Neogen Corporation (NEOG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des technologies agricoles et de sécurité alimentaire, Neogen Corporation (NEOG) apparaît comme une force pionnière, transformant la façon dont nous abordons la détection biologique et les diagnostics scientifiques. En intégrant de manière transparente les tests génétiques de pointe, des solutions de diagnostic innovantes et des partenariats mondiaux stratégiques, Neogen a conçu un modèle commercial robuste qui relève des défis critiques dans la recherche agricole, la production alimentaire et les soins de santé vétérinaires. Leur approche complète garantit non seulement la sécurité et la précision, mais représente également un plan sophistiqué pour l'innovation technologique sur les marchés scientifiques complexes.

Neogen Corporation (NEOG) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les entreprises de technologies agricoles et de sécurité alimentaire

Neogen Corporation maintient des partenariats stratégiques avec les principales sociétés de technologie agricole suivantes:

Entreprise partenaire	Focus de partenariat	Année établie
Thermo Fisher Scientific	Développement de la technologie diagnostique	2019
Laboratoires IDEXX	Solutions de diagnostic vétérinaire	2017
Merck Animal Health	Technologies de test de sécurité alimentaire	2020

Partenariats de recherche avec les universités et les institutions de recherche agricole

Neogen collabore avec plusieurs institutions de recherche:

• Université du Nebraska-Lincoln - Recherche en génomique agricole
• Michigan State University - Innovation de sécurité alimentaire
• Université de Californie, Davis - Technologies de diagnostic vétérinaire

Accords d'octroi de licences avec des fournisseurs de technologies de biotechnologie et de diagnostic

Les accords de licence actifs comprennent:

Fournisseur de technologie	Détails de l'accord de licence	Coût annuel de licence
Diagnostics Genepro	Technologie des tests génétiques	2,3 millions de dollars
Innovations biotechnologiques	Plates-formes de détection moléculaire	1,7 million de dollars

Coentreprises dans le développement des produits de sécurité animale et alimentaire

Neogen a établi des coentreprises avec:

• Zoetis Inc. - Advanced Animal Health Diagnostics
• Cargill Animal Nutrition - Technologies de test de sécurité alimentaire
• Elanco Animal Health - Solutions de diagnostic vétérinaire

Relations avec les fournisseurs avec les fabricants mondiaux d'équipements agricoles et vétérinaires

Les relations clés des fournisseurs comprennent:

Fournisseur	Catégorie d'approvisionnement	Valeur d'achat annuelle
Agilent Technologies	Équipement de laboratoire	4,5 millions de dollars
Groupe Tecan	Instrumentation diagnostique	3,2 millions de dollars
Becton, Dickinson et compagnie	Fournitures de diagnostic médical	2,8 millions de dollars

Neogen Corporation (NEOG) - Modèle d'entreprise: activités clés

Développement des technologies de diagnostic de la sécurité alimentaire et des animaux

Neogen Corporation investit 31,4 millions de dollars par an en recherche et développement pour les technologies diagnostiques à l'exercice 2023.

Catégorie de technologie	Investissement annuel	Demandes de brevet
Diagnostics de sécurité alimentaire	14,2 millions de dollars	12 nouveaux brevets
Technologies de sécurité animale	17,2 millions de dollars	15 nouveaux brevets

Recherche et innovation dans les solutions de tests génétiques et de biosécurité

La recherche sur les tests génétiques se concentre sur:

• Technologies de dépistage génomique
• Plateformes d'évaluation des risques de biosécurité
• Systèmes de détection moléculaire avancés

Fabrication de kits de test de diagnostic et de produits vétérinaires

Catégorie de produits	Volume de production annuel	Lieux de fabrication
Kits de test de sécurité alimentaire	2,3 millions d'unités	États-Unis, Irlande
Kits de diagnostic vétérinaire	1,7 million d'unités	États-Unis, Royaume-Uni

Contrôle de la qualité et conformité réglementaire

Investissements de conformité: 8,6 millions de dollars par an avec Certifications ISO 17025 et ISO 9001.

