Neogen Corporation is an international food safety company that provides test kits and relevant products to detect dangerous substances in food. The company was founded in 1982 and is based in Lansing, Michigan. The company serves a wide range of countries including Canada, United States, the United Kingdom, parts of Europe, Mexico and Brazil, India, and China, among others.3Wikipedia text CC BY-SA 4.0
Neogen Corporation is an international food safety company that provides test kits and relevant products to detect dangerous substances in food. The company was founded in 1982 and is based in Lansing, Michigan. The company serves a wide range of countries including Canada, United States, the United Kingdom, parts of Europe, Mexico and Brazil, India, and China, among others. The company operates a product line of over 100 drug detection test kits worldwide for the detection of about 300 abused and therapeutic drugs in animal treatment. In 2009, it became a vendor of the Chinese government and has been engaged in researching China-specific food safety and plant health issues.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213146$870.4M in 2026+110% since 2019Gross profit10111213146$408.5M in 2026+113% since 2019Operating income10111213146-$21.6M in 2026Net income10111213146-$7.9M in 2026
Revenue151617$222.8M in Q1 FY2026+7% since Q1 FY2025Gross profit151617$105.5M in Q1 FY2026+11% since Q1 FY2025Operating income151617-$1.8M in Q1 FY2026−89% since Q1 FY2025Net income151617-$11.9M in Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-05-31
2025-05-31
2024-05-31
Total Revenues
$870.4M
$894.7M
$924.2M
Total Cost of Revenues
$461.9M
$473.3M
$460.3M
Gross Profit
$408.5M
$421.4M
$463.9M
Sales and marketing
$166.6M
$183.8M
$182.9M
General and administrative
$245.1M
$218.2M
$199.9M
Goodwill impairment
$0
$1.1B
$0
Research and development
$18.4M
$21.1M
$22.5M
Total Operating Expenses
$430.1M
$1.5B
$405.3M
Operating (Loss) Income
-$21.6M
-$1.1B
$58.6M
Interest expense, net
-$57.6M
-$68.5M
-$67.0M
Gain on sale of business
$76.4M
$0
$0
Other, net
-$6.2M
-$3.6M
-$5.9M
Total Other Income (Expense)
$12.6M
-$72.1M
-$72.9M
Loss Before Taxes
-$9.0M
-$1.1B
-$14.3M
Income Tax Benefit
-$1.1M
-$41.1M
-$4.9M
Net Loss
-$7.9M
-$1.1B
-$9.4M
Basic
-$0.04
-$5.03
-$0.04
Diluted
-$0.04
-$5.03
-$0.04
Basic
217.5M shares
216.9M shares
216.5M shares
Diluted
217.5M shares
216.9M shares
216.5M shares
No quarter-by-quarter statement was filed.
Total assets10111213146$3.3B in 2026+381% since 2019Total liabilities1810111213146$1.3B in 2026+2066% since 2019Shareholders’ equity1810111213146$2.1B in 2026+228% since 2019Cash10111213146$185.5M in 2026+345% since 2019Long-term debt13146$793.7M in 2026−10% since 2023
Total assets151617$3.3B in Q1 FY2026−2% since Q1 FY2025Total liabilities19161715$1.2B in Q1 FY2026−3% since Q1 FY2025Shareholders’ equity19161715$2.1B in Q1 FY2026−2% since Q1 FY2025Cash19161715$172.0M in Q1 FY2026+24% since Q1 FY2025Long-term debt19161715$774.2M in Q1 FY2026−2% since Q1 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.6
Period ending
2026-05-31
2025-05-31
2024-05-31
Cash and cash equivalents
$185.5M
$129.0M
Accounts receivable, net
$146.8M
$153.4M
$173.0M
Inventory, net
$144.3M
$190.8M
Prepaid expenses and other current assets
$60.0M
$53.3M
Assets held for sale (note 4)
$68.0M
$50.4M
Total Current Assets
$604.6M
$576.9M
Land and improvements
$10.7M
$10.8M
Building and improvements
$234.2M
$108.7M
Machinery and equipment
$158.8M
$180.8M
Furniture and fixtures
$6.9M
$8.0M
Construction in progress
$69.8M
$186.2M
Total Property and Equipment
$480.4M
$494.5M
Less accumulated depreciation
-$150.6M
-$155.4M
Property and Equipment, net
$329.8M
$339.1M
Right of use assets (note 5)
$16.6M
$17.2M
Goodwill (note 6)
$1.0B
$1.1B
$2.1B
Amortizable intangible assets, net (note 6)
