Neogen Corporation (NEOG): Business Model Canvas

In der dynamischen Landschaft der Agrar- und Lebensmittelsicherheitstechnologien erweist sich die Neogen Corporation (NEOG) als Pionierkraft und verändert unsere Herangehensweise an die Erkennung biologischer Bedrohungen und die wissenschaftliche Diagnostik. Durch die nahtlose Integration modernster Gentests, innovativer Diagnoselösungen und strategischer globaler Partnerschaften hat Neogen ein robustes Geschäftsmodell entwickelt, das kritische Herausforderungen in der Agrarforschung, der Lebensmittelproduktion und der Veterinärmedizin angeht. Ihr umfassender Ansatz gewährleistet nicht nur Sicherheit und Präzision, sondern stellt auch einen ausgefeilten Entwurf für technologische Innovationen in komplexen wissenschaftlichen Märkten dar.

Neogen Corporation (NEOG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Unternehmen der Agrar- und Lebensmittelsicherheitstechnologie

Die Neogen Corporation unterhält strategische Partnerschaften mit den folgenden wichtigen Agrartechnologieunternehmen:

Partnerunternehmen	Partnerschaftsfokus	Gründungsjahr
Thermo Fisher Scientific	Entwicklung diagnostischer Technologie	2019
IDEXX-Labors	Veterinärdiagnostische Lösungen	2017
Merck Tiergesundheit	Technologien zur Prüfung der Lebensmittelsicherheit	2020

Forschungskooperationen mit Universitäten und landwirtschaftlichen Forschungseinrichtungen

Neogen arbeitet mit mehreren Forschungseinrichtungen zusammen:

• University of Nebraska-Lincoln – Agrargenomikforschung
• Michigan State University – Innovation im Bereich Lebensmittelsicherheit
• University of California, Davis – Veterinärdiagnostische Technologien

Lizenzvereinbarungen mit Anbietern von Biotechnologie und Diagnosetechnologie

Zu den aktiven Lizenzvereinbarungen gehören:

Technologieanbieter	Einzelheiten zur Lizenzvereinbarung	Jährliche Lizenzkosten
GenePro-Diagnose	Gentesttechnologie	2,3 Millionen US-Dollar
BioTech-Innovationen	Molekulare Detektionsplattformen	1,7 Millionen US-Dollar

Joint Ventures in der Produktentwicklung für Tier- und Lebensmittelsicherheit

Neogen hat Joint Ventures gegründet mit:

• Zoetis Inc. – Fortschrittliche Tiergesundheitsdiagnostik
• Cargill Animal Nutrition – Technologien zur Prüfung der Lebensmittelsicherheit
• Elanco Animal Health – Veterinärdiagnostische Lösungen

Lieferantenbeziehungen mit globalen Herstellern von Land- und Veterinärgeräten

Zu den wichtigsten Lieferantenbeziehungen gehören:

Lieferant	Angebotskategorie	Jährlicher Beschaffungswert
Agilent Technologies	Laborausrüstung	4,5 Millionen US-Dollar
Tecan-Gruppe	Diagnoseinstrumente	3,2 Millionen US-Dollar
Becton, Dickinson und Company	Medizinische Diagnoseartikel	2,8 Millionen US-Dollar

Neogen Corporation (NEOG) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Diagnosetechnologien für Lebensmittel- und Tiersicherheit

Ab dem Geschäftsjahr 2023 investiert die Neogen Corporation jährlich 31,4 Millionen US-Dollar in Forschung und Entwicklung für Diagnosetechnologien.

Kategorie „Technologie“.	Jährliche Investition	Patentanmeldungen
Lebensmittelsicherheitsdiagnostik	14,2 Millionen US-Dollar	12 neue Patente
Tiersicherheitstechnologien	17,2 Millionen US-Dollar	15 neue Patente

Forschung und Innovation im Bereich Gentests und Biosicherheitslösungen

Die Forschung zu Gentests konzentriert sich auf:

• Genomische Screening-Technologien
• Plattformen zur Risikobewertung der Biosicherheit
• Fortschrittliche molekulare Nachweissysteme

Herstellung von diagnostischen Testkits und Veterinärprodukten

Produktkategorie	Jährliches Produktionsvolumen	Produktionsstandorte
Testkits zur Lebensmittelsicherheit	2,3 Millionen Einheiten	USA, Irland
Veterinärdiagnostische Kits	1,7 Millionen Einheiten	USA, Großbritannien

Qualitätskontrolle und Einhaltung gesetzlicher Vorschriften

Compliance-Investitionen: 8,6 Millionen US-Dollar jährlich mit ISO 17025- und ISO 9001-Zertifizierungen.

