Neogen Corporation (NEOG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de las tecnologías agrícolas y de seguridad alimentaria, Neogen Corporation (NEOG) surge como una fuerza pionera, transformando cómo abordamos la detección de amenazas biológicas y el diagnóstico científico. Al integrar a la perfección, las pruebas genéticas de vanguardia, las soluciones de diagnóstico innovadoras y las asociaciones estratégicas globales, Neogen ha creado un modelo comercial robusto que aborda desafíos críticos en la investigación agrícola, la producción de alimentos y la salud veterinaria. Su enfoque integral no solo garantiza la seguridad y la precisión, sino que también representa un plan sofisticado para la innovación tecnológica en mercados científicos complejos.

Neogen Corporation (NEOG) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con empresas de tecnología agrícola y alimentaria

Neogen Corporation mantiene asociaciones estratégicas con las siguientes empresas clave de tecnología agrícola:

Empresa asociada	Enfoque de asociación	Año establecido
Thermo Fisher Scientific	Desarrollo de tecnología de diagnóstico	2019
Laboratorios IDEXX	Soluciones de diagnóstico veterinaria	2017
Salud animal de Merck	Tecnologías de prueba de seguridad alimentaria	2020

Asociaciones de investigación con universidades e instituciones de investigación agrícola

Neogen colabora con múltiples instituciones de investigación:

• Universidad de Nebraska -Lincoln - Investigación de genómicos agrícolas
• Universidad Estatal de Michigan - Innovación de seguridad alimentaria
• Universidad de California, Davis - Tecnologías de diagnóstico veterinaria

Acuerdos de licencia con proveedores de biotecnología y tecnología de diagnóstico

Los acuerdos de licencia activos incluyen:

Proveedor de tecnología	Detalles del acuerdo de licencia	Costo de licencia anual
GenePro Diagnostics	Tecnología de pruebas genéticas	$ 2.3 millones
Innovaciones de biotecnología	Plataformas de detección molecular	$ 1.7 millones

Empresas conjuntas en desarrollo de productos de seguridad animal y alimentaria

Neogen ha establecido empresas conjuntas con:

• Zoetis Inc. - Diagnóstico avanzado de salud animal
• Cargill Animal Nutrition - Tecnologías de pruebas de seguridad alimentaria
• Elanco de salud animal - soluciones de diagnóstico veterinario

Relaciones de proveedores con fabricantes globales de equipos agrícolas y veterinarios

Las relaciones clave del proveedor incluyen:

Proveedor	Categoría de suministro	Valor de adquisición anual
Tecnologías de Agilent	Equipo de laboratorio	$ 4.5 millones
Grupo tecan	Instrumentación de diagnóstico	$ 3.2 millones
Becton, Dickinson y compañía	Suministros de diagnóstico médico	$ 2.8 millones

Neogen Corporation (NEOG) - Modelo de negocio: actividades clave

Desarrollo de tecnologías de diagnóstico de seguridad alimentaria y animal

Neogen Corporation invierte $ 31.4 millones anuales en investigación y desarrollo para tecnologías de diagnóstico a partir del año fiscal 2023.

Categoría de tecnología	Inversión anual	Solicitudes de patentes
Diagnóstico de seguridad alimentaria	$ 14.2 millones	12 nuevas patentes
Tecnologías de seguridad animal	$ 17.2 millones	15 nuevas patentes

Investigación e innovación en pruebas genéticas y soluciones de bioseguridad

La investigación de pruebas genéticas se centra en:

• Tecnologías de detección genómica
• Plataformas de evaluación de riesgos de bioseguridad
• Sistemas avanzados de detección molecular

Fabricación de kits de prueba de diagnóstico y productos veterinarios

Categoría de productos	Volumen de producción anual	Ubicación de fabricación
Kits de prueba de seguridad alimentaria	2.3 millones de unidades	Estados Unidos, Irlanda
Kits de diagnóstico veterinario	1.7 millones de unidades	Estados Unidos, Reino Unido

Control de calidad y cumplimiento regulatorio

Inversiones de cumplimiento: $ 8.6 millones anuales con Certificaciones ISO 17025 e ISO 9001.

