Neogen reports Q1 adjusted EPS 4c, consensus 4c

Reports Q1 revenue $209.19M, consensus $204.15M. “I see tremendous opportunity ahead to leverage Neogen’s (NEOG) strong, longstanding leadership in food and animal safety,” said Mike Nassif, Neogen’s CEO and president. “Few companies are as well-positioned as we are to help shape a safer, healthier world through a dedicated focus on these important end markets. Our employees are passionate, and our customers value the solutions and expertise we have to offer. That said, recent performance has been hampered by execution challenges which we are tackling head-on with a sharpened emphasis on commercial excellence, renewed innovation and a leaner cost structure. We recently implemented company-wide cost initiatives, which included the difficult decision to reduce headcount across the organization. These steps will fuel margin growth and give us the ability to strategically reinvest in high-potential areas. With this disciplined approach, I’m confident we can deliver compelling innovation for our customers, significantly improved financial performance and a fulfilling experience for our dedicated workforce, creating a path to sustainable value creation for our shareholders.”