Vermarktung und Vertrieb von wissenschaftlicher Spezialausrüstung

Vertriebskanal	Jahresumsatz	Geografische Reichweite
Direktvertrieb	412 Millionen Dollar	Nordamerika
Internationale Vertriebspartner	187 Millionen Dollar	Europa, Asien, Südamerika

Neogen Corporation (NEOG) – Geschäftsmodell: Schlüsselressourcen

Erweiterte biotechnologische Forschungs- und Entwicklungskapazitäten

Die Neogen Corporation investierte im Geschäftsjahr 2023 48,9 Millionen US-Dollar in Forschungs- und Entwicklungskosten.

F&E-Investitionen	Prozentsatz des Umsatzes
48,9 Millionen US-Dollar	8,2 % des Gesamtumsatzes

Proprietäre Gentest- und Diagnosetechnologieplattformen

Höhepunkte des Patentportfolios:

• Gesamtzahl der aktiven Patente: 127, Stand Dezember 2023
• Patente für Diagnosetechnologie: 42
• Patente für Lebensmittelsicherheitstechnologie: 85

Hochqualifiziertes Wissenschafts- und Forschungspersonal

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	1,752
Forschungswissenschaftler	387
Ph.D. Inhaber	164

Umfangreiches Patentportfolio für Lebensmittel- und Tiersicherheitstechnologien

Neogen hält 127 aktive Patente über mehrere Technologiebereiche hinweg.

Globales Netzwerk von Forschungs- und Produktionseinrichtungen

Standort	Einrichtungstyp	Forschungs-/Produktionsschwerpunkt
Lansing, Michigan (Hauptsitz)	Forschung & Produktion	Lebensmittelsicherheit, Genomik
Lexington, Kentucky	Forschungseinrichtung	Tiergenetische Tests
Schottland, Großbritannien	Produktionsstätte	Lebensmittelsicherheitsdiagnostik

Neogen Corporation (NEOG) – Geschäftsmodell: Wertversprechen

Umfassende Diagnoselösungen für Lebensmittel- und Tiersicherheit

Neogen Corporation bietet Diagnoselösungen mit den folgenden Schlüsselkennzahlen:

Produktkategorie	Jahresumsatz	Marktdurchdringung
Lebensmittelsicherheitsdiagnostik	232,4 Millionen US-Dollar	38 % Weltmarktanteil
Tiersicherheitsdiagnostik	187,6 Millionen US-Dollar	27 % Weltmarktanteil

Modernste genetische Testtechnologien für die Agrarindustrie

Neogen bietet Gentests mit den folgenden technologischen Möglichkeiten an:

• Genauigkeit des Genom-Screenings: 99,8 %
• Genetische Testplattformen: 12 spezialisierte Technologien
• Jährlich durchgeführte Gentests: 1,2 Millionen

Hochpräzise Erkennung biologischer Bedrohungen und Schadstoffe

Erkennungstechnologie	Empfindlichkeit	Erfassungsbereich
Erkennung von Krankheitserregern	99,6 % Genauigkeit	0,1 Teile pro Million
Schadstoff-Screening	99,9 % Präzision	Mehrere biologische Bedrohungen

Innovative Produkte zur Verbesserung der Sicherheit in der Landwirtschaft und Lebensmittelproduktion

Das innovative Produktportfolio von Neogen umfasst:

• 12 patentierte Diagnosetechnologien
• F&E-Investitionen: 47,3 Millionen US-Dollar pro Jahr
• Entwicklungsrate neuer Produkte: 7–9 Technologien pro Jahr

Kostengünstige und zuverlässige Diagnosetechnologien für globale Märkte

Marktsegment	Globale Reichweite	Kosteneffizienz
Agrardiagnostik	65 Länder	15 % geringere Testkosten
Lebensmittelsicherheitsdiagnostik	48 Länder	20 % schnellere Bearbeitungszeit

Neogen Corporation (NEOG) – Geschäftsmodell: Kundenbeziehungen

Technischer Support und Beratung für wissenschaftliche und landwirtschaftliche Kunden

Neogen Corporation bietet dedizierten technischen Support durch:

Support-Kanal	Jährliche Support-Stunden	Reaktionszeit
Direkter Telefonsupport	8.760 Stunden/Jahr	Innerhalb von 4 Stunden
Technische Beratung per E-Mail	Verfügbarkeit rund um die Uhr	Innerhalb von 24 Stunden
Technische Unterstützung vor Ort	500 Kundenbesuche/Jahr	Innerhalb von 72 Stunden

