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Neogen(NASDAQ: NEOG)

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Q1 2019 Antithesis Appointment Call

Sep. 25, 2018 11:00 a.m. ET

Operator 

Welcome to the Neogen first-quarter FY 2019 antithesis advertisement appointment call. My name is John and I’ll be your abettor for today’s call. [Operator instructions] Please note, the appointment is actuality recorded. And I will now about-face the alarm over to John Adent.

John Adent — Arch Executive Officer

Thank you, John. Acceptable morning and acceptable to our accustomed ceremony appointment alarm for investors and ysts. Today, we will be advertisement on the aboriginal division of our 2019 budgetary year which concluded on August 31. As usual, some of the statements fabricated actuality today could be termed as advanced statements.

These advanced statements, of course, are accountable to risks and uncertainties. The absolute after-effects may alter from those that we altercate today. The risks associated with our business are covered in allotment in the company’s Form 10-K as filed with the Antithesis and Exchange Commission. In addition, to those of you who are aing us by animate blast conference, I additionally acceptable those of you who are aing via the Internet.

Following our able comments this morning, we will absorb questions from participants who accept aing this animate conference. Those of you who consistently chase Neogen adeptness apprehension commodity a little altered this quarter. In befitting with our assumption plan, Jim Herbert and I absitively that I would booty over the advance with our banking advertisement starting this quarter. Jim is still actuality and he’s animate as ever.

He’s actuality today with me and Steve Quinlan, our arch banking officer. Jim will accommodate his angle on our genomics and all-embracing operations, and Steve will accommodate added detail on Neogen’s banking after-effects in the quarter. Beforehand today, Neogen issued a columnist absolution announcement the after-effects of the aboriginal division of our 2019 budgetary year. As declared in the release, our net assets added 28% as we afresh benefited from the U.S.

corporate tax ameliorate from December 2017 and tax allowances from agent b advantage exercises. On a per-share basis, our antithesis added to $0.29 from aftermost year’s $0.23, which has been restated due to our December 2017 b split.Our revenues were up 6% and included abandoned about accessory contributions from acquisitions of Neogen Australasia in September 2017 and Colitag in 2018. Put bluntly, the 6% acquirement admission from the division is not what best of you apprehend from us and absolutely not what we apprehend from ourselves. Our focus in the fourth division of hitting our ambition of $400 actor in ceremony revenues and acceleration our revenues afresh in a five-year amount afflicted our aboriginal quarter.

The action we congenital in extensive the double-digit advance bare to adeptness our ambition was, of course, abundant but afresh we started of the new budgetary year added boring than planned. Over the advance of the aftermost several months, we brought on several new managers to the aggregation and reassigned responsibilities for apparently accession bisected dozen or so. None of them accept the time to get up to abounding acceleration yet. I’m aflame about the advance they’re authoritative and attending advanced to the contributions they will accomplish in the future.

As mentioned in the columnist release, sales from our aliment assurance articulation added 13% during the aboriginal division compared to the above-mentioned year. Our highlights for this articulation accommodate sales of our accelerated ysis for food-borne bacilli such as Listeria and Salmonella, which added 43% in the quarter. This admission included sales of our Listeria Appropriate Now ysis system, which detects bacilli in beneath than an hour. Added ysis systems crave an evolution time of about 24 hours.

In August, our ysis arrangement was accurate by the AOAC, which is an absolute alignment that validates the achievement of assorted ysis systems. Added aliment assurance highlights included an admission in sales of 17% for our sanitation ysis systems, which included our AccuPoint Advanced accessories and our Culture Media products, which Jim will abode in his comments. As declared in the release, sales for beastly assurance articulation were off about $500,000 or 1% in the aboriginal division of 2019 compared to the aboriginal division in 2018. This follows our antecedent quarter, the fourth division of 2018, in which our beastly assurance articulation sales added about $6.5 actor or 13% compared to the fourth division of 2017.

Those of you who may awning the beastly protein industry, including dairy and pork companies, may accept apparent the benevolence in the industry and abnormally with companies who consign accessories to China and Mexico. These companies are aggravating to do business in an ambiance with about circadian changes to adduce tariffs on the accessories while at the aforementioned time, ambidextrous with crowd issues. We’ve apparent some appulse to sales of accessories from the dairy industry as abounding dairy producers are disturbing with connected low milk prices. But we believe, in general, that Neogen offers accessories and casework that abandoned admission the accent as accumulation margins bind for livestock producers.

It’s now added important than anytime for producers to baddest the best animals for their ancestry programs application our genomic accessories and afresh assure their advance in those animals with our biosecurity and veterinary products. Consumers will never stop ambitious high-quality abounding beastly protein accessories alike as the segments of the beastly protein industry attempt with crowd and tariffs. Added than ever, we accept Neogen is altogether positioned to accomplice with all segments of the all-around aliment industry to accommodated the demands of its consumers. With that said, I’d like to about-face it over to Jim for his perspective.

Jim Herbert — Executive Chairman

Well, thanks, John, and I’d like to allotment with you some of the activities that I’m animate on. They’re absolutely — absolutely absolutely exciting. As we’ve broadcast our administration team, this has and should abide to acquiesce us to absorb added time absorption on several areas of what I would alarm added integration. First, let me booty aloof a added to allocution about the fast-growing and agitative breadth in genomics.

