Neogen Corporation develops, manufactures, and markets a diverse range of products and services dedicated to ensuring food and animal safety. The company provides diagnostic test kits, veterinary instruments, pharmaceuticals, and biosecurity products to detect harmful substances, maintain sanitation, and promote animal health. Neogen operates globally, serving food producers, processors, veterinarians, and livestock producers with innovative solutions.
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Food Safety - Offers diagnostic test kits and related products to detect foodborne pathogens, allergens, natural toxins, and sanitation levels. Includes genomics-based diagnostic technology and software systems for data analysis and storage.
- Sub-products: Culture media, DNA detection products, and immunoassay kits.
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Animal Safety - Provides veterinary instruments, pharmaceuticals, vaccines, parasiticides, and diagnostic products for animal health. Includes biosecurity products such as rodent control, insect control, disinfectants, and genomics testing services.
- Sub-products: Drug detection products for animals and workplace/human forensic markets.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Amy M. Rocklin Executive | Chief Legal & Compliance Officer | None | Amy M. Rocklin joined Neogen in March 2021 and was promoted to Chief Legal & Compliance Officer in 2022. She advises on legal and compliance issues and leads several functions, including ESG. | |
David H. Naemura Executive | CFO and COO | None | David H. Naemura became CFO in November 2022 and COO on January 1, 2025. He has held senior financial leadership roles at Vontier Corporation, Gates Industrial Corporation, and Danaher Corporation. | |
John E. Adent Executive | President and CEO | None | John E. Adent joined Neogen as CEO on July 17, 2017, and was named President on September 22, 2017. He has over 20 years of experience as a CEO, with expertise in international food and animal safety. | View Report → |
Aashima Gupta Board | Director | Global Director for Healthcare Provider Solutions at Google Cloud; Board of Directors at Molnlycke; Board of Advisors at GRAIL, HIMSS NA | Aashima Gupta joined the Neogen Board in 2022. She has over 25 years of experience in healthcare and technology, recognized for her work in digital transformation and AI. | |
James C. Borel Board | Director | Eat Just, Inc.; Advanced BioNutrition; Iowa State University Foundation; Alpha Gamma Rho | James C. Borel has been a director since 2016. He retired from DuPont as Executive Vice President, responsible for agriculture and food ingredients businesses. | |
James P. Tobin Board | Director | Managing Director at Yield Lab II; Governor at Iowa State University Foundation; Member at Farm Foundation Roundtable | James P. Tobin has been a director since 2016. He has extensive experience in the agricultural industry and has held leadership roles in various organizations. | |
Jeffrey D. Capello Board | Director | Managing Partner at Monomoy Advisors; Board Member at Agios Pharmaceuticals | Jeffrey D. Capello joined the NEOG Board in 2022. He has over 30 years of experience as a senior finance executive and has served as CFO for several companies. | |
Raphael A. Rodriguez Board | Director | President & Chief Product Officer at Daon, Inc.; Board Member at Strategic Cyber Ventures, Corvium | Raphael A. Rodriguez has been a Director since 2020. He is a U.S. Army intelligence veteran and holds 23 U.S. patents. | |
Thierry Bernard Board | Director | CEO of QIAGEN N.V. | Thierry Bernard joined Neogen's Board in 2024. He is the CEO of QIAGEN N.V. and has held senior roles at bioMérieux SA. | |
William T. Boehm Board | Director | Oh Snap! Pickling; Educational Foundation of Alpha Gamma Rho | William T. Boehm is a retired Senior Vice President of The Kroger Co. and has served on various boards. He has extensive experience in food safety and technology. |
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Given the significant impairment charge related to the 3M Food Safety acquisition, despite your confidence in its post-integration prospects, can you elaborate on the specific end market and integration complexities that led to this impairment and how you plan to address them moving forward?
