Neogen Corporation reports developments tied to its food safety and animal safety businesses, including diagnostic tests, environmental monitoring products, veterinary products and related manufacturing operations. Company updates commonly cover foodborne pathogen detection, Listeria testing, AOAC method certification, Petrifilm manufacturing activity, and product quality or recall matters involving animal health products.
Neogen news also includes quarterly operating results, segment performance in Food Safety and Animal Safety, business transformation updates, leadership and compliance appointments, and governance matters. Its recurring disclosures connect scientific validation, manufacturing execution, customer markets and regulatory interactions across food safety, livestock, and pet health and wellness applications.
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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.
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%.