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) 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.
Neogen Corporation (NASDAQ: NEOG) has revealed the recipients of its Supervised Agricultural Experience (SAE) Grants, funded through a partnership with the National FFA Foundation. From October 1, 2021, to March 31, 2022, the company pledged $2 per bottle sold of its Prozap StandGuard Pour-On product. Ten FFA chapters nationwide each received $1,000 to support agricultural projects, along with an additional $1,000 for their chapters. Neogen's President, John Adent, emphasized the importance of nurturing future leaders in agriculture, while FFA's Molly Ball praised the company's commitment to developing skills for the members.
Neogen Corporation (NASDAQ: NEOG) reported a revenue of $230.0 million for Q2 of fiscal 2023, reflecting a 76.2% increase year-over-year. The net income was $(41.8) million or $(0.19) per share, impacted by transaction costs related to its merger with 3M's Food Safety Division. Adjusted Net Income reached $31.4 million or $0.15 per share. The adjusted EBITDA was $64.1 million with a margin of 27.8%. Food Safety revenues soared to $161.3 million, a 140.3% increase, while Animal Safety recorded $68.7 million, up 8.4%.
Neogen Corporation announced its participation in the 41st Annual J.P. Morgan Healthcare Conference in San Francisco on January 11, 2023. Neogen's President and CEO, John Adent, will present at 8:15 a.m. Pacific Time. Interested parties can access the presentation materials and webcast through the Neogen Investor Relations website.
Neogen specializes in food and animal safety solutions, offering diagnostic test kits and genomic products.
Neogen Corporation (NASDAQ: NEOG) will release its second-quarter earnings on January 5, 2023, before market opening. A conference call is scheduled for 8:00 a.m. Eastern time the same day for discussion of the financial results. Interested participants can join the call by dialing 1.844.757.5681 in the U.S. or 1.412.317.5297 internationally, using Conference ID 10173804. A live webcast will also be available through Neogen's Investor Relations webpage.
Neogen Corporation (NASDAQ: NEOG) has announced the receipt of the Performance Tested Method Certification from the AOAC Research Institute for its Reveal® 3-D for Gluten test. This certification validates that the test meets AOAC standards for detecting gluten residues in environmental samples. Additionally, it is accepted for use in processes governed by the Gluten Free Certification Organization (GFCO). Neogen's Reveal 3-D for Gluten provides a rapid and reliable method for detecting gluten at levels as low as 5 parts per million, supporting gluten-intolerant consumers.
Neogen Corporation (NASDAQ: NEOG) will participate in the Piper Sandler 34th Annual Healthcare Conference in New York City on November 30, 2022. John Adent, President and CEO, is scheduled to present at 8:00 a.m. Eastern Time. Interested parties can access the webcast and presentation materials on the Neogen Investor Relations website. Neogen focuses on food and animal safety, offering solutions including diagnostic test kits and genomic products for animal health.
Neogen Corporation (NASDAQ: NEOG) has launched its upgraded Ideal® D3™ detectable needles, which are now six times more detectable than standard needles. The patent-pending D3X design features stronger side walls to reduce bending and a highly visible red extraction collar that enhances safety by making broken needles easier to retrieve. CEO John Adent emphasized that these improvements increase efficiency and food safety for production farmers. Neogen continues to support animal care with innovative solutions.
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