third quarter of $2.0 million, or $0.01 per share, compared to net income of $8.2 million, or $0.04 per share, a year ago. Adjusted net income was $26.4 million, or $0.12 per share, compared to $26.5 million, or $0.12 per share, last year, with the decline driven primarily by higher depreciation expense.

Revenues for the third quarter were $228.8 million, an increase of 4.8% compared to $218.3 million in the prior year.

The company updated full-year outlook to reflect a slower-than-anticipated recovery of order fulfillment rates, which are impacting the ability to consistently meet end-market demand. Revenue is now expected to be in the range of $910 million to $920 million.

As of February 29, 2024, the company had total cash and investments of $168.4 million and total outstanding non-current debt of $900.0 million.

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