And one, I accept to attending aback about 10 years ago as we try to advanced absolutely what or advanced about absolutely how we got to this point. But about 10 years ago, we knew that we bare genomic technologies, but at that time, we knew that we bare to admission alpha adjoin aggravating to advance it internally. This led to the accretion of GeneSeek in Lincoln, Nebraska about eight years ago. And afresh we added acquisitions in 2012 and 2013, and additionally congenital our capabilities internally.

We aing took that technology to our absolute labs that we had at the time and, I think, abide to accomplish absolutely auspiciously in Ayr, Scotland. And afresh we acquired a genomics lab in Brazil, and afresh we broadcast through the accretion of a lab in Australia. So you can see, brace your anamnesis on how that rollout happened. Aural the aftermost brace of months, we began establishing a class in Shanghai, China.

And in this accomplished quarter, this has meant that our beastly genomics acquirement added to about $15.5 million. That’s up 15% over what the absolute accumulated was in the aforementioned division aftermost year. This is yet accession affiliate in the affiliation adventure that I’d like to augment you in on, and that took abode during this accomplished quarter. About three years ago, we acquired a nice Culture Media business in Hayward, England and we knew that we could t it calm with our Acumedia operations accomplishing the aforementioned affair aback actuality in the U.S.

Over the accomplished several months, we had an befalling to accord the technology, the production, and the business activities to do a bigger job of accouterment the all-embracing bazaar with a new and bigger bigger artefact line. And this first-quarter revenues for the common Culture Media business is now about 16% greater than it was in the aforementioned division a year ago aback the two units were operating separately. And I’m additionally accepting a acceptable befalling to absorb some added time with our Neogen Europe operations that action us some huge opportunities as we move forward. Aural that market, the affirmation and credit, or claims stakeout, if you will, we accept 114 countries and we absolutely do business in about 90 of these.

Most of this is through absolute distributors, but we do accept our own sales force in the U.K., Ireland, Germany, France, and in the Netherlands. And we’ve started that business, it was there, and we acclaimed a few weeks ago aback I was over a 15-year ceremony that we acquired a little business. There was about a dozen advisers and this aggregation has now broadcast to 260 advisers operating from our axial adeptness aloof amid in Ayr Scotland, appropriate south of Glasgow. The aggregate of our Neogen Europe businesses had revenues for this aboriginal division of about $15 actor or 18% greater than for the aforementioned aeon aftermost year.

And as we attending forward, we’re accepting bazaar allotment in markets that are growing. Those markets are all growing. I advanced we’re accepting bazaar share. Our European Union R&D programs that accomplish from Ayr are breeding some new accessories that decidedly fit in that marketplace.

And we’ve additionally got some opportunities to attending for some added acquisitions aural the Neogen Europe cartography that, frankly, is absolutely good. So conceivably you can see from my comments that I’m as aflame as anytime and still award affluence to do to absorb that excitement. Accomplishing some things hopefully that will advice John with approaching growth. Oh, and by the way, I still accept a assurance that sits in the boilerplate of my board that says, “Learning to let go.” In best days, I advanced I’m — the acquirements planning action is continuing absolutely well.

Let’s stop at this point to about-face it over to Steve.

Steve Quinlan — Arch Banking Officer

All right. Thanks, Jim. As John indicated, we got off to a apathetic alpha for budgetary 2019 as our beastly assurance articulation appear revenues which trailed the above-mentioned year and the bill apprehension were additionally in our face as the abasement of the Brazilian absolute and the Mexican peso, which accept beneath 16% and 7%, respectively, compared to the aforementioned aeon a year ago, resulted in allusive revenues which were $1.3 actor lower than the aboriginal division a year ago. Now afore we get into the financials, I appetite to absorb a little time discussing the new acquirement acceptance accounting accepted in our prior-year acquirement numbers.

Well, we adopted the new accepted on June 1, the alpha of our budgetary year. We’ve historically accounted for capricious considerations such as rebates, business support, and incentives in our affairs with assertive of our barter as apparatus of amount of sales and sales and business expense. As allotment of our assignment in adopting the new standard, we’ve reclassified those prior-year costs as arrangement revenues to accomplish the numbers for aftermost year’s aboriginal division anon commensurable to this year’s aboriginal quarter. The after-effects of these reclassifications is that our appear revenues from aftermost year’s aboriginal division beneath by $1 actor with agnate decreases in amount of sales and sales and business costs accretion $1 million.

There was no change in our advanced appear operating or net assets from those reclassifications aloof from assertive band items on the assets statement. Our 10-Q will accept all of the capacity on the acceptance of the new acquirement acceptance standard. Corporatewide gross margins were 46.9% for the division compared to aftermost year’s Recast first-quarter gross margins of 47.7%. Margins were impacted by mix changes consistent from able sales advance at Lab M, Quat-Chem and Rogama, and new revenues from our Australian genomics operation.

Each of these units accept gross margins which are lower than the company’s actual average. Our operating costs all-embracing added 6% for the division with sales and operating costs ascent 7%, primarily due to increases in salaries and added personnel-related expenses, aircraft expense, and college bad debt amount acquired by the changeabout of affluence from the accumulating of receivables in the above-mentioned year. Accepted and authoritative costs rose 9% for the quarter. The prior-year aboriginal division included $365,000 in bread-and-er development admission credits which did not recur in this budgetary quarter.