$1.3B
$1.4B
Other non-current assets
$29.8M
$35.2M
Total Other Assets
$2.4B
$2.5B
Total Assets
$3.3B
$3.4B
Current portion of debt
$0
$19.3M
Accounts payable
$79.1M
$79.6M
Accrued compensation
$26.8M
$14.1M
Income tax payable
$7.2M
$5.6M
Accrued interest
$11.0M
$11.1M
Deferred revenue
$3.6M
$5.6M
Other current liabilities
$23.9M
$32.1M
Liabilities held for sale (note 4)
$6.6M
$6.6M
Total Current Liabilities
$158.2M
$174.0M
Deferred Income Tax Liability (note 10)
$257.6M
$280.9M
Non-Current Debt (note 8)
$793.7M
$874.8M
Other Non-Current Liabilities
$43.6M
$42.9M
Total Liabilities
$1.3B
$1.4B
Common stock, $0.16 par value - shares authorized 315.0; 217.7 and 217.0 shares issued and outstanding at May 31, 2026 and 2025, respectively
$34.8M
$34.7M
Additional paid-in capital
$2.6B
$2.6B
Accumulated other comprehensive loss
-$13.6M
-$28.9M
Accumulated deficit
-$544.3M
-$536.4M
Total Stockholders' Equity
$2.1B
$2.1B
Total Liabilities and Stockholders' Equity
$3.3B
$3.4B
Preferred stock, par value
$1.00
$1.00
Preferred stock, shares authorized
100.0M shares
100.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.16
$0.16
Common stock, shares authorized
315.0M shares
315.0M shares
Common stock, shares issued
217.7M shares
217.0M shares
Common stock, shares outstanding
217.7M shares
217.0M shares
Period ending
2026-05-31
2025-05-31
2024-05-31
Cash and cash equivalents
$185.5M
$129.0M
Accounts receivable, net
$146.8M
$153.4M
$173.0M
Inventory, net
$144.3M
$190.8M
Prepaid expenses and other current assets
$60.0M
$53.3M
Assets held for sale (note 4)
$68.0M
$50.4M
Total Current Assets
$604.6M
$576.9M
Land and improvements
$10.7M
$10.8M
Building and improvements
$234.2M
$108.7M
Machinery and equipment
$158.8M
$180.8M
Furniture and fixtures
$6.9M
$8.0M
Construction in progress
$69.8M
$186.2M
Total Property and Equipment
$480.4M
$494.5M
Less accumulated depreciation
-$150.6M
-$155.4M
Property and Equipment, net
$329.8M
$339.1M
Right of use assets (note 5)
$16.6M
$17.2M
Goodwill (note 6)
$1.0B
$1.1B
$2.1B
Amortizable intangible assets, net (note 6)
$1.3B
$1.4B
Other non-current assets
$29.8M
$35.2M
Total Other Assets
$2.4B
$2.5B
Total Assets
$3.3B
$3.4B
Current portion of debt
$0
$19.3M
Accounts payable
$79.1M
$79.6M
Accrued compensation
$26.8M
$14.1M
Income tax payable
$7.2M
$5.6M
Accrued interest
$11.0M
$11.1M
Deferred revenue
$3.6M
$5.6M
Other current liabilities
$23.9M
$32.1M
Liabilities held for sale (note 4)
$6.6M
$6.6M
Total Current Liabilities
$158.2M
$174.0M
Deferred Income Tax Liability (note 10)
$257.6M
$280.9M
Non-Current Debt (note 8)
$793.7M
$874.8M
Other Non-Current Liabilities
$43.6M
$42.9M
Total Liabilities
$1.3B
$1.4B
Common stock, $0.16 par value - shares authorized 315.0; 217.7 and 217.0 shares issued and outstanding at May 31, 2026 and 2025, respectively
$34.8M
$34.7M
Additional paid-in capital
$2.6B
$2.6B
Accumulated other comprehensive loss
-$13.6M
-$28.9M
Accumulated deficit
-$544.3M
-$536.4M
Total Stockholders' Equity
$2.1B
$2.1B
Total Liabilities and Stockholders' Equity
$3.3B
$3.4B
Preferred stock, par value
$1.00
$1.00
Preferred stock, shares authorized
100.0M shares
100.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.16
$0.16
Common stock, shares authorized
315.0M shares
315.0M shares
Common stock, shares issued
217.7M shares
217.0M shares
Common stock, shares outstanding
217.7M shares
217.0M shares
Cash from operations10111213146$83.2M in 2026+30% since 2019
Cash from operations15$12.9M in Q1 FY2026+19% since Q1 FY2025
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-05-31
2025-05-31
2024-05-31
Net loss
-$7.9M
-$1.1B
-$9.4M
Depreciation and amortization
$116.3M
$119.5M
$116.7M
Deferred income taxes
-$24.3M
-$57.8M
-$27.4M
Share-based compensation
$13.4M
$17.3M
$13.8M
Loss on disposal of property and equipment
$1.2M
$0
$1.1M
