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 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.
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.
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