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Here are 1-2 brief analogies to describe Neogen (NEOG):

• LabCorp for food and animal safety.
• A specialized Thermo Fisher Scientific focused on food and animal diagnostics.

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• Food Safety Diagnostics: Provides diagnostic test kits and systems for detecting pathogens, allergens, toxins, and other contaminants in food and agricultural products.
• Animal Safety Solutions: Offers a range of veterinary instruments, pharmaceuticals, vaccines, and supplies for the health and well-being of livestock and companion animals.
• Genomics Services: Delivers DNA testing and analysis services for livestock and companion animals to assess genetic traits, parentage, and disease markers.

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Neogen (symbol: NEOG) primarily sells its products and services to other companies (B2B) rather than directly to individuals. Due to the nature of its business, which involves a broad and diverse customer base across various segments of the food and animal safety industries, Neogen does not typically disclose the names of individual major customers that represent a significant portion (e.g., 10% or more) of its revenue in its public filings. Therefore, specific names of major customer companies are not publicly available.

Instead, Neogen's major customer categories, which are types of companies it serves, can be described as follows:

• Food Production and Processing Companies: This category encompasses a wide range of businesses involved in the cultivation, harvesting, processing, and packaging of food and beverages. This includes meat packers, dairy processors, fruit and vegetable growers, grain handlers, prepared food manufacturers, and foodservice providers. These customers utilize Neogen's diagnostic tests, culture media, and sanitation products for quality control, pathogen detection, allergen screening, and overall food safety assurance.

• Agricultural Companies and Animal Producers: This segment includes businesses engaged in livestock farming (e.g., cattle, swine, poultry, aquaculture operations), animal feed production, and broader agricultural enterprises. They rely on Neogen's genetic testing services, veterinary instruments, pharmaceuticals, vaccines, and biosecurity products to enhance animal health, welfare, and productivity, as well as to prevent and detect animal diseases.

• Veterinary Practices and Animal Health Distributors: Individual veterinary clinics, hospitals, and larger veterinary groups, along with distributors who supply a wide array of veterinary products to clinics, pharmacies, and animal producers, constitute a significant customer base for Neogen's animal safety division. These customers use Neogen's solutions for animal diagnostics, treatments, and general animal care.

• Reference Laboratories and Government Agencies: Independent testing laboratories, university research institutions, and governmental bodies (such as public health agencies, agricultural departments, and regulatory authorities) frequently use Neogen's diagnostic solutions for surveillance, routine testing, research, and regulatory compliance in both food and animal safety sectors.

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The key risks to Neogen's business are primarily centered around its significant acquisition and the resulting financial and operational challenges.

1. Integration of the 3M Food Safety Business and Realization of Expected Benefits: Neogen has faced substantial difficulties in integrating the acquired 3M Food Safety business, leading to operational delays, declining margins, and a significant $600 million goodwill impairment charge in Q2 2025. This integration challenge has been explicitly cited as a major factor that could cause actual results to differ from forward-looking statements. The company has also identified material weaknesses in its internal control over financial reporting, attributed to these integration challenges. The market has reacted negatively to these issues, with a substantial drop in Neogen's stock price following disclosures related to the integration.
2. Financial Instability and Debt Load: Neogen has exhibited signs of financial strain, including a plummeting operating margin of -271% in Q2 2025 and a negative average operating margin of 22.9% over the past five years. The company's EPS has also declined annually by 10.2%. While Neogen has strong short-term liquidity, its balance sheet shows a significant long-term debt burden of approximately $900 million as of the end of fiscal year 2025, largely due to financing the 3M acquisition. A high net debt to EBITDA ratio (6.4) and weak interest coverage further highlight the company's leveraged position and potential difficulty in servicing its debt if earnings continue to decline.
3. Legal and Regulatory Risks, including Securities Class-Action Lawsuits and Governance Issues: Neogen is currently facing a securities fraud class-action lawsuit alleging that executives misled investors about the integration process and financial health post-3M acquisition. The lawsuit claims that the company downplayed inefficiencies and overstated the success of the integration. Furthermore, material weaknesses in internal controls over financial reporting expose Neogen to further reputational and financial risks, particularly given the importance of regulatory compliance in the diagnostics and food safety sectors. Leadership instability, including CEO turnover, also contributes to governance concerns.

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The emergence of rapid, portable, real-time diagnostic technologies and AI-driven predictive analytics platforms poses a clear threat to Neogen's traditional diagnostic test kits and lab-based genomics services. These advanced solutions are enabling instantaneous, on-site detection of pathogens, toxins, and allergens in food, and proactive health monitoring and disease prediction in animals. This shift away from slower, lab-dependent, and often reactive testing methods towards immediate, continuous, and predictive insights directly challenges the core value proposition of many of Neogen's existing offerings by providing faster, more integrated, and potentially more cost-effective alternatives at the point of need.

