Neogen Stock NEOG
Neogen Corporation develops, manufactures, and markets food and animal safety products for food producers, processors, distributors, and animal health companies in more than 100 countries. Neogen stock (NEOG): Quarterly and annual results since 2024 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 10/2026, quarterly reporting. Stock analysis by NadirAlpha. Neogen stock (NEOG): listed on Nasdaq. NadirAlpha has evaluated 51 original documents, cross-checked every figure automatically and linked each to its source; sources as of 10/2026. Revenue Q1 FY2027 (Jun to Aug 2026): USD 223 million (+7% year on year). Latest reported (Q1 FY2027 (Jun to Aug 2026)): Adjusted EBITDA Margin, Gross Margin, Core Growth. Latest reading: Revenue accelerating, Margin expanding, Guidance raised, Divestiture.
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Neogen Current Status
The current state of Neogen at a glance, figures as of Q1 FY2027, with core figures and the key management statements from the latest filing. NadirAlpha methodology
Assessment by NadirAlpha, as of Q1 FY2027 (Jun to Aug 2026).
“As we entered fiscal year 2027, our focus shifted from strengthening fundamentals to scaling them to drive more consistent execution, improved customer outcomes and profitable growth. Our first-quarter results reflect encouraging progress as the changes underway across the organization continue to take hold. We are strengthening commercial discipline, harmonizing our sales operating model, rebuilding our innovation engine and improving the systems and processes that support inventory optimization and customer service. At the same time, we are making targeted investments to enhance our capabilities and are committed to pursuing further improvements with the goal of building on our momentum to drive more consistent growth and margin expansion over the long term.”
Neogen Stock: Key Figures ($ million)
NadirAlpha shows fiscal years, half-years and quarters of Neogen one below the other, most recently Q1 FY2027; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Calendar quarter | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | OCF | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| FY2026 | Q2/2025–Q2/2026 | 870.4 | -21.6 | 153.9 | -7.9 | -0.04 | 0.32 | 177.8 | 83.2 | 130 |
| FY2025 | Q2/2024–Q2/2025 | 894.7 | -1,061 | 161.1 | -1,092 | -5.03 | 0.33 | – | 58.2 | 22 |
| FY2024 | Q2/2023–Q2/2024 | 924.2 | 58.6 | – | -9.4 | -0.04 | 0.45 | 213.16 | 35.3 | 13 |
Quarters
| Period | Calendar quarter | Published | Revenue | Op. income | Op. income (adj.) | Net income | EPS ($) | EPS adj. ($) | EBITDA (adj.) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2027-Q1* | Q2–Q3/2026 | 2026-10-06 | 222.8 | -1.8 | 36.5 | -11.9 | -0.05 | 0.08 | 41.6 | 4.7 | 172 | 602.2 | 131 |
| 2026-Q4* | Q1–Q2/2026 | 2026-07-30 | 225.3 | 3.1 | 39.1 | -11.3 | -0.06*≈ | 0.09 | 45.4 | 26.2 | 185.5 | 608.2 | 130 |
| 2026-Q3* | Q4/2025–Q1/2026 | 2026-04-09 | 211.2 | -3.3 | 42.2 | -17 | -0.08 | 0.09 | 48.2 | 11.1 | 159.9 | 633.4~ | 128 |
| 2026-Q2* | Q3–Q4/2025 | 2026-01-08 | 224.7 | -5.4 | 43 | -15.9 | -0.07 | 0.10 | 21.7~ | 7.8 | 145.3 | 647.6~ | 126 |
| 2026-Q1* | Q2–Q3/2025 | 2025-10-09 | 209.2 | -16.1 | 29.6 | 36.3 | 0.17 | 0.04 | 35.5 | -13.2 | 138.9 | 653.6~ | 124 |
| 2025-Q4* | Q1–Q2/2025 | 2025-07-29 | 225.5 | -611.2 | 35 | -612.2 | -2.82*≈ | 0.05 | 0.04 | 0.3 | 129 | 765.1 | 121 |
| 2025-Q3* | Q4/2024–Q1/2025 | 2025-04-09 | 221 | 5.4 | 42.6 | -10.9 | -0.05 | 0.10 | 48.6 | -13.4 | 127.7 | 762.9~ | 120 |
| 2025-Q2* | Q3–Q4/2024 | 2025-01-10 | 231.3 | -457.5 | – | -456.3 | -2.10 | 0.11 | 51.4 | 23.1 | 140.2 | 749.6~ | 17 |
| 2025-Q1* | Q2–Q3/2024 | 2024-10-10 | 217 | 2.3 | – | -12.6 | -0.06 | 0.07 | 43.7 | -56.3 | 120.5 | 768.7~ | 15 |
| 2024-Q4* | Q1–Q2/2024 | 2024-07-30 | 236.8 | 13 | – | -5.4 | -0.02*≈ | 0.10 | 53 | 2.5 | 170.6 | 720.2 | 13 |
| 2024-Q3* | Q4/2023–Q1/2024 | 2024-04-09 | 228.8 | 12 | – | -2 | -0.01 | 0.12 | 52.7 | -62.3 | 161.4 | 11.8~ | 112 |
| 2024-Q2* | Q3–Q4/2023 | 2024-01-09 | 229.6 | 14.5 | – | -3.5 | -0.02 | 0.11 | 55.1 | -8.7 | 205.8 | 683.7 | 9 |
| 2024-Q1* | Q2–Q3/2023 | 2023-10-10 | 229 | 19.1 | – | 1.5 | 0.01 | 0.11 | 52.4 | -7.6 | 178.8 | 8.7~ | 7 |
Neogen Balance Sheet & Cash Flow ($ million)
Balance sheet and cash flow of Neogen up to Q1 FY2027 in $ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| FY2026 | Q2/2025–Q2/2026 | 2026-07-30 | 185.5 | 793.7 | 608.2 | 116.3 | 83.2 | 51.3 | 31.9 | 130 |
| FY2025 | Q2/2024–Q2/2025 | 2025-07-29 | 129 | 894.1 | 765.1 | 119.5 | 58.2 | 104.6 | -46.4 | 121 |
| FY2024 | Q2/2023–Q2/2024 | 2024-07-30 | 170.6 | 890.8 | 720.2 | 116.7 | 35.3 | 111.4 | -76.1 | 13 |
Quarters
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2027-Q1 | Q2–Q3/2026 | 2026-10-06 | 172 | 774.2 | 602.2 | 29.1 | 12.9 | 8.2 | 4.7 | 131 |
| 2026-Q4 | Q1–Q2/2026 | 2026-07-30 | 185.5 | 793.7 | 608.2 | 29.4 | 30.2 | 4 | 26.2 | 130 |
| 2026-Q3 | Q4/2025–Q1/2026 | 2026-04-09 | 159.9 | 793.3~ | 633.4~ | 28.9 | 22.7 | 11.6 | 11.1 | 128 |
| 2026-Q2 | Q3–Q4/2025 | 2026-01-08 | 145.3 | 792.9~ | 647.6~ | 28.9 | 19.5 | 11.7 | 7.8 | 126 |
| 2026-Q1 | Q2–Q3/2025 | 2025-10-09 | 138.9 | 792.5~ | 653.6~ | 29.1 | 10.8 | 24 | -13.2 | 124 |
| 2025-Q4 | Q1–Q2/2025 | 2025-07-29 | 129 | 894.1 | 765.1 | 30.3 | 16.4 | 16.1 | 0.3 | 121 |
| 2025-Q3 | Q4/2024–Q1/2025 | 2025-04-09 | 127.7 | 890.6~ | 762.9~ | 29.4 | 19.5 | 32.9 | -13.4 | 120 |
| 2025-Q2 | Q3–Q4/2024 | 2025-01-10 | 140.2 | 889.9~ | 749.6~ | 30 | 40.3 | 17.2 | 23.1 | 17 |
| 2025-Q1 | Q2–Q3/2024 | 2024-10-10 | 120.5 | 889.1~ | 768.7~ | 29.8 | -17.9 | 38.4 | -56.3 | 15 |
| 2024-Q4 | Q1–Q2/2024 | 2024-07-30 | 170.6 | 890.8 | 720.2 | 28.9 | 26.8 | 24.2 | 2.5 | 13 |
| 2024-Q3 | Q4/2023–Q1/2024 | 2024-04-09 | 161.4 | 890.2 | 11.8~ | 29.6 | -30.2 | 32.1 | -62.3 | 112 |
| 2024-Q2 | Q3–Q4/2023 | 2024-01-09 | 205.8 | 889.5 | 683.7 | 29.5 | 15.7 | 24.4 | -8.7 | 9 |
| 2024-Q1 | Q2–Q3/2023 | 2023-10-10 | 178.8 | 888.8 | 8.7~ | 28.7 | 23 | 30.6 | -7.6 | 7 |