Marketing et distribution d'équipements scientifiques spécialisés

Canal de distribution	Revenus annuels	Portée géographique
Ventes directes	412 millions de dollars	Amérique du Nord
Distributeurs internationaux	187 millions de dollars	Europe, Asie, Amérique du Sud

Neogen Corporation (NEOG) - Modèle d'entreprise: Ressources clés

Capacités avancées de recherche et de développement en biotechnologie

Neogen Corporation a investi 48,9 millions de dollars dans les frais de recherche et de développement au cours de l'exercice 2023.

Investissement en R&D	Pourcentage de revenus
48,9 millions de dollars	8,2% des revenus totaux

Plateformes de tests génétiques et de technologies diagnostiques propriétaires

Points forts du portefeuille de brevets:

• Brevets actifs totaux: 127 en décembre 2023
• Brevets technologiques de diagnostic: 42
• Brevets technologiques de la sécurité alimentaire: 85

Personnel scientifique et de recherche hautement qualifié

Catégorie des employés	Nombre d'employés
Total des employés	1,752
Chercheur	387
doctorat Détenteurs	164

Portfolio des brevets étendus dans les technologies de sécurité alimentaire et animale

Neogen tient 127 brevets actifs dans plusieurs domaines technologiques.

Réseau mondial d'installations de recherche et de production

Emplacement	Type d'installation	Focus de recherche / production
Lansing, Michigan (siège)	Recherche & Production	Sécurité alimentaire, génomique
Lexington, Kentucky	Installation de recherche	Tests génétiques animaux
Écosse, Royaume-Uni	Installation de production	Diagnostics de sécurité alimentaire

Neogen Corporation (NEOG) - Modèle d'entreprise: propositions de valeur

Solutions complètes de diagnostic de la sécurité alimentaire et des animaux

Neogen Corporation propose des solutions de diagnostic avec les mesures clés suivantes:

Catégorie de produits	Revenus annuels	Pénétration du marché
Diagnostics de sécurité alimentaire	232,4 millions de dollars	38% de part de marché mondiale
Diagnostics de sécurité des animaux	187,6 millions de dollars	27% de part de marché mondiale

Technologies de test génétique de pointe pour les industries agricoles

Neogen fournit des tests génétiques avec les capacités technologiques suivantes:

• Précision du dépistage génomique: 99,8%
• Plateformes de test génétiques: 12 technologies spécialisées
• Tests génétiques annuels effectués: 1,2 million

Détection de haute précision des menaces biologiques et des contaminants

Technologie de détection	Sensibilité	Plage de détection
Détection des agents pathogènes	Précision à 99,6%	0,1 parties par million
Dépistage des contaminants	99,9% de précision	Menaces biologiques multiples

Produits innovants améliorant la sécurité de la production agricole et alimentaire

Le portefeuille de produits innovant de Neogen comprend:

• 12 technologies de diagnostic brevetées
• Investissement en R&D: 47,3 millions de dollars par an
• Taux de développement des nouveaux produits: 7-9 technologies par an

Technologies de diagnostic rentables et fiables pour les marchés mondiaux

Segment de marché	Portée mondiale	Rentabilité
Diagnostic agricole	65 pays	15% de coûts de test inférieurs
Diagnostics de sécurité alimentaire	48 pays	Temps de traitement 20% plus rapide

Neogen Corporation (NEOG) - Modèle d'entreprise: relations clients

Support technique et consultation pour les clients scientifiques et agricoles

Neogen Corporation fournit un soutien technique dédié à:

Canal de support	Heures de soutien annuelles	Temps de réponse
Prise en charge du téléphone direct	8 760 heures / an	Dans les 4 heures
Consultation technique par courrier électronique	Disponibilité 24/7	Dans les 24 heures
Assistance technique sur place	500 visites client / an	Dans les 72 heures

Développement de solutions personnalisées pour les besoins spécifiques de l'industrie

Neogen propose des solutions spécialisées sur plusieurs secteurs:

• Diagnostics de sécurité alimentaire
• Technologies de sécurité animale
• Outils de recherche génomique
• Tests génétiques agricoles

