NEOGNasdaqIn Vitro & In Vivo Diagnostic SubstancesUS GAAP · USD

Neogen Corporation

Neogen Corp develops and sells products and services used to test food, feed, and agricultural inputs for safety and quality, while also providing genomics and animal safety solutions. The company serves global food producers, laboratories, veterinarians, breeders, and distributors through a mix of direct sales and channel partners, with a strong international footprint.

Ask about the company
Revenue870m USD
−2.7 %y/y
Operating profit (EBIT)-21.6m USD
+98.0 %y/y
EBIT margin-2.5%
+116.1 ppy/y
Net income-7.9m USD
+99.3 %y/y
Free cash flow31.9m USD
+168.8 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-1,500-1,000-50005001,000m USD2021: 468 m USD2021: EBIT 74 m USD20212022: 527 m USD2022: EBIT 59 m USD20222023: 822 m USD2023: EBIT 38 m USD20232024: 924 m USD2024: EBIT 59 m USD20242025: 895 m USD2025: EBIT -1,061 m USD20252026: 870 m USD2026: EBIT -22 m USD2026870-22
RevenueOperating profit (EBIT)
Ask Clarifo about Neogen Corporation

Business

Share of revenue
Food Safety Testing55 %

Disposable tests, culture media, pathogen detection, sanitation, allergen, and toxin testing products.

Animal Safety25 %

Veterinary diagnostics, animal health products, genomics services, and related instruments.

Pest Control and Hygiene10 %

Rodent control, insect control, cleaners, and disinfectants used in agricultural and food environments.

Services and Support10 %

Genomics testing services, training, technical support, and instrument service activities.

Products

Reported · share of revenue
88.3%11.7%FY2026100 %
  • Products88.3 %
  • Services11.7 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Neogen sells to food processors, laboratories, and agricultural customers that need fast, reliable testing to protect product quality and compliance. In animal safety, its customers include veterinarians, livestock producers, breed associations, genetics companies, retailers, distributors, and government agencies. The company also serves end markets such as companion animals, dairy, swine, poultry, beef, aquaculture, and commercial testing labs.

Food processors and quality labs

Buy allergen, toxin, pathogen, sanitation, and sample testing products to verify food safety and compliance.

Livestock and animal production customers

Buy genomics services, diagnostics, and animal safety products to improve herd performance and health.

Veterinarians and companion animal channels

Buy veterinary instruments, diagnostics, and related products for clinical use and resale.

Distributors and retailers

Buy Neogen products for resale and channel reach, especially in markets without direct presence.

Breeding, genetics, and research organizations

Buy genomics testing and specialized products to support breeding decisions and research workflows.

Strategy

Neogen is focused on expanding existing product sales, launching new products, and growing international revenue while continuing to acquire complementary businesses and technologies. Management also emphasizes integration of the 3M Food Safety transaction, in-house manufacturing transition for Petrifilm, and operational improvements to protect margins and support growth. The strategy is aimed at broadening the product portfolio and strengthening global distribution reach.

Integrate the 3M Food Safety businessShort term

Successful integration is needed to realize synergies, stabilize operations, and support growth.

Expand international salesMedium term

International markets are a major growth lever and help diversify demand beyond the U.S.

Develop and commercialize new productsMedium term

New products help offset competitive pressure and support share gains in food and animal safety.

Improve manufacturing and supply chain controlMedium term

In-house production and better supply resilience can reduce disruption and support margins.

Geography

Neogen generates a large share of revenue outside the United States and maintains operations in 28 countries beyond the U.S. It has direct sales and manufacturing/service presence across Europe, Latin America, Asia Pacific, Canada, and the U.S., with regional hubs in Scotland, Brazil, China, and Australia/New Zealand. International exposure matters because foreign exchange, distributor mix, and local market demand materially affect results.

Risks

Neogen faces execution risk from integrating the 3M Food Safety business and from realizing expected synergies after a large transaction. It is also exposed to supplier concentration, distributor dependence, foreign exchange, tariffs, and competitive pressure across many product lines. Goodwill and intangible asset impairment risk is elevated given the recent impairment charge and the sensitivity of valuations to cash flow assumptions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →3M Food Safety integration risk1Foreign exchange volatility2Goodwill and intangible asset impairment3Supplier and single-source dependency4Distributor channel dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. 3M Food Safety integration riskImpact: HighLikelihood: High

    The company still needs to integrate manufacturing and operations to realize transaction benefits.

    ExposureSynergiesCost structureGrowth expectations
  2. Foreign exchange volatilityImpact: HighLikelihood: High

    International revenue is large and management disclosed a material currency headwind in fiscal 2025.

    Exposure: Reported revenue and operating results

  3. Goodwill and intangible asset impairmentImpact: HighLikelihood: High

    A large goodwill impairment already occurred, and further declines in cash flows could trigger more charges.

    Exposure: Balance sheet carrying values and earnings

  4. Supplier and single-source dependencyImpact: HighLikelihood: Medium

    Some raw materials and products come from third parties or sole sources, creating disruption risk.

    ExposureProduction continuityProduct availabilityMargins
  5. Distributor channel dependenceImpact: MediumLikelihood: Medium

    A meaningful portion of sales is made through distributors, which can affect demand visibility and pricing.

    Exposure: Channel inventory swings and customer access

Ask Clarifo about Neogen Corporation

Accounting

Judgemental items
Goodwill impairment

A $461.4 million charge in Food Safety shows valuation sensitivity to future cash flows and discount rates.

Impact: Can materially affect net income and balance sheet equity

Fair value estimation

Management uses discounted cash flow and market multiples to test reporting unit value.

Impact: Changes in assumptions can trigger additional impairment charges

Revenue mix between products and services

Genomics services and product sales may be recognized differently and have different seasonality.

Impact: Affects quarterly comparability and margin analysis

Foreign currency translation

International revenue is significant and currency headwinds were explicitly disclosed.

Impact: Can change reported revenue growth without changing underlying demand

Divestitures and discontinued product lines

Recent portfolio changes affect reported revenue trends and cost structure.

Impact: Reduces comparability across periods

Similar listed companies

Publicly listed companies with a comparable business focus.

NeoGenomics, Inc

NEO · Services-Testing Laboratories

Niagen Bioscience, Inc.

NAGE · Medicinal Chemicals & Botanical Products

Zoetis Inc.

ZTS · Pharmaceutical Preparations

Inogen Inc

INGN · Orthopedic, Prosthetic & Surgical Appliances & Supplies

Qiagen N.V

QGEN · Biological Products, (No Diagnostic Substances)

Biomerica, Inc

BMRA · In Vitro & In Vivo Diagnostic Substances

Last updated: 24/09/2026