Neogen Guidance Tracking (latest per metric/period · 7/13)
What Neogen guided for Q1 FY2027 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Actuals: revenue in $m
Direction: confirmedcutinitiatedraised Verdict: beatin linemisspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2027 | 2026-10-06 | Revenue | 885–890 | – | 31 | ||
| FY2027 | 2026-10-06 | EBITDA (adjusted) | 181–183 | – | 31 | ||
| 2027-Q1 | 2026-07-30 | Revenue | 207–209 | 222.8 | 30 | ||
| 2027-Q1 | 2026-07-30 | EBITDA (adjusted) | ~37 | 41.6 | 30 | ||
| FY2026 | 2026-04-09 | Revenue | 857–860 | 870.4 | 28 | ||
| FY2026 | 2026-01-08 | EBITDA (adjusted) | ~175 | 177.8 | 28 | ||
| FY2026 | 2025-07-29 | Capex | ~50 | – | – | 27 | |
| FY2025 | 2025-04-09 | Revenue | ~895 | 894.7 | 20 | ||
| FY2025 | 2025-04-09 | Capex | ~100 | – | – | 20 | |
| FY2025 | 2025-04-09 | EBITDA (adjusted) | ~195 | – | – | 20 | |
| FY2024 | 2024-04-09 | Revenue | 910–920 | 924.2 | 12 | ||
| FY2024 | 2024-04-09 | EBITDA (adjusted) | 210–215 | 213.16 | 12 | ||
| FY2024 | 2023-10-10 | Capex | ~130 | – | – | 12 |
Neogen Stock: Price & Chart
Chart and key figure trend of Neogen stock: the TradingView chart starts only on click, the key figure chart comes from the core tables up to Q1 FY2027. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Neogen Event Timeline
This timeline collects the material events of Neogen from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology
2027 · 6 events
Neogen revenue of 222.8 million, growth of 6.5% year-over-year with core growth of 8.1% 31
Gross margin improved to 47.4% from 45.4% in the prior year; Adjusted Gross Margin 49.8% versus 49.5% 31
FY2027 guidance raised: revenue $885-$890 million, Adjusted EBITDA $181-$183 million 31
Net loss narrowed to $7.9 million from $1,092.0 million in fiscal 2025; prior-year loss was driven by a $1,059.3 million goodwill impairment charge; fiscal 2026 included a $76.4 million gain on the Cleaners and Disinfectants divestiture (29)
2026 · 14 events
“We are providing our fiscal guidance for 2027, and we have stayed true to our principles of delivering on our commitments. Our entire organization is focused on disciplined execution and sustaining the operational momentum that we have seen in the business throughout fiscal year 2026. I'm extremely proud of our team and want to thank our employees for their significant contributions to the success of our company.”
Food Safety fourth quarter core revenue grew 5.8%, the highest quarterly core growth rate since fiscal year 2023; Animal Safety revenue grew 7% sequentially following partial resolution of third-party supplier challenges (30)
Q4 gross margin improved to 47.8% from 41.2% in the prior year period; prior-year margin was depressed by elevated inventory write-offs; adjusted gross margin expanded to 49.7% from 46.4%, driven by favorable mix and pricing changes (30)
Fiscal year 2027 financial guidance initiated at revenue of $880-$885 million and adjusted EBITDA of $180-$182 million (30)
Operating income turned positive for the first time after 4 negative periods (-3.3 to +USD 3.1 million). 130
“We continued to make significant progress on our strategic transformation in the third quarter as we look to stabilize and strengthen our core business. We are emboldened by the continued strength in core growth in our Food Safety segment. Combined with our major strategic sales initiatives such as our go-to-market strategy review, our increasing use of metric-based key performance indicators, and our transition to a standardized global solutions based selling approach, we believe we are well positioned for continued fundamental improvement across the organization.”
Animal Safety segment revenue decreased 20.1% to $54.5 million; core growth declined 8.7% due to third-party supplier quality and manufacturing challenges (28)
Full-year fiscal 2026 revenue guidance raised to $857-$860 million from prior range of $845-$855 million; adjusted EBITDA guidance maintained at approximately $175 million (28)
“I am exceptionally proud of the Neogen team as we have initiated the first phase of our strategic transformation with early work focused on stabilizing and strengthening our core business. While it is early in the process, and our industry is currently seeing macro headwinds, our team drove significant sequential improvement in core revenue growth and profitability in the second quarter.”
Q2 reported revenue decreased 2.8% to $224.7 million; Animal Safety segment reported revenue decreased 11.8% primarily due to discontinued products and divestiture impact, with core growth of only 0.1% (26)
Gross margin declined to 47.5% from 49.0% in the prior year period due to tariff costs, inventory write-offs, and negative product mix impact (25, 26)
Full-year fiscal 2026 revenue guidance raised to $845-$855 million from prior range of $820-$840 million; adjusted EBITDA guidance raised to approximately $175 million from $165-$175 million (26)
“I see tremendous opportunity ahead to leverage Neogen's strong, longstanding leadership in food and animal safety. Few companies are as well-positioned as we are to help shape a safer, healthier world through a dedicated focus on these important end markets. Our employees are passionate, and our customers value the solutions and expertise we have to offer. That said, recent performance has been hampered by execution challenges which we are tackling head-on with a sharpened emphasis on commercial excellence, renewed innovation and a leaner cost structure. We recently implemented company-wide cost initiatives, which included the difficult decision to reduce headcount across the organization. These steps will fuel margin growth and give us the ability to strategically reinvest in high-potential areas. With this disciplined approach, I'm confident we can deliver compelling innovation for our customers, significantly improved financial performance and a fulfilling experience for our dedicated workforce, creating a path to sustainable value creation for our shareholders.”
