Key Takeaways:
- USDA FSIS designates Neogen Molecular Detection System as primary method for detecting Salmonella and Listeria monocytogenes.
- Neogen’s system has been used by USDA FSIS for over five years, ensuring reliability and efficiency.
- The new contract includes detection for Listeria spp. and the new Neogen Molecular Detection Assay 2 for Salmonella Enteritidis/Salmonella Typhimurium.
- The system utilizes loop-mediated isothermal DNA amplification (LAMP) technology, allowing rapid and accurate pathogen detection.
- The system supports up to 96 concurrent tests for diverse pathogens across various food and environmental samples.
USDA FSIS Designates Neogen Molecular Detection System as Primary Method
Neogen® Corporation (NASDAQ: NEOG), a leading innovator in food safety solutions, announced today that the U.S. Department of Agriculture Food Safety and Inspection Service (USDA FSIS) has selected the Neogen Molecular Detection System as its primary method for detecting Salmonella and Listeria monocytogenes in meat, poultry, and egg products. This decision underscores the reliability and effectiveness of Neogen’s system, which has been in use by USDA FSIS for over five years.
Expanded Detection Capabilities in New Contract
The new contract expands the scope of testing to include Listeria spp. and introduces the newly available Neogen Molecular Detection Assay 2 for Salmonella Enteritidis and Salmonella Typhimurium. This development highlights Neogen’s commitment to advancing food safety technologies and providing comprehensive solutions for pathogen detection.
“Food producers and contract labs around the world have long trusted the Neogen Molecular Detection System as a fast, accurate, reliable, and easy-to-use method for pathogen detection,” said John Adent, Neogen’s President and CEO. “We are proud to receive this recognition and demonstrate our continued commitment to fueling a brighter future for global food security.”
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Neogen and Performance Food Group Partnership (2024/04/19)
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Neogen Corporation Q2 2023 Financial Performance (2024/01/10)
In Q2, Neogen reported a slight revenue dip to $229.6 million, impacted by currency translations and product line changes, with a notable improvement in net loss to $3.5 million due to lower costs and a more profitable mix. Gross margin increased to 50.9%, thanks to sales of higher-margin products. Segment-wise, Food Safety grew by 1.9%, while Animal Safety declined by 5.0%. The company revised its full-year forecast to $935-$955 million in revenue and $230-$240 million in Adjusted EBITDA. Key financials included a $24.9 million adjusted net income and $55.1 million in Adjusted EBITDA. The Food Safety segment benefited from bacterial and sanitation products, despite a culture media sales dip. Animal Safety faced challenges in Genomics, despite growth in Life Sciences and Veterinary Instruments. Neogen’s liquidity remained strong with $230.3 million in cash and investments, and a $900 million non-current debt. For FY 2024, the company anticipates revenues of $935-$955 million and capital expenditures of $130 million, including integration costs for the 3M Food Safety Division.
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