Marketing y distribución de equipos científicos especializados

Canal de distribución	Ingresos anuales	Alcance geográfico
Ventas directas	$ 412 millones	América del norte
Distribuidores internacionales	$ 187 millones	Europa, Asia, América del Sur

Neogen Corporation (NEOG) - Modelo de negocio: recursos clave

Capacidades avanzadas de investigación y desarrollo de biotecnología

Neogen Corporation invirtió $ 48.9 millones en gastos de investigación y desarrollo en el año fiscal 2023.

Inversión de I + D	Porcentaje de ingresos
$ 48.9 millones	8.2% de los ingresos totales

Plataformas de pruebas genéticas y tecnología de diagnóstico patentadas

Destacados de la cartera de patentes:

• Patentes activas totales: 127 a diciembre de 2023
• Patentes de tecnología de diagnóstico: 42
• Patentes de tecnología de seguridad alimentaria: 85

Personal científico e de investigación altamente calificado

Categoría de empleado	Número de empleados
Total de empleados	1,752
Investigar científicos	387
Doctor en Filosofía. Titulares	164

Extensa cartera de patentes en tecnologías de seguridad alimentaria y animal

Neogen sostiene 127 patentes activas a través de múltiples dominios tecnológicos.

Red global de instalaciones de investigación y producción

Ubicación	Tipo de instalación	Enfoque de investigación/producción
Lansing, Michigan (sede)	Investigación & Producción	Seguridad alimentaria, genómica
Lexington, Kentucky	Instalación de investigación	Prueba genética animal
Escocia, Reino Unido	Instalación de producción	Diagnóstico de seguridad alimentaria

Neogen Corporation (NEOG) - Modelo de negocio: propuestas de valor

Soluciones integrales de diagnóstico de seguridad para alimentos y animales

Neogen Corporation ofrece soluciones de diagnóstico con las siguientes métricas clave:

Categoría de productos	Ingresos anuales	Penetración del mercado
Diagnóstico de seguridad alimentaria	$ 232.4 millones	38% de participación en el mercado global
Diagnóstico de seguridad para animales	$ 187.6 millones	27% de participación en el mercado global

Tecnologías de prueba genética de vanguardia para industrias agrícolas

Neogen proporciona pruebas genéticas con las siguientes capacidades tecnológicas:

• Precisión de detección genómica: 99.8%
• Plataformas de pruebas genéticas: 12 tecnologías especializadas
• Pruebas genéticas anuales realizadas: 1.2 millones

Detección de alta precisión de amenazas y contaminantes biológicos

Tecnología de detección	Sensibilidad	Rango de detección
Detección de patógenos	99.6% de precisión	0.1 partes por millón
Detección de contaminantes	99.9% de precisión	Múltiples amenazas biológicas

Productos innovadores que mejoran la seguridad de la producción agrícola y de alimentos

La innovadora cartera de productos de Neogen incluye:

• 12 tecnologías de diagnóstico patentadas
• Inversión de I + D: $ 47.3 millones anuales
• Tasa de desarrollo de nuevos productos: 7-9 tecnologías por año

Tecnologías de diagnóstico rentables y confiables para los mercados globales

Segmento de mercado	Alcance global	Eficiencia de rentabilidad
Diagnóstico agrícola	65 países	Costos de prueba 15% más bajos
Diagnóstico de seguridad alimentaria	48 países	20% de tiempo de procesamiento más rápido

Neogen Corporation (NEOG) - Modelo de negocios: relaciones con los clientes

Soporte técnico y consulta para clientes científicos y agrícolas

Neogen Corporation proporciona soporte técnico dedicado a través de:

Canal de soporte	Horas de apoyo anuales	Tiempo de respuesta
Soporte telefónico directo	8,760 horas/año	Dentro de las 4 horas
Consulta técnica por correo electrónico	Disponibilidad 24/7	Dentro de las 24 horas
Asistencia técnica en el sitio	500 visitas de cliente/año	Dentro de las 72 horas

Desarrollo de soluciones personalizadas para necesidades específicas de la industria

Neogen ofrece soluciones especializadas en múltiples sectores:

• Diagnóstico de seguridad alimentaria
• Tecnologías de seguridad animal
• Herramientas de investigación genómica
• Prueba genética agrícola

Servicio al cliente en línea y plataformas de recursos técnicos

Plataforma digital	Participación anual del usuario	Tipos de recursos
Portal de clientes	45,000 usuarios únicos	Documentación técnica
Base de conocimiento	250,000 vistas de página	Guías de solución de problemas
Serie de seminarios web	12 sesiones/año	Capacitación de productos

Soporte de capacitación e implementación para tecnologías de diagnóstico

Los programas de capacitación integrales incluyen:

• Módulos de capacitación en línea
• Sesiones lideradas por instructor en vivo
• Programas de certificación
• Soporte de instalación de equipos

Enfoque de asociación a largo plazo con clientes clave de la industria

Métrico de asociación	Valor
Tasa de retención de cliente promedio	92%
Valor del contrato a largo plazo	$ 24.7 millones
Acuerdos de asociación estratégica	37 asociaciones activas

Neogen Corporation (NEOG) - Modelo de negocio: canales

Equipo de ventas directo dirigido a los mercados de seguridad agrícola y alimentaria

Neogen Corporation mantiene un equipo de ventas directo dedicado centrado en los mercados de seguridad agrícola y alimentaria. A partir de 2023, la compañía empleó aproximadamente 750 representantes de ventas directas en múltiples regiones.

Segmento de canales de ventas	Número de representantes	Cobertura geográfica
Mercados agrícolas	425	América del Norte, Europa
Mercados de seguridad alimentaria	325	Presencia global

Plataformas de comercio electrónico en línea para la distribución de productos

Neogen aprovecha las plataformas digitales para la distribución del producto, con un estimado del 35% del total de ventas generadas a través de canales en línea en 2023.

• Plataformas de comercio electrónico primario: sitio web de la empresa
• Portales de suministro científico de terceros
• Integraciones del mercado digital

Conferencias científicas y ferias comerciales de la industria

La compañía participa activamente en aproximadamente 48 conferencias científicas e industriales anualmente, con una inversión de marketing estimada de $ 2.3 millones en 2023.

Asociaciones con distribuidores de suministros veterinarios y agrícolas

Tipo de socio de distribución	Número de asociaciones activas	Contribución anual de ingresos
Distribuidores veterinarios	127	$ 45.6 millones
Distribuidores de suministros agrícolas	93	$ 37.2 millones

Marketing digital y recursos de información técnica

Neogen invierte significativamente en marketing digital, con un presupuesto de marketing digital 2023 de aproximadamente $ 4.7 millones.

• Serie de seminarios técnicos
• Recursos científicos descargables
• Campañas de publicidad digital dirigidas
• Canales de comunicación técnica de redes sociales

Las métricas de participación de canales digitales muestran un alcance mensual promedio de 225,000 usuarios profesionales únicos en varias plataformas.

Neogen Corporation (NEOG) - Modelo de negocio: segmentos de clientes

Instituciones de investigación agrícola

Neogen atiende a 237 centros de investigación agrícola a nivel mundial a partir de 2023. El gasto anual de investigación de estas instituciones totaliza $ 4.2 mil millones.

Tipo de institución	Número de clientes	Presupuesto de investigación anual
Laboratorios agrícolas universitarios	126	$ 1.8 mil millones
Centros de investigación gubernamentales	87	$ 1.6 mil millones
Instalaciones de investigación privadas	24	$ 800 millones

Empresas de procesamiento y producción de alimentos

Neogen atiende a 1.542 empresas de procesamiento de alimentos en 42 países en 2023.

• Empresas de procesamiento de carne: 412
• Empresas de procesamiento de lácteos: 356
• Empresas de procesamiento de mariscos: 187
• Empresas de fabricación de bebidas: 265
• Empresas de procesamiento de granos: 322

Proveedores de atención médica veterinaria

Neogen apoya 6.723 instalaciones de atención médica veterinaria en 2023.

Tipo de instalación veterinaria	Número de clientes
Clínicas veterinarias privadas	4,562
Hospitales de animales	1,287
Investigación de centros veterinarios	874

Agencias gubernamentales de seguridad agrícola y alimentaria

Neogen colabora con 53 agencias gubernamentales en 18 países en 2023.