Other increases accompanying to salaries, bloom allowance costs, and abrasion and licensing fees apropos to IT accessories and software. Our R&D amount has beneath 9% in the aboriginal quarter. Our aftermost year’s aboriginal division had college levels of apprenticed alfresco casework accompanying to new artefact development efforts at that time. Our operating assets for the division was $16.5 million, up aloof hardly compared to aftermost year’s first-quarter operating assets of $16.4 million.

And bidding as a percent of sales, operating assets was 16.5%, compared to 17.4% in the aboriginal division aftermost year. The abatement in gross allowance allotment explains the abatement in operating assets as a percent of revenues. Added assets was $658,000, compared to assets of $812,000 in the prior-year aboriginal quarter. Absorption assets of $927,000, compares to $369,000 in the aboriginal division of aftermost year as absorption ante accept risen and our banknote and bankable antithesis antithesis is $66 actor college than a year ago.

We recorded bill losses of $386,000 in the aboriginal division primarily accompanying to abasement of the Brazilian absolute and Mexican peso, compared to bill assets of $465,000 in the prior-year aboriginal quarter. Our able tax amount was 11.1% in the aboriginal division this year, compared to 30.7% in the aboriginal division of aftermost year. Accumulated tax ameliorate allowable aftermost December abandoned the accustomed amount from 35%, in aftereffect in aftermost year’s aboriginal division bottomward to 21% this quarter. And we additionally accretion an added $2.3 actor tax account accompanying to the exercise of b options.

If you bethink on accomplished calls, I’ve adumbrated that this tax account will aftereffect in fluctuations of our able tax amount and our all-embracing net assets ceremony division depending on the amount of aggregation b and the advantage action in that accurate quarter. And we accept it could appulse antithesis by amid $0.01 to $0.04 ceremony quarter. The aggregation generated $16.1 actor in banknote from operations in the aboriginal quarter. This compares agreeably to our $15.2 actor in net income.

We invested $1.9 actor in property, equipment, and abstract assets this quarter. We’ve got a basal of investments actuality advised this year to advice enhance our adeptness through automation. Account balances rose 4% with an admission of $2.8 actor primarily in accomplished acceptable levels. We bigger our account turns in budgetary 2018 and abide to assignment on improvements with programs at ceremony of our operations.

Our accounts receivable balances decreased hardly compared to ceremony balances and our boilerplate canicule sales outstanding were 64 at August 31 compared to 60 canicule at year end, primarily the aftereffect of the admission in all-embracing revenues, which about booty best to collect. Now although the year got off to a little bit of a apathetic start, we abide absolute about our affairs for the of the year. I’ll now about-face it aback to John for some added comments.

John Adent — Arch Executive Officer

Thanks, Steve. As some of the numbers show, we may accept accomplished some bumps in the road, but we durably accept that we’re on the appropriate road. The strategies that we’ve animate to body Neogen to breadth it is today abide to be actual viable. Our absolute portfolio of accessories and casework and cadre groups accept never been stronger than they are today.

We abide to attending for opportunities, as Jim would say, to t on to our absolute operations and accept them hit the arena animate already beneath our ownership. In the accomplished two months, we’ve fabricated two baby acquisitions that accept ample abeyant for us. The Colitag water-testing technology is a absolute fit for us. It enables our barter to bound ysis the abstention of the baptize captivated by banty and livestock alike in baptize acclimated in aliment production.

It complements the added aliment assurance tests that we accept accessible for our barter to ysis the affection and assurance of the raw ingredients. The accretion of Livestock Genetic Casework expands a ytical basic of our beastly genomic services. The aggregation will advice our barter construe the genomic sequences that we accomplish in our labs about the apple to accomplish the best decisions for their operations. We abide to accept an animate accumulated development affairs and currently accept several opportunities beneath consideration, but we will abide our acceptable admission adjoin acquisitions.

Since 2000, we accept now completed 39 acquisitions that accept all been successful. This success has been mostly due to our adeptness to accommodate the acquired businesses into our absolute businesses. We will abide to use three adamantine rules to accomplish abiding that we apperceive what we’re action to do with the business the morning afterwards we address the check. Our three basal rules are: first, we charge accept the technology and its application; second, we charge be able to accomplish the artefact ourselves; and third, we charge accept admission to the market.

I’m aflame about Neogen’s administration as we move through our 2019 budgetary year. We abide to be well-positioned in our growing markets with the appropriate bodies and products, and we accept the authoritative backbone to adeptness anywhere in the apple breadth charge exists. Let me stop at this point and absorb any questions from those of you who accept aing the call.

Operator 

We will now activate the question-and-answer session. [Operator instructions] And our aboriginal catechism is from Kevin Ellich from Craig-Hallum.

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

Good morning. Acknowledgment for demography the questions. I guess, Steve, starting off with you. Did you accord the amoebic advance number? And if not, can you accord us that?

Steve Quinlan — Arch Banking Officer

I did not accord the amoebic advance number. It is about 4% overall.

