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Published in Breaking News

Acquisitions boost Neogen revenues to double-digit growth

BY MiBiz Staff Wednesday, December 21, 2016 03:06pm

LANSING — A combination of increased sales and growth by acquisitions over the past year resulted in strong performance for Neogen Corp. in the second quarter of its 2017 fiscal year.

The Lansing-based manufacturer of test kits for food and animal safety markets generated revenues of approximately $90.7 million in the second quarter, which ended Nov. 30. Neogen’s second quarter revenue represents a 14-percent increase from the $79.6 million in revenues in the same quarter of the previous year, according to an earnings report.

Likewise, Neogen reported $11.1 million in net income — or 29 cents per diluted share — in the second quarter of its 2017 fiscal year, representing a 23-percent increase over the same period a year ago.

Acquisitions made over the prior year included Nevada-based Preserve International, a rodenticide product line from Virbac Group, based in France, and Brazil-based Deoxi helped boost revenues during the quarter, according to a statement.

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