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.
NEOGEN Corporation (NASDAQ: NEOG) has enhanced its marketing tool for cattle producers with the Igenity Branded program. Launched in 2019, this program allows producers to market calves using NEOGEN's Igenity genomic profiles, which assess genetic merit across various traits. Calves tested through this program have achieved an average premium of over $59 per head during the summer sales season. To qualify as Igenity Branded, at least 35% of a producer's calf crop must be tested. This initiative aims to help cattle feeders manage risk by predicting performance before purchase.
Neogen Corporation (NASDAQ: NEOG) reported a strong first quarter for the 2022 fiscal year, ending August 31, with revenues of $128.3 million, a 17% increase from $109.3 million in the previous year. Net income rose to $17.1 million, or $0.16 per share, up from $15.9 million or $0.15 per share. Both Food Safety and Animal Safety segments posted double-digit organic growth, with Food Safety revenues reaching $62.7 million and Animal Safety at $65.6 million, driven by strong demand for diagnostics and veterinary instruments.
NEOGEN Corporation (NASDAQ: NEOG) has acquired CAPInnoVet, Inc., a provider of pet medications, expanding its reach into the $12B+ retail parasiticide market. This strategic acquisition aims to integrate CAPInnoVet into NEOGEN's Animal Safety segment, which focuses on veterinary instruments, pharmaceuticals, and diagnostic products. The deal is expected to enhance NEOGEN's offerings and leverage synergies in the pet healthcare sector. Specific terms of the transaction remain undisclosed.
NEOGEN Corporation has launched the Reveal® Q+ test for detecting delta-9-tetrahydrocannabinol (Δ9-THC) levels in hemp plants. This innovative test provides precise THC levels from 0.1% to 1.6%, enabling hemp farmers to monitor crops on-site easily with the Raptor® Solo Integrated Analysis Platform. NEOGEN's President, John Adent, emphasized the significant benefits for farmers, allowing quicker, cost-effective testing without the need for external labs. As hemp cultivation grows in popularity post-2018 Farm Bill, this product enhances crop management and reduces risks of crop destruction due to THC exceeding legal limits.
Neogen Corporation (NASDAQ: NEOG) reported strong financial performance for Q4 and fiscal year 2021, with Q4 revenues rising 17% to $127.4 million and total revenues for the year increasing 12% to $468.5 million. Net income for Q4 was $15.8 million ($0.15 per share), and $60.9 million ($0.57 per share) for the year. Despite these gains, gross margins declined due to rising supply chain costs, and operating expenses increased by 18% in Q4. Key drivers included a robust Food Safety segment, with notable growth in microbial testing solutions and international sales. The company faces challenges from increased costs and competitive pressures.
NEOGEN Corporation announced an extension of its strategic partnership with Gencove on June 28, 2021, to enhance animal genomic testing. Initially formed in January 2020, this multi-year global agreement will enable NEOGEN to offer SkimSeek™ low-pass sequencing technology. This collaboration aims to deliver increased genomics data accuracy and flexibility for customers in the agricultural sector, particularly in bovine, canine, poultry, and swine industries. The partnership underscores NEOGEN's commitment to innovative genomics solutions for agricultural professionals.
NEOGEN Corporation (NASDAQ: NEOG) has announced a partnership with the Center for Aquaculture Technologies (CAT) to enhance genotyping services for aquaculture producers. This collaboration aims to leverage advanced sequencing and genotyping technologies to improve selection accuracy and performance in breeding programs. NEOGEN's President, John Adent, emphasized the role of this partnership in strengthening the global food chain. The companies have previously cooperated on cost-effective genomic solutions, including the GeneSeek 50K Genomic Profiler for key aquaculture species.
NEOGEN Corporation's Soleris Direct Yeast and Mold test has secured the Performance Tested Methods Certification from the AOAC Research Institute for assessing yeasts and molds in dried cannabis flower. This certification enhances the test's existing approvals for various food products. NEOGEN's President and CEO, John Adent, highlighted the test's role in addressing safety concerns within the cannabis industry. The Soleris system utilizes an automated optical process to detect microbial contamination swiftly, ensuring product safety across food and personal care sectors.
NEOGEN Corporation (Nasdaq: NEOG) has received initial expedited registration from the U.S. EPA for its NEOGEN® Viroxide Super™ disinfectant, aimed at combating the spread of COVID-19. This peroxygen-based disinfectant is effective against various viruses and bacteria, including Staphylococcus aureus and canine parvovirus. Designed for diverse applications, it offers a simple preparation process with a color change indicating readiness. NEOGEN's broader suite of biosecurity products also supports disease prevention efforts across agricultural markets.
NEOGEN Corporation (NASDAQ: NEOG) announced a two-for-one stock split, approved by its Board of Directors. This will enable each shareholder of record on May 26, 2021, to receive an additional share for each share held, with new shares distributed on June 4, 2021. Currently, NEOGEN has about 53.7 million shares outstanding, which will increase to approximately 107.4 million following the split. This marks the company's sixth stock split in its 39-year history, highlighting the Board's confidence in NEOGEN's long-term growth and enhancing stock liquidity for investors.