Neogen Corp(NEOG)

7.38-0.03-0.40%

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    • Dyl do
      ·
      2024-06-02
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      Grafa
      ·
      2024-04-09

      Neogen (NASDAQ:NEOG) reports mixed Q3, revenue up, net loss deepens

      Neogen Corporation (NASDAQ:NEOG) has announced its financial outcomes for the third quarter ended February 29, 2024. The company reported a 4.8% revenue increase to $228.8 million for the third quarter, compared to $218.3 million in the same period last year. Core revenue growth was 6.2%, unaffected by acquisitions or discontinued product lines, although foreign currency translation negatively impacted revenue growth by 1.4%. Unfortunately, the company experienced a net loss of $2 million, a decline from the previous year's net income of $8.2 million. Adjusted net income remained nearly flat at $26.4 million, primarily affected by an increase in depreciation expense. Surprisingly, gross margin improved to 51.1% in the current quarter from 49.5% a year ago, largely due to higher sales of mo
      Neogen (NASDAQ:NEOG) reports mixed Q3, revenue up, net loss deepens
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    • Company Profile

      Company Name
      Neogen Corp
      Market
      NASDAQ
      Establishment Date
      - -
      Employees
      - -
      Office Location
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      Introduction
      Neogen Corporation, together with its subsidiaries, develops, manufactures, and markets various products for food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells. This segment offers its products primarily to food and feed producers and processors; grain producers and processors; producers of cookies, crackers, candy, ice cream, and other processed foods; meat and poultry processors, seafood processors, fruit and vegetable producers, and dairies; laboratories; and producers of pharmaceuticals, cosmetics, and veterinary vaccines. The Animal Safety segment provides veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodenticides, cleaners, disinfectants, insecticides, and genomics testing services for the animal safety market. This segment offers various products for researchers to detect biologically active substances. Its drug detection immunoassay test kits are used for the detection of abused and therapeutic drugs in farm and racing animals; detection of drug residues in meat and meat products; and human forensic toxicology drug screening applications. In addition, this segment's products are used to maintain sanitary conditions and limit the potential hazards of bacteria, fungi, and viruses. Neogen Corporation was incorporated in 1981 and is headquartered in Lansing, Michigan.
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