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

OK. That’s fantastic. And then, John, I assumption aloof action aback to the beastly assurance affectionate of burden that you guys are seeing. You talked about appraisement and accumulation challenges.

Is it absolutely abandoned dairy and swine? Can you accord us a little bit added color? And accept those — has the appraisement and accumulation challenges persisted as you affectionate of gone here? Accept you connected to see that?

John Adent — Arch Executive Officer

Sure, Kevin. No, I advanced it’s beyond the accomplished beastly protein breadth and it’s aloof because of this uncertainty. I mean, you saw that on the pork side, we saw tariffs at 78% for China and they bumped up to about 20% for Mexico. Now those things are affective circadian and so I advanced bodies are operating a lot on altered uncertainty.

As you know, they consistently abide to buy accessories to accomplish abiding they’re action to accumulate their animals safe and healthy. It aloof depends on aback they’re action to buy them. So I advanced this affair is action to get bigger as we go on as some of that ambiguity is abandoned from the exchange as we go forward.

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

So, would you say it’s added of a timing affair then? And I guess, it’s aloof absurd to amount out aback we’ll see them buy products.

John Adent — Arch Executive Officer

I would. I would. I advanced as anon as you alpha to see some of the ambiguity about the market, it’s action to change.

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

OK. And afresh additionally in the columnist release, you talked about, I guess, some weakness in the administration channel. Can you accord us a little bit added blush as to what that agency and absolutely what you’re seeing there?

John Adent — Arch Executive Officer

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Yes, I advanced it’s a absorption of the accepted market. The distributors accept to advertise on to an end market. And so if the end bazaar is a little soft, the administration approach tends to be a little bit soft. But as that bazaar picks up, afresh that approach will strengthen also.

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

Got you. OK. That makes sense. And then, Steve, apologetic to cast aback to you.

So DSO, you alleged out the four-day consecutive admission absolutely due to, I guess, greater all-embracing sales. How abundant college is your DSO for your all-embracing revenue? And I guess, what should we apprehend action forward?

Steve Quinlan — Arch Banking Officer

DSO, generally, it’s best internationally, Kevin, aloof because it takes best to get artefact to the end customer. It could be — it’s anywhere, alarm it, 10 canicule to two weeks affectionate of on average. So, the actuality is our all-embracing revenues were up 18% this division over aftermost year. So, I would accept accepted that DSO basal to increase.

I advanced it’ll apparently bead aback a little bit. It’s a point in time altitude in those numbers. The adding moves around. But if our all-embracing sales admission like they are, that basal will go up a little bit.

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

Great. Great. And then, Jim, aloof after for you. Acceptable to see some accretion activity.

You guys accept absolutely done a basal of deals in the aftermost 10-plus years. Banknote antithesis continues to build. Accord us a little bit of blush on the pipeline. How does it attending now?

Jim Herbert — Executive Chairman

It looks good. And as I’ve said abounding times before, accepting them is sometimes easier than amalgam them. We’ve looked aback aback we started the aggregation we’ve done about 40 acquisitions, and we’ve not had any one anytime go south on us. Some accept prospered bigger than others but — and that’s because we were able, as John acicular out in his comments, we were able abounding times to t on.

I talked about some t-ons decidedly with — in my abrupt comments, [Inaudible] what we did with the genomic side. We had a affair yesterday. John and I spent some time with our accumulated development activities, and we accept a bisected a dozen acquisitions that are acutely on the radar. We’ve got belletrist of absorbed out on now and we’re selectively attractive at places breadth we can accomplish acquisitions that we can t on to able administration teams.

And as John acicular out, we got a few administration teams that are rebuilding appropriate now. So, we don’t appetite to t commodity big on to them. That’s — like an old acquaintance of abundance one time said — I said, I was action to accretion [Inaudible] added business and it doesn’t [Inaudible]. He acicular to me aggravating to attach two accurate blocks calm [Inaudible] and they float, and we absolutely don’t appetite to be [Inaudible] doing that.

So — but we’ve got — and we’re action to be attractive appealing actively at some all-embracing opportunities. We’ve talked about in — forth the way, I advanced we were up at 40% in absolute revenues this year that — this quarter, that came from international, and I advanced that’s a almanac for us. We’ve been blame at that basal afore but that’s a almanac for us action forward. And we’ve got some opportunities, some freestanding businesses, and we’ve got some administration businesses that adeptness charge to be [Inaudible] in and be able to tie it a allotment of the company.

Doesn’t beggarly we’ve got to advertise it yet. But I can assure you that in accession to accepting the money to accomplish the acquisitions, we absolutely accept the admiration and I advanced the appropriate aggregation to do them.

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

Sounds good. Thanks, guys.

John Adent — Arch Executive Officer

Thank you, Kevin.

Operator 

Our aing catechism is from Brian Weinstein from William Blair.

Andrew Brackmann — William Blair & Aggregation — Analyst

Hi, guys. This is absolutely Andrew Brackmann on for Brian this morning. I capital to go aback to your comments on the disruptions in the approach and maybe you could allocution a little bit added about those in ambience of the all-embracing market. And is there annihilation absolutely that Neogen can accurately do to affected these challenges in the abbreviate term? Thanks.

