Reports Q3 revenue $218.3M, consensus $218.86M. "The breadth of our product portfolio contributed to both legacy Neogen segments delivering quarterly core growth in a weaker end market environment," said CEO John Adent. "The performance of the former 3M Food Safety Division was mixed, with market demand offset by the production backlog situation at our transition manufacturing partner, where we believe significant engagement from senior levels of their organization and a modified reporting structure provide a path to successful resolution. Despite navigating what we expect to be a transitory issue, market reception to the merger has been positive and we are focused on positioning the combined business for long-term success…We are excited about the opportunities we have ahead of us as the clear, pure-play leader in the food security market, with a portfolio consisting of over 95% consumable products. While our market is not immune to economic slowdowns, it historically has been resilient and has what we believe are long-term, secular tailwinds – heightened pathogen awareness, the growing prevalence of food allergies and increasingly health-conscious consumers who demand to know what’s in their food…"
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