Neogen Corp.’s animal safety division recently reported revenue of $13.26 million for its first quarter ended Aug. 31, compared to revenue of $9.15 million in the year-ago period, representing a 45 percent increase.
The increase included growth in products sold to veterinarians through ethical market channels, growth in products sold to large food animal producers and processors and a continued increase in sales of diagnostic products.
The company also noted the resurgence of same-store sales growth within the division, especially within its Hacco subsidiary, which specializes in rodenticides and other bait formulations.
Neogen’s food safety division reported revenue of $15.55 million for its first quarter, compared to revenue of $13.76 million in the year-ago period, representing a 13 percent increase.
The increase was led by sales of diagnostic tests for food allergens—a 48 percent increase—driven by new customers and a number of high-profile food recalls related to food allergens.
International sales accounted for 42 percent of total first quarter revenue and were helped by the June formation of Neogen’s new subsidiary in Mexico to enhance distribution of products in that country, and Central America. The company’s Scotland-based Neogen Europe subsidiary also continued strong performance.
Overall, the company reported net income of $3.73 million on revenue of $28.81 million for its first quarter, compared to net income of $3.01 million on revenue of $22.91 million in the year-ago period.