Neogen Corporation (NEOG)

Neogen reported revenue of $222.8 million for the three months ended 31 August 2026, up from $209.2 million a year earlier 2.

The quarter still ended in a net loss of $11.9 million, against net income of $36.3 million a year before, when a $76.4 million gain on a business sale lifted the result 2.

The operating loss narrowed to $1.8 million from $16.1 million, as gross margin, the share of revenue left after production costs, rose to 47.4 percent from 45.4 percent 2.

The open question is the planned sale of the Genomics business to Zoetis for $160.0 million, now in a second phase of review by Australian and New Zealand competition regulators 2.

The company says those reviews are currently expected to conclude by the end of December 2026 2.

Neogen was formed as a Michigan corporation in June 1981 and began operations in 1982, selling test kits that detect dangerous substances in food and animal feed 1.

On September 1, 2022, it combined with the food safety division of 3M in a Reverse Morris Trust, a tax-efficient takeover of a spun-off unit, and that division became a subsidiary 1.

Trouble followed in the year ended May 31, 2025, when Neogen wrote off $1,059.3 million of goodwill, a charge admitting an acquisition is worth less than was paid 1.

It reported a net loss of $1,092.0 million for that year 1.

In fiscal 2025 the company also lost output when it moved its sample collection line out of 3M into a Neogen facility, and the filing says production inefficiencies continued throughout fiscal 2026 1.

In the second quarter of fiscal 2026, management started a restructuring plan to cut about 10 percent of global headcount 1.

Revenue for fiscal 2026 fell $24.3 million to $870.4 million from $894.7 million 1.

The company says $55.6 million of discontinued product lines, mainly the sold Cleaners and Disinfectants business, outweighed $17.3 million of growth and $14.0 million of favorable currency effects 1.

The sale of that business, completed in July 2025, brought a $76.4 million gain, and the cash went to debt: $51.5 million on the revolving facility and $45.0 million on the term loan 12.

In the third quarter of fiscal 2026, supplier quality and manufacturing problems hurt Animal Safety revenue, and the company says most of them eased in the fourth quarter after it set tougher supplier checks 1.

On March 2, 2026, Neogen announced it would sell its Genomics business, which does DNA testing for livestock and pets, to Zoetis for $160.0 million 1.

Food Safety

Food Safety is the larger segment, with fiscal 2026 revenue of $641.1 million, up from $638.1 million 1.

It sells single-use test kits and culture media that let food makers check for germs, toxins and allergens, such as Petrifilm plates, which grow and count microbes 1.

The biggest line is Indicator Testing and Culture Media at $332.7 million, followed by Bacterial and General Sanitation at $175.4 million 1.

In the August 2026 quarter the segment grew 7.3 percent to $163.2 million, led by pathogen detection 2.

Animal Safety

Animal Safety sells veterinary needles and instruments, animal medicines, rodent and insect control and genomics services, and its fiscal 2026 revenue fell 11 percent to $229.3 million 1.

Rodent control, insect control and disinfectants sales dropped to $68.9 million from $88.1 million, mostly because the disinfectants business was sold 1.

The segment grew 4.4 percent to $59.6 million in the August 2026 quarter 2.

People, plants and rivals

Mikhael Nassif signed the annual report as President and Chief Executive Officer 1.

Neogen manufactures in the U.S., the U.K., Ireland and Brazil, and as of May 31, 2026 about 1,257 full-time employees worked in manufacturing and services 1.

It owns 29 principal sites and leases 39 1.

The company names no single rival with its broad product line and says it faces intense competition in each product line, from small businesses to divisions of large multinational companies 1.

The umbrella, in words

The main brands include Petrifilm and Soleris for food testing, Ideal and Prima Tech for veterinary instruments, and Ramik and Prozap for rodent and insect control 1.

Neogen Food Safety Corporation, the unit that came from 3M, is a wholly owned subsidiary, and the 10-K says all consolidated subsidiaries are wholly owned 1.

By contract, Neogen carries a milestone liability tied to its CAPInnoVet, Inc. transaction, which gained $2.8 million in the August 2026 quarter 2.

The company expects the Genomics sale to Zoetis to close by the end of the first half of fiscal 2027, subject to regulatory approvals 1.

It says it is on track to begin a planned multi-quarter move of Petrifilm manufacturing to its Lansing site starting in fiscal 2027 1.

For fiscal 2027 it plans a growth strategy built on commercial excellence, innovation and operational efficiency, and expects production improvement to continue 1.

At its annual meeting on October 1, 2026, shareholders approved an amended and restated omnibus incentive plan, which governs equity awards for directors and employees 3.

No clue on file points to a new direction yet.