Service client en ligne et plateformes de ressources techniques

Plate-forme numérique	Engagement annuel des utilisateurs	Types de ressources
Portail client	45 000 utilisateurs uniques	Documentation technique
Base de connaissances	250 000 pages vues	Guides de dépannage
Webinaire Series	12 séances / an	Formation en produits

Prise en charge de la formation et de la mise en œuvre pour les technologies de diagnostic

Les programmes de formation complète comprennent:

• Modules de formation en ligne
• Sessions dirigées par des instructeurs en direct
• Programmes de certification
• Prise en charge de l'installation de l'équipement

Approche de partenariat à long terme avec les principaux clients de l'industrie

Métrique de partenariat	Valeur
Taux de rétention de la clientèle moyen	92%
Valeur du contrat à long terme	24,7 millions de dollars
Accords de partenariat stratégique	37 partenariats actifs

Neogen Corporation (NEOG) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les marchés de la sécurité agricole et alimentaire

Neogen Corporation maintient une équipe de vente directe dédiée axée sur les marchés agricoles et de sécurité alimentaire. En 2023, la société a employé environ 750 représentants des ventes directes dans plusieurs régions.

Segment du canal de vente	Nombre de représentants	Couverture géographique
Marchés agricoles	425	Amérique du Nord, Europe
Marchés de la sécurité alimentaire	325	Présence mondiale

Plateformes de commerce électronique en ligne pour la distribution de produits

Neogen exploite les plates-formes numériques pour la distribution des produits, avec environ 35% des ventes totales générées par le biais de canaux en ligne en 2023.

• Plateaux de commerce électronique primaires: site Web de l'entreprise
• Portails d'approvisionnement scientifiques tiers
• Intégrations du marché numérique

Conférences scientifiques et salons de l'industrie

La société participe activement à environ 48 conférences scientifiques et industrielles par an, avec un investissement marketing estimé à 2,3 millions de dollars en 2023.

Partenariats avec des distributeurs de l'offre vétérinaire et agricole

Type de partenaire de distribution	Nombre de partenariats actifs	Contribution annuelle des revenus
Distributeurs vétérinaires	127	45,6 millions de dollars
Distributeurs de l'offre agricole	93	37,2 millions de dollars

Ressources de marketing numérique et d'information technique

Neogen investit considérablement dans le marketing numérique, avec un budget de marketing numérique en 2023 d'environ 4,7 millions de dollars.

• Série de webinaires techniques
• Ressources scientifiques téléchargeables
• Campagnes publicitaires numériques ciblées
• Canaux de communication technique des médias sociaux

Les mesures d'engagement des canaux numériques montrent une portée mensuelle moyenne de 225 000 utilisateurs professionnels uniques sur diverses plateformes.

Neogen Corporation (NEOG) - Modèle d'entreprise: segments de clientèle

Institutions de recherche agricole

Neogen dessert 237 centres de recherche agricole dans le monde en 2023. Les dépenses de recherche annuelles de ces institutions totalisent 4,2 milliards de dollars.

Type d'institution	Nombre de clients	Budget de recherche annuel
Laboratoires agricoles universitaires	126	1,8 milliard de dollars
Centres de recherche gouvernementaux	87	1,6 milliard de dollars
Installations de recherche privées	24	800 millions de dollars

Sociétés de transformation des aliments et de production

Neogen dessert 1 542 entreprises de transformation des aliments dans 42 pays en 2023.

• Entreprises de transformation de la viande: 412
• Sociétés de traitement des produits laitiers: 356
• Sénéfices de transformation des fruits: 187
• Sociétés de fabrication de boissons: 265
• Sociétés de traitement des céréales: 322

Fournisseurs de soins de santé vétérinaires

Neogen soutient 6 723 établissements de santé vétérinaires en 2023.

Type d'installation vétérinaire	Nombre de clients
Cliniques vétérinaires privées	4,562
Hôpitaux animaux	1,287
Recherchez des centres vétérinaires	874

Agences d'agriculture et de sécurité alimentaire gouvernementales

Neogen collabore avec 53 agences gouvernementales dans 18 pays en 2023.