John Adent — Arch Executive Officer

Sure, Andrew. Yes. I advanced absolutely we can. I mean, aback you advanced about the all-embracing bazaar and you advanced about our bazaar share, we abide to accept opportunities to abound our artefact portfolio aural the absolute barter out there.

So, alike if the bazaar is a little soft, we accept amazing advance opportunities because we don’t accept a aerial assimilation rate. So, some of the things that we can do, accurately on the beastly assurance side, I’m d you’re talking about, is that…

Andrew Brackmann — William Blair & Aggregation — Analyst

Yes, correct.

John Adent — Arch Executive Officer

Yes, we can abide to try to drive appeal to the customers, which agency accepting out, animate added and accomplishing a lot of pull-through activities to advice our distributors, ally cull artefact through their accessories and warehouses to the end users. And those are the things that we’re animate on and we’ve been starting and absolutely absorption on to drive business through the end of the year.

Andrew Brackmann — William Blair & Aggregation — Analyst

Got it. Thanks, guys.

John Adent — Arch Executive Officer

Thank you, Andrew.

Operator 

Our aing catechism is from David Westenberg from CL King.

David Westenberg — C.L. King & Associates — Analyst

Hi. Acknowledgment for demography the question. So, a brace of questions for Steve here. Operating margins were a little bit beneath us, and commonly aback we see Aliment Assurance do so able-bodied and beastly assurance do a little bit added poorly, we affectionate of apprehend to see gross margins affectionate of improve.

So, can you maybe accord us a little bit of blush on the mix about-face were there and maybe why that would accept happened?

Steve Quinlan — Arch Banking Officer

Sure, David. It’s — in my comments, I accustomed to point it out a little bit breadth the specific groups that grew apparently the best on a allotment abject were some of the areas that are — accept the lower gross margins on that aliment side. So, your question, you’re asleep on that that’s what you would accept anticipation would accept happened. But our Quat-Chem, our Rogama, Lab M businesses, although they’re acceptable able businesses but they are — their gross margins aloof are beneath than the contour on the aliment side.

So, the actuality that they grew the best on that ancillary resulted in the gross margins not growing like you would accept anticipation they would have.

David Westenberg — C.L. King & Associates — Analyst

OK. Acknowledge you actual much. And afresh aloof on the new acquirement acceptance or the new antipode revenue. I apperceive you don’t accord guidance, but aloof affectionate of — should we advanced about this division — and you saw $1 actor almost and beneath acquirement than you would accept apparent beneath your above-mentioned accounting acceptance standard.

So is that — this division adumbrative of what we should see in maybe say Q2, Q3, and Q4? Or is this atypical?

Steve Quinlan — Arch Banking Officer

No, that’s absolutely what you’ll see. It’ll be about $1 actor and that’s not absolutely giving guidance. It’s absolutely cogent you what we’re action to acclimatize our approaching or above-mentioned abode by. So, it was — it’s about $1 actor a quarter, yes.

David Westenberg — C.L. King & Associates — Analyst

OK. Yes, on a go-forward basis. OK. No, acknowledge you actual much.

That helps with the modeling. And afresh maybe aloof a catechism on Neogen Brazil. 40% advance was very, actual strong, but is that commodity that is action to be absolutely melancholia and we should see that affectionate of aisle off? Or is there commodity you saw there breadth you — there’s acumen to be optimistic to say we can see this affectionate of advance for a abiding aeon of time?

John Adent — Arch Executive Officer

I advanced it’s a bit of both, David. We’ve best up some absolutely acceptable barter on assorted abandon of the business. We’ve best up some big barter in our adulteration business, which is a little bit seasonality, but that’s big barter so that will abide to assignment with us action forward. And afresh we’ve additionally best up some business in added segments in Brazil.

So, we’re absolutely blessed with the Brazilian aggregation and the Mexican teams growth. Both of them had abundant quarters.

David Westenberg — C.L. King & Associates — Analyst

That is aloof actual helpful. And afresh aloof one aftermost one catechism for me. I mean, you’ve talked about some of the disruption accompanying to tariffs on the beastly assurance side, and obviously, milk, is commodity abroad that you alleged out. But can you maybe airing us through disruptions in the U.S.

versus alfresco the U.S. so we can affectionate of — aloof affectionate of accept how the dynamics would assignment with maybe, say, tariffs or weakness in beastly protein and your acknowledgment there? Acknowledge you.

John Adent — Arch Executive Officer

OK. Jim, you can advice me with this one too on the poultry. I mean, I advanced on the pork side, what’s absorbing is we accept added hogs — I saw the carbon the added day. We accept added hogs today than they’ve anytime had aback they were befitting annal aback 1964. So, we’ve got a big accumulation of meat.

And afresh we’ve got — the American chump continues to eat added meat, which is great, but we aftermath added than we can eat here, so we charge the consign markets. So, I apperceive that there’s a little bit of that action on. But Jim can allocution a lot about poultry. So, Jim, can you advice me?

Jim Herbert — Executive Chairman

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Yes. Well, one of the things that — we don’t absolutely apperceive what the ample absolute appulse of the artefact is action advanced either. I was on the buzz with them again. It’s been a accustomed acquaintance as backward as aftermost night.

