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 announced an extension of its strategic partnership with Gencove on June 28, 2021, to enhance animal genomic testing. Initially formed in January 2020, this multi-year global agreement will enable NEOGEN to offer SkimSeek™ low-pass sequencing technology. This collaboration aims to deliver increased genomics data accuracy and flexibility for customers in the agricultural sector, particularly in bovine, canine, poultry, and swine industries. The partnership underscores NEOGEN's commitment to innovative genomics solutions for agricultural professionals.
NEOGEN Corporation (NASDAQ: NEOG) has announced a partnership with the Center for Aquaculture Technologies (CAT) to enhance genotyping services for aquaculture producers. This collaboration aims to leverage advanced sequencing and genotyping technologies to improve selection accuracy and performance in breeding programs. NEOGEN's President, John Adent, emphasized the role of this partnership in strengthening the global food chain. The companies have previously cooperated on cost-effective genomic solutions, including the GeneSeek 50K Genomic Profiler for key aquaculture species.
NEOGEN Corporation's Soleris Direct Yeast and Mold test has secured the Performance Tested Methods Certification from the AOAC Research Institute for assessing yeasts and molds in dried cannabis flower. This certification enhances the test's existing approvals for various food products. NEOGEN's President and CEO, John Adent, highlighted the test's role in addressing safety concerns within the cannabis industry. The Soleris system utilizes an automated optical process to detect microbial contamination swiftly, ensuring product safety across food and personal care sectors.
NEOGEN Corporation (Nasdaq: NEOG) has received initial expedited registration from the U.S. EPA for its NEOGEN® Viroxide Super™ disinfectant, aimed at combating the spread of COVID-19. This peroxygen-based disinfectant is effective against various viruses and bacteria, including Staphylococcus aureus and canine parvovirus. Designed for diverse applications, it offers a simple preparation process with a color change indicating readiness. NEOGEN's broader suite of biosecurity products also supports disease prevention efforts across agricultural markets.
NEOGEN Corporation (NASDAQ: NEOG) announced a two-for-one stock split, approved by its Board of Directors. This will enable each shareholder of record on May 26, 2021, to receive an additional share for each share held, with new shares distributed on June 4, 2021. Currently, NEOGEN has about 53.7 million shares outstanding, which will increase to approximately 107.4 million following the split. This marks the company's sixth stock split in its 39-year history, highlighting the Board's confidence in NEOGEN's long-term growth and enhancing stock liquidity for investors.
NEOGEN Corporation (NASDAQ: NEOG) has launched the enhanced AccuPoint® Advanced sanitation monitoring system, designed for user-friendly operation and improved result analysis. This new generation system features a modern handheld device with an ergonomic design, Wi-Fi connectivity for secure data transfer, and a photodiode multiplier lens for precise measurements. The AccuPoint Advanced NG is the only system that utilizes a flat tip sampler for effective ATP recovery and incorporates RFID technology for efficient testing. This system is recognized as a gold standard in sanitation monitoring within food production facilities.
NEOGEN Corporation (NASDAQ: NEOG) has launched its NEOGEN Analytics environmental monitoring program (EMP) for food and beverage manufacturers, offering a full year of service at no cost. The EMP facilitates remote monitoring, automates reporting, and enhances food safety compliance. This initiative is in response to increased demands for transparency in food safety, accelerated by the COVID-19 pandemic. The program aims to eliminate manual data entry errors and improve operational efficiencies, ultimately providing better resource allocation and increased customer satisfaction.
NEOGEN Corporation (NASDAQ: NEOG) announced a $25,000 donation to the National FFA Organization following the conclusion of their sponsorship agreement. This contribution aims to support agricultural education and combat COVID-19. NEOGEN's CEO, John Adent, emphasized the importance of fostering the future leaders in agriculture. The National FFA Organization, with over 760,000 members, is dedicated to developing student leadership through agricultural education. NEOGEN specializes in food and animal safety products.
Neogen Corporation reported a 17% increase in Q3 revenues, totaling $116.7 million, compared to $99.9 million last year. Year-to-date revenues rose 10% to $341.0 million. Net income for Q3 reached $13.4 million, up 10% from $12.2 million, with EPS at $0.25, compared to $0.23 a year ago. The company noted strong performance in its Food Safety segment, boosted by product line growth and international acquisitions. However, earnings were impacted by $2 million in non-recurring expenses related to unsuccessful acquisitions and lower interest income.
Neogen Corporation (NASDAQ: NEOG) announced the retirement of G. Bruce Papesh from its Board of Directors after 27 years of service. Papesh played a significant role in guiding the company from $8 million in annual revenues to $418 million as of May 31 in the latest fiscal year. His investment expertise was crucial during Neogen's early struggles and subsequent growth. The current Board now includes James Borel, John Adent, and six others. Neogen specializes in food and animal safety products, offering diagnostic test kits and healthcare solutions.
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