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 the AOAC International's acceptance of its Megazyme Rapid Integrated Total Dietary Fiber (RINTDF) method as the Standard Method 2022.01. This method offers accurate measurement of all dietary fiber types, including soluble and insoluble fiber. Neogen's President and CEO, John Adent, expressed the significance of this accreditation for food safety and quality standardization. The RINTDF method integrates features from several previous AOAC methods and aligns with the CODEX Alimentarius dietary fiber definition used globally.
Neogen Corporation has launched COMPANION™ RTU, a ready-to-use disinfectant aimed at improving biosecurity in veterinary settings. This formulation simplifies the sanitization process as it requires no mixing, ensuring accurate concentration and saving time for animal health providers. COMPANION RTU effectively eliminates various pathogens, including those causing Canine Parvovirus and COVID-19. The product is suitable for use in a range of environments and does not damage surfaces or equipment. This addition enhances Neogen's comprehensive biosecurity offerings.
Neogen Corporation (NASDAQ: NEOG) has launched the Encompass™ platform to enhance genomic data management for beef and dairy producers. This new platform, developed in collaboration with IYOTAH Solutions, integrates genomic data with herd management software, providing Igenity customers with improved data visualization and decision-making capabilities. Neogen aims to drive sustainable animal protein production through innovative solutions that streamline data management, allowing producers to identify actionable opportunities and reduce inefficiencies.
Neogen Corporation has announced the retirement of Steve Quinlan as Chief Financial Officer effective May 31, 2023. Quinlan, who has served since 2011, played a vital role in the company's growth, increasing revenue from $172.6 million in 2011 to $527 million in 2022. He will assist in the transition to new CFO David Naemura, effective January 2, 2023. Naemura brings significant public company experience, having previously served as CFO for Vontier Corporation and others, positioning him well for Neogen's future in food safety.
Neogen Corporation (NASDAQ: NEOG) reported a 3% revenue growth to $132.3 million for Q1 FY2023, with a 6% increase post-currency adjustments. The company successfully integrated 3M's Food Safety business, which closed on September 1. Net income stood at $5.2 million, affected by $13.7 million in expenses related to the acquisition, leading to a diluted EPS of $0.05. Gross margins improved to 47.0%. Revenue streams varied: Food Safety grew by 3%, while Animal Safety also increased by 3%, driven by animal care products. International sales rose by 2%, with significant growth in Brazil and the UK.
Neogen Corporation (NASDAQ: NEOG) announced the launch of its Veratox VIP assay for detecting cashew allergens, the second assay in the new line of enhanced quantitative ELISA products. This innovative test can identify cashew protein levels as low as 0.2 ppm across various product types and processing environments, including heat-processed samples. Neogen aims to meet the increasing demand for sensitive allergen detection in plant-based foods, emphasizing consumer safety in its testing solutions.
Neogen Corporation (NASDAQ: NEOG) expanded its Board of Directors by appointing Jeffrey Capello and Aashima Gupta, effective Sept. 12, 2022. This move follows the closing of the 3M Food Safety transaction. Both appointees bring extensive experience in their respective fields; Capello has over 30 years in finance and has served as CFO for multiple companies, while Gupta has 25 years in healthcare technology, currently leading Healthcare Provider Solutions at Google Cloud. Their appointments are expected to enhance Neogen's growth and global strategy.
Neogen Corporation (NASDAQ: NEOG) has finalized its merger with 3M's Food Safety business, creating a leading entity in food safety with a diversified product range and a strategic focus on long-term growth. Announced on December 14, 2021, the deal enhances Neogen's geographic reach and innovation capabilities. Existing Neogen shareholders will retain approximately 49.9% ownership, while 3M shareholders will receive about 50.1%. The merger aims at addressing trends in food safety and sustainability, positioning Neogen as a prominent player in the sector.
Neogen Corporation (NASDAQ: NEOG) announced that shareholders approved all proposals necessary for the combination with 3M's (NYSE: MMM) food safety business at a special meeting held on August 17, 2022. The merger is expected to finalize on September 1, 2022, pending customary closing conditions. Neogen's President and CEO, John Adent, expressed gratitude for shareholder support, highlighting anticipated growth and food security advancements. Final voting results will be filed with the SEC.
3M Company (NYSE: MMM) has launched an exchange offer to separate its food safety business as part of a Reverse Morris Trust transaction with Neogen Corporation (NASDAQ: NEOG). 3M stockholders can exchange their shares for SpinCo common stock, which will convert to Neogen stock post-merger. The exchange provides approximately $107.53 of Neogen shares for every $100 of 3M stock tendered. The offer, which may be oversubscribed, is set to expire on August 31, 2022. Following completion, holders of SpinCo stock will own about 50.1% of Neogen's outstanding shares.
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