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 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.
Neogen Corporation (NASDAQ: NEOG) has launched Early Warning™ COVID-19 Testing for wastewater, aimed at detecting SARS-CoV-2 in sludge from wastewater facilities. This reliable test provides quick results to identify outbreaks and potential infections, supporting public health initiatives. CEO John Adent emphasized its importance for communities and industries to maintain safety during the pandemic. The test, developed with RAIN Incubator, allows for targeted responses in areas with high viral loads, thereby reducing transmission risks. Neogen also offers disinfectants and sanitizers to combat COVID-19.
Neogen Corporation (NASDAQ: NEOG) has relaunched its ThyroKare™ (levothyroxine sodium tablets) for dogs, approved by the FDA for treating hypothyroidism, a common endocrine disorder affecting over 5% of dogs. While hypothyroidism is incurable, daily ThyroKare therapy enables dogs to lead normal lives. Neogen's CEO, John Adent, expressed enthusiasm for this product's return, which adds to their expanding range of animal treatment offerings. ThyroKare is available in various strengths and counts, complementing other veterinary products by Neogen.
Neogen Corporation (NASDAQ: NEOG) has introduced a new rapid test called Reveal® Q+ for Aflatoxin M1, capable of detecting this cancer-causing toxin in milk at levels as low as 150 parts per trillion (ppt). This innovative test simplifies the detection process for dairy processors by being compatible with the Raptor® Integrated Analysis Platform, which allows for simultaneous testing of aflatoxin M1 and various dairy antibiotics. Aflatoxin M1 is regulated in many countries, including the U.S. and Brazil, with a threshold of 500 ppt.
Neogen Corporation has acquired Megazyme, Ltd., a leading supplier of analytical solutions for the food and beverage industries, based in Ireland. This acquisition aims to enhance Neogen's food diagnostics portfolio, leveraging Megazyme's innovative methodologies in carbohydrate and enzyme analysis. Megazyme will operate independently under Neogen's European division in Scotland, with Dr. Barry McCleary, Megazyme's CEO, serving as a strategic advisor. The terms of the agreement were not disclosed, but this move strengthens Neogen's position among major food producers.
Neogen Corporation (NASDAQ: NEOG) reported a 7% revenue increase to $115 million for Q2 FY2021, up from $107.8 million last year. Year-to-date revenues reached $224.3 million, also up 7%. Net income for Q2 was $15.9 million, down from $16.3 million, with earnings per share at $0.30. Despite a 13% sales increase in the animal safety segment, gross margin fell to 46.3% due to a shift in product mix. The food safety segment saw a 1% revenue rise, bolstered by new product launches. However, currency headwinds and COVID-19 disruptions impacted performance.
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