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Neogen Corporation operates in two primary segments: Food Safety and Animal Safety. The addressable markets for their main products and services are as follows:

• Food Safety Testing: The global food safety testing market was valued at approximately USD 24.24 billion in 2024 and is projected to reach USD 44.06 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.85% from 2025 to 2032. Other estimates for 2024 place the market at USD 22.5 billion, growing to USD 44.1 billion by 2033, at a CAGR of 7% from 2024 to 2033. Another report estimates the market at USD 24.36 billion in 2024, expected to reach USD 48.01 billion by 2033. North America held the largest share of this market, valued at USD 10.55 billion in 2024, driven by stringent regulatory frameworks.
• Animal Genetics: The global animal genetics market was valued at USD 6.51 billion in 2024. It is projected to grow to approximately USD 12.11 billion by 2034, expanding at a CAGR of 6.4% from 2025 to 2034. Another source states the global animal genetics market size was valued at USD 7.77 billion in 2023 and is projected to grow to USD 14.78 billion by 2032, with a CAGR of 7.5% during the forecast period. North America dominated the animal genetics market with a market share of 51.61% in 2023, valued at USD 4.01 billion.
• Veterinary Diagnostics (including veterinary instruments): The global veterinary diagnostics market size was estimated at USD 10.71 billion in 2024 and is projected to reach USD 19.00 billion by 2030, growing at a CAGR of 10% from 2025 to 2030. Other sources estimate the global market size at USD 7.97 billion in 2024, projected to reach USD 17.67 billion by 2032, with a CAGR of 10.5%. North America dominated the global veterinary diagnostics market with a revenue share of 38.25% in 2024. The U.S. veterinary diagnostics market size was estimated at USD 3.66 billion in 2024 and is projected to reach approximately USD 9.72 billion by 2034. Specifically for Veterinary Surgical Instruments, which is a component of veterinary diagnostics, the global market size was valued at USD 1.6 billion in 2024. It is estimated to grow to USD 3.1 billion in 2034, at a CAGR of 7.1% from 2025 to 2034. North America dominated this market with a 43.1% share in 2024, and the U.S. market reached USD 625.2 million in 2024.

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1. Growth in Food Safety Segment: Neogen expects continued strong performance in its Food Safety segment, particularly with pathogen and food quality products, as well as its Petrifilm line. The company is investing in these key product areas, and a favorable regulatory environment in the U.S., especially concerning food safety, is expected to contribute to this growth.
2. Expansion in Underrepresented and International Regions: A significant driver for Neogen is its strategy to expand into and drive growth within underrepresented regions globally. Regions like Latin America have already demonstrated double-digit growth across key product categories, and Europe has shown mid-single-digit core revenue growth, indicating successful regional expansion efforts.
3. New Product Development and Innovation: Neogen is focused on innovation and sees new product development as a key opportunity for future revenue growth. An example of this is the launch of an automated reader for its Petrifilm product line, which enhances the efficiency and appeal of existing solutions.
4. Strategic Focus and Investment in Core Markets: The company's leadership identifies significant growth potential within its core food and animal safety markets. Neogen aims to leverage its expertise and comprehensive product portfolio in these sectors, supported by ongoing operational improvements and cost efficiencies that enable strategic reinvestment into high-growth areas and enhanced innovation.

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Share Repurchases

• Neogen's Board of Directors authorized a share repurchase program for up to three million shares in October 2018.
• As of May 31, 2024, 5,900,000 shares remained available for repurchase under the authorized program.
• The company did not repurchase any shares under this program during the fourth quarter of fiscal 2024 (ended May 31, 2024) nor in September and October 2024.

Share Issuance

• The merger with 3M's Food Safety business, completed in September 2022, led to the issuance of shares such that pre-merger Neogen Food Safety Corporation stockholders owned approximately 50.1% of the combined entity's common stock.
• The number of outstanding shares was approximately 216.69 million on June 30, 2024, and 217.21 million on June 30, 2025.
• Insider acquisitions of common shares occurred through the vesting and settlement of restricted stock units (RSUs), such as 1,777 shares on October 27, 2025, and 178,855 shares on November 3, 2025, by the CFO.

Inbound Investments

• BlackRock, Inc. acquired 5,112,618 shares of Neogen Corp on March 31, 2025, at $8.67 per share, increasing its total holdings to 30,944,709 shares.
• Jackson Square Partners LLC acquired 345,340 shares of Neogen stock, valued at approximately $1.65 million, in Q2 2025.
• Institutional investors collectively own 96.73% of Neogen's stock as of November 2025.

Outbound Investments

• Neogen acquired Ireland-based Megazyme, Ltd. in January 2021, a major supplier of analytical solutions for food and beverage quality control.
• The company completed a transformative merger with 3M's Food Safety business on September 1, 2022, after it was first announced in December 2021. This was a $1 billion transaction.
• In July 2025, Neogen completed the divestiture of its global Cleaners and Disinfectants business for $130 million, with proceeds intended for debt reduction.

Capital Expenditures

• Neogen's capital expenditures were $65 million in fiscal year 2023, $111 million in 2024, and $100 million in 2025.
• Capital expenditures were approximately $53 million in Q3 2023, largely associated with acquisitions and increasing capital requirements for growth.
• Expected capital expenditures for fiscal year 2026 are approximately $50 million, a significant decline from fiscal year 2025, with Q1 2026 expenditures focused on plant-related integration.