We develop, manufacture and market a broad range of products for food animals including poultry, swine, beef and dairy cattle and aquaculture. The products help prevent, control and treat diseases, enhance nutrition to help improve health and contribute to balanced mineral nutrition. The animal health and mineral nutrition products are sold directly to integrated poultry, swine and cattle integrators and through commercial animal feed manufacturers, wholesalers and distributors. The animal health industry and demand for many of the animal health products in a particular region are affected by changing disease pressures and by weather conditions, as product usage follows varying weather patterns and seasons. Our operations are primarily focused in regions where the majority of livestock production is consolidated in large commercial farms.

We have a diversified portfolio of products that are classified within our three business segments — Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team.

The Animal Health business develops, manufactures and markets products in three main categories:

Mineral Nutrition

The Mineral Nutrition business is comprised of formulations and concentrations of trace minerals such as zinc, manganese, copper, iron and other compounds, with a focus on customers in North America. Our customers use these products to fortify the daily feed requirements of their livestock’s diets and maintain an optimal balance of trace elements in each animal. We manufacture and market a broad range of mineral nutrition products for food animals including poultry, swine and beef and dairy cattle.

Performance Products

The Performance Products business manufactures and markets specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries, predominantly in the United States.

The following tables present our revenues disaggregated by major product category and geographic region:

Net Sales by Product Type


For the Year Ended June 30	2021		2020		2019
Animal Health
MFAs and other	$	330,017	$	322,300	$	350,468
Nutritional specialties		142,760		129,264		113,215
Vaccines		72,939		75,340		68,291
Total Animal Health	$	545,716	$	526,904	$	531,974
Mineral Nutrition		220,560		214,412		233,782
Performance Products		67,074		59,038		62,239
Total	$	833,350	$	800,354	$	827,995

Net Sales by Region


For the Year Ended June 30	2021		2020		2019
United States	$	494,889	$	471,938	$	480,101
Latin America and Canada		166,325		158,939		152,380
Europe, Middle East and Africa		114,131		112,179		105,365
Asia Pacific		58,005		57,298		90,149
Total	$	833,350	$	800,354	$	827,995

Net sales by region are based on country of destination.

Deferred revenue was $3,674 and $4,570 as of June 30, 2021 and June 30, 2020, respectively. Accrued expenses and other current liabilities included $1,560 and $1,109 of the total deferred revenue as of June 30, 2021 and June 30, 2020, respectively. The deferred revenue resulted primarily from certain customer arrangements, including technology licensing fees and discounts on future product sales. The transaction price associated with our deferred revenue arrangements is generally based on the stand-alone sales prices of the individual products or services.

Our customer payment terms generally range from 30 to 120 days globally and do not include any significant financing components. Payment terms vary based on industry and business practices within the regions in which we operate. Our average worldwide collection period for accounts receivable is approximately 60 to 70 days after the revenue is recognized.

Additional Information


For the Year Ended June 30	2021		2020		2019
Interest expense, net
Term loan	$	7,951	$	7,751	$	8,553
Revolving credit facility		3,649		5,317		3,748
Amortization of debt issuance costs and debt discount		833		882		882
Refinancing expense		1,020		—		—
Other		265		663		494
Interest expense		13,718		14,613		13,677
Interest (income)		(838)		(1,757)		(1,901)
	$	12,880	$	12,856	$	11,776


For the Year Ended June 30	2021		2020		2019
Depreciation and amortization
Depreciation of property, plant and equipment	$	23,165	$	23,250	$	21,423
Amortization of intangible assets		8,715		8,869		6,092
Amortization of other assets		5		222		49
	$	31,885	$	32,341	$	27,564

Depreciation of property, plant and equipment includes amortization of capitalized software costs of $1,254, $1,038 and $1,217 during 2021, 2020 and 2019, respectively.

Amortization of intangible assets as of June 30, 2021, is expected to be:


For the Year Ended June 30
2022	$	8,628
2023		8,607
2024		8,427
2025		6,773
2026		5,823
Thereafter		24,024
Total	$	62,282


For the Year Ended June 30	2021		2020		2019
Research and development expense	$	17,759	$	13,738	$	12,093