Entwicklung maßgeschneiderter Lösungen für spezifische Branchenanforderungen

Neogen bietet spezialisierte Lösungen für mehrere Sektoren:

• Lebensmittelsicherheitsdiagnostik
• Tiersicherheitstechnologien
• Tools für die Genomforschung
• Landwirtschaftliche Gentests

Online-Kundenservice und technische Ressourcenplattformen

Digitale Plattform	Jährliches Benutzerengagement	Ressourcentypen
Kundenportal	45.000 einzelne Benutzer	Technische Dokumentation
Wissensdatenbank	250.000 Seitenaufrufe	Anleitungen zur Fehlerbehebung
Webinar-Reihe	12 Sitzungen/Jahr	Produktschulung

Schulung und Implementierungsunterstützung für Diagnosetechnologien

Zu den umfassenden Schulungsprogrammen gehören:

• Online-Schulungsmodule
• Von Lehrern geleitete Live-Sitzungen
• Zertifizierungsprogramme
• Unterstützung bei der Geräteinstallation

Langfristiger Partnerschaftsansatz mit wichtigen Industriekunden

Partnerschaftsmetrik	Wert
Durchschnittliche Kundenbindungsrate	92%
Langfristiger Vertragswert	24,7 Millionen US-Dollar
Strategische Partnerschaftsvereinbarungen	37 aktive Partnerschaften

Neogen Corporation (NEOG) – Geschäftsmodell: Kanäle

Direktvertriebsteam für die Märkte Landwirtschaft und Lebensmittelsicherheit

Die Neogen Corporation unterhält ein engagiertes Direktvertriebsteam, das sich auf die Märkte Agrar- und Lebensmittelsicherheit konzentriert. Im Jahr 2023 beschäftigte das Unternehmen rund 750 Direktvertriebsmitarbeiter in mehreren Regionen.

Vertriebskanalsegment	Anzahl der Vertreter	Geografische Abdeckung
Agrarmärkte	425	Nordamerika, Europa
Lebensmittelsicherheitsmärkte	325	Globale Präsenz

Online-E-Commerce-Plattformen für den Produktvertrieb

Neogen nutzt digitale Plattformen für den Produktvertrieb, wobei im Jahr 2023 schätzungsweise 35 % des Gesamtumsatzes über Online-Kanäle generiert werden.

• Primäre E-Commerce-Plattformen: Unternehmenswebsite
• Wissenschaftliche Versorgungsportale von Drittanbietern
• Digitale Marktplatzintegrationen

Wissenschaftliche Konferenzen und Branchenmessen

Das Unternehmen nimmt jährlich aktiv an etwa 48 wissenschaftlichen und industriellen Konferenzen teil, wobei die Marketinginvestitionen im Jahr 2023 auf 2,3 Millionen US-Dollar geschätzt werden.

Partnerschaften mit Vertriebshändlern für Veterinär- und Agrarbedarf

Art des Vertriebspartners	Anzahl aktiver Partnerschaften	Jährlicher Umsatzbeitrag
Veterinärhändler	127	45,6 Millionen US-Dollar
Händler für Agrarbedarf	93	37,2 Millionen US-Dollar

Ressourcen für digitales Marketing und technische Informationen

Neogen investiert erheblich in digitales Marketing, mit einem Budget für digitales Marketing im Jahr 2023 von etwa 4,7 Millionen US-Dollar.

• Technische Webinar-Reihe
• Herunterladbare wissenschaftliche Ressourcen
• Gezielte digitale Werbekampagnen
• Technische Kommunikationskanäle für soziale Medien

Kennzahlen zum Engagement digitaler Kanäle zeigen eine durchschnittliche monatliche Reichweite von 225.000 einzelnen professionellen Nutzern auf verschiedenen Plattformen.

Neogen Corporation (NEOG) – Geschäftsmodell: Kundensegmente

Agrarforschungseinrichtungen

Neogen bedient ab 2023 weltweit 237 landwirtschaftliche Forschungszentren. Die jährlichen Forschungsausgaben dieser Institutionen belaufen sich auf insgesamt 4,2 Milliarden US-Dollar.

Institutionstyp	Anzahl der Kunden	Jährliches Forschungsbudget
Agrarlabore der Universität	126	1,8 Milliarden US-Dollar
Staatliche Forschungszentren	87	1,6 Milliarden US-Dollar
Private Forschungseinrichtungen	24	800 Millionen Dollar

Lebensmittelverarbeitungs- und Produktionsunternehmen

Neogen beliefert im Jahr 2023 1.542 Lebensmittelverarbeitungsunternehmen in 42 Ländern.