• Departamento de Agricultura de los Estados Unidos: 12 departamentos
• Autoridad europea de seguridad alimentaria: 17 agencias miembros
• Cuerpos reguladores de alimentos asiáticos: 24 agencias

Organizaciones de investigación biotecnología y farmacéutica

Neogen atiende a 186 organizaciones de biotecnología e investigación farmacéutica en 2023.

Tipo de organización	Número de clientes	Enfoque de investigación
Centros de investigación de biotecnología	98	Prueba genética
Laboratorios de investigación farmacéutica	62	Desarrollo de drogas
Institutos de investigación especializados	26	Diagnóstico avanzado

Neogen Corporation (NEOG) - Modelo de negocio: Estructura de costos

Inversión significativa en investigación y desarrollo

Para el año fiscal 2023, Neogen Corporation reportó gastos de I + D de $ 57.3 millones, lo que representa el 6.8% de los ingresos totales.

Año fiscal	Gasto de I + D	Porcentaje de ingresos
2023	$ 57.3 millones	6.8%
2022	$ 52.1 millones	6.5%

Gastos de fabricación y producción

Los costos totales de fabricación para Neogen Corporation en 2023 fueron de $ 312.4 millones, con un desglose clave de la siguiente manera:

• Costos de material directo: $ 184.6 millones
• Costos laborales directos: $ 76.2 millones
• Sobrecoss de fabricación: $ 51.6 millones

Costos operativos de ventas y marketing

Los gastos de ventas y marketing para Neogen Corporation totalizaron $ 142.7 millones en 2023.

Categoría de gastos	Cantidad
Compensación del personal de ventas	$ 87.3 millones
Campañas de marketing	$ 33.5 millones
Gastos de viaje y promoción	$ 21.9 millones

Gastos de adquisición de personal y talento

Los gastos totales relacionados con el personal para 2023 alcanzaron $ 245.6 millones.

• Salarios base: $ 178.3 millones
• Beneficios y seguros: $ 42.7 millones
• Reclutamiento y capacitación: $ 24.6 millones

Gastos de cumplimiento y certificación regulatoria

Los costos de cumplimiento regulatorio para Neogen Corporation en 2023 fueron de $ 36.5 millones.

Área de cumplimiento	Gasto
Seguro de calidad	$ 18.2 millones
Procesos de certificación	$ 12.7 millones
Documentación regulatoria	$ 5.6 millones

Neogen Corporation (NEOG) - Modelo de negocios: flujos de ingresos

Ventas de kits y equipos de prueba de diagnóstico

Año fiscal 2023 Ingresos de los kits y equipos de prueba de diagnóstico: $ 499.3 millones

Categoría de productos	Ingresos ($ M)	Porcentaje de ingresos totales
Kits de diagnóstico de seguridad alimentaria	278.5	55.8%
Equipo de diagnóstico de salud animal	159.7	32.0%
Equipo de prueba genómica	61.1	12.2%

Licencias de tecnologías de diagnóstico patentadas

Ingresos de licencia para 2023: $ 42.6 millones

• Acuerdos de licencia de biotecnología
• Licencias de tecnología de pruebas genéticas
• Licencias de plataforma de diagnóstico

Servicios de consultoría y soporte técnico

Ingresos anuales de los servicios de consultoría: $ 37.2 millones

Tipo de servicio	Ingresos ($ M)
Consultoría técnica	22.5
Soporte de implementación	14.7

Servicios de análisis y análisis genéticos

Ingresos de pruebas genéticas para 2023: $ 65.4 millones

• Genómica agrícola: $ 38.2 millones
• Prueba genética animal: $ 27.2 millones

Contratos continuos de mantenimiento y soporte

Ingresos de contrato de mantenimiento y soporte anual: $ 55.7 millones

Tipo de contrato	Ingresos ($ M)	Duración del contrato
Mantenimiento del equipo	35.6	1-3 años
Soporte de software	20.1	Renovación anual

Flujos de ingresos anuales totales: $ 700.2 millones

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.