Gross margin decreased to 45.4% from 48.4% in the prior year period due to lower sales volume, higher tariff costs, production inefficiencies in sample collection products, and duplicative costs from Petrifilm manufacturing startup (23)
Divestiture of Cleaners and Disinfectants business completed July 17, 2025 for $121.7 million in cash; net proceeds used to repay approximately $100.0 million of debt, including $51.5 million on revolving facility and $45.0 million on term loan (23, 24)
Mike Nassif appointed Chief Executive Officer effective August 11, 2025; restructuring plan approved to reduce approximately 10% of global headcount to improve operational efficiency and financial performance (23, 24)
Net income turned positive for the first time after 7 negative periods (-612.2 to +USD 36.3 million). 124
2025 · 19 events
“As the Company progresses into the later stages of the integration, the final piece, Petrifilm production, continues to progress well.”
Q4 gross margin compressed to 41.2% from 47.9% prior year, primarily due to transaction and integration costs and elevated inventory adjustments; excluding these items, gross margin was 46.5% 21
FY2026 guidance initiated: revenue $820-840M, Adjusted EBITDA $165-175M, capex ~$50M (down from ~$105M in FY2025) 21
Divestiture of Cleaners & Disinfectants business to Kersia Group closing July 17, 2025, with net proceeds of ~$115M earmarked to repay $100M of debt in Q1 FY2026 21
“During the third quarter, we continued to make good progress on the integration and saw a solid underlying performance in our Food Safety segment. The quarter was impacted by lower sample collection revenue, but we made significant improvements in our sample collection production and reached prior throughput levels at the end of the quarter. Outside of the sample collection product line, core revenue in our Food Safety segment grew 7%, which we believe reflects a solid underlying business. The establishment of our own Petrifilm production continues to progress well, with the first of two production lines nearly completely installed, and we remain on track to begin initial test production in the fall.”
Q3 revenue declined 3.4% to $221.0M; core revenue +0.2%, with Animal Safety core revenue down 2.6% and Genomics experiencing mid-single-digit core decline 20
Adjusted EBITDA margin declined to 22.0% from 23.0% due to lower revenue and higher integration costs 20
FY2025 revenue guidance cut further to ~$895M (from $905-925M) and Adjusted EBITDA to ~$195M (from $205-215M), reflecting Q3 results below expectations and macroeconomic uncertainty; capex estimate raised to ~$100M 20
Operating income more than halved YoY (12.0 to USD 5.4 million, -55%). 120
“The second quarter reflected steady progress, as we saw improvement across the business compared to the first quarter, with core revenue growth accelerating in both of our segments, sequential margin expansion and significantly better free cash flow.”
Net loss of $456.3M in Q2, driven by a non-cash goodwill impairment charge of $461.4M related to the former 3M Food Safety Division acquisition; adjusted net income was $24.4M ($0.11 per share) 17
FY2025 revenue guidance cut to $905-925M (from $925-955M) and Adjusted EBITDA to $205-215M (from $215-235M), primarily due to USD strengthening and sample collection production ramp-up delays 17
Restructuring actions initiated to rightsize the Genomics business and streamline operations; portfolio review entered next phase with specific projects to drive focus and improve profitability 17
Operating cash flow reached USD 40.3 million vs USD 15.7 million in 2024-Q2 (×2.6). 126
Operating cash flow turned positive on a half-year basis (2024-H2: -3.4 to 2025-H1: +USD 22.4 million, aggregated from reported quarters where needed). 126
“The value proposition of Neogen's food safety solutions and expertise has never been more relevant than it is today. We provide an important and relatively inexpensive line of defense in the rapid detection of contaminants in the production and distribution of food and beverages. As evidenced by some unfortunate higher-profile incidents recently, contaminated products reaching consumers is something we all work to avoid. Beyond the obvious tragic consequences that can result, the costs of any associated recalls, litigation, brand damage or even facility closures can be tremendous. In addition to our broad portfolio of globally validated products, we have longstanding experience as a trusted partner that we're able to leverage in structuring robust food safety testing programs to help avoid these outcomes. Our commercial teams are having an increasing amount of constructive dialogue with customers on this front and we're looking forward to continuing to demonstrate our capabilities as a reliable, knowledgeable source of leading food safety testing solutions.”
“After crossing multiple significant integration milestones in the third quarter related to the integration of the former 3M Food Safety business, progress continued on multiple fronts in the fourth quarter. We completed the relocation of the sample handling product line, which we expect to have running at full production by the end of the first quarter. We also saw improvement in our order fulfillment rates throughout the quarter, which have subsequently improved to the point where they are no longer a constraint.”
Revenue fell 5% to $217.0M, including $9.0M FX headwind; core revenue declined 1.4%; Food Safety down 4% to $159.3M, Animal Safety down 8% to $57.6M 15
Operating income more than halved YoY (19.1 to USD 2.3 million, -88%). 124
Gross margin declined to 48.4% from 51.0% due to lower volume and higher distribution costs 15
Full-year FY2025 guidance maintained: revenue $925-955M, Adjusted EBITDA $215-235M, capex ~$85M 16
Full-year net loss narrowed to $9.4 million from $22.9 million in FY2023, as prior-year transaction and integration one-off costs did not recur; interest expense on approximately $900 million in FSD acquisition debt continued to weigh on net income 13
Full-year revenues increased 12.4% to $924.2 million; Food Safety segment revenue grew 19.9% to $655.3 million (70.9% of total), up from 66.5% share in FY2023, while Animal Safety segment declined 2.5% to $268.9 million 14
Full-year gross margin expanded to 50.2% from 49.4% in FY2023, driven by full-year contribution of higher-margin Food Safety Division products 13
2024 · 16 events
Q4 gross margin declined to 47.9% from 50.9% in the prior-year quarter due to costs associated with the exit of 3M transition service agreements 14
FY2025 revenue guidance initiated at $925 million to $955 million reflecting mid-single-digit core growth, with Adjusted EBITDA guidance of $215 million to $235 million and capital expenditures of approximately $85 million 14
Order fulfillment rates fully recovered and are no longer a constraint; peak capital expenditure and working capital outflows related to 3M Food Safety integration are behind the company 14
“The third quarter saw us complete a number of milestone achievements related to the integration of the former 3M Food Safety business. We completed the relocation of the pathogen detection product line and the initial phases of the relocation of the sample handling product line, which we expect to complete in the fourth quarter. We also completed the exit of the transition service agreements covering back-office functions and distribution. Petrifilm manufacturing will ultimately transition into our new production facility in Lansing, the construction and outfitting of which remains on track.”
Q3 revenue increased 4.8% to $228.8 million with core revenue growth of 6.2%, recovering from Q2's core decline of 0.9% 12
Full-year revenue guidance cut a second time to $910 million to $920 million range and Adjusted EBITDA to $210 million to $215 million, citing slower-than-anticipated recovery of order fulfillment rates from ERP implementation 12
“Despite the macro environment remaining challenging, we, encouragingly, are seeing our end markets beginning to show signs of improvement. In Food Safety, inflation appears to be easing and a continuation of this trend is generally expected to result in food production volumes inflecting. In Animal Safety, the destocking has begun to ease as distributor inventories are right-sized. With the greater visibility afforded to us by the first half of the year, however, we believe our end markets are improving at a pace slower than what was originally contemplated in our guidance and we are accordingly updating our outlook. With signs that the most significant external headwinds are stabilizing, we are focused on the value-creation opportunity we believe is ahead of us as we make continued progress on the integration and positioning the business for long-term growth.”
