Neogen Corp Stock Price, News & Analysis

Neogen Corporation (NASDAQ: NEOG) announced the retirement of G. Bruce Papesh from its Board of Directors after 27 years of service. Papesh played a significant role in guiding the company from $8 million in annual revenues to $418 million as of May 31 in the latest fiscal year. His investment expertise was crucial during Neogen's early struggles and subsequent growth. The current Board now includes James Borel, John Adent, and six others. Neogen specializes in food and animal safety products, offering diagnostic test kits and healthcare solutions.

Neogen Corporation (NASDAQ: NEOG) has launched Early Warning™ COVID-19 Testing for wastewater, aimed at detecting SARS-CoV-2 in sludge from wastewater facilities. This reliable test provides quick results to identify outbreaks and potential infections, supporting public health initiatives. CEO John Adent emphasized its importance for communities and industries to maintain safety during the pandemic. The test, developed with RAIN Incubator, allows for targeted responses in areas with high viral loads, thereby reducing transmission risks. Neogen also offers disinfectants and sanitizers to combat COVID-19.

Neogen Corporation (NASDAQ: NEOG) has relaunched its ThyroKare^™ (levothyroxine sodium tablets) for dogs, approved by the FDA for treating hypothyroidism, a common endocrine disorder affecting over 5% of dogs. While hypothyroidism is incurable, daily ThyroKare therapy enables dogs to lead normal lives. Neogen's CEO, John Adent, expressed enthusiasm for this product's return, which adds to their expanding range of animal treatment offerings. ThyroKare is available in various strengths and counts, complementing other veterinary products by Neogen.

Neogen Corporation (NASDAQ: NEOG) has introduced a new rapid test called Reveal® Q+ for Aflatoxin M1, capable of detecting this cancer-causing toxin in milk at levels as low as 150 parts per trillion (ppt). This innovative test simplifies the detection process for dairy processors by being compatible with the Raptor® Integrated Analysis Platform, which allows for simultaneous testing of aflatoxin M1 and various dairy antibiotics. Aflatoxin M1 is regulated in many countries, including the U.S. and Brazil, with a threshold of 500 ppt.

Neogen Corporation has acquired Megazyme, Ltd., a leading supplier of analytical solutions for the food and beverage industries, based in Ireland. This acquisition aims to enhance Neogen's food diagnostics portfolio, leveraging Megazyme's innovative methodologies in carbohydrate and enzyme analysis. Megazyme will operate independently under Neogen's European division in Scotland, with Dr. Barry McCleary, Megazyme's CEO, serving as a strategic advisor. The terms of the agreement were not disclosed, but this move strengthens Neogen's position among major food producers.

Neogen Corporation (NASDAQ: NEOG) reported a 7% revenue increase to $115 million for Q2 FY2021, up from $107.8 million last year. Year-to-date revenues reached $224.3 million, also up 7%. Net income for Q2 was $15.9 million, down from $16.3 million, with earnings per share at $0.30. Despite a 13% sales increase in the animal safety segment, gross margin fell to 46.3% due to a shift in product mix. The food safety segment saw a 1% revenue rise, bolstered by new product launches. However, currency headwinds and COVID-19 disruptions impacted performance.

Neogen Corporation (NASDAQ: NEOG) has introduced rapid Reveal® tests for detecting meat species in raw meat and environmental samples. These tests deliver results in just 5 minutes and can identify as little as 0.5% of the target species, including horse, beef, sheep, and poultry. This innovation aims to prevent accidental or intentional meat mix-ups and assure product safety and labeling accuracy. Neogen's line of tests enhances food safety measures, supporting companies in maintaining brand integrity and consumer trust.

Neogen Corporation has launched Igenity® Canine Wellness, a preventative care DNA screening tool for veterinarians aimed at improving pet health management. This tool enables vets to predict genetic risks for common diseases, allowing for informed dietary and lifestyle recommendations. The screening process involves a simple cheek swab, with results provided to veterinary staff for client communication. The initiative is part of Neogen's broader goal to enhance animal health through innovative genomics solutions.

Neogen Corporation (Nasdaq: NEOG) has launched the Igenity Feeder, a DNA tool aimed at assisting cattle producers during the stocker and backgrounder phases. This tool measures genetic potential for key carcass traits, enhancing decision-making in nutrition and marketing. The Igenity Terminal Index (ITI) is integral for sorting cattle based on performance potential, allowing producers to optimize cattle uniformity and profitability. The product is now available for stocker and backgrounder operators, reinforcing Neogen's commitment to affordable DNA testing in the beef supply chain.