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Tuesday, 21 March 2017 16:49

Demand for food, animal safety products drives revenue growth for Neogen

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LANSING — Increasing demand for food safety and animal testing products drove sales higher for Neogen Corp.

In the third quarter of its 2017 fiscal year that ended Feb. 28, the Lansing-based manufacturer of food and animal testing products generated revenues of $88.3 million, a 15-percent increase from the $76.7 million it generated during the same quarter last year, according to an earnings release.

Net income for Neogen (Nasdaq: NEOG) increased nearly 24 percent to approximately $10.3 million for the quarter, compared to $8.3 million in the previous year.

Neogen executives cited increased demand for its testing kits in light of an outbreak in crop diseases and concerns over detecting food allergens as key drivers for the company’s performance in the quarter.

“On the Animal Safety side, we’ve expanded our cleaner and disinfectant product offerings, and recorded a strong increase in sales of recently developed genomic products for the dairy industry,” President and COO Richard Calk said in a statement.

The company also cited gains from a series of acquisitions it made during 2016, including for Nevada-based Preserve International, a rodenticide product line from Virbac Group, based in France, and Brazil-based Deoxi.

Read 731 times Last modified on Wednesday, 22 March 2017 11:03

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