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.
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.
NEOGEN Corporation (NASDAQ: NEOG) has launched the Prozap Protectus Pour-On Insecticide – IGR, a new insect control product for beef cattle. This ready-to-use formula employs a triple-active approach, combining an insect growth regulator (IGR), adulticide, and a synergist to effectively target lice and various fly species. It is designed for easy application and provides season-long control with just one treatment. The product contains 3% diflubenzuron, 2.5% piperonyl butoxide, and 0.5% lambda-cyhalothrin, offering beef producers a more efficient and time-saving solution for insect management.
FAQ
What is the current stock price of Neogen (NEOG)?
What is the market cap of Neogen (NEOG)?
What does Neogen Corporation do?
Where is Neogen Corporation headquartered?
What are the primary business segments of Neogen?
What recent achievements has Neogen Corporation made?
How does Neogen Corporation contribute to global food security?
What percentage of Neogen's revenues come from international markets?
What financial results did Neogen report for Q2 2023?
What products are included in Neogen's Food Safety segment?
What is Neogen's latest product in pathogen detection?
What are Neogen's future growth prospects?
