Neogen $NEOG Turnaround Chart Pattern, Awesome Revenue Growth

  • Post category:Business
  • Reading time:3 mins read
Get Email Alerts and Follow Us:
SOCIALICON

Neogen $NEOG stock rose 4.7% on January 5, 2023, in the wake of excellent revenue growth. The stock has formed a classic Turnaround pattern on its chart. However, the stock is still in a technical downtrend.

neog

Neogen Announces Second-Quarter 2023 Results

On January 5, 2023, Neogen (NASDAQ: NEOG) announced the results of the second quarter ended November 30, 2022.

When compared to the same period last year, the second quarter’s revenues of $230 million represented a 76.2 percent increase. Acquisitions accounted for 73.4% of core revenue growth, which is defined as growth in revenue excluding the effects of foreign currency translation and acquisitions made in the previous 12 months. There was a 3.8% headwind from foreign exchange. On a core basis, international sales, which made up 50.3% of the total company revenue, increased 5.5%.

“We are pleased to report our first quarter of results including the former Food Safety Division of 3M,” said John Adent, Neogen’s President and Chief Executive Officer. “This was a transformational merger with a high-quality business, firmly placing Neogen in a leadership position in the attractive, consumables-driven food safety market and fundamentally enhancing our financial profile. We’ve brought a reenergized focus to the Food Safety Division, which performed well in the quarter, and integration activities are fully underway, with the commercial organizations already combined and actively targeting prioritized synergy opportunities.”

Adent continued, “We delivered solid growth and margin expansion, and I am proud of the hard work of our more than 2,500 team members around the world who delivered this performance. I’m pleased with the integration progress made to date and confident our growing team has the requisite skills, expertise, and commitment to successfully combine the businesses into One Neogen. We are excited about the favorable long-term trends in food safety and the opportunities they provide, and believe our company is well positioned to capitalize on them.”

Neogen CEO on deal with 3M’s food-safety unit and blockchain innovation

Get Email Alerts and Follow Us:
SOCIALICON