• Fleischverarbeitende Unternehmen: 412
• Milchverarbeitende Unternehmen: 356
• Meeresfrüchteverarbeitungsunternehmen: 187
• Getränkehersteller: 265
• Getreideverarbeitungsunternehmen: 322

Veterinärmedizinische Gesundheitsdienstleister

Neogen unterstützt im Jahr 2023 6.723 veterinärmedizinische Gesundheitseinrichtungen.

Art der Veterinäreinrichtung	Anzahl der Kunden
Private Tierkliniken	4,562
Tierkliniken	1,287
Forschungszentren für Veterinärmedizin	874

Staatliche Agrar- und Lebensmittelsicherheitsbehörden

Neogen arbeitet im Jahr 2023 mit 53 Regierungsbehörden in 18 Ländern zusammen.

• Landwirtschaftsministerium der Vereinigten Staaten: 12 Abteilungen
• Europäische Behörde für Lebensmittelsicherheit: 17 Mitgliedsagenturen
• Asiatische Lebensmittelaufsichtsbehörden: 24 Behörden

Biotechnologie- und pharmazeutische Forschungsorganisationen

Neogen beliefert im Jahr 2023 186 biotechnologische und pharmazeutische Forschungsorganisationen.

Organisationstyp	Anzahl der Kunden	Forschungsschwerpunkt
Forschungszentren für Biotechnologie	98	Gentests
Pharmazeutische Forschungslabore	62	Arzneimittelentwicklung
Spezialisierte Forschungsinstitute	26	Erweiterte Diagnose

Neogen Corporation (NEOG) – Geschäftsmodell: Kostenstruktur

Erhebliche Investition in Forschung und Entwicklung

Für das Geschäftsjahr 2023 meldete die Neogen Corporation Forschungs- und Entwicklungskosten in Höhe von 57,3 Millionen US-Dollar, was 6,8 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	57,3 Millionen US-Dollar	6.8%
2022	52,1 Millionen US-Dollar	6.5%

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten der Neogen Corporation beliefen sich im Jahr 2023 auf 312,4 Millionen US-Dollar, wobei sich die Hauptaufteilung wie folgt darstellt:

• Direkte Materialkosten: 184,6 Millionen US-Dollar
• Direkte Arbeitskosten: 76,2 Millionen US-Dollar
• Fertigungsaufwand: 51,6 Millionen US-Dollar

Betriebskosten für Vertrieb und Marketing

Die Vertriebs- und Marketingkosten der Neogen Corporation beliefen sich im Jahr 2023 auf insgesamt 142,7 Millionen US-Dollar.

Ausgabenkategorie	Betrag
Vergütung des Vertriebspersonals	87,3 Millionen US-Dollar
Marketingkampagnen	33,5 Millionen US-Dollar
Reise- und Werbekosten	21,9 Millionen US-Dollar

Personal- und Talentakquisekosten

Die gesamten personalbezogenen Ausgaben für 2023 beliefen sich auf 245,6 Millionen US-Dollar.

• Grundgehälter: 178,3 Millionen US-Dollar
• Leistungen und Versicherung: 42,7 Millionen US-Dollar
• Rekrutierung und Schulung: 24,6 Millionen US-Dollar

Ausgaben für die Einhaltung gesetzlicher Vorschriften und Zertifizierungen

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich für die Neogen Corporation im Jahr 2023 auf 36,5 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Qualitätssicherung	18,2 Millionen US-Dollar
Zertifizierungsprozesse	12,7 Millionen US-Dollar
Regulatorische Dokumentation	5,6 Millionen US-Dollar

Neogen Corporation (NEOG) – Geschäftsmodell: Einnahmequellen

Verkauf von Diagnosetestkits und -geräten

Umsatz aus Diagnosetestkits und -geräten im Geschäftsjahr 2023: 499,3 Millionen US-Dollar

Produktkategorie	Umsatz (Mio. USD)	Prozentsatz des Gesamtumsatzes
Diagnosekits für Lebensmittelsicherheit	278.5	55.8%
Diagnosegeräte für die Tiergesundheit	159.7	32.0%
Genomtestgeräte	61.1	12.2%

Lizenzierung proprietärer Diagnosetechnologien

Lizenzeinnahmen für 2023: 42,6 Millionen US-Dollar

• Lizenzverträge für Biotechnologie
• Lizenzen für Gentesttechnologie
• Lizenzierung der Diagnoseplattform