Operating income improved to $14.5 million from a loss of $7.7 million in prior-year Q2, primarily as prior-year one-off transaction fees and integration costs did not recur 9
Q2 revenue was essentially flat at $229.6 million (-0.2% year-over-year); core revenue declined 0.9%, with Food Safety core growth of 1% and Animal Safety core decline of 5% 10
Full-year FY2024 revenue guidance revised down to $935 million to $955 million range and Adjusted EBITDA to $230 million to $240 million 10
“We made significant progress in the quarter across a number of fronts related to the integration of the former 3M Food Safety division, moving closer to full autonomy of that business within the One Neogen we are building. We have additional key integration activities underway and remain on track for the third-quarter relocation of two product lines and exit of two transition agreements, and the construction of our new facility in Lansing is progressing well. With our combined commercial and technical teams approaching one year of working together on the product portfolio, we are excited about the momentum that's building and remain as optimistic as ever regarding the future of the business.”
Consolidated revenues increased 73% to $229.0 million in Q1 FY2024, driven by 3M FSD acquisition base effect absent in Q1 FY2023; excluding acquisitions and discontinued lines, core revenue declined 1.3% 7 8
Operating income more than doubled YoY (6.1 to USD 19.1 million, +213%). 116
Gross margin expanded to 51.0% from 47.0% in the prior year, primarily due to higher-margin products from the 3M Food Safety Division acquisition 7
FY2024 full-year revenue guidance set at $955 million to $985 million and Adjusted EBITDA at $235 million to $255 million 8
Full-year net loss of $22.9 million versus net income of $48.3 million in the prior year, attributable to $56.0 million in interest expense from $1 billion transaction debt and $59.8 million in transaction-related fees 6
International revenues grew 90% to $398.4 million, representing 48.4% of total revenues versus 39.7% in fiscal 2022, driven by FSD's predominantly international revenue base with approximately 67% international mix 6
Neogen Business Model
How Neogen (NEOG) makes its money, summarised from the filings up to Q1 FY2027, neutral and without forecast. NadirAlpha methodology
Neogen Corporation develops, manufactures, and markets food and animal safety products for food producers, processors, distributors, and animal health companies in more than 100 countries. Its two reportable segments are Food Safety, which provides test kits and related products for detecting pathogens, spoilage organisms, mycotoxins, drug residues, and allergens in food and production environments including the Petrifilm plate product line, and Animal Safety, which offers diagnostics, genomics testing services, veterinary instruments, and animal identification products. Revenue is generated through product sales and service fees, with international operations accounting for approximately 51.2% of total fiscal year 2026 revenues 29. Products reach customers through a combination of direct sales forces and independent distributor networks, supported by a portfolio of approximately 157 U.S. and 445 international patents and more than 530 trademark registrations globally 29. Research and development expenditure is targeted at approximately 2% to 5% of total revenues annually, with 89 scientists and support staff in the global R&D group as of May 31, 2026 29.
Neogen Stock: Share-Price Drivers
Factors Neogen itself names as material for its business development, reproduced neutrally, without price forecast and without assessment of our own. NadirAlpha methodology
Food Safety is by far the larger of the two reporting segments (revenue 163.2) and the in-sourcing of Petrifilm production at the Lansing site is the recurring operational focus, with the move planned for November 2026 31 30; it underpins the bulk of group revenue of USD 222.8 million 32
Largest segment with revenue of 163.2 in 2027-Q1, growing 7.3% year on year, carried by diagnostics, culture media and sample-handling lines 32
Revenue of 59.6 in 2027-Q1, up 4.4% year on year 32
Internal Petrifilm production is being stood up at the new Lansing, Michigan plant with the transition planned for November 2026, a key step to complete the 3M FSD integration 31 30
Listeria Right Now molecular detection assay gained AOAC certification, extending the Food Safety testing portfolio 30
Restructuring plan including an about 10% global headcount reduction launched in 2026-Q2 to support profitability 25; adjusted operating income was USD 36.5 million in 2027-Q1 131
Net debt eased to USD 602.2 million from USD 608.2 million, following Term Loan and Revolving Credit Facility refinancing in April 2026 29
Sector trend: Food-safety and diagnostics demand is heading higher, with both segments growing and the change flag marking group growth as accelerating 32. Reported profitability remains pressured as the group still posts an operating loss of USD -1.8 million while adjusted operating income holds near USD 36.5 million, pending completion of the Petrifilm manufacturing transition 131 31.
Neogen Revenue by Type (as of 2027-Q1 · USD million · 2/2)
Revenue of Neogen split by segment or product type exactly as the company itself reports it; segment totals can deviate from group revenue. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Source |
|---|---|---|---|---|
| Period 2027-Q1 (3M) | ||||
| Food Safety | 2022-Q2 | 163.2 | 7.3% | 32 |
| Animal Safety | 2022-Q2 | 59.6 | 4.4% | 32 |
Neogen Products & announcements (3/14 active+recent)
14 product announcements of Neogen since 2024, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: LaunchedPlanned
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| Sample collection product line production restart from 3M facility relocation | 2026-03 | 23 | |
| Molecular Detection Assay - Listeria Right Now AOAC certification | 2026 | 30 | |
| 2024 | |||
| Petrifilm manufacturing transition (5×) | 2024-09 | 30 | |
| 2025 | |||
| Petrifilm production line startup | 2025-09 | 20 | |
| 2024 | |||
| Relocation of sample handling product line completion | 2024-09 | 12 | |
| 2023 | |||
| Relocation of two product lines | 2023-09 | 8 | |
| New Distribution Center in Mount Sterling, Kentucky | 2023-09 | 3 | |
| Exit of two transition agreements | 2023-09 | 8 | |
| Petrifilm Product Line Performance | 2023-06 | 1 | |
| Neogen Analytics Services Expansion | 2023-06 | 1 | |
| Food Safety Software as a Service Platform Demand Increase | 2023-06 | 1 | |
| AccuPoint General Sanitation Product Growth | 2023-06 | 1 | |
| Enterprise resource planning solution implementation | 2023 | 6 | |
Neogen Transactions & Events (19)
Transactions of Neogen since 2024: acquisitions, disposals, agreements and regulation, deliberately including smaller items; purchase prices only when the company names them. NadirAlpha methodology
Acquisitions by Neogen
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Vet HyCoat Hyaluronate Sodium Sterile Solution voluntary recall | 2026-01 | Completed | 32 |
| 2024 | |||
| New facility construction in Lansing (5×) | 2024-03 | Completed | 22 |
