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.
Neogen Corporation reports developments tied to its food safety and animal safety businesses, including diagnostic tests, environmental monitoring products, veterinary products and related manufacturing operations. Company updates commonly cover foodborne pathogen detection, Listeria testing, AOAC method certification, Petrifilm manufacturing activity, and product quality or recall matters involving animal health products.
Neogen news also includes quarterly operating results, segment performance in Food Safety and Animal Safety, business transformation updates, leadership and compliance appointments, and governance matters. Its recurring disclosures connect scientific validation, manufacturing execution, customer markets and regulatory interactions across food safety, livestock, and pet health and wellness applications.
Neogen Corporation (NEOG) reported strong growth in its fourth quarter and full fiscal year 2022, ending May 31. Revenues for Q4 rose 10% to $140 million, while annual revenues increased 13% to $527 million. Fourth-quarter EPS was $0.14, with adjusted EPS at $0.18, reflecting a 21% rise from the prior year. Gross margins improved to 46.4% in Q4, driven by higher-margin product sales and effective pricing strategies. The company announced plans to close its acquisition of 3M's Food Safety business in Q3 2022. Overall, Neogen is well-positioned as it approaches its 40th anniversary.
On July 20, 2022, Neogen Corporation (NASDAQ: NEOG) held a groundbreaking ceremony for a $70 million expansion of its Lansing, Michigan food safety facility. The project aims to create up to 100 new jobs and enhance Neogen's manufacturing capabilities with a 175,000 sq. ft. building dedicated to new equipment and laboratory spaces. Construction is set to begin in September 2022, with completion expected by December 2023. This expansion, alongside merging operations with 3M's Food Safety business, marks a significant step for Neogen as it celebrates 40 years in operation.
On July 6, 2022, Neogen Corporation (NASDAQ: NEOG) announced that its wholly-owned subsidiary, Garden SpinCo Corporation, priced an offering of $350 million senior notes due 2030. This offering supports the merger with 3M's Food Safety Business, in a Reverse Morris Trust transaction. The notes will be guaranteed by 3M initially and later by Neogen upon merger completion. In addition, SpinCo entered a $650 million senior secured term loan and $150 million revolving facility, totaling $800 million in credit facilities. The transaction is subject to closing conditions and shareholder approval.
Neogen Corporation (NASDAQ: NEOG) has acquired Thai-Neo Biotech Co., Ltd., a distributor of Neogen's food safety products based in Bangkok, Thailand. Established in 1992, Thai-Neo has over 20 years of experience in the food safety sector, particularly with mycotoxin assays and diagnostic test kits. This acquisition enhances Neogen's direct presence in Thailand and Southeast Asia, aligning with its growth strategy in the Asia/Pacific food safety market. The terms of the acquisition were not disclosed.
Neogen Corporation (NASDAQ: NEOG) announced that Health Canada has approved its disinfectant, Neogen Viroxide Super, for distribution in Canada. This peroxygen-based powder disinfectant offers rapid broad-spectrum effectiveness against various bacteria and viruses, including COVID-19 and avian influenza. The product is designed for use in agricultural and aquaculture settings, enhancing biosecurity measures. Neogen's commitment to biosecurity is underscored by its comprehensive suite of cleaning and disinfectant products.
Neogen Corporation (NASDAQ: NEOG) has launched Prozap Gamma-Defense, a new micro-encapsulated, slow-release insecticide aimed at poultry producers. This powerful solution targets pests like litter beetles and flies, utilizing gamma-cyhalothrin, a potent pyrethroid. One quart can treat up to 48,000 square feet and is effective in both poultry housing and outdoor settings. Neogen, recognized for its commitment to food and animal safety, continues to expand its insecticide portfolio to support livestock management.
On May 18, 2022, Neogen Corporation (NASDAQ: NEOG) announced the launch of an enhanced Veratox assay for peanut allergen detection. This new assay, known as Veratox VIP for Peanut, improves sensitivity down to 0.25 ppm, allowing for rapid quantification of peanut protein residues in various food products and cleaning processes. The assay's unique antibody combination and modified extraction process enable flexibility in testing across different food manufacturing environments. The launch aims to address the growing demand for safe plant-based foods amidst rising peanut allergy concerns.
NEOGEN Corporation (NASDAQ: NEOG) and Gencove have launched InfiniSEEK™, a groundbreaking solution that integrates low-pass whole genome sequencing and high-coverage genotyping. This innovative technology aims to enhance cattle breeding by providing genomic insights with over 99% accuracy compared to deep genome sequencing. InfiniSEEK minimizes selection bias, facilitates the discovery of new traits, and efficiently manages over 400 bovine genetic traits. This product represents NEOGEN's commitment to offering advanced genomic technologies in the agrigenomics sector.
NEOGEN Corporation (NASDAQ: NEOG) and FOXO Technologies, Inc. have partnered on a significant research initiative exploring the links between epigenetic aging and various health factors. This project taps into the extensive Physicians' Health Study database, analyzing over 11,000 blood samples to create one of the largest epigenetic datasets. The collaboration aims to enhance understanding of lifestyle impacts on health outcomes, contributing to advancements in longevity science.
NEOGEN Corporation (NASDAQ: NEOG) has achieved a CLIA Certificate of Compliance for its genomics business in Lincoln, Nebraska, allowing it to conduct human genome testing. This certification enables NEOGEN to engage in extensive clinical research and genetic variant screening, enhancing its service offerings and participation in epigenome-wide association studies. NEOGEN's CEO, John Adent, highlighted this as a step towards innovative solutions for global customers, while Dr. Jason Lilly emphasized the company's commitment to quality standards in biological testing.