Neogen reported fiscal 2027 first-quarter revenue of $222.8 million, representing growth of 6.5% and core growth of 8.1%.
Food Safety revenue increased 7.4%, including core growth of 8.1%.
Animal Safety revenue increased 4.2%, with core growth of 8%.
Gross margin increased to 47.4% from 45.4%.
Adjusted gross margin was 49.8% compared with 49.5% a year earlier.
Neogen reported a net loss of $11.9 million, or $0.05 per share.
Adjusted net income increased to $17.5 million, or $0.08 per diluted share, from $9.5 million, or $0.04 per share, a year earlier.
Adjusted EBITDA increased to $41.6 million from $35.5 million.
Adjusted EBITDA margin expanded to 18.7% from 17%.
Operating cash flow totaled $12.9 million, and free cash flow reached $4.7 million.
Neogen remains on schedule to begin producing saleable Petrifilm products at its Lansing manufacturing site in November 2026.
The company completed validation of its first Petrifilm SKU in August.
Neogen also announced a collaboration and equity investment in Hinalea Imaging to develop hyperspectral digital imaging solutions for food safety and quality inspection.
The company continues working toward the sale of its global Genomics business to Zoetis, with regulatory reviews expected to conclude by the end of December.
Neogen raised fiscal 2027 revenue guidance to between $885 million and $890 million from $880 million to $885 million.
Adjusted EBITDA guidance increased to $181 million to $183 million from $180 million to $182 million.
KEY QUOTES:
“Our first-quarter results reflect encouraging progress as the changes underway across the organization continue to take hold.”
“We are strengthening commercial discipline, harmonizing our sales operating model, rebuilding our innovation engine and improving the systems and processes that support inventory optimization and customer service.”
Mike Nassif, President and CEO of Neogen