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With the proactive restructuring of your genomics business resulting in intentional revenue attrition, how do you foresee this impacting your overall margins and long-term growth, especially as you focus more on your differentiated cattle genomics offering?
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The ramp-up of sample collection production has taken longer than anticipated, leading to revenue loss and inability to fully meet demand; what specific challenges have you faced, and what measures are you implementing to reach full capacity by the end of the third quarter?
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Elevated shipping and distribution costs have negatively impacted your margins, and you've initiated actions to improve efficiency; why were these inefficiencies not addressed earlier, and can you provide more details on the operational changes being made to reduce these costs?
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You are exploring strategic alternatives for a significant portion of your Animal Safety segment, targeting around half of its revenue; what criteria are guiding these decisions, and how will these potential divestitures enhance shareholder value and align with your focus on the food safety market?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Corvium, Inc. | 2024 | The acquisition involved a total purchase price of $24,067 – including $9,004 held in escrow and potential performance milestone payments up to $8,500 – along with $16,884 in goodwill and $10,280 in intangible assets, aimed at advancing food safety data analytics via proprietary software technology. |
Thai-Neo Biotech Co., Ltd. | 2022 | Acquired on July 1, 2022 for $1,558,000 (with $1,324,000 paid at closing and $234,000 pending) to establish a direct sales presence in Thailand and Southeast Asia and strengthen the food safety segment. |
3M Food Safety Business | 2022 | Completed on September 1, 2022 via a Reverse Morris Trust transaction that involved issuing 108,269,946 shares (50.1% of Neogen’s outstanding shares), $350 million in senior notes, a $420 million cash payment, and an additional $181.6 million cash payment to enhance its food safety product range and global market footprint. |
Recent press releases and 8-K filings for NEOG.
- Law Offices of Howard G. Smith announced a securities fraud lawsuit against Neogen Corporation (NEOG) on behalf of investors who purchased common stock between January 5, 2023, and June 3, 2025. The deadline for investors to file a lead plaintiff motion is September 16, 2025.
- The lawsuit alleges that Neogen made misleading statements and failed to disclose that the integration with 3M was inefficient, impacting capital expenditures, revenues, and EBITDA margins.
- Neogen previously disclosed a $461 million non-cash goodwill impairment charge related to the 3M acquisition, cut full-year revenue and EBITDA guidance, and revealed material weaknesses in internal control over financial reporting.
- The company's stock price experienced significant drops following these disclosures, including a 28.7% decline on April 9, 2025, when it also announced its CEO would be stepping down.
- Neogen reported Q4 FY25 revenue of $225.5 million, a core growth of (2.9)%, and Adjusted EBITDA of $40.6 million, with Adjusted EPS at $0.05.
- The company's performance was impacted by a soft end-market environment, particularly in food production, and pressured Adjusted EBITDA margins due to elevated inventory write-offs and sample collection inefficiencies.
- Neogen completed the Cleaners & Disinfectants divestiture in mid-July, with net proceeds of approximately $115 million to be used for a $100 million debt paydown in Q1 FY26, reducing pro forma net debt to $656 million.
- A new CEO will join in August. For FY26, Neogen anticipates revenue between $820 million and $840 million and Adjusted EBITDA between $165 million and $175 million, with positive free cash flow expected.
- Neogen Corporation has appointed Mikhael Nassif as its new President and Chief Executive Officer, effective August 11, 2025.
- Mr. Nassif, 49, joins Neogen from Siemens Healthineers, where he served as Global President of Point-of-Care Diagnostics.
- His compensation package includes an annual base salary of $800,000, an annual bonus target of 100% of base salary, and an annual equity grant target of $4,500,000.
- He will also receive a one-time sign-on equity grant of $2,000,000 and a sign-on cash award of $500,000.
- A class action lawsuit has been filed against Neogen Corporation, its CEO John Adent, and COO & CFO David Naemura, alleging they defrauded investors by misrepresenting the integration of 3M's Food Safety Division and failing to disclose negative financial impacts.