| 2023 | |||
| Integration of three of four main product lines into Neogen facilities | 2023-09 | Completed | 5 |
| Corvium acquisition | 2023-02 | Completed | 7 |
| 2022 | |||
| 3M Food Safety Division reverse Morris Trust transaction | 2022-09 | Completed | 22 |
| 3M Food Safety Division merger (5×) | 2022-09 | Completed | 19 |
| $900 million senior secured credit facilities | 2022-08 | Completed | 7 |
| Thai-Neo Biotech Acquisition | 2022-07 | Completed | 7 |
| 2021 | |||
| Delf Acquisition (2×) | 2021-11 | Completed | 6 |
| CAPInnoVet Acquisition | 2021-09 | Completed | 6 |
| Genetic Veterinary Sciences Acquisition | 2021 | Completed | 22 |
Divestitures and exits by Neogen
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Genomics business sale to Zoetis (4×) | 2026-03 | Divested | 29 |
| 2025 | |||
| Portfolio review with divestiture opportunities | 2025-06 | Divested | 17 |
| Cleaners & Disinfectants business divestiture (4×) | 2025 | Divested | 29 |
| 2024 | |||
| Exit from transition distribution services agreement with 3M | 2024-03 | Divested | 9 |
| Discontinued dairy antibiotics test kit product line | 2024-03 | Divested | 7 |
| Discontinued Thyrokare product line | 2024-03 | Divested | 7 |
| 2023 | |||
| Corvium Inc. Minority Interest Dissolution | 2023-02 | Divested | 4 |
Partnerships and contracts of Neogen
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Strategic collaboration with Hinalea Imaging Corp. | 2026 | Agreement | 31 |
Neogen Risks (79 since the annual report of 2026-07-30, 234 tracked in total)
NadirAlpha lists 79 active risks of Neogen from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology
Category: LegalRegulatoryTechnologyCustomersMacroGeopoliticsPeopleCompetitionStrategySupply chainFinancialESG
| Risk | Category | Last reported |
|---|---|---|
| Neogen: first mention in 10-Q quarterly report of 2026-10-07 (2027-Q1), source 32 | ||
| Vet HyCoat Hyaluronate Sodium Sterile Solution recall initiated January 2026; affects approximately 133,000 units; multiple lawsuits and class action filed; one settlement reached September 2026. | = | |
| Federal securities class action dismissed with prejudice August 2026; plaintiffs appealed September 2026; Minnesota Securities Act class action motion to dismiss pending. | = | |
| Derivative action filed December 2025; stay lifted August 2026 following federal securities action dismissal; stay reinstated September 2026 pending appeal. | = | |
| FDA issued Warning Letter September 2026 to third-party contract manufacturer following inspection and microbiological contamination testing. | = | |
| ACCC and NZCC reviews moved to second phase; expected conclusion by end of December 2026. | = | |
| Petrifilm sample collection product line relocation from 3M facility resulted in duplicative costs and production inefficiencies continuing through Q1 2027. | = | |
| Companion animal market experiencing weakness from inflation, lower pet adoptions, and higher customer in-sourcing. | = | |
| Tariffs and trade policy changes increase costs on imported materials and impact international sales of U.S. manufactured products. | = | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2026-10-06 (2027-Q1), source 31 | ||
| Global business disruption from geopolitical conflicts including Russia-Ukraine and Middle East | = | |
| Competition for recruitment and retention of key employees impacting operations. | 2027-Q1 2026-10-07 32 | |
| Research and development risks related to innovation engine rebuilding | = | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2026-07-30 (FY2026), source 30 | ||
| Risks related to customer service during transformation initiatives | 2027-Q1 2026-10-06 31 | |
| Increased competitive pressures in food safety and animal safety markets | 2027-Q1 2026-10-06 31 | |
| Neogen: first mention in 10-K annual report of 2026-07-30 (FY2026), source 29 | ||
| Pending regulatory reviews for Zoetis Genomics acquisition expected by December 2026 | 2027-Q1 2026-10-06 31 | |
| Neogen: first mention in 10-Q quarterly report of 2026-01-08 (2026-Q2), source 25 | ||
| Russia-Ukraine invasion and Middle East conflict creating global business disruption. | 2027-Q1 2026-10-07 32 | |
| Neogen: first mention in 10-Q quarterly report of 2024-10-10 (2025-Q1), source 15 | ||
| OECD Pillar Two global minimum tax rules (15% minimum rate) applicable for tax years beginning 2024; no material top-up tax forecasted for Q1 2027. | 2027-Q1 2026-10-07 32 | |
| Neogen: first mention in 10-Q quarterly report of 2023-10-10 (2024-Q1), source 7 | ||
| Third-party supplier quality and manufacturing issues have largely improved but continue to impact operations; elevated inventory write-offs from international location expiration. | 2027-Q1 2026-10-07 32 | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2023-07-27 (2023-Q4), source 5 | ||
| Manufacturing transition risks related to Petrifilm production at Lansing facility | 2027-Q1 2026-10-06 31 | |
| Integration of 3M Food Safety business continues with associated costs | 2027-Q1 2026-10-06 31 | |
| Neogen: first mention in 10-Q quarterly report of 2023-04-04 (2023-Q3), source 4 | ||
| Elevated interest rates increase borrowing costs; unhedged debt portion exposes company to continued rate risk. | 2027-Q1 2026-10-07 32 | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2026-07-30 (FY2026), source 30 | ||
| Potential asset impairments similar to prior period charges | = | |
| Shareholder litigation expenses incurred during period | = | |
| Inability to meet stakeholder expectations around ESG objectives | = | |
| Changing political conditions affecting operations | = | |
| Compliance with and potential changes in domestic and foreign laws | = | |
| Potential security breaches and systems infrastructure failures | = | |
| Neogen: first mention in 10-K annual report of 2026-07-30 (FY2026), source 29 | ||
| Swiss operation restructuring constrained by built-in gains related to 3M FSD transaction | = | |
| Transfer pricing adjustments in multiple jurisdictions could result in significant income tax adjustments impacting operating results. | = | |
| Reliance on independent distributors who may promote competitors and face financial difficulties | = | |
| Petrifilm manufacturing transition complexity and integration challenges could delay benefits realization | = | |
| Leadership transitions including CEO and CFO changes could impact execution of strategic plans and integration of acquisitions. | = | |
| Loss of regulatory approvals or product recalls for food safety and other regulated products could materially harm business and require costly corrective actions. | = | |
| Difficulty replacing 3M-provided benefits, services, and financial support post-transaction | = | |
| Failure to meet stakeholder expectations for environmental, social and governance objectives could damage reputation and affect access to capital. | = | |
| Fluctuations in global capital markets affecting interest and currency exchange rates | = | |
| Covenant ratios could limit available capacity under Revolving Credit Facility | = | |
| No current plans to pay dividends in the near term | = | |
| Significant fluctuations in quarterly and annual operating results | = | |
