Shares of a small provider of food and animal safety diagnostics are soaring to start the day.
Neogen Corporation (NEOG) rose 33.74% in the last 24 hours to reach a current price of $9.62 and a market cap of $2.09 billion.
The move happened as the company reported strong quarterly results, with earnings per share exceeded by $0.10 versus a forecast of $0.03, while revenue was $224.7 million, reflecting core growth of 2.9%.
The company says its food safety segment continues to benefit from regulatory changes and increased concerns about food contamination, driving adoption of its testing technologies.
Neogen is raising its full-year guidance for fiscal 2026 after several consecutive years of net losses.
The company posted a net quarterly loss of $15.9 million, compared to a net loss of $456.3 million in the same period last year.
Revenue is now expected to be between $845 million and $855 million and Adjusted EBITDA is expected to be approximately $175 million.
Says CEO Mike Nassif:
“I am exceptionally proud of the Neogen team as we initiated the first phase of our strategic transformation with early work focused on stabilizing and strengthening our core businesses.
While it is still early in the process and our industry is currently facing macroeconomic headwinds, our team delivered significant sequential improvement in core revenue growth and profitability in the second quarter.”
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Generated image: Midjourney