Neogen Reports Strong Fourth Quarter and Full Fiscal Year 2026 Financial Results

Neogen Corporation (NASDAQ: NEOG), a global provider of food and animal safety solutions, announced its financial results for the fourth quarter and full fiscal year ended May 31, 2026.

The company reported fourth-quarter revenue of $225.3 million, with core growth accelerating to 4.3% after adjusting for foreign currency impacts and business divestitures. Performance was anchored by the Food Safety segment, which delivered 5.8% core growth—its highest quarterly core growth rate since fiscal year 2023.

While reported fourth-quarter top-line growth was essentially flat at $(0.1\%)$ year-over-year, Neogen demonstrated operational momentum across cash generation, margin expansion, and supply chain stabilization.

Segment Analysis: Food Safety Leads, Animal Safety Recovers

1. Food Safety Segment: 3-Year Core Growth High

Fourth-quarter Food Safety revenue reached $166.8 million, up 3.1% on a reported basis and 5.8% on a core basis.

• Product Drivers: Growth was anchored by strong international and domestic demand in Indicator Testing, Culture Media (up 9%), as well as Bacterial & General Sanitation product lines (up 10%).

• Geographic Expansion: Double-digit sales acceleration in Latin America contributed to positive Food Safety core growth across all operating regions.

2. Animal Safety Segment: Supply Chain Normalization

Animal Safety fourth-quarter revenue totaled $58.5 million, reflecting a reported decline of $(8.2\%)$ year-over-year but posting 0.5% core growth.

• Sequential Recovery: Segment revenue grew 7.0% sequentially compared to Q3 FY26, driven by the resolution of supply chain bottlenecks and restored product availability.

Key Financial Metrics: Q4 FY26 vs. Full Year FY26

*¹ Non-GAAP financial measures. Reconciliations provided in Neogen’s SEC filings.

Strategic & Operational Milestones

Petrifilm® Lansing Facility Integration – Neogen confirmed that its internal Petrifilm® manufacturing setup remains on schedule:

• First Validated SKU: Target completed by the end of August 2026.

• Commercial Production: On track to produce sellable Petrifilm® product and initiate a multi-quarter manufacturing transition to its Lansing, Michigan facility in November 2026.

Portfolio Optimization & Genomics Divestiture – Neogen continues regulatory filings to complete the sale of its global Genomics business to Zoetis for $160 million in gross proceeds ($\approx \$140\text{ million}$ net). Net proceeds will be deployed primarily toward debt reduction to optimize leverage ratios below $3.0\times$.

Management Commentary & FY 2027 Financial Guidance

Commenting on the fiscal year-end performance and strategic roadmap, Mike Nassif, President and Chief Executive Officer of Neogen, stated:

“We ended fiscal year 2026 with significant momentum and have a number of initiatives underway to further enhance our commercial efforts and the way we approach customers and our core markets. Fiscal year 2027 will be a year of disciplined execution and investment in core areas as we look to drive high-impact innovation and operational efficiency through additive technology and improved process. Ultimately, our goal is to exit FY27 positioned for enhanced future growth and profitability.”

Full Year FY 2027 Financial Targets

For the full fiscal year 2027 (ending May 31, 2027), Neogen provided the following financial targets

Full Year Revenue Guidance ──► $880 Million – $885 Million

Full Year Adjusted EBITDA ──► $180 Million – $182 Million

Adjusted EBITDA Margin Target ──► ~20.5% (Midpoint)