| Changes in tax laws including OECD Pillar Two global minimum tax and OBBBA could increase tax liabilities and compliance costs. | = | |
| Changes in tax rates and outcomes of tax audits affecting profitability | = | |
| Reliance on third-party delivery services subject to work stoppages and price increases | = | |
| Significant management transitions could adversely affect business and strategic initiatives | = | |
| Compliance burden with anti-bribery, trade control, and anti-corruption laws | = | |
| Success dependent on ability to obtain and maintain intellectual property protection | = | |
| GDPR, CCPA and other data privacy laws increasing compliance costs and exposure | = | |
| Changes in environmental, employment, tax, and health/safety regulations | = | |
| Challenges in identifying, integrating and managing acquisitions | = | |
| AI and emerging technology disruptions may affect competitive position and create compliance risks | = | |
| Cybersecurity vulnerabilities and data breach risks affecting operations and reputation | = | |
| Product recalls or quality issues could damage brand reputation and sales | = | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2026-04-09 (2026-Q3), source 28 | ||
| Risks related to outcomes of litigation and legal proceedings generally | = | |
| Neogen: first mention in 10-Q quarterly report of 2026-04-09 (2026-Q3), source 27 | ||
| Legal proceedings not expected to have material effect on results | = | |
| Neogen: first mention in 10-Q quarterly report of 2026-01-08 (2026-Q2), source 25 | ||
| Internal control material weaknesses in financial reporting remediation | = | |
| Neogen: first mention in 10-K annual report of 2025-07-30 (FY2025), source 22 | ||
| Dependence on key suppliers and distributor relationships | FY2026 2026-07-30 30 | |
| Ability to obtain and protect intellectual property rights | FY2026 2026-07-30 30 | |
| Products could be subject to patent infringement challenges | FY2026 2026-07-30 29 | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2025-04-09 (2025-Q3), source 20 | ||
| Shareholder class/derivative actions and product liability claims from Vet HyCoat recall | FY2026 2026-07-30 29 | |
| Neogen: first mention in 10-K annual report of 2024-07-30 (FY2024), source 13 | ||
| Substantial indebtedness with covenant obligations could limit operational flexibility | FY2026 2026-07-30 29 | |
| International expansion subject to political instability, export controls, currency fluctuations, and regulatory differences | FY2026 2026-07-30 29 | |
| Changes in political conditions and election outcomes in markets where products are sold could create uncertainty regarding government policies and regulations. | FY2026 2026-07-30 29 | |
| Primary customers in agricultural industries subject to cyclical economic conditions | FY2026 2026-07-30 29 | |
| Catastrophic loss at facilities could disrupt operations and revenue | FY2026 2026-07-30 29 | |
| Neogen: first mention in 10-Q quarterly report of 2024-04-09 (2024-Q3), source 11 | ||
| ERP harmonization and systems integration complexity requiring significant investment | FY2026 2026-07-30 29 | |
| Neogen: first mention in 10-Q quarterly report of 2023-10-10 (2024-Q1), source 7 | ||
| Subject to certain legal and other proceedings not expected to have material effect on results of operations or financial position. | 2026-Q1 2025-10-09 23 | |
| Neogen: first mention in 10-K annual report of 2023-08-15 (FY2023), source 6 | ||
| Tariffs and other trade measures impacting operations | FY2026 2026-07-30 30 | |
| Deterioration in profitability could result in impairment of goodwill and intangible assets | FY2026 2026-07-30 29 | |
| Market price of common stock could be highly volatile | FY2026 2026-07-30 29 | |
| Substantial indebtedness and leverage management challenges | FY2026 2026-07-30 30 | |
| Climate change impacts on business and operations | FY2026 2026-07-30 30 | |
| Ability to attract and retain key personnel | FY2026 2026-07-30 30 | |
| Product or service liability claims | FY2026 2026-07-30 30 | |
| Maintaining effective internal control systems amid acquisitions and organizational changes | FY2026 2026-07-30 29 | |
| Tax audits and changes in tax laws in different jurisdictions | FY2026 2026-07-30 30 | |
| Ability to develop and commercialize new products with market acceptance is critical to future growth and profitability. | FY2026 2026-07-30 29 | |
| Food and animal safety industries characterized by intense competition from larger competitors | FY2026 2026-07-30 29 | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2023-07-27 (2023-Q4), source 5 | ||
| Significant portion of products and revenues affected by domestic and foreign regulation | FY2026 2026-07-30 29 | |
| Neogen: first mention in 10-Q quarterly report of 2023-04-04 (2023-Q3), source 4 | ||
| Potential disruption in manufacturing and service operations | FY2026 2026-07-30 30 | |
| Neogen: first mention in 8-K-EX99.1 earnings release of 2023-03-30 (2023-Q3), source 3 | ||
| Food safety product failures resulting in undetected contamination could lead to serious public health consequences and regulatory enforcement actions. | FY2026 2026-07-30 29 | |
| Neogen: first mention in 10-Q quarterly report of 2023-01-09 (2023-Q2), source 2 | ||
| End market experiencing lower food production levels due to cumulative inflation impacts. | FY2026 2026-07-30 29 | |
Neogen Reported KPIs (as disclosed) (140)
Figures Neogen discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| Neogen, published 2026-10-07, period 2027-Q1 | ||
| Total stockholders' equity | 2,086.4 | 32 |
| Gross Margin | 47.4% | 32 |
| Food Safety Revenue | 163.2 | 32 |
| Cash and cash equivalents | 172.0 | 32 |
| Animal Safety Revenue | 59.6 | 32 |
| Neogen, published 2026-10-06, period 2027-Q1 | ||
| Food Safety revenue growth | 7.4% | 31 |
| Core Growth | 8.1% | 31 |
| Animal Safety revenue growth | 4.2% | 31 |
| Adjusted Operating Margin | 16.4% | 31 |
| Adjusted Gross Margin | 49.8% | 31 |
| Adjusted EBITDA Margin | 18.7% | 31 |
| Neogen, published 2026-07-30, period FY2026 | ||
| Term Loan Facility Outstanding | 405.0 | 29 |
| Standby Letters of Credit | 3.2 | 29 |
| Senior Notes Outstanding | 346.5 | 29 |
| Revolving Credit Facility Outstanding | 48.5 | 29 |
| Outstanding Indebtedness | 800.0 | 29 |
| Estimated Capital Expenditures | 40 | 29 |
| Core Growth | 4.3% | 30 |
| Cash and Cash Equivalents | 185.5 | 29 |
| Capital Expenditures | 51.3 | 29 |
| Capital Expenditures | 104.6 | 29 |
| Borrowing Available Revolving Credit | 198.3 | 29 |
| Neogen, published 2026-04-09, period 2026-Q3 | ||
| Standby Letters of Credit | $3.2 million | 27 |
| Cash and Cash Equivalents | $159.9 million | 27 |
| Available Borrowing Capacity | $198.3 million | 27 |
| Free Cash Flow | 11.1 | 28 |
| Cash Flow from Operations | 22.7 | 28 |
| Neogen, published 2026-01-08, period 2026-Q2 | ||
| Total Outstanding Debt | $800.0 million | 26 |
| Service Revenue (six months) | 50.7 million | 25 |
| Service Revenue | 25.7 million | 25 |
| International Sales (six months) | 221.4 million | 25 |
| International Sales | 114.3 million | 25 |
| Gross Margin | 47.5% | 26 |
