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Statements of Operations-Additional Information | 12 Months Ended
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Jun. 30, 2025
Statements of Operations-Additional Information |
Disaggregated Revenue, Deferred Revenue and Customer Payment Terms | Disaggregated revenue and customer payment terms We develop, manufacture and market a broad range of products for food and companion animals including poultry, swine, beef and dairy cattle, aquaculture and dogs. The products help prevent, control and treat diseases and enhance nutrition to help improve animal health and well-being. We sell animal health and mineral nutrition products directly to integrated poultry, cattle and swine customers and through commercial animal feed manufacturers, distributors and veterinarians 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 on 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 reportable business segments — Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team. Animal Health The Animal Health business develops, manufactures and markets products in three main categories:
| ● | MFAs and other: MFAs and other products primarily consist of concentrated medicated products administered through animal feeds, commonly referred to as Medicated Feed Additives (“MFAs”). Specific product classifications include antibacterials, which inhibit the growth of pathogenic bacteria that cause infections in animals; anticoccidials, which inhibit the growth of coccidia (parasites) that damage the intestinal tract of animals; and other related products. The MFAs and other category also includes antibacterials and other processing aids used in the ethanol fermentation industry.
| ● | Nutritional specialties: Nutritional specialty products enhance nutrition to help improve health and performance in areas such as immune system function and digestive health. We are also a developer, manufacturer and marketer of microbial products and bioproducts for a variety of applications serving animal health and nutrition, environmental, industrial and agricultural customers.
| ● | Vaccines: Vaccine products are primarily focused on preventing diseases in poultry, swine, beef and dairy cattle and aquaculture. They protect animals from either viral or bacterial disease challenges. We develop, manufacture and market conventionally licensed and autogenous vaccine products, as well as adjuvants for animal vaccine manufacturers. We have developed and market an innovative and proprietary delivery platform for vaccines.
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. The following tables present our revenues disaggregated by major product category and geographic region: Net Sales by Product Type
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For the Year Ended June 30 | ​ | 2025 | ​ | 2024 | ​ | 2023
Animal Health | ​ | ​ |  |  | ​ |  | ​ | ​ | ​
MFAs and other | ​ | $ | 646,354 | ​ | $ | 420,959 | ​ | $ | 387,349
Nutritional specialties | ​ |  | 179,289 | ​ |  | 164,671 | ​ | ​ | 172,504
Vaccines | ​ |  | 137,153 | ​ |  | 120,852 | ​ | ​ | 99,998
Total Animal Health | ​ | $ | 962,796 | ​ | $ | 706,482 | ​ | $ | 659,851
Mineral Nutrition | ​ |  | 253,240 | ​ |  | 243,663 | ​ | ​ | 242,656
Performance Products | ​ |  | 80,179 | ​ |  | 67,534 | ​ | ​ | 75,382
Total | ​ | $ | 1,296,215 | ​ | $ | 1,017,679 | ​ | $ | 977,889
​ Net Sales by Region
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For the Year Ended June 30 | ​ | 2025 |  | 2024 |  | 2023
United States | ​ | $ | 739,919 | ​ | $ | 584,763 | ​ | $ | 578,773
Latin America and Canada | ​ |  | 298,649 | ​ |  | 247,705 | ​ | ​ | 219,846
Europe, Middle East and Africa | ​ |  | 160,232 | ​ |  | 121,977 | ​ | ​ | 117,815
Asia Pacific | ​ |  | 97,415 | ​ |  | 63,234 | ​ | ​ | 61,455
Total | ​ | $ | 1,296,215 | ​ | $ | 1,017,679 | ​ | $ | 977,889
​ Net sales by region are based on country of destination. 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 days after the revenue is recognized.
Additional Information | Additional Information ​
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For the Year Ended June 30 | ​ | 2025 |  | 2024 |  | 2023
Interest expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Credit Facilities | ​ | $ | 32,779 | ​ | $ | 20,646 | ​ | $ | 17,302
2022 Term loan | ​ | ​ | 12 | ​ | ​ | 862 | ​ | ​ | 589
Amortization of debt issuance costs | ​ |  | 2,015 | ​ |  | 1,040 | ​ |  | 727
Refinancing expense | ​ | ​ | 1,960 | ​ | ​ | — | ​ | ​ | —
Other | ​ |  | 458 | ​ |  | 462 | ​ |  | 58
Interest expense | ​ |  | 37,224 | ​ |  | 23,010 | ​ |  | 18,676
Interest income | ​ |  | (2,622) | ​ |  | (4,474) | ​ |  | (3,355)
​ | ​ | $ | 34,602 | ​ | $ | 18,536 | ​ | $ | 15,321
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For the Year Ended June 30 |  | 2025 |  | 2024 |  | 2023
Depreciation and amortization | ​ |  | ​ | ​ |  | ​ | ​ |  |
Depreciation of property, plant and equipment | ​ | $ | 37,762 | ​ | $ | 26,517 | ​ | $ | 24,316
Amortization of intangible assets | ​ |  | 7,843 | ​ |  | 9,661 | ​ |  | 9,696
​ | ​ | $ | 45,605 | ​ | $ | 36,178 | ​ | $ | 34,012
​ Depreciation of property, plant and equipment includes amortization of capitalized software costs of $1,421, $1,436 and $1,455 during 2025, 2024 and 2023, respectively. Future amortization of intangible assets as of June 30, 2025 is expected to be: ​
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For the Years Ending June 30 |  | ​ |
2026 | ​ | $ | 6,789
2027 | ​ |  | 6,416
2028 | ​ |  | 6,205
2029 | ​ |  | 6,205
2030 | ​ |  | 4,805
Thereafter | ​ |  | 6,048
Total | ​ | $ | 36,469
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For the Year Ended June 30 |  | 2025 |  | 2024 |  | 2023
Research and development expense | ​ | $ | 23,726 | ​ | $ | 29,194 | ​ | $ | 24,395

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