Neogen Corp Stock Price, News & Analysis

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.

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.