| Gross Margin (three months) | 47.5% | 25 |
| Gross Margin (six months) | 46.5% | 25 |
| Estimated amortization expense fiscal years 2026 through | approximately 89 million to 93 million | 25 |
| Committed borrowing capacity | $201.5 million | 26 |
| Cash proceeds from sale of Cleaners & Disinfectants business | 121.7 million | 25 |
| Cash and cash equivalents | 145.3 million | 25 |
| Cash and cash equivalents | $145.3 million | 26 |
| Capital expenditures estimate for fiscal | approximately 50 million | 25 |
| Borrowings available under revolving line of credit | 201.5 million | 25 |
| Amortization expenses (six months) | 45.9 million | 25 |
| Amortization expenses | 22.9 million | 25 |
| Neogen, published 2025-10-09, period 2026-Q1 | ||
| Estimated amortization expense fiscal years 2026 through | 89 million to 94 million | 23 |
| Divestiture proceeds Cleaners & Disinfectants business | 121,700 | 23 |
| Cash and Cash Equivalents | 138,900 | 23 |
| Capital expenditures related to 3M FSD integration | 35 million | 23 |
| Capital expenditure estimate fiscal | 50 million | 23 |
| Borrowings available under revolving line of credit | 201,500 | 23 |
| Total Outstanding Debt | 800.0 million | 24 |
| Gross Margin | 45.4% | 24 |
| Committed borrowing headroom | 201.5 million | 24 |
| Cash and cash equivalents | 138.9 million | 24 |
| Adjusted EBITDA Margin | 17.0% | 24 |
| Neogen, published 2025-07-30, period FY2025 | ||
| Variable rate debt percentage | 38.9% | 22 |
| Unrecognized tax benefits | 3.8 million | 22 |
| International revenues percentage | 50.2% | 22 |
| Cash and Cash Equivalents | 129.0 million | 22 |
| Borrowings available revolving line of credit | 150.0 million | 22 |
| Neogen, published 2025-07-29, period 2025-Q4 | ||
| Total outstanding debt | 900.0 million | 21 |
| Total cash and investments | 129.0 million | 21 |
| Gross Margin excl. integration costs (Q4 FY25) | 46.5% | 21 |
| Gross Margin (Q4 FY25) | 41.2% | 21 |
| Gross Margin (Q4 FY24) | 47.9% | 21 |
| Gross Margin (Full Year FY25) | 47.1% | 21 |
| Gross Margin (Full Year FY24) | 50.2% | 21 |
| Committed borrowing headroom | 150.0 million | 21 |
| Adjusted EBITDA Margin (Q4 FY25) | 18.0% | 21 |
| Adjusted EBITDA Margin (Q4 FY24) | 22.4% | 21 |
| Adjusted EBITDA Margin (Full Year FY25) | 20.6% | 21 |
| Adjusted EBITDA Margin (Full Year FY24) | 23.1% | 21 |
| Neogen, published 2025-04-09, period 2025-Q3 | ||
| Non-current debt | $900.0 million | 20 |
| Gross Margin | 49.9% | 20 |
| Committed borrowing headroom | $150.0 million | 20 |
| Cash and cash equivalents | $127.7 million | 20 |
| Adjusted EBITDA Margin | 22.0% | 20 |
| Neogen, published 2025-01-15, period 2025-Q2 | ||
| Cash and cash equivalents | $140.2 million | 18 |
| Capital expenditures estimate | $85 million | 18 |
| Available revolving credit | $150.0 million | 18 |
| Adjusted EBITDA margin | 22.2% | 18 |
| Neogen, published 2025-01-10, period 2025-Q2 | ||
| Total outstanding non-current debt | $900.0 million | 17 |
| Gross Margin | 49.0% | 17 |
| Committed borrowing headroom | $150.0 million | 17 |
| Cash and cash equivalents | $140.2 million | 17 |
| Adjusted Gross Margin (excl. integration and restructuring costs) | 52.2% | 17 |
| Adjusted EBITDA Margin | 22.2% | 17 |
| Neogen, published 2024-10-10, period 2025-Q1 | ||
| Non-current debt | $900.0 million | 16 |
| Gross Margin | 48.4% | 16 |
| Committed borrowing headroom | $150.0 million | 16 |
| Cash and cash equivalents | 120.5 million | 15 |
| Cash and cash equivalents | $120.5 million | 16 |
| Available borrowing capacity under revolving facility | 150.0 million | 15 |
| Adjusted gross margin | 50.7% | 16 |
| Adjusted EBITDA Margin | 20.1% | 16 |
| Neogen, published 2024-07-30, period FY2024 | ||
| Net (loss) income margin | -1.0% | 13 |
| Days' sales outstanding | 61 | 13 |
| Adjusted EBITDA margin | 23.1% | 13 |
| Neogen, published 2024-07-30, period 2024-Q4 | ||
| Total Outstanding Non-Current Debt | 900.0 million | 14 |
| Total Cash and Investments | 170.9 million | 14 |
| Gross Margin (Q4 FY24) | 47.9% | 14 |
| Gross Margin (Q4 FY23) | 50.9% | 14 |
| Gross Margin (Full Year FY24) | 50.2% | 14 |
| Gross Margin (Full Year FY23) | 49.4% | 14 |
| Committed Borrowing Headroom | 150.0 million | 14 |
| Adjusted EBITDA Margin (Q4 FY24) | 22.4% | 14 |
| Adjusted EBITDA Margin (Q4 FY23) | 26.1% | 14 |
| Adjusted EBITDA Margin (Full Year FY24) | 23.1% | 14 |
| Adjusted EBITDA Margin (Full Year FY23) | 25.0% | 14 |
| Neogen, published 2024-04-09, period 2024-Q3 | ||
| Total outstanding non-current debt | 900.0 million | 12 |
| Total cash and investments | 168.4 million | 12 |
| International Sales Percentage 9M | 49% | 11 |
| International Sales Percentage 3M | 46% | 11 |
| Gross Margin | 51.1% | 12 |
| Days Sales Outstanding | 65 | 11 |
| Core revenue growth (Q3) | 6.2% | 12 |
| Core Sales Growth Food Safety 3M | 6% | 11 |
| Core Sales Growth Consolidated 3M | 6% | 11 |
| Core Sales Growth Animal Safety 3M | 7% | 11 |
| Committed borrowing headroom | 150.0 million | 12 |
| Adjusted EBITDA Margin | 23.0% | 12 |
| Neogen, published 2024-01-09, period 2024-Q2 | ||
| Total outstanding non-current debt | 900.0 million | 10 |
| Total cash and investments | 230.3 million | 10 |
| Gross margin (Q2) | 50.9% | 10 |
| Gross margin (Q2 prior year) | 48.9% | 10 |
| Days sales outstanding | 56 | 9 |
| Committed borrowing headroom | 150.0 million | 10 |
| Cash and equivalents and marketable securities | 230.3 million | 9 |
| Adjusted EBITDA Margin (Q2) | 24.0% | 10 |
| Adjusted EBITDA Margin (Q2 prior year) | 27.8% | 10 |
| Adjusted EBITDA Margin (6M) | 23.4% | 10 |
| Adjusted EBITDA Margin (6M prior year) | 25.1% | 10 |
| Neogen, published 2023-10-10, period 2024-Q1 | ||
| Total Outstanding Debt | 900.0 million | 8 |
| Total Cash and Investments | 239.3 million | 8 |
| Gross Margin | 51.0% | 8 |
| Days Sales Outstanding | 53 | 7 |
| Committed Borrowing Headroom | 150.0 million | 8 |
| Cash and equivalents and marketable securities | 239.3 million | 7 |
| Adjusted EBITDA margin | 22.9% | 7 |
| Adjusted EBITDA Margin | 22.9% | 8 |
Neogen Development
The business development of Neogen period by period up to Q1 FY2027, each text from the original report of that period, source numbers lead to the source. NadirAlpha methodology
FY2027: Neogen
Neogen Corp reported first-quarter FY2027 revenue of 222.8 million, reflecting year-over-year growth of 6.5% and core growth of 8.1% 31. Gross margin improved to 47.4% from 45.4% in the prior year, driven by higher volumes, price increases, and favorable foreign currency impacts, partly offset by higher duplicative costs related to Petrifilm manufacturing 32. Net result was a loss of 11.9 million, compared to net income of $36.3 million in the prior-year period, primarily due to the absence of a $76.4 million gain on the sale of the Cleaners and Disinfectants business recorded in the prior period 32. Free cash flow was 4.7 million, and the company made $10.0 million of prepayments on its Term Loan subsequent to quarter end, with no additional required principal payments until Q3 FY2029 32. Full-year FY2027 financial guidance was raised, with revenue expected in the range of $885-$890 million and Adjusted EBITDA of $181-$183 million 31.
