Neogen Corp (NASDAQ: NEOG) is a food and animal safety company that develops, manufactures, and sells diagnostic test kits, detection systems, and animal health products for the food production and agricultural industries. Revenue comes from transactional sales of consumable test kits, instruments, animal health products, veterinary biologics, and agricultural genomics laboratory services. Neogen operates across two segments, Food Safety and Animal Safety, serving grain producers, meat and poultry processors, food manufacturers, and veterinary markets globally. Manufacturing facilities are located in Lansing, Michigan; Lexington, Kentucky; Kenansville, North Carolina; and other sites, with a USDA-approved biologics facility in Lansing. Research and development spending is targeted at approximately 2% to 3% of total revenues annually, with 78 scientists and support staff employed in R&D worldwide as of May 31, 2025. The company has disclosed material weaknesses in internal controls over financial reporting as of the FY2025 10-K filing date of July 30, 2025.
- Revenue model
- Transactional sales of consumable diagnostic test kits, pathogen detection instruments, natural toxin and allergen test kits, animal health products, veterinary biologics, and fee-based agricultural genomics laboratory services. No subscription or recurring-contract revenue model is disclosed in the excerpts.
- Products and services
- Food Safety products include Veratox, Reveal, Reveal Q+, Reveal Q+ MAX, Alert, Reveal 3-D, BioKits, ANSR, and MDS (Molecular Detection System) for detecting mycotoxins, allergens (peanut, milk, egg, almond, gluten, soy, hazelnut, coconut), histamine, sulfite, and foodborne pathogens including E. coli O157:H7, Salmonella, Listeria, Listeria monocytogenes, Cronobacter, and Campylobacter. Animal Safety products include pharmacological diagnostic test kits, drug residue test kits, veterinary instruments, devices for animal injections and topical and oral administration, and biologic products EqStim, ImmunoRegulin, and BotVax B vaccine. Agricultural genomics laboratory services are also offered.
- Customers and end markets
- Grain producers and processors, meat and poultry processors, ready-to-eat food companies, fruit and vegetable producers, producers of cookies, crackers, candy, ice cream, and other processed foods. Animal Safety customers include veterinary and agricultural markets. No customer concentration data is disclosed in the excerpts.
- Value-chain role
- Manufacturer and seller of diagnostic consumables and instruments. In-house manufacturing covers reagent production, quality assurance, final kit assembly, and packaging. Certain animal health products and veterinary instruments are purchased finished or toll-manufactured by third-party vendors and warehoused at Neogen facilities. The company also provides laboratory services for agricultural genomics.
- Geographic exposure
- Operations and manufacturing in Lansing, Michigan; Lexington, Kentucky; Kenansville, North Carolina; and international locations. Foreign currency sensitivity disclosure indicates material non-USD revenue exposure; a 10% depreciation in exchange rates relative to USD would reduce revenue by approximately $44.9 million (as of May 31, 2025). Specific country or regional revenue breakdowns are not disclosed in the excerpts.