• Département américain de l'Agriculture: 12 départements
• Autorité européenne de sécurité alimentaire: 17 agences membres
• Organes de réglementation alimentaire asiatique: 24 agences

Organisations de biotechnologie et de recherche pharmaceutique

Neogen sert 186 organisations de biotechnologie et de recherche pharmaceutique en 2023.

Type d'organisation	Nombre de clients	Focus de recherche
Centres de recherche en biotechnologie	98	Tests génétiques
Laboratoires de recherche pharmaceutique	62	Développement de médicaments
Instituts de recherche spécialisés	26	Diagnostic avancé

Neogen Corporation (NEOG) - Modèle d'entreprise: Structure des coûts

Investissement important dans la recherche et le développement

Pour l'exercice 2023, Neogen Corporation a déclaré des dépenses de R&D de 57,3 millions de dollars, ce qui représente 6,8% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	57,3 millions de dollars	6.8%
2022	52,1 millions de dollars	6.5%

Frais de fabrication et de production

Les coûts de fabrication totaux de Neogen Corporation en 2023 étaient de 312,4 millions de dollars, avec une ventilation clé comme suit:

• Coûts de matériel direct: 184,6 millions de dollars
• Coûts de main-d'œuvre directs: 76,2 millions de dollars
• Fabrication des frais généraux: 51,6 millions de dollars

Coûts opérationnels des ventes et du marketing

Les frais de vente et de marketing de Neogen Corporation ont totalisé 142,7 millions de dollars en 2023.

Catégorie de dépenses	Montant
Compensation du personnel des ventes	87,3 millions de dollars
Campagnes marketing	33,5 millions de dollars
Voyages et dépenses promotionnelles	21,9 millions de dollars

Frais d'acquisition du personnel et des talents

Les dépenses totales liées au personnel pour 2023 ont atteint 245,6 millions de dollars.

• Salaires de base: 178,3 millions de dollars
• Avantages et assurance: 42,7 millions de dollars
• Recrutement et formation: 24,6 millions de dollars

Dépenses de conformité réglementaire et de certification

Les coûts de conformité réglementaire pour Neogen Corporation en 2023 étaient de 36,5 millions de dollars.

Zone de conformité	Dépense
Assurance qualité	18,2 millions de dollars
Processus de certification	12,7 millions de dollars
Documentation réglementaire	5,6 millions de dollars

Neogen Corporation (NEOG) - Modèle d'entreprise: Strots de revenus

Ventes de kits de test de diagnostic et d'équipement

Renus de l'exercice 2023 des kits et équipements de test de diagnostic: 499,3 millions de dollars

Catégorie de produits	Revenus ($ m)	Pourcentage du total des revenus
Kits de diagnostic de sécurité alimentaire	278.5	55.8%
Équipement de diagnostic de santé animale	159.7	32.0%
Équipement de test génomique	61.1	12.2%

Licence des technologies de diagnostic propriétaire

Revenus de licence pour 2023: 42,6 millions de dollars

• Accords de licence de biotechnologie
• Licences de technologie de test génétique
• Licence de plate-forme de diagnostic

Services de conseil et de support technique

Revenus annuels des services de conseil: 37,2 millions de dollars

Type de service	Revenus ($ m)
Conseil technique	22.5
Assistance de la mise en œuvre	14.7

Services de tests et d'analyse génétiques

Revenus de tests génétiques pour 2023: 65,4 millions de dollars

• Génomique agricole: 38,2 millions de dollars
• Tests génétiques animaux: 27,2 millions de dollars

Contrats de maintenance et de soutien des produits en cours

Revenus de contrat de maintenance et de soutien annuels: 55,7 millions de dollars

Type de contrat	Revenus ($ m)	Durée du contrat
Entretien de l'équipement	35.6	1 à 3 ans
Support logiciel	20.1	Renouvellement annuel

Total des sources de revenus annuelles: 700,2 millions de dollars

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.