Beratungs- und technische Supportdienste

Jahresumsatz aus Beratungsdienstleistungen: 37,2 Millionen US-Dollar

Servicetyp	Umsatz (Mio. USD)
Technische Beratung	22.5
Implementierungsunterstützung	14.7

Genetische Test- und Analysedienste

Einnahmen aus Gentests für 2023: 65,4 Millionen US-Dollar

• Agrargenomik: 38,2 Millionen US-Dollar
• Tiergenetische Tests: 27,2 Millionen US-Dollar

Laufende Produktwartungs- und Supportverträge

Jährlicher Umsatz aus Wartungs- und Supportverträgen: 55,7 Millionen US-Dollar

Vertragstyp	Umsatz (Mio. USD)	Vertragsdauer
Gerätewartung	35.6	1-3 Jahre
Software-Support	20.1	Jährliche Erneuerung

Gesamte jährliche Einnahmequellen: 700,2 Millionen US-Dollar

Neogen Corporation (NEOG) - Canvas Business Model: Value Propositions

Rapid, accurate, and relatively inexpensive detection of food contaminants is supported by the Food Safety segment, which accounted for 71.3% of Neogen Corporation total revenues for the fiscal year ended May 31, 2025. Core revenue for the Food Safety segment grew mid-single digits for the full fiscal year 2025. For the first quarter of fiscal year 2026 (ending August 31, 2025), Food Safety segment revenue was $152.1 million.

Comprehensive suite of solutions for foodborne pathogens, allergens, and toxins is evidenced by growth drivers in fiscal year 2025, which included continued strength in indicator and pathogen testing. In the fourth quarter of fiscal year 2025, core revenue growth in the Food Safety segment was seen in the Bacterial & General Sanitation product category, benefiting from strong growth in pathogen detection products. The company is also progressing with the establishment of its own Petrifilm production.

Enhanced animal health and genetic progress through advanced genomic services is a key part of the Animal Safety segment, which generated $256.5 million in revenue for the full fiscal year 2025. The company has taken restructuring actions focused on rightsizing the Genomics business due to a mid-single-digit core revenue decline in the second quarter of fiscal 2025 and a low-single-digits core revenue decline in the fourth quarter of fiscal 2025. Despite this, strong growth in the bovine market, particularly internationally, was noted in the fourth quarter of fiscal year 2025.

Digital tools for objective analysis and long-term storage of test results are integral to the service offering, though specific financial metrics for the tools are not separately detailed in the segment reporting. The overall Food Safety segment, which includes these tools, saw its core revenue grow low-single-digits in the fourth quarter of fiscal year 2025.

Biosecurity and sanitation products for a safer food production environment are delivered through both segments. The Food Safety segment experienced core revenue growth in Biosecurity products in the fourth quarter of fiscal 2025. The Animal Safety segment includes rodent control solutions sold under brand names such as Ramik®, CyKill™, and Havoc, and insect control under the Prozap® brand. The company divested its global cleaners and disinfectants business, which generated approximately $60 million of annual revenue, to focus on core diagnostics, with the sale expected to be margin-accretive.

Metric	Food Safety Segment (FY 2025)	Animal Safety Segment (FY 2025)	Total Company (Q1 FY 2026)
Revenue Amount	$638.1 million	$256.5 million	$209.2 million (Q1 FY26 Revenue)
Revenue Percentage of Total	71.3% (FY 2025)	Implied 28.7% (FY 2025)	Total Revenue for Q1 FY26 was $209.2 million
Core Growth Rate	Mid-single digits (FY 2025)	Core revenue decline of 3.5% (FY 2025)	Core revenue rose 0.3% (Q1 FY26)

The value proposition is further supported by the following operational highlights:

• Food Safety segment revenue decreased $17.2 million during fiscal year 2025 compared to the prior year.
• The sale of the Cleaners & Disinfectants business was for $130 million in cash at closing plus contingent consideration.
• Net debt position as of May 31, 2025, was $771 million.
• The company plans to use proceeds from the divestiture to repay $100 million of debt in Q1 FY26.
• Fiscal year 2026 revenue guidance is projected between $820 million and $840 million.

Neogen Corporation (NEOG) - Canvas Business Model: Customer Relationships

You're looking at how Neogen Corporation keeps its customer base engaged, especially after major integration efforts and market shifts in fiscal year 2025. The relationship strategy centers on deep expertise and long-term partnership, which is critical when your core business is safety and compliance.