Amortization of debt issuance costs
$2.0M
$3.2M
$3.4M
Goodwill and other asset impairment
$0
$1.1B
$600.0K
Loss on refinancing and extinguishment of debt
$400.0K
$1.9M
$0
Right of use asset amortization
$5.6M
$6.2M
$4.5M
Gain on sale of business
-$76.4M
$0
$0
Other
$800.0K
-$2.8M
$4.7M
Accounts receivable, net
$6.8M
$11.6M
-$20.1M
Inventories, net
$38.2M
-$16.1M
-$55.9M
Prepaid expenses and other current assets
-$6.7M
-$1.5M
$11.1M
Accounts payable and accrued liabilities
$19.8M
-$400.0K
$13.8M
Changes in other non-current assets and non-current liabilities
-$6.0M
$400.0K
-$21.6M
Net Cash provided by Operating Activities
$83.2M
$58.2M
$35.3M
Purchase of property, equipment and other non-current intangible assets
-$51.3M
-$104.6M
-$111.4M
Proceeds from the maturities of marketable securities
$0
$300.0K
$82.0M
Proceeds from sale of business, net of cash divested
$121.7M
$0
$0
Proceeds from the sale of property and equipment and other
$100.0K
$5.1M
$100.0K
Net Cash provided by (used for) Investing Activities
$70.5M
-$99.2M
-$29.3M
Issuance of shares related to equity compensation and employee stock purchase plan shares
$1.6M
$2.2M
$2.4M
Tax payments related to share-based awards
-$900.0K
-$1.5M
-$100.0K
Proceeds from issuance of long-term debt
$0
$450.0M
$0
Repayment of long-term debt
-$100.0M
-$550.0M
$0
Proceeds from issuance of revolving credit facility
$0
$100.0M
$0
Debt issuance costs paid
$0
-$2.0M
$0
Repayment of finance lease and other
-$100.0K
-$300.0K
-$400.0K
Net Cash (used for) provided by Financing Activities
-$99.4M
-$1.6M
$1.9M
Effects of Foreign Exchange Rate on Cash
$2.2M
$1.0M
-$500.0K
Net Increase (Decrease) in Cash and Cash Equivalents
$56.5M
-$41.6M
$7.4M
Cash paid for interest
$58.3M
$68.1M
$73.2M
Property and equipment obtained for noncash consideration
NeoGen is part of a group headed by A.FORALL DEVELOPMENT. 52 entities, 24 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of NeoGen
Neuberger BermanFiled SCHEDULE 13G on NeoGen, latest Jul 7, 2026
Acumedia Manufacturers, Inc. Subsidiary · Michigan, United States
CAP IM Supply, LLC Subsidiary · Delaware, United States
CAP Supply, LLC Subsidiary · Delaware, United States
Chem-Tech, Ltd. Subsidiary · Michigan, United States
Delf (UK) Limited Subsidiary · United Kingdom
Falcon New OpCo, LLC Subsidiary · Delaware, United States
GeneSeek Australia Subsidiary · Australia
GeneSeek Canada Properties I, Inc. Subsidiary · Canada
GeneSeek Canada, Inc. Subsidiary · Canada
Geneseek Inc. Subsidiary · Nebraska, United States
GeneSeek UK Ltd Subsidiary · United Kingdom
Genetic Veterinary Services, LLC Subsidiary · Delaware, United States
Hacco, Inc. Subsidiary · Michigan, United States
Megazyme, Ltd. Subsidiary · Ireland
NeoG Corp. Subsidiary · Philippines
Neogen Argentina S.A. Subsidiary · Argentina
Neogen Asia (Thailand) Co, Ltd Subsidiary · Thailand
Neogen Australasia Pty Limited Subsidiary · Australia
Neogen Bio-Scientific Technology (Shanghai) Co., Ltd. Subsidiary · China
Neogen Chile SpA Subsidiary · Chile
Neogen Colombia SAS Subsidiary · Colombia
Neogen do Brasil Productos Para Labratories LTDA. Subsidiary · Brazil
Neogen DR, S.r.l. Subsidiary · Dominican Republic
Neogen Europe Limited Subsidiary · United Kingdom
Neogen Food and Animal Security (India) PVT, LTD Subsidiary · India
and 25 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What NeoGen reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Principal Manufacturing, Distribution and Administrative locations:
Segment · Owned · Leased · Location
The rest of Item 2
Food Safety · 19 · 35 · Corporate, United States, and Other International Locations (1)
Animal Safety · 10 · 4 · United States, Canada, and Australia
Total · 29 · 39
(1) International locations include properties in Canada, Europe, Central and South America, Asia and the Middle East.