I bethink that breadth [Inaudible] land, you’ve got the world, the address of the world, bigger pork producer, you got the address of adulate brawl in Turkey and you’ve got the address of — I mean, you’ve got the assembly breadth of four of the above [Inaudible] producers, and that’s action to accept is some actual impact. And what the abiding appulse is depends on how abounding [Inaudible] we asphyxiate and how abounding sows we kill. The numbers are absolutely ample over there now. But on the banty side, North Carolina abandoned produces commodity like 10% of the United States absolute chicken.

So the actuality that, that allotment of the apple is important. The basal looked like that we drowned about 4 actor birds. Now how abounding of those would be layers that — or action to be agriculturalist flocks or action to aftermath hatching eggs, I don’t advanced we apperceive yet. During those — the few canicule above-mentioned to that, we — I advanced they shuttered 10 to 12 meat processing plants.

So, those birds are still backed up out there somewhere, those that are still alive. And so that’s action to be important action forward. As John’s talked about the pork side, about 12% of the absolute hogs in the United States are produced in North Carolina. So, we’re talking there about some appealing abundant production.

And again, no I mean, did we — I mean, how abounding of those sows did we kill? One of the bigger affair is what we did to all those lagoons that were captivation aback — captivation the admixture advancing from that craven accessories operation, but mostly from the hog operations and what’s that done to the groundwater, that’s allotment of the country that relies a lot on clandestine wells. Our new accretion accustomed us to do some things that were — I was absolute appreciative of our folks. We’ve got a big batch. We took some actuality out of California and some Colitag out of California, beatific it to North Carolina.

And we accept people, our own advisers and bodies that endemic the animals that were testing baptize bygone aggravating to accomplish abiding that it didn’t accept coliforms and E. coli in the baptize that they were using. So that accretion is off to a abundant start. We didn’t accomplish a lot of money out of it, but we abiding got a lot of amicableness from it, from what’s action on there.

So it’s — I advanced it’s yet to be seen. The industry on a banty side, Jim, they can acclimatize appealing fast. It still takes 21 canicule to bear an egg and they don’t accept to put those eggs in the machines. So, they can cut aback and it still takes about 42 canicule to get that day-old banty up to accessible to go to market.

So, that acclimation can booty abode appealing quick. So, I advanced the best appellation apparently on barbarian is a bigger affair than it is for chickens. But I advanced we’re in the appropriate place. I’m all for pride that we’ve been able to be accessible in the North Carolina area.

Our guys were acute abundant that they anon — aback they saw this was coming, they loaded up a amount of antibacterial out of our Memphis bulb and guided it aloof as far as breadth they anticipation the baptize would appear to. So, aback the baptize started to go bottomward or is action down, we got disinfected. We can go in there to advice apple-pie up some of the actuality now. So, it’s aloof nice to be on both abandon of that end.

So, I don’t apperceive whether that answers your catechism or not, but…

David Westenberg — C.L. King & Associates — Analyst

Actually — I bankrupt my promise. I absolutely now accept one added catechism because of your answer. The — I wasn’t cerebration about maybe Florence abundant as I should have. And is there any affectionate of maybe — I don’t advanced advice is the appropriate word.

But what should we, in our models, affectionate of advanced this August, I mean, or division catastrophe November in agreement of appulse from Florence?

Jim Herbert — Executive Chairman

I absolutely don’t know. It depends on how fast they recover. And as I said, they — we’ll apparently never apperceive how abounding animals were drowned and we apparently don’t appetite to apperceive because there’s annihilation abundant you can do about it. It aloof depends on how continued it takes for them to recover, how continued — we’ve got a lot of business.

There’s a dozen plants that got shuttered. Some cogent allocation of those plants are our customers, I’m sure. So, it may accept a little — I advanced — I don’t advanced we’re action to get aching that bad for the division because we — our apple operates — Europe looks good, aggregate we’re seeing there. I advanced John says Mexico and Brazil looks good.

So, we’re big abundant now that we’re over that $400 actor mark that we don’t accept to — we’re not too chaotic by one allotment North America. So, I advanced we’ll apparently get aching a little bit for the aboriginal few weeks in here, but I don’t advanced it’s action to be — from my viewpoint, it’s not action to be ytical companywide.

John Adent — Arch Executive Officer

Yes, and I’d accede with Jim. I advanced if you advanced about it, David, there’s puts and takes on that, right? There may be some befalling breadth we’re action to advertise accessories because they’re action to go aback in and afresh reclean and do those things, but there may be some things breadth we accept some barter that are shut bottomward for a little bit. So, I accede with Jim. I advanced that could accept a basal appulse but I don’t see that as a huge impact.

David Westenberg — C.L. King & Associates — Analyst

Got it. Aloof alive accessories then. OK. All right.

Thank you actual abundant and accept a acceptable day.

John Adent — Arch Executive Officer

Thank you.

Operator 

[Operator instructions] And our aing catechism is from Brian Gaines from Springhouse Cap.

Brian Gaines — Springhouse Capital Administration — Analyst

Hi, guys. How abundant of the acquirement benevolence was affectionate of the pull-forward you talked about beforehand in the alarm adjoin issues with the protein market?

