Welcome to our dedicated page for Neogen news (Ticker: NEOG), a resource for investors and traders seeking the latest updates and insights on Neogen stock.
Headquartered in Lansing, Michigan, Neogen Corporation (NASDAQ: NEOG) is a prominent player in the global food and animal safety sectors. The company develops, manufactures, and markets comprehensive solutions designed to ensure the safety and quality of food and animal products. Neogen’s vast portfolio serves a range of industries, including food processors, veterinary services, and agricultural businesses, spanning over 140 countries worldwide.
Neogen’s operations are divided into two primary segments: Food Safety and Animal Safety. The Food Safety division, which accounts for approximately 70% of the company’s post-merger sales, includes diagnostic test kits, dehydrated culture media, and other tools used to detect pathogens, allergens, drug residues, and sanitization issues in food and feed processing. In the Animal Safety segment, contributing 20% of post-merger sales, Neogen markets veterinary instruments, pharmaceuticals, disinfectants, and genomics testing for various animals, including cattle, horses, and dogs.
Neogen has robust sales in the United States, which account for 60% of its total revenue, while international markets such as Canada, Europe, Asia, and Latin America make up the remaining 40%. The company's financial stability is underscored by its innovative product lines and strategic global partnerships, promoting long-term growth and market penetration.
Recently, Neogen has made significant strides in integrating the former 3M Food Safety business. The integration process, which includes the exit of transition service agreements and the incorporation of new product lines, is progressing well. In Q2 2023, Neogen reported revenues of $229.6 million, with a slight decline compared to the previous year, primarily due to transitional costs and market conditions. However, the company has shown resilience with core growth in its Food Safety segment, particularly in Asia, and easing destocking issues in its Animal Safety segment.
Neogen’s latest ventures include the launch of Neogen® Farm Fluid MAX, a dual-action disinfectant designed for challenging farm conditions, and the Neogen Molecular Detection Assay 2 – Salmonella Enteritidis/Salmonella Typhimurium, which provides rapid pathogen detection in poultry samples. The company also announced a strategic genomics partnership with Performance Food Group to enhance food traceability and quality assurance.
With a commitment to innovation and quality, Neogen Corporation continues to drive advancements in food and animal safety, contributing to global food security and public health. For investors and stakeholders, Neogen remains a reliable entity, navigating market challenges with strategic foresight and technological prowess.
NEOGEN Corporation (NASDAQ: NEOG) has acquired Spokane-based Genetic Veterinary Sciences, Inc. (GVS), enhancing its portfolio in companion animal genetic testing. Founded in 2012, GVS offers genetic testing solutions for dogs, cats, and birds. NEOGEN aims to capitalize on the growing demand for pet genetics due to rising pet ownership. The acquisition supports NEOGEN's strategy to diversify its genomic offerings within agriculture and food production.
NEOGEN Corporation (NASDAQ: NEOG) announced the acquisition of Delf (UK) Ltd., a UK-based manufacturer of animal hygiene and cleaning products. Founded in 1928, Delf specializes in specialty chemical products and is a member of the Iodine Registration Group, enabling it to supply iodine-based biocides to the UK and EU markets. This acquisition aims to enhance NEOGEN's offerings in dairy chemicals, leveraging Delf's expertise in the UK dairy hygiene market. Terms of the transaction remain undisclosed.
NEOGEN Corporation (NASDAQ: NEOG) has received approval from the Organic Materials Review Institute (OMRI) for its AquaPrime® NeoKlor and BioSentry® AquaPrime Activator, confirming compliance with Canadian Organic Regime regulations. This allows NEOGEN to offer a chlorine dioxide water treatment system suitable for organic livestock producers in Canada. AquaPrime NeoKlor, a 7.5% sodium chlorite solution, improves the taste and odor of drinking water for various livestock species. The AquaPrime Activator enhances these properties and serves as a pH adjuster.
NEOGEN Corporation (NASDAQ: NEOG) has renewed its sponsorship agreement with the National FFA for the 2022 Supervised Agricultural Experiences (SAE) Grants. NEOGEN will donate $2 for every bottle of Prozap® StandGuard® sold from October 1, 2021 to March 31, 2022, up to $250,000. This initiative will fund $1,000 grants for students involved in agricultural programs. NEOGEN's President, John Adent, emphasized the company's commitment to cultivating future leaders in agriculture through this partnership.
NEOGEN Corporation (NASDAQ: NEOG) has partnered with Hendrix Genetics to enhance genomic selection in the Sustainable Access to Poultry Parent Stock in Africa (SAPPSA) program. This collaboration aims to optimize breeding programs for SASSO breeds, adapting them to the unique challenges of Sub-Saharan Africa, such as climate and diseases. The SAPPSA initiative, funded by a multi-year grant from the Bill & Melinda Gates Foundation, seeks to support smallholder farmers by improving poultry stock quality, thereby increasing nutrition and income potential.
NEOGEN Corporation (NASDAQ: NEOG) has enhanced its marketing tool for cattle producers with the Igenity Branded program. Launched in 2019, this program allows producers to market calves using NEOGEN's Igenity genomic profiles, which assess genetic merit across various traits. Calves tested through this program have achieved an average premium of over $59 per head during the summer sales season. To qualify as Igenity Branded, at least 35% of a producer's calf crop must be tested. This initiative aims to help cattle feeders manage risk by predicting performance before purchase.
Neogen Corporation (NASDAQ: NEOG) reported a strong first quarter for the 2022 fiscal year, ending August 31, with revenues of $128.3 million, a 17% increase from $109.3 million in the previous year. Net income rose to $17.1 million, or $0.16 per share, up from $15.9 million or $0.15 per share. Both Food Safety and Animal Safety segments posted double-digit organic growth, with Food Safety revenues reaching $62.7 million and Animal Safety at $65.6 million, driven by strong demand for diagnostics and veterinary instruments.
NEOGEN Corporation (NASDAQ: NEOG) has acquired CAPInnoVet, Inc., a provider of pet medications, expanding its reach into the $12B+ retail parasiticide market. This strategic acquisition aims to integrate CAPInnoVet into NEOGEN's Animal Safety segment, which focuses on veterinary instruments, pharmaceuticals, and diagnostic products. The deal is expected to enhance NEOGEN's offerings and leverage synergies in the pet healthcare sector. Specific terms of the transaction remain undisclosed.
NEOGEN Corporation has launched the Reveal® Q+ test for detecting delta-9-tetrahydrocannabinol (Δ9-THC) levels in hemp plants. This innovative test provides precise THC levels from 0.1% to 1.6%, enabling hemp farmers to monitor crops on-site easily with the Raptor® Solo Integrated Analysis Platform. NEOGEN's President, John Adent, emphasized the significant benefits for farmers, allowing quicker, cost-effective testing without the need for external labs. As hemp cultivation grows in popularity post-2018 Farm Bill, this product enhances crop management and reduces risks of crop destruction due to THC exceeding legal limits.
Neogen Corporation (NASDAQ: NEOG) reported strong financial performance for Q4 and fiscal year 2021, with Q4 revenues rising 17% to $127.4 million and total revenues for the year increasing 12% to $468.5 million. Net income for Q4 was $15.8 million ($0.15 per share), and $60.9 million ($0.57 per share) for the year. Despite these gains, gross margins declined due to rising supply chain costs, and operating expenses increased by 18% in Q4. Key drivers included a robust Food Safety segment, with notable growth in microbial testing solutions and international sales. The company faces challenges from increased costs and competitive pressures.
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