Neogen Corporation's NEOG Q3 FY22 sales increased 9.9% Y/Y to $128.2 million, missing the consensus of $129.99 million.
- Food Safety segment revenue reached $62.7 million, +7% (+4% on an organic basis).
- Sales of the new AccuPoint Advanced NG handheld sanitation monitoring system drove a 16% increase in general sanitation product line sales.
- The Soleris rapid general microbial testing product line recorded a 10% increase in equipment sales, and Listeria Right Now 60-minute test system sales recorded a rise of 13%.
- Related: 3M Agrees To Combine Food Safety Business With Neogen.
- Animal Safety segment sales increased 12% Y/Y to $65.5 million (+9% organically).
- The growth was driven by solid sales of veterinary instruments, up 36% on market share gains and private label business.
- Animal care products increased by 12%, with vitamin injectables and antibiotics growth.
- Gross margins were 44.8%, down from 46.1% a year ago. Ongoing supply chain issues and the current inflationary environment continued to impact raw material costs and freight expenses adversely.
- Additionally, a product mix shift toward Animal Safety products, which generally have lower gross margins, negatively impacted gross margins for the period.
- The Company reported adjusted EPS of $0.13 missing the consensus of $0.15.
- Price Action: NEOG shares are down 8.60% at $30.84 during the market session on the last check Thursday.
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