John Adent — Arch Executive Officer

Thanks, Brian. I’m not abiding absolutely how abundant is pull-through. I apperceive that we were absolutely aflame to bifold our revenues afresh in bristles years and I advanced it had a little bit of an impact. I advanced if you attending at the two abode accumulated for beastly safety, you can affectionate of see that, but I don’t apperceive what the — Steve, you appetite to comment?

Steve Quinlan — Arch Banking Officer

I would say, if you asked me a number, I’d maybe say $2 actor to $3 million, but it’s a assumption aloof based on benevolence with some of the beyond distributors.

Brian Gaines — Springhouse Capital Administration — Analyst

Just the $2 actor to the $3 actor is what was affectionate of a pull-forward effect?

Steve Quinlan — Arch Banking Officer

Yes.

John Adent — Arch Executive Officer

Yes, it could be. I mean, we don’t — we haven’t looked at it like that, but…

Brian Gaines — Springhouse Capital Administration — Analyst

Great. OK. Do you see any change? Any of the markets gotten a little softer in the protein? Do you see any change in aggressive burden from any added — any of your competitors?

John Adent — Arch Executive Officer

Not really. And we’ve got acceptable competitors out there who are continuing to advance their message, but we haven’t apparent much. And the nice affair about our portfolio is we’re so ample that we don’t accept addition that endless up appropriate on top of us that could accept an big appulse if they absitively to absolutely try to accomplish a change. So, it’s appealing abundant been the way we’ve been operating.

It’s — we’ve got to get our bulletin out and appearance our amount hypothesis to our chump abject and that’s what we’re accomplishing and we’re action to abide to abound allotment accomplishing that.

Brian Gaines — Springhouse Capital Administration — Analyst

Got it. In the beastly area, who are your bigger competitors in affectionate of the bazaar that’s soft, the protein market?

John Adent — Arch Executive Officer

Jim, if you would…

Jim Herbert — Executive Chairman

Well, if you attending about the aegis side, we’ve move got a brace of players in rodenticides. I don’t advanced that’s — I don’t advanced we’ve got abundant aggressive burden there. That’s — decidedly not in North America. We’ve got the aforementioned burden we’ve had.

I don’t see that accretion any. We are animated to put out a lot of rodenticides in some of that troubled areas in the Southeast [Inaudible] because the rats and mice are consistently attractive for a bigger abode to animate now. And so that’s the cleaner and antibacterial side, we’ve got two or three competitors there and cipher to — the DuPont alignment that we already broadcast that’s afflicted a brace of times they’re there. They’re formidable, but no increase.

I don advanced anybody’s action to be accustomed artefact [Inaudible] in able hands. And afresh there’s not a lot to say about what’s accident on Texas. I advanced — I don’t apperceive if John can allocution added about it. But on — with one or two accessory exceptions, what we’re adverse on the ytic ancillary on aliment safety, they’re in able hands.

They’re in easily of association like 3M and [Inaudible]. They don’t comedy appraisement games. I’m abiding that our guys in China apparently are — although I don’t allocution to them on a accustomed basis, you’ve got some Chinese guys over there that’ll advertise whatever they can get in the exchange that are locally produced there, but that’s not breadth our bazaar is in China anyway. So, I don’t know.

I don’t advanced that we’re action to see a lot of aggressive pressure.

John Adent — Arch Executive Officer

I accede with Jim. I mean, we like able rational competitors. And to Jim’s point, they’re out there aggravating to accomplish money and we’re action to accomplish money and we’re action to go attempt adjoin amount and I advanced that’s appealing abundant the mural it’s been.

Jim Herbert — Executive Chairman

Probably the bigger affair in — you don’t accept to admonish me what the basal was but that’s bill fluctuation. We do accept a adversary too in Europe breadth we’ve got — well, it depends on the advantages is adjoin the euro and the batter sterling, decidedly the euro. They’re bearing it beneath amount anatomy for the euro and we’re affairs in the end of the amount anatomy of the dollar. They might get a little bit of advantage, but I don’t advanced it’ll be abundant to — I don’t advanced we’re action to see any — I don’t appetite to advanced that’s apparently — John accept to animadversion added on this, but I don’t advanced — I’m not audition anybody allocution about abbreviation prices.

In fact, I’m audition beneath babble about we charge to be thinking about breadth our amount increases are action to be. We accept to move out actuality into the new agenda year or so…

Brian Gaines — Springhouse Capital Administration — Analyst

Got it. I apperceive you don’t accord guidance, but is this accepted amoebic advance amount affectionate of a acceptable feel for — unless the bearings changes breadth tariffs accept been wiped out, is this affectionate of a acceptable run rate?

John Adent — Arch Executive Officer

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No, we’re aghast in this rate, too. We’re not blessed about it. This is not what we about do. And we advanced we accept a brace of things that formed adjoin us, and — but this is not apocalyptic of who we are.

Brian Gaines — Springhouse Capital Administration — Analyst

Great. OK. Acknowledge you.

John Adent — Arch Executive Officer

Thanks, Brian.

Operator 

Our aing catechism is from Casey Woodring from Janney Montgomery.

Casey Woodring — Janney Montgomery — Analyst

Hi. I’m absolutely on for Paul Knight. My catechism is for Steve. It’s about the tax rate.

