On January 10, 2025, Neogen disclosed that its second quarter GAAP net income was significantly negative due to a $461 million non-cash goodwill impairment charge related to its acquisition of the 3M Company ("3M"). The Company also revised its full year outlook, cutting revenue and EBITDA guidance. Further, the Company also revealed that as of November 30, 2024, it had material weaknesses in its internal control over financial reporting.