Neogen reports Q3 adjusted EPS 10c, consensus 12c

Reports Q3 revenue $220.98M, consensus $224.23M. “During the third quarter, we continued to make good progress on the integration and saw a solid underlying performance in our Food Safety segment,” said John Adent, Neogen’s (NEOG) President and CEO. “The quarter was impacted by lower sample collection revenue, but we made significant improvements in our sample collection production and reached prior throughput levels at the end of the quarter. Outside of the sample collection product line, core revenue in our Food Safety segment grew 7%, which we believe reflects a solid underlying business. The establishment of our own Petrifilm production continues to progress well, with the first of two production lines nearly completely installed, and we remain on track to begin initial test production in the fall.”