Do you advanced accepting any added tax allowances affective forward? Or is it safe to accept that for our model, we can accept this tax amount from this quarter? Thanks.

Steve Quinlan — Arch Banking Officer

No. I would say, Casey, that it all depends on the contest of options in a accurate quarter. So it’s absolutely difficult for me to accord you annihilation there. It all depends on aback bodies exercise options and that depends on the availability of options that are vested in a division and the aggregation b amount in that quarter.

I would acquaint you that a $500,000 account is about a $0.01 or about — I advanced that’s about a 3% appulse on our able rate, and this division was about $2.3 million. I don’t apperceive what to acquaint you to put in your model, but I estimated that it could be $0.01 per allotment in a division to $0.04 depending on the advantage activity. Did that help?

Casey Woodring — Janney Montgomery — Analyst

Yes. Perfect. Acknowledge you.

Operator 

Our aing catechism is from David Stratton from Abundant Lakes Review.

David Stratton — Abundant Lakes Analysis — Analyst

Good morning. Acknowledgment for demography the question. Aback we attending at the Listeria Appropriate Now artefact accidental to advance in that accurate segment, is that commodity that is absolutely actuality apprenticed by the new products? Are you seeing a lot of basal advance in that area?

John Adent — Arch Executive Officer

Yes, I advanced best of that’s by the new artefact because if you advanced about — there’s been Listeria testing solutions out there for a continued time. But what’s so altered is our adeptness to do that in an hour rather than at an accessory and cat-and-mouse 24 hours. So it absolutely is affectionate of a advocate new platform. And that’s what’s got us and our barter so aflame about it is that they’re able to use it means that they haven’t acclimated in the past.

David Stratton — Abundant Lakes Analysis — Analyst

Got you. And afresh is that additionally afresh accretion your chump business? So, is there action to be an ceremony of the new product? Or are you seeing amoebic advance advancing in abaft it as bodies about-face to this faster system?

John Adent — Arch Executive Officer

We see amoebic advance advancing abaft it. We’ll aces up new barter and afresh as barter apprentice breadth they can use it to best advance aural their own process, that’s breadth we’re action to see a big uptake.

David Stratton — Abundant Lakes Analysis — Analyst

All right. And afresh one final one. I was apprehensive if you could accord an amend on the ThyroKare and where’s that setting. I advanced it’s absolutely talked about every quarter.

Just attractive for an update.

John Adent — Arch Executive Officer

Sure. I’ll let — aback Jim’s got the history, I’ll let Jim booty this one.

Jim Herbert — Executive Chairman

Thank you, John. We accept completed — I don’t apperceive the exact basal of dogs, but I advanced it’s the aftermost 100 dogs has now gone 100 canicule or whatever that amounts to, and it’s all been a little bit preposterous. We were the bazaar baton in that bazaar for a continued time, but that’s around millions of dogs after any problem. It adored a lot of dogs because of it.

I advanced we accept a adversary out there that got advanced of us and fought and gotten approval. Aback — we’ve all been authoritative it beneath permission from the FDA. But already somebody got accustomed product, well, that pushed the blow of us out of the market. I advanced we’re — I don’t accept we’re action to get there with — all the actuality has been submitted to the FDA for their review.

They can booty anywhere from 30 account to do that ysis or up to six months. And they’ve never been accepted to do it in 30 days, 30 minutes. But it aloof depends on how fast it moves. And we, obviously, are talking to them on a accustomed abject and aggravating to advice them with their appraisement scales.

So, we adeptness accept a artefact to get aback into the exchange at the alpha — afore the end of this budgetary year. There’s still a acceptable bazaar out there. We still got a lot of bodies out there with — I advanced we can about-face aback to our artefact because we’re accomplishing some added things with them. I’m abiding that if [Inaudible] alert to this recording, he apparently would agree.

But we’re accomplishing aggregate we can.

David Stratton — Abundant Lakes Analysis — Analyst

All right. Well, acknowledge you for the update.

Jim Herbert — Executive Chairman

Yes.

John Adent — Arch Executive Officer

Thanks, David.

Operator 

I would now like to about-face the alarm aback over to John Adent for our closing remarks.

John Adent — Arch Executive Officer

Thank you. Yes. Acknowledge you, John. I acknowledge it.

Thank you all for actuality on the alarm today. We acknowledge you demography the time. A quick reminder: I appetite to admonish all of you, we’re accepting our ceremony actor meeting, October 4, actuality in Lansing. So, we’d adulation to see you if you accept an befalling to appear out and accompany us for that.

We’re aflame about the future. We’re aflame about breadth the aggregation is action and we absolutely attending advanced to accepting a nice alarm with you in about three months. Acknowledge you actual much, John.

Operator

[Operator signoff]

Duration: 48 minutes

John Adent — Arch Executive Officer

Jim Herbert — Executive Chairman

Steve Quinlan — Arch Banking Officer

Kevin Ellich — Craig-Hallum Capital Group LLC — Analyst

Andrew Brackmann — William Blair & Aggregation — Analyst

David Westenberg — C.L. King & Associates — Analyst

Brian Gaines — Springhouse Capital Administration — Analyst

Casey Woodring — Janney Montgomery — Analyst

David Stratton — Abundant Lakes Analysis — Analyst

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