Shares of a small cap food and animal safety diagnostics provider are surging at the start of the day.
Neogen Corporation (NEOG) has seen a remarkable 33.74% increase in the last 24 hours, with the current price standing at $9.62 and a market cap of $2.09 billion.
This significant jump comes as the company announced strong quarterly results, exceeding earnings per share expectations at $0.10 compared to the forecast of $0.03. Revenue also saw a growth of 2.9%, reaching $224.7 million.
Neogen attributes its success in the food safety segment to regulatory changes and increased concerns about food contamination, leading to higher adoption rates of its testing technologies.
The company is optimistic about its fiscal year 2026 outlook after several years of losses. Despite a net quarterly loss of $15.9 million, an improvement from the previous year’s $456.3 million loss, Neogen anticipates revenue in the range of $845 million to $855 million and an Adjusted EBITDA of approximately $175 million.
CEO Mike Nassif expressed his pride in the Neogen team for initiating a strategic transformation focused on stabilizing and strengthening the core business. He highlighted the significant sequential improvement in core revenue growth and profitability during the second quarter.
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