- The lawsuit's Class Period covers investors who purchased Neogen common stock from January 5, 2023, through June 3, 2025.
- Disclosures revealing integration issues included a $461 million non-cash goodwill impairment charge related to the 3M acquisition, cut FY25 revenue and EBITDA guidance, and material weaknesses in internal control over financial reporting as of November 30, 2024, all revealed on January 10, 2025.
- Further negative news on April 9, 2025, included a 3.4% drop in quarterly revenue to $221 million, another FY25 guidance cut, and the announcement that CEO Adent would be stepping down.
- The deadline for investors to move the Court to serve as lead plaintiff is September 16, 2025.
- Neogen Corporation has completed the divestiture of its global cleaners and disinfectants business to Kersia Group.
- The transaction generated $130 million in cash at closing, plus contingent consideration.
- Neogen plans to use $100 million of the net proceeds to repay debt in the current quarter, which is expected to reduce the company’s net leverage by approximately 0.4x on a pro forma basis.
- Neogen detailed its transformational journey since acquiring the 3M food safety testing business nearly three years ago, expanding its portfolio to approximately 65% food safety testing and leveraging a broad global footprint.
- The company is actively addressing integration challenges, including ramping up production in Petri film manufacturing and mitigating transitory headwinds from elevated inventory write offs, with expectations for margin improvement in the coming quarters.
- Neogen announced planned divestitures of its cleaners and disinfectants (≈$60M revenue) and genomics segments (≈$90M revenue) to sharpen its focus on higher-margin food safety markets and deleveraging efforts.
- Neogen hosted an investor presentation on April 22, 2025, focusing on the pivotal updates for its Petrifilm product line and manufacturing strategy.
- The company detailed progress on its new Lansing, Michigan facility, where modern production equipment—previously used in Poland—is being installed to ensure a continuous supply during the transition.
- The presentation outlined a structured timeline for transitioning production, with test production expected to begin in the fall of 2025 and additional milestones planned into FY26 and FY27.
- Forward-looking statements were provided to discuss integration risks and operational improvements to support product performance.
- Q3 2025 revenue was $221 million, declining from $228.8M in Q3 FY24, with the Food Safety segment driving performance .
- CEO John Adent will step down after an eight-year tenure, remaining until his successor is named, with a special Board committee (Jim Borel, Thierry Bernard, and Jeff Capello) overseeing the transition .
- Food Safety delivered a 7% core revenue growth outside its sample collection line, contributing to the overall earnings profile .
- Executed refinancing of a $550 million term loan extended debt maturity to Apr 2030 with interest savings and portfolio actions to deleverage the balance sheet .
- The earnings call highlighted integration progress in Petrifilm production and challenges in Genomics and sample collection, impacting margins and adjusted EBITDA .
- Q3 earnings were further affected by a softened end-market environment, with lower food production volumes and distributor hesitancy amid macro uncertainty .
- Revenue reached $221.0 million with a net loss of $11.0 million and adjusted net income of $20.9 million; adjusted EBITDA was $48.5 million.
- Management highlighted strong progress in integrating operations and noted that lower sample collection revenue was offset by solid core performance in the Food Safety segment.
- The company updated its full-year guidance, now expecting approximately $895 million in revenue and $195 million in adjusted EBITDA for fiscal 2025.
- Neogen Corp successfully refinanced the remaining $550 million principal of its original $650 million term loan and its revolving credit facility, extending maturity from August 2027 to April 2030.
- The refinancing includes a new $450 million term loan and an upsized revolving credit facility increased from $150 million to $250 million with an initial draw of $100 million, resulting in a lower interest rate at SOFR plus 175 basis points (a savings of 60 basis points).
- JPMorgan Chase Bank, N.A. acted as Administrative Agent and Joint Lead Arranger, supported by BofA Securities, Citizens Bank, Goldman Sachs, and Wells Fargo Securities.