Dedicated field support and product training for complex solutions

Neogen Corporation maintains a significant global resource pool to back up its complex diagnostic and safety solutions. This support structure is designed to ensure customers can use the technology effectively right away. The company's brand promise is built on this reliability: safety at your side. This commitment is backed by a substantial team dedicated to direct customer interaction.

• Global network of technical experts: over 300 food safety and technical experts as of July 2024.
• The company incurred additional expense for retention related costs during fiscal year 2025.
• Products are marketed by Neogen's own sales personnel and distributors worldwide.

Technical expert consultation for optimized product and technology use

For specialized offerings like genomics and software, direct consultation is key. Neogen provides services where the results are conveyed directly to the customer, implying a consultative step. While the Animal Safety segment's Genomics business experienced a mid-single-digit core revenue decline in Q3 FY2025, the overall service revenue saw a specific drop, which points to the nature of these relationships.

The company's software, Neogen Analytics, is an Environmental Monitoring Program (EMP) automation solution that reduces risk by increasing visibility of testing results, which inherently requires technical guidance for optimization.

Service Category	FY 2025 Revenue (Millions USD)	Year-over-Year Change
Genomics and Commercial Laboratory Services Revenue	$97.3 million	Decreased 5% from prior year ($102.4 million).

The decline in service revenue suggests that while the need for interpretation remains, customer insourcing and end-market weakness in companion animal markets affected the volume of these expert interactions in FY2025. Still, the company is focused on commercial excellence moving forward.

Targeted share-gain activities to win new market business

Neogen Corporation actively pursues winning new business, especially within its core Food Safety segment, which accounted for 71.3% of total revenues in fiscal year 2025. Management noted encouraging initial traction from these efforts in the first quarter of fiscal 2025.

• Food Safety core revenue grew mid-single digits for the full fiscal year 2025, outside of specific sample collection challenges.
• In Q1 FY2025, the Food Safety segment saw positive core revenue growth, attributed to these targeted share-gain activities.

Long-term, essential partner relationship with customers and regulators

The relationship extends beyond just the customer to include regulatory bodies, positioning Neogen as an essential part of the global food security infrastructure. The company emphasizes its role as a valuable partner for both customers and regulators in maximizing food safety effectiveness. This is especially relevant given the current regulatory backdrop, which was noted as favorable in the US, with key announcements from the USDA in July 2025.

Neogen's global footprint supports this partnership model, with a presence in over 140 countries. The brand promise, safety at your side, reflects the trust customers place in Neogen to deliver consistent, science-based solutions.

Account management for large food processors and livestock producers

Large entities, such as major food and beverage processors and livestock producers, form the backbone of Neogen's customer base, particularly for the Food Safety and Animal Safety segments, respectively. The company's ATP sanitation testing products serve food and beverage processors, the food service, and healthcare industries. In the Animal Safety segment, offerings support livestock producers and veterinarians.

The overall fiscal year 2025 revenue was $894.7 million, a decrease of 3.2% compared to the prior year. The company completed the divestiture of its global Cleaners & Disinfectants business in fiscal 2025, intended to simplify the business and allow for a sharper focus on core capabilities, which would directly impact the account management focus areas moving forward.

Finance: draft 13-week cash view by Friday.

Neogen Corporation (NEOG) - Canvas Business Model: Channels

You're looking at how Neogen Corporation gets its products and services into the hands of its customers across food safety and animal safety markets. It's a mix of direct engagement and leveraging established networks, which makes sense given the diverse customer base, from large processors to individual veterinarians.

Direct sales force to large food producers and processors

Neogen Corporation maintains a direct sales presence in the United States and has established locations in 28 other countries outside the U.S. to serve customers directly. This direct approach is key for high-touch sales, especially to large food manufacturers and processors who are the primary buyers of many Food Safety segment products. For the fiscal year ended May 31, 2025, the Food Safety segment generated $638.1 million in revenue. This segment's core revenue grew at a mid-single-digit rate for the full fiscal year 2025, showing the direct sales channel's underlying strength despite softer end-market conditions.

Global network of animal health product distributors and retailers

To expand reach, defintely, Neogen Corporation relies on a global network. The Animal Safety segment, which accounted for 28.7% of total revenues in fiscal year 2025, markets many consumable products through animal health product distributors, as well as retailers like large farm and ranch outlets. This distributor network is crucial for reaching international markets where a direct employee presence isn't established.

