Stock Track | Neogen Stock Surges Despite Q1 Earnings Miss on Positive Outlook

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Shares of Neogen Corporation (NEOG) soared 5.00% on October 11, 2024, despite the company reporting a disappointing first-quarter fiscal 2025 earnings miss. The stock's rally came as investors focused on the company's positive long-term prospects and efforts to regain market share following recent operational challenges.

For the first quarter, Neogen reported revenue of $217 million, a 1% decline in core revenue excluding currency, acquisitions, and discontinued product lines. The company's Food Safety segment saw a 4% revenue decrease, while the Animal Safety segment experienced an 8% core revenue decline.

However, despite the revenue headwinds, Neogen's management highlighted several positive factors that could drive future growth. The company solidified its position as the largest player in the food safety market following its $3 billion acquisition of 3M's food safety business, enhancing its product portfolio and geographic reach. Additionally, Neogen is benefiting from secular tailwinds in the food safety market, such as increasing regulatory requirements and consumer demand for food transparency.

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