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Tuesday, 21 July 2015 15:05

Neogen performance driven by food, animal safety segments

Written by  MiBiz Staff
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Lansing-based Neogen Corp. (NASDAQ: NEOG), a manufacturer of testing kits for food safety, animal safety and other industries, posted revenues of $78,6 million in its fourth quarter, a 17 percent increase over the previous year, according to an earnings statement released today. Neogen’s revenues for its 2015 fiscal year also increased 14 percent to $283 million, from 247.4 million the year prior.

“We are pleased to report a strong finish to our 2015 fiscal year, and increased momentum as we begin our new fiscal year,” James Herbert, Neogen’s CEO and chairman, said in the statement. “In our fourth quarter, we exceeded our goal of producing double-digit organic growth for both our Food and Animal Safety segments.”

Neogen’s food safety segment grew revenues by 13 percent to $35 million in fiscal year 2015, while its animal safety segment increased revenues by 16 percent to $43 million during the same period. Executives attributed the growth in these segments to a combination of increased regulatory efforts to test for food allergies such as gluten and peanuts, as well as the company’s response to a rodent outbreak for orchard crops in the U.S. Northwest. Neogen’s food safety segment was also bolstered by sales resulting from its October 2014 acquisition of Ann Arbor-based BioLumix, which manufactures microbiology testing products.

Amid its strong performance, the company experienced adverse currency fluctuations, particularly over the company’s last two quarters, said CFO Steve Quinlan.

“These currency fluctuations negatively impacted both our top and bottom lines in the 2015 fiscal year, making our financial results even more impressive,” Quinlan said.

Read 847 times Last modified on Sunday, 26 July 2015 15:31

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