Neogen (NASDAQ:NEOG), a global leader in food and animal safety, reported on April 9, 2026, that it has raised its full-year revenue guidance following a third-quarter performance marked by steady gains in its core food safety business and significant progress on strategic portfolio realignments.
The company generated $211.2 million in revenue for the fiscal third quarter of 2026.
Performance was bifurcated across its primary divisions, with the Food Safety segment posting 2.6% growth—and a core growth rate of 4%—driven by resilient demand for diagnostic solutions.
Conversely, the Animal Safety segment saw revenue decline by 20.1% (8.7% on a core basis), a contraction the company attributed primarily to temporary challenges with third-party suppliers during the period.
On a GAAP basis, Neogen reported a net loss of $17 million, resulting in an earnings per share (EPS) loss of $(0.08).
However, when adjusted for one-time items and integration costs, the company posted adjusted net income of $19.4 million and adjusted EPS of $0.09.
Adjusted EBITDA reached $48.2 million, with margins expanding sequentially by 110 basis points to 22.8%, signaling improved operational efficiency as the company continues to integrate legacy assets.
Meanwhile, the company confirmed that the transition of Petrifilm manufacturing remains on schedule for completion in November 2026.
Additionally, Neogen announced the planned divestiture of its Genomics business unit, a transaction expected to close in the second quarter of fiscal 2027.
The net cash proceeds from the sale are intended to support the company’s deleveraging goals, with a target net debt-to-adjusted EBITDA ratio of less than three times by the end of calendar year 2026.
Financially, the company maintained a healthy liquidity position, reporting cash flow from operations of $22.7 million and free cash flow of $11.1 million for the quarter.
Based on the momentum in the food safety market and recent pricing actions, management has increased its fiscal year 2026 revenue outlook while maintaining its previous guidance for adjusted EBITDA.