Shares of a small cap food and animal safety diagnostics provider are skyrocketing to start the day.
Neogen Corporation (NEOG) soared as high as 33.74% in the last 24 hours, reaching a current price of $9.62 and a $2.09 billion market cap.
The move happened as the firm reported strong quarterly results, beating earnings per share expectations with $0.10 against a forecast of $0.03, while revenue hit $224.7 million reflecting 2.9% core growth.
The company says its food safety segment continues to benefit from regulatory changes and heightened concerns over food contamination, fueling adoption of its testing technologies.
Neogen is raising its full-year outlook for fiscal year 2026 after several consecutive years of net losses.
The firm posted a net quarterly loss of $15.9 million, compared to a net loss of $456.3 million in the prior year period.
Revenue is now expected to be in the range of $845 million to $855 million and Adjusted EBITDA is expected to be about $175 million.
Says CEO Mike Nassif,
“I am exceptionally proud of the Neogen team as we have initiated the first phase of our strategic transformation with early work focused on stabilizing and strengthening our core business.
While it is early in the process, and our industry is currently seeing macro headwinds, our team drove significant sequential improvement in core revenue growth and profitability in the second quarter.”
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