Genomic testing laboratories providing direct service to customers

Genomic testing is a service channel where results are conveyed directly to the customer upon service completion. This service is part of the Animal Safety segment. On a global basis, the Genomics business experienced sequential improvement, declining low-single-digits in core revenue for the fourth quarter of fiscal 2025. The company also records contract liabilities related to genomics services, which stood at $5,558 thousand as of May 31, 2025, indicating advance payments for these services.

E-commerce and online platforms for consumable product sales

While specific e-commerce revenue figures aren't broken out, the company does sell products and services directly to consumers. The overall annual revenue for Neogen Corporation for the fiscal year ending May 31, 2025, was $894.7 million. This total revenue encompasses all sales channels, including any online platforms used for ordering consumables.

Veterinary instrument and disposable product distributors

Veterinary instruments and disposables fall under the Animal Safety segment, which saw revenues of $245.7 million (calculated as $894.7 million total revenue minus $638.1 million Food Safety revenue, though the search result suggests the Animal Safety percentage is more precise) or 28.7% of total revenue for fiscal year 2025. These products are marketed to companion animal veterinarians and other end-users, often utilizing the established animal health product distributor network.

Here's a look at the revenue breakdown by major product and service categories for the fiscal year ending May 31, 2025, which helps map the scale of the segments served by these channels:

Category	Revenue Year Ended May 31, 2025
Food Safety Total	$638.1 million
Animal Safety Total (Implied from Percentage)	Approx. $256.6 million
Natural Toxins & Allergens (Food Safety Sub-category)	$77,058 thousand
Bacterial & General Sanitation (Food Safety Sub-category)	$164,777 thousand
Indicator Testing, Culture Media & Other (Food Safety Sub-category)	$325,915 thousand
Rodent Control, Insect Control & Disinfectants (Food Safety Sub-category)	$46,971 thousand

The total capital expenditures for Neogen Corporation in fiscal year 2025 were $105 million.

Finance: review the Q1 2026 distributor sales reports against the 2025 distributor channel performance by Friday.

Neogen Corporation (NEOG) - Canvas Business Model: Customer Segments

You're looking at the core of Neogen Corporation's business, which really splits into two major groups based on their reporting structure: Food Safety and Animal Safety. Honestly, the Food Safety side is the lion's share of the revenue pie, which tells you where a lot of their immediate focus is right now.

For the fiscal year ended May 31, 2025, revenues from Neogen Corporation's Food Safety segment accounted for 71.3% of total revenues. This group is primarily focused on keeping the global food supply chain secure. Their customers are the ones making the food and feed you and I consume daily.

The specific customer types within the Food Safety realm include:

• Global food and beverage producers and processors.
• Food service and healthcare industries using their sanitation testing products.
• Users of their diagnostic test kits for pathogens, toxins, and allergens.

The other major group, the Animal Safety segment, brought in $256.5 million in revenue for the full year 2025. This segment is broad, supporting everything from large-scale agriculture to individual pet care. You'll find their products marketed through several channels to reach these diverse users.

Here's a quick breakdown of the key customer groups served by the Animal Safety segment and related services:

The genomics business, which falls under Animal Safety, generated service revenue of $97.3 million in fiscal 2025. Clients here are specialized, but the overall segment serves a wider audience:

Customer Group	Primary Segment	FY 2025 Financial Data Point
Food/Feed Producers & Processors	Food Safety	71.3% of Total Revenue
Livestock Producers (Bovine, Swine, Poultry)	Animal Safety	Contributed to $256.5 million Segment Revenue
Genomics Service Clients (Breed Registries, Researchers)	Animal Safety (Genomics)	Service Revenue of $97.3 million
Veterinary Professionals	Animal Safety	Marketed consumable products through them
Companion Animal Owners	Animal Safety	Targeted by specific product lines

For the Animal Safety segment, the majority of consumable products are marketed through veterinarians, retailers, and animal health product distributors. Livestock producers are direct users, especially for biosecurity and genetics progress tools. To be fair, the companion animal market showed some weakness in fiscal 2025, which impacted that part of the segment's revenue.

Commercial and research laboratories are definitely a segment, often utilizing the diagnostic test kits and complementary products like culture media from the Food Safety side. Also, Neogen Corporation views its role as a valuable partner for government and regulatory agencies focused on food safety, though direct revenue attribution for this group isn't broken out separately in the main segment reporting. They are a key audience for their testing accuracy and data systems.

The total revenue for Neogen Corporation in fiscal year 2025 was $894.7 million. Finance: draft a customer concentration risk assessment for the top 10 Food Safety customers by Friday.