FY2026: Neogen
Neogen Corp reported fiscal year 2026 revenues of $870.4 million, a decline of 2.7% from $894.7 million in fiscal 2025, primarily attributable to $55.6 million in discontinued product lines following the divestiture of the Cleaners and Disinfectants business, partially offset by $14.0 million of favorable foreign exchange and $17.3 million in underlying business growth, with core revenue growing 1.9% for the full year (29, 30). Net loss narrowed to $7.9 million from $1,092.0 million in the prior year, with the fiscal 2025 result driven by a $1,059.3 million goodwill impairment charge; fiscal 2026 also included a $76.4 million gain on the Cleaners and Disinfectants divestiture (29). Gross margin contracted to 46.9% from 47.1%, pressured by volume decreases and duplicative manufacturing costs related to the Petrifilm production transition from 3M; a roughly 10% global headcount reduction initiated in the second quarter contributed to cost savings (29). Operating cash flow increased $25.0 million to $83.2 million, supported by working capital improvements in inventory and accounts payable (29). During fiscal 2026, Neogen completed the Cleaners and Disinfectants divestiture, announced a definitive agreement to sell its Genomics business to Zoetis Inc. for $160.0 million, and appointed a new Chief Executive Officer as part of a broader operational transformation (29, 30).
FY2025: Neogen
Neogen Corp reported fiscal year 2025 total revenues of $894.7 million, a 3.2% decline from $924.2 million in fiscal 2024, with core revenue essentially flat at a 0.2% decline as foreign exchange headwinds of $24.3 million and discontinued product lines weighed on reported results 22. The Food Safety segment declined 3% to $638.1 million with full-year core growth of 1.2%, while the Animal Safety segment declined 5% to $256.5 million with a core decline of 3.5%, reflecting genomics restructuring-driven attrition and weakness in the companion animal market 21 22. A non-cash goodwill impairment charge of $1,059.3 million, related primarily to the acquisition of the former 3M Food Safety Division, drove a full-year GAAP net loss of $1,092.0 million; adjusted net income for the year totaled $70.9 million or $0.33 per diluted share 22 21. Full-year adjusted EBITDA declined to $184.2 million at a 20.6% margin from $213.2 million at a 23.1% margin in the prior year, reflecting lower volume, higher manufacturing and integration costs, and elevated inventory adjustments 21. During fiscal 2025, Neogen restructured its Genomics business, completed an April 2025 debt refinancing, and announced the divestiture of its global Cleaners & Disinfectants business, which closed July 18, 2025 for $130.0 million in cash 22.
FY2024: Neogen
Neogen Corp reported FY2024 full-year revenues of $924.2 million, a 12.4% increase over FY2023, reflecting the first complete fiscal year of contribution from the 3M Food Safety Division integrated in September 2022, which drove the Food Safety segment to 70.9% of total revenues at $655.3 million 14. Gross margin expanded to 50.2% from 49.4% in FY2023, driven by the higher-margin FSD product mix, while the full-year net loss narrowed to $9.4 million from $22.9 million in the prior year as prior-year transaction and integration one-off expenses did not recur 13. The Animal Safety segment declined 2.5% to $268.9 million for the full year, and the Genomics business experienced mid-single-digit core revenue declines with U.S. customer attrition partially offset by international growth 14. Integration-related disruptions from the SAP ERP implementation and the exit of 3M distribution and back-office transition service agreements caused order fulfillment delays that contributed to two downward revisions of full-year revenue guidance during the year, with actual revenue falling below the initial guidance range of $955 million to $985 million 8 12 14. Capital expenditures of $111.4 million, largely related to the new Lansing manufacturing facility and FSD integration projects, produced negative full-year free cash flow of -$76.1 million, with the company indicating peak integration capex and working capital outflows were complete as of fiscal year-end 13 14.
FY2023: Neogen
Neogen Corp reported full-year revenue of $822.4 million in fiscal 2023, a 56% increase from $527.2 million in fiscal 2022, driven primarily by the Reverse Morris Trust combination with 3M's Food Safety Division (FSD) closing on September 1, 2022 for approximately $3.2 billion, contributing 54.5% to revenue growth alongside 4.0% organic core growth 6. Full-year gross margin expanded to 49.4% from 46.1% in fiscal 2022, and Adjusted EBITDA grew 78.1% to $205.4 million with margin improving to 25.0% from 21.9%, reflecting the higher-margin FSD product mix and pricing actions 6. Neogen reported a full-year net loss of $22.9 million versus net income of $48.3 million in the prior year, attributable to $56.0 million in interest expense on the $1.0 billion transaction debt and $59.8 million in transaction-related fees 6. International revenues increased 90% to $398.4 million, representing 48.4% of total revenues versus 39.7% in fiscal 2022, driven by FSD's predominantly international revenue base 6. For fiscal 2024, the company initiated revenue guidance of $955 million to $985 million and Adjusted EBITDA of $235 million to $255 million, with FSD integration expected to progress through fiscal Q3 FY2024 5.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Op. income (adj.): Adjusted operating income, verbatim and company-defined (non-GAAP), never derived.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
The evidence base for Neogen stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
Older sources (+19)
| # | Document type | Published |
|---|---|---|
| #201 | 10-Q quarterly report | 2016-03-31 |
| #202 | 10-K annual report | 2016-07-29 |
| #204 | 10-K annual report | 2016-07-29 |
| #206 | 10-K annual report | 2016-07-29 |
| #203 | 10-Q quarterly report | 2016-12-29 |
| #210 | 10-K annual report | 2017-07-28 |
| #205 | 10-Q quarterly report | 2018-01-05 |
| #214 | 10-K annual report | 2018-07-27 |
| #207 | 10-Q quarterly report | 2018-10-05 |
| #208 | 10-Q quarterly report | 2018-12-28 |
| #209 | 10-Q quarterly report | 2019-03-29 |
| #211 | 10-Q quarterly report | 2019-09-26 |
| #212 | 10-Q quarterly report | 2019-12-27 |
| #213 | 10-Q quarterly report | 2020-04-03 |
| #217 | 10-Q quarterly report | 2020-07-30 |
| #218 | 10-K annual report | 2020-07-30 |
| #215 | 10-Q quarterly report | 2020-09-30 |
| #216 | 10-Q quarterly report | 2020-12-29 |
| #219 | 10-Q quarterly report | 2021-09-30 |
Neogen Stock FAQ
Is there a management forecast (guidance) for FY2027?
Yes. Management has issued targets for FY2027, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does Neogen report?
As reported for Q1 FY2027 (Jun to Aug 2026): Adjusted EBITDA Margin, Gross Margin, Core Growth, Total stockholders' equity, Food Safety Revenue, Animal Safety Revenue. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Food Safety, Animal Safety.
Where can I find the official investor relations documents of Neogen?
NadirAlpha links all 51 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.