📈 Price History

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📊 Peer Medians

About

Neogen Corporation develops, manufactures, and markets various products and services for food and animal safety in the United States and internationally. It operates through Food Safety and Animal Safety segments. The company offers diagnostic test kits and complementary products to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns for food producers and processors. It also provides reagents and test kits used in immunoassay production, forensic and animal toxicology, and life science research; unique colorimetric and chemiluminescent substrates for research use; veterinary instruments and delivery systems used for administering antibiotics and vaccines under the Ideal and Prima Tech brands; and precision instruments designed for injections, topical and oral administration, artificial insemination, and animal identification for farmers, ranchers, and veterinarian under the Prima Tech brand. In addition, the company offers digestive aids and nutritional supplements; Natural Vitamin E-AD to address vitamin deficiencies in swine, cattle, and sheep; RenaKare; companion animal parasiticides under Provecta brand; BotVax B; EqStim; ImmunoRegulin, used in dogs to assist in managing pyoderma; companion animal parasiticides under the Provecta brand; rodent and insect control products under the Ramik, CyKill, Havoc, Prozap, SureKill, and StandGuard brands. Further, it markets Uniprim, a veterinary antibiotic; operates sgenomics labs offering DNA genotyping, sequencing, and trait analysis for livestock and companion animals; and provides software systems that help testers to analyze and store results and perform analysis on the results from multiple locations over extended periods. Neogen Corporation was incorporated in 1981 and is headquartered in Lansing, Michigan.

Key Ratios Snapshot

📈 Growth Pattern

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🔍 Concall Decoded

🎙 Management Tone Tracker Cautious ~ Volatile 4 quarters analysed

Q4 2025

Cautious

Management repeatedly highlighted continued weakening in end markets, consumer pressure, and uncertainty, including tariff impacts and execution challenges in sample collection. Language such as 'not assuming the current end market conditions will improve meaningfully' and 'work through the trough of the cycle' indicates a guarded outlook.

Q1 2026

Confident Specific

The CEO directly stated a clear plan with specific actions: a 10% headcount reduction targeting $20M annualized savings, explicit tracking of Petrifilm production milestones, and reaffirmed full-year guidance. The tone maintained conviction in internal execution improvements despite acknowledging past challenges.

Q2 2026

Confident Specific

Management expressed confidence with specific forward-looking numbers (raised revenue to $845-855M and EBITDA to ~$175M) but tempered with caution about lingering macro weakness, new team settling in, and being in 'early innings' of transformation.

Q3 2026 latest

Cautious

Management expressed confidence in food safety growth and transformation progress ('happy to report solid core growth', 'strong cost discipline') but were guarded about animal safety headwinds ('meaningful impact', 'prudent to take a more conservative view') and gave vague timelines for supplier resolution.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is modestly strengthened for the food safety segment, which continues to deliver reliable core growth and margin improvement, but weakened by unresolved animal safety supplier issues that are now expected to persist into Q4. The transformation narrative remains credible with concrete milestones (Petrifilm on schedule, new leadership, go-to-market realignment), but investors will need to see tangible recovery in animal safety and acceleration in overall top-line growth before full confidence returns. Key catalysts: Petrifilm transition completion in November 2026, resolution of animal safety supply chains, and the investor day in fall where long-term financial targets will be provided. Near-term caution is warranted, but the underlying secular drivers and cost discipline support a longer-term improvement trajectory.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Cautious ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Neogen delivers 4% food safety core growth; Q3 revenue $211M, adjusted EBITDA margin 22.8%.

Revenue & Profitability

Q3 FY2026 revenue: $211.2 million. Adjusted EBITDA: $48.2 million (22.8% margin). Adjusted net income: $19.4 million ($0.09 EPS). Full-year FY2026 revenue guidance raised to $857–$860 million; adjusted EBITDA guidance maintained at $175 million. Free cash flow was $11.1 million for the quarter. Gross debt: $800 million; cash: $159.9 million.

Outlook

Management sees food safety as a stable, low-single-digit growth market driven by regulatory and brand protection needs. Food recalls rose ~15% year-over-year (2024 to 2025) and FDA recall volume doubled. However, macro headwinds such as the Iran conflict, rising fuel/fertilizer costs, and freight increases are pressuring customer margins. Animal safety herd sizes are near cyclical bottoms, with USDA projecting growth beyond 2026.

Growth Drivers

Food safety core growth of 4% was led by indicator testing and culture media (up 11%) and pathogen test kits. Strong growth in EMEA and Latin America. Animal safety growth was masked by supplier disruptions; underlying demand was consistent with Q2. Future growth levers include Petrifilm applications in pharma, cosmetics, and nutraceuticals, and a reallocation of commercial resources to high-opportunity markets.

Balance Sheet & CapEx

Petrifilm manufacturing transition to Lansing, MI remains on track for November 2026; full validation of equipment is complete. A research-scale R&D line for Petrifilm prototyping is being added in Q4 FY2026. CapEx is expected to decline in FY2027. The company is investing in AI-enabled logistics and supply chain software. Freight costs are increasing by approximately $1.5 million per quarter.

Margins

Adjusted EBITDA margin improved 110 bps sequentially to 22.8%, despite lower revenue, driven by strong cost control. Adjusted gross margin was 51.7% (gross margin 46.9%). Sample collection still had a negative margin due to a one-time quality issue, but improvement is expected. Petrifilm insourcing and OpEx efficiencies (56% of OpEx in salaries) are expected to drive margin expansion. Management expects adjusted gross margins to sustain above 50%.

Key Risks

Supplier disruptions in animal safety: an instrument supplier relocating to reduce tariffs, a global vitamin A shortage, and a sodium bicarbonate partner transitioning production. Foreign exchange: the US dollar strengthening creates a headwind for ~40% of revenue (non-USD denominated). Freight costs are up high single to low double digits. Conflict with Iran has immaterial direct revenue exposure (<$0.5M annually), but higher oil prices could raise plastic component costs over time.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q4 2026 Q4 2026 2026-07-30

Q4 saw strong core growth in both food and animal safety, with food safety up 5.8% and gross margin improving 330 bps year-over-year. FY27 guidance targets $880–$885M revenue and 20.5% EBITDA margin, with major investments in R&D and operational efficiency planned.

Q3 2026 Q3 2026 2026-04-09

Core food safety growth remained strong, with adjusted EBITDA margin at 22.8% and revenue guidance raised to $857–$860 million. Animal safety faced supply chain headwinds, but operational and innovation initiatives are underway to drive future margin and cash flow improvements.

Q2 2026 Q2 2026 2026-01-08

Q2 saw a return to positive core growth and significant margin improvement, with revenues up 2.9% year-over-year and adjusted EBITDA margin rising nearly 500 basis points sequentially. Full-year guidance was raised, reflecting strong execution, cost savings, and ongoing transformation initiatives.

Q1 2026 Q1 2026 2025-10-09

Q1 revenue was $209M, up 0.3% year-over-year, with adjusted EBITDA margin at 17%. Cost reductions and operational improvements are underway, with full-year guidance reaffirmed and sequential margin improvement expected as process enhancements take effect.

Q4 2025 Q4 2025 2025-07-29

Q4 revenue declined year-over-year amid soft end markets, inventory and production challenges, and tariff headwinds. Guidance for fiscal 2026 anticipates modest revenue growth, improved margins in the second half, and positive free cash flow, with continued focus on operational improvements and divestitures.

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