Neogen Corporation (NEOG) - Canvas Business Model: Cost Structure

You're looking at the costs Neogen Corporation is managing as it moves past the major 3M Food Safety Division integration phase and addresses recent performance pressures. The cost structure for fiscal year 2025, which ended May 31, 2025, shows significant non-recurring charges alongside the core cost of sales.

The primary cost of running the business is tied directly to generating sales, which is reflected in the Cost of Goods Sold (COGS).

Metric	FY2025 Value
Gross Margin (as a percentage of revenue)	47.1%
Implied Cost of Goods Sold (COGS)	52.9% of revenue

This gross margin of 47.1% for fiscal year 2025 was a compression from 50.2% in the prior fiscal year. The drivers for this margin pressure included lower volume, higher manufacturing costs in the sample collection product line, and an elevated level of inventory write-offs.

A major non-operating cost event tied to the 3M acquisition was the impairment charge recorded during the year. This signals a significant write-down in the value attributed to that combination.

• Goodwill impairment charge related to the 3M Food Safety Division acquisition: $461 million (non-cash).
• Restructuring charges incurred in the current fiscal year, partially recorded within general and administrative expense, included severance payments and other exit costs related to initiatives like streamlining the global genomics business.

Operating expenses remain a focus area, especially as the company transitions leadership and seeks efficiency. You see the immediate action being taken to right-size the cost base, which was announced shortly after the fiscal year-end.

The reported General and Administrative expenses for the full fiscal year 2025 were $218.2 million. To address this, Neogen Corporation has initiated a targeted improvement plan:

• Targeted annualized reduction in operating expenses: approximately $20 million.
• This reduction is being achieved through a global headcount reduction of approximately 10% and non-labor cost reductions.

Capital expenditures (CapEx) in fiscal year 2025 were substantial, reflecting the ongoing investment required to complete the integration of the acquired 3M Food Safety Division assets and facilities.

Capital Expenditure Metric	FY2025 Amount
Total Capital Expenditures	$104.6 million
Capital Expenditures related to 3M Integration	Approximately $70 million (as previously estimated)

The integration CapEx was largely focused on the construction of and equipment for the new manufacturing facility in Lansing, Michigan. For context, the projected CapEx for fiscal year 2026 is significantly lower at approximately $50 million.

Financing costs are a direct result of the debt taken on to fund the 3M acquisition. As of the balance sheet date of May 31, 2025, the debt load was significant, though some deleveraging was planned shortly thereafter.

Debt/Financing Metric (As of May 31, 2025)	Amount
Total Outstanding Debt	$900.0 million
Interest Expense, Net (FY2025)	$68,512 thousand (or $68.512 million)
Committed Borrowing Headroom	$150.0 million

The interest expense calculation for the year ended May 31, 2025, includes amortization of deferred debt issuance costs related to the Credit Facilities refinanced in April 2025. Finance: draft 13-week cash view by Friday.

Neogen Corporation (NEOG) - Canvas Business Model: Revenue Streams

You're looking at the core ways Neogen Corporation brings in money, which is heavily weighted toward its Food Safety business, as of the close of fiscal year 2025.

The total revenue for Neogen Corporation for the fiscal year ended May 31, 2025, was reported as $894.7 million.

The revenue generation is clearly split between two main segments, with Food Safety being the dominant contributor.

Here's the quick math on the segment contribution for FY2025:

Revenue Stream Category	FY2025 Revenue (Millions USD)	Percentage of Total Revenue
Food Safety Segment	$638.1 million	71.3%
Animal Safety Segment	$256.5 million	28.7%

The Food Safety segment contributed $638.1 million (71.3% of total) in FY2025, which is primarily product revenue from diagnostic test kits and culture media used to detect harmful natural toxins, foodborne bacteria, and allergens.

The Animal Safety segment, which accounted for 28.7% of total revenue, generates revenue through a mix of product sales and service revenue from advanced genomic testing.

The revenue streams within the Animal Safety segment include:

• Service revenue from advanced genomic testing, covering genetic evaluation and related interpretive bioinformatic services.
• Sales of consumable veterinary instruments and animal care products, including diagnostics, pharmaceuticals, topicals, and parasiticides.

To be fair, Neogen Corporation's revenue recognition for products happens when the product ships, but service revenue, like the genomic testing, is recognized when the laboratory service is performed and results are conveyed to the customer. This means the timing of cash flow can differ slightly between the two main revenue types.

The key revenue components driving the Food Safety segment are:

• Diagnostic test kits for pathogens and allergens.
• Culture media and related products.
• Products for general sanitation monitoring.

Finance: draft 13-week cash view by Friday.