Our corporate headquarters are located in Lansing, Michigan, with administrative, sales, manufacturing, and warehousing in other locations domestically and globally. These properties are in good condition, well-maintained, and generally suitable and adequate to support our business. For leased properties, we do not anticipate difficulty in renewing existing leases or in finding alternative facilities.
The company was founded by Herbert D. "Ted" Doan and James L. Herbert in 1981 as an investment project by Michigan State University. An early $50,000 investment by the Michigan State University Foundation awarded 30% of the company shares in the early years after its founding. The purpose of the company was to help strengthen the biotechnology community in Lansing and the state as a whole, which had no large biotech companies at the time, and to help retain molecular biologists within the state. One of the earliest acquisitions for the company was Ideal Instruments Inc. in 1985 in order to utilize their production of veterinary tools.
In 1991, Neogen purchased WTT, a 1988 spinoff company of the University of Kentucky that licensed the technology the college had developed. Named for the company's founding professors David Watt, Hsin-Hsiung "Daniel" Tai, and Thomas Tobin, WTT manufactured drug-detection tests for the horse racing industry. The ELISA (enzyme-linked immunoassay) tests allowed officials to test for performance-enhancing drugs that were difficult to detect in 1988.
In 2010, Neogen acquired the genomics-focused company GeneSeek in order to expand their focus on animal genomes and proper heredity and breeding, especially in regards to cattle.
In December 2021, 3M announced that it would merge its food-safety business with Neogen. The deal, with an enterprise value of about $5.3 billion, closed in September 2022.
Neogen focuses on supplying products for bacterial detection and proper sterilization and tool handling with antibiotics, along with genomics research products focused on gene isolation and heredity mapping. The detection products include Reveal for Salmonella Enteriditis, along with Agri-Screen and Veratox for a range of mycotoxin detections. Advancements in hydrophobic grid membrane filter (HGMF) technology led Neogen to the creation of a disposable filter in 2004 called NEO-GRID.
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Jan 10, 2025Reported quarterly or annual results85
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
433 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 234 insider forms, 39 large holders, 74 other. The latest 20:
45 open-market trades by officers, directors and large owners since October 2021: 39 buys and 6 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Jul 30, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks NeoGen names in Item 1A of its 10-K filed Jul 30, 2026: 42 risks under these headings, as written.20
RISKS RELATING TO THE TRANSACTION WITH 3M CORPORATION
We may not realize the anticipated financial and other benefits, including growth opportunities, expected from the 3M Food Safety merger transaction.
The transition of Petrifilm manufacturing operations from 3M to Neogen presents challenges, and the failure to successfully complete the transition and integrate the 3M FSD with Neogen could have a material adverse effect on our business, financial condition and results of operations. .
Built-in gains related to the FSD Transaction may continue to constrain our ability to restructure our Swiss operations and could result in significant tax liability
The legacy 3M Food Safety business may be negatively impacted if we are unable to provide benefits and services, or access to equivalent financial strength and resources, to legacy 3M Food Safety business that historically have been provided by 3M.
RISKS RELATING TO OUR BUSINESS AND INDUSTRY
Tariffs and other trade measures could adversely affect our results of operations, financial position and cash flows.
The pending sale of our Genomics business is subject to risks and uncertainties that could affect our results.
