Neogen Corporation reported a total revenue of $870.4 million for the fiscal year ending May 31, 2026, a decrease of 2.7% from $894.7 million in the previous year. The decline was attributed primarily to the divestiture of its Cleaners and Disinfectants business, which accounted for a loss of $55.6 million in revenue. However, the company experienced a $17.3 million increase in sales driven by growth in its food safety and animal safety segments, particularly in pathogen detection and sample collection products. The net loss for the year was $7.9 million, a significant improvement compared to a net loss of $1.1 billion in the prior year, which included a substantial goodwill impairment charge.
In terms of operational changes, Neogen has been actively restructuring its business, including a reduction of approximately 10% in global headcount to streamline operations. The company also announced the planned divestiture of its Genomics business to Zoetis Inc. for $160 million, which is expected to close by the end of the first half of fiscal year 2027, pending regulatory approvals. This strategic move is part of Neogen's focus on enhancing its core food and animal safety operations.
Geographically, international sales accounted for 51.2% of total revenues, slightly up from 50.2% in the previous fiscal year. The company has maintained a strong presence in various international markets, with notable growth in Europe and the Asia Pacific regions. Neogen's employee count stood at 2,636 as of May 31, 2026, with 817 employees dedicated to sales and marketing functions, reflecting the company's commitment to expanding its market reach.
Neogen's gross margin for the fiscal year was 46.9%, a slight decrease from 47.1% in the previous year, primarily due to volume decreases and costs associated with transitioning the manufacturing of its Petrifilm products in-house. The company anticipates continued improvement in operational efficiency and profitability in fiscal year 2027, supported by strategic investments in research and development and enhanced customer engagement initiatives. Management remains optimistic about future growth, particularly in the food safety segment, as market conditions show signs of recovery.
About NEOGEN CORP
Neogen Corporation develops and markets food and animal safety products, including diagnostic test kits, culture media, veterinary instruments, pharmaceuticals, vaccines, and genomics services. Serving global food producers, processors, veterinarians, and livestock industries, it emphasizes rapid, accurate testing, biosecurity, and quality assurance. The company leverages proprietary technology, strategic acquisitions, and a broad distribution network to maintain competitive advantages in food safety and animal health markets.
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