Neogen Corporation develops, manufactures, and markets various products and services for food and animal safety in the United States and internationally. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and complementary products to detect dangerous and unintended substances in human food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns, as well as food quality and nutritional components. It also provides software systems that help testers analyze and store results; natural toxin tests; rapid sanitation tests; culture and prepared media products; filter tests for microbial analysis of water; sample collection products; and food safety analysis laboratory services. This segment sells its products to the milling and grain, meat and poultry, ready-to-eat, fruits and vegetables, seafood, dairy, beverage, water, healthcare, traditional culture media markets, food service, and dietary supplements markets. Its Animal Safety segment provides reagents and test kits for use in immunoassay production, forensic and animal toxicology, and life science research, as well as colorimetric and chemiluminescent substrates; veterinary instruments and disposables; animal care and other products, including digestive aids and nutritional supplements; rodent and insect control products, and disinfectants; and genomics services, such as DNA genotyping, sequencing, and trait analysis for livestock and companion animals. This segment sells its products to companion animal veterinarians; livestock producers, veterinarians, and breed associations; retailers; breeding and genetics companies; diagnostic labs and universities; distributors; and other manufacturers and government agencies. Neogen Corporation was incorporated in 1981 and is headquartered in Lansing, Michigan.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $895M | $-936M | $-1.1B | $-46M | -52.7% | -3.2% | 11491.6% |
| 2024 | $924M | $180M | $-9M | $-76M | -0.3% | 12.4% | -58.8% |
| 2023 | $822M | $124M | $-23M | $-25M | -0.7% | 56.0% | -147.3% |
| 2022 | $527M | $84M | $48M | $44M | 5.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 527.16 | 822.45 | 924.22 | 894.66 |
| Operating Revenue | 527.16 | 822.45 | 924.22 | 894.66 |
| Cost Of Revenue | 284.15 | 416.49 | 460.32 | 473.28 |
| Gross Profit | 243.01 | 405.96 | 463.90 | 421.38 |
| Operating Expense | 184.40 | 368.44 | 405.24 | 423.05 |
| Research And Development | 17.05 | 26.04 | 22.48 | 21.09 |
| Selling General And Administration | 167.35 | 342.40 | 382.76 | 401.96 |
| Total Expenses | 468.54 | 784.93 | 865.56 | 896.34 |
| Operating Income | 58.62 | 37.52 | 58.66 | -1.68 |
| Total Operating Income As Reported | 58.62 | 37.52 | 58.66 | -1,061 |
| EBITDA | 84.41 | 124.39 | 180.32 | -935.82 |
| Normalized EBITDA | 84.41 | 124.39 | 180.32 | 123.50 |
| EBIT | 60.28 | 33.92 | 59.09 | -1,061.49 |
| Interest Income | 1.34 | 3.17 | 6.36 | 3.11 |
| Interest Expense | 0.07 | 55.96 | 73.39 | 71.62 |
| Net Interest Income | 1.27 | -52.80 | -67.03 | -68.51 |
| Other Non Operating Income Expenses | 0.32 | -6.76 | -5.94 | 1,055.72 |
| Other Income Expense | 0.32 | -6.76 | -5.94 | -3.60 |
| Interest Income Non Operating | 1.34 | 3.17 | 6.36 | 3.11 |
| Interest Expense Non Operating | 0.07 | 55.96 | 73.39 | 71.62 |
| Net Non Operating Interest Income Expense | 1.27 | -52.80 | -67.03 | -68.51 |
| Pretax Income | 60.21 | -22.04 | -14.30 | -1,133.11 |
| Tax Provision | 11.90 | 0.83 | -4.88 | -41.07 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | -38.39 |
| Net Income Continuous Operations | 48.31 | -22.87 | -9.42 | -1,092.04 |
| Net Income From Continuing And Discontinued Operation | 48.31 | -22.87 | -9.42 | -1,092.04 |
| Net Income From Continuing Operation Net Minority Interest | 48.31 | -22.87 | -9.42 | -1,092.04 |
| Net Income | 48.31 | -22.87 | -9.42 | -1,092.04 |
| Net Income Common Stockholders | 48.31 | -22.87 | -9.42 | -1,092.04 |
| Net Income Including Noncontrolling Interests | 48.31 | -22.87 | -9.42 | -1,092.04 |
| Normalized Income | 48.31 | -22.87 | -9.42 | -71.11 |
| Diluted NI Availto Com Stockholders | 48.31 | -22.87 | -9.42 | -1,092.04 |
| Basic Average Shares | 107.80 | 216.25 | 216.61 | 217.04 |
| Diluted Average Shares | 108.02 | 216.25 | 216.61 | 217.04 |
| Reconciled Depreciation | 24.13 | 90.47 | 121.23 | 125.67 |
| Reconciled Cost Of Revenue | 284.15 | 416.49 | 460.32 | 473.28 |
| Total Unusual Items | - | 0 | 0 | -1,059.32 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -1,059.32 |
| Special Income Charges | - | 0 | 0 | -1,059.32 |
| Impairment Of Capital Assets | - | 0 | 0 | 1,059.32 |
| General And Administrative Expense | 82.74 | 201.18 | 199.89 | 218.17 |
| Other Gand A | 82.74 | 201.18 | 199.89 | 218.17 |
| Selling And Marketing Expense | 84.60 | 141.22 | 182.87 | 183.80 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Neogen Corporationthis co. | NEOG | $2.0B | -1.82 | 0.96 | -52.7% | -2.94 |
| Supernus Pharmaceuticals, Inc. | SUPN | $2.6B | -67.30 | 2.44 | -3.6% | 58.94 |
| TransMedics Group, Inc. | TMDX | $2.5B | 12.96 | 5.21 | 40.2% | 16.82 |
| Acadia Healthcare Company, Inc. | ACHC | $2.3B | -2.10 | 1.19 | -56.6% | -6.55 |
| Prestige Consumer Healthcare Inc. | PBH | $2.2B |
| 11.31 |
| 1.14 |
| 10.1% |
| 9.47 |
| LeMaitre Vascular, Inc. | LMAT | $2.1B | 37.03 | 5.43 | 14.7% | 25.28 |
| Select Medical Holdings Corporation | SEM | $2.0B | 13.99 | 1.20 | 8.6% | 9.20 |
| ADMA Biologics, Inc. | ADMA | $1.8B | 12.59 | 3.87 | 30.8% | 9.31 |
| Sarepta Therapeutics, Inc. | SRPT | $1.8B | -2.47 | 1.54 | -62.5% | -3.22 |
| Peer Median | - | 11.95 | 1.99 | 9.3% | 9.39 | |