We are subject to risks relating to existing international operations and expansion into new geographical markets.
We must continue to maintain an effective system of internal control over financial reporting and disclosure controls and procedures.
Our business strategy is dependent on successfully promoting internal growth and identifying and integrating acquisitions.
We rely significantly on our information systems’ infrastructure to support our operations and a failure of these systems and infrastructure and/or a security breach of our information systems could damage our reputation and have an adverse effect on operations and results.
The other 32 risks
Rapid developments in artificial intelligence and other emerging technologies may disrupt our markets, affect our competitive position and create new risks for our business.
Disruption of our manufacturing and service operations could have an adverse effect on our financial condition and results of operations.
We rely heavily on third-party package delivery services, and a significant disruption in these services or significant increases in prices could disrupt our ability to ship products, increase our costs and lower our profitability.
Our dependence on suppliers could limit our ability to sell certain products or negatively affect our operating results.
We sell many products through distributors, which presents risks that could negatively affect our operating results.
If we are unable to develop new products and technologies, our competitive position could be impaired, which could materially and adversely affect our sales and market share.
If we fail to maintain a positive reputation or are unable to conduct effective sales and marketing, our prospects and financial condition could be adversely affected.
We could lose customers or generate lower revenue, operating profits and cash flows if there are significant increases in the cost of raw materials or if we are unable to obtain such raw materials or other components of our products.
Our reputation, ability to do business and results of operations could be impaired by improper conduct by or disputes with any of our employees, agents or business partners and we have a compliance burden with respect to, and risk of violations of, anti-bribery, trade control, trade sanctions, anti-corruption and similar laws.
Changes in domestic and foreign laws, regulations, policies, and enforcement initiatives increase our costs of compliance and subject us to increased risk.
Evolving data privacy and data protection laws and regulations may increase our compliance costs and exposure to liability.
Differences in and changes to tax rates in the jurisdictions in which we operate and unanticipated outcomes with respect to tax audits could adversely affect our business, profitability and reputation.
A deterioration in our future expected profitability or cash flows could result in an impairment of our recorded goodwill and intangible assets.
The markets for our products are extremely competitive, and our competitors could use existing resource advantages to our detriment.
We are dependent on the agricultural marketplace, which is affected by factors beyond our control.
RISKS RELATED TO LIQUIDITY, INDEBTEDNESS AND THE CAPITAL MARKETS
We have incurred substantial indebtedness and our financial condition and operations may be adversely affected by a violation of financial or other covenants.
The outcome of litigation, investigations, product recalls, and other legal proceedings in which we are involved is inherently uncertain; adverse developments could be costly, divert management attention, restrain insurance coverage, and materially harm our business, results of operation, financial condition, and cash flows.
Our quarterly and annual operating results are subject to significant fluctuations.
The market price of our common stock could be highly volatile.
Our business could be adversely affected by fluctuations in the global capital markets.
We have no current plans to start paying dividends in the near term.
Our success is highly dependent on our ability to obtain protection for the intellectual property used in our products.
Some of our products could be the subject of patent infringement challenges.
The industries in which we operate are subject to substantial governmental regulation.
Failure to attract, retain and develop personnel, including for key management positions, could have an adverse impact on our results of operations, financial condition and cash flows.
We have experienced significant management transitions, and our inability to successfully integrate new leadership could adversely affect our business and strategic initiatives.
Our business may be subject to product or service liability claims.
Regulatory actions, product recalls, or the loss of required regulatory approvals for our products could materially harm our business and reputation.
Changing political conditions could adversely impact our business and financial results.
Climate change, or legal, regulatory or market measures to address climate change could materially adversely affect our financial condition and business operations.
Our business could be adversely impacted by an inability to meet the expectations of our stakeholders related to environmental, social and governance (ESG) objectives.
Tax legislation could materially adversely affect our financial results and tax liabilities.
Legal proceedings
We are routinely involved in legal proceedings and litigation arising in the ordinary course of our business. In the opinion of our management, the outcome of such proceedings and other litigation currently pending will not materially affect our consolidated operations, cash flows, or financial condition. However, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. See “Risk Factors” in Item 1A above for a description of certain related risks. See Note 11. “Commitments and Contingencies” to the consolidated financial statements included in Item 8. “ List of Financial Statement Schedules” of this Report for discussion of loss contingencies.
