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 reported third-quarter results for fiscal 2023, highlighting revenues of $218.3 million, a 70.2% increase from the previous year. Net income stood at $8.2 million or $0.04 per diluted share. Adjusted net income was $26.5 million ($0.12 per diluted share), driven by the acquisition of the former 3M Food Safety Division. Despite challenges, including a production backlog, the company remains optimistic about long-term growth in the food security market. The Food Safety segment saw a significant 141.5% revenue increase, while Animal Safety grew by 1.9%. The gross margin improved to 49.5%.
Neogen Corporation (NASDAQ: NEOG) announced that the U.S. Environmental Protection Agency (EPA) approved additional virucide claims for its Neogen® Viroxide Super™ disinfectant, which can now kill viruses causing Avian Influenza A, Bovine Viral Diarrhea, and African Swine Fever among others. Health Canada has similarly endorsed new claims for the product. Neogen Viroxide Super is a peroxygen-based powder effective on hard non-porous surfaces, part of a broader biosecurity program aimed at preventing disease in animal facilities. This development aims to enhance trust in Neogen's products amidst ongoing Avian Influenza outbreaks, as highlighted by CEO John Adent.
Neogen Corporation (NASDAQ: NEOG) will release its third-quarter earnings on March 30, 2023, before the market opens. A conference call is scheduled for 8:00 a.m. Eastern time the same day to discuss the financial results. Investors can join the call by calling (844) 757-5681 in the U.S. or +1 (412) 317-5297 internationally, using Conference ID: 10176510. A live webcast will also be available via Neogen's Investor Relations webpage. A replay of the call will be accessible shortly after its conclusion.
Neogen develops solutions for food and animal safety, focusing on diagnostics and safety products.
Neogen Corporation (NASDAQ: NEOG) announced advancements in its Neogen® Analytics software, which enhances food safety through a cloud-based Environmental Monitoring Program. This software connects with AccuPoint® Advanced NG and ANSR® systems, offering real-time visibility and automated reporting for food safety compliance. Following its acquisition of Corvium, Inc. on February 10, 2023, Neogen aims to leverage this technology to streamline food safety operations. The platform has been well-received in the industry, aligning with the FDA's focus on digital solutions for food safety.
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