NEOGEN CORPORATION (NEOG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico das tecnologias agrícolas e de segurança alimentar, a Neogen Corporation (NEOG) surge como uma força pioneira, transformando como abordamos a detecção de ameaças biológicas e os diagnósticos científicos. Ao integrar perfeitamente testes genéticos de ponta, soluções de diagnóstico inovadoras e parcerias globais estratégicas, a Neogen criou um modelo de negócios robusto que aborda desafios críticos na pesquisa agrícola, produção de alimentos e saúde veterinária. Sua abordagem abrangente não apenas garante segurança e precisão, mas também representa um projeto sofisticado para inovação tecnológica em mercados científicos complexos.

Neogen Corporation (NEOG) - Modelo de Negócios: Principais Parcerias

Colaborações estratégicas com empresas de tecnologia de segurança agrícola e alimentar

A Neogen Corporation mantém parcerias estratégicas com as seguintes empresas importantes de tecnologia agrícola:

Empresa parceira	Foco em parceria	Ano estabelecido
Thermo Fisher Scientific	Desenvolvimento de Tecnologia de Diagnóstico	2019
Laboratórios IDEXX	Soluções de diagnóstico veterinário	2017
Saúde animal Merck	Tecnologias de teste de segurança alimentar	2020

Parcerias de pesquisa com universidades e instituições de pesquisa agrícola

Neogen colabora com várias instituições de pesquisa:

• Universidade de Nebraska -Lincoln - Pesquisa Genômica Agrícola
• Universidade Estadual de Michigan - Inovação em Segurança Alimentar
• Universidade da Califórnia, Davis - Tecnologias de Diagnóstico Veterinário

Acordos de licenciamento com provedores de biotecnologia e tecnologia de diagnóstico

Os acordos de licenciamento ativos incluem:

Provedor de tecnologia	Detalhes do contrato de licenciamento	Custo anual de licenciamento
Diagnóstico Genepro	Tecnologia de teste genético	US $ 2,3 milhões
Innovações de biotecnologia	Plataformas de detecção molecular	US $ 1,7 milhão

Joint ventures em desenvolvimento de produtos de segurança animal e alimentar

Neogen estabeleceu joint ventures com:

• Zoetis Inc. - Diagnóstico avançado de saúde animal
• Nutrição animal da cargaria - Tecnologias de teste de segurança alimentar
• Saúde Animal Elanco - Soluções de Diagnóstico Veterinário

Relações de fornecedores com fabricantes globais de equipamentos agrícolas e veterinários

Os principais relacionamentos de fornecedores incluem:

Fornecedor	Categoria de fornecimento	Valor anual de compras
Tecnologias Agilent	Equipamento de laboratório	US $ 4,5 milhões
Grupo Tecan	Instrumentação de diagnóstico	US $ 3,2 milhões
Becton, Dickinson e companhia	Suprimentos de diagnóstico médico	US $ 2,8 milhões

Neogen Corporation (NEOG) - Modelo de negócios: Atividades -chave

Desenvolvimento de tecnologias de diagnóstico de segurança alimentar e animal

A Neogen Corporation investe US $ 31,4 milhões anualmente em pesquisa e desenvolvimento para tecnologias de diagnóstico a partir de 2023 o ano fiscal.

Categoria de tecnologia	Investimento anual	Aplicações de patentes
Diagnóstico de segurança alimentar	US $ 14,2 milhões	12 novas patentes
Tecnologias de segurança animal	US $ 17,2 milhões	15 novas patentes

Pesquisa e inovação em testes genéticos e soluções de biossegurança

A pesquisa de testes genéticos se concentra em:

• Tecnologias de triagem genômica
• Plataformas de avaliação de risco de biossegurança
• Sistemas avançados de detecção molecular

Fabricação de kits de teste de diagnóstico e produtos veterinários

Categoria de produto	Volume anual de produção	Locais de fabricação
Kits de teste de segurança alimentar	2,3 milhões de unidades	EUA, Irlanda
Kits de diagnóstico veterinário	1,7 milhão de unidades	EUA, Reino Unido

Controle de qualidade e conformidade regulatória

Investimentos de conformidade: US $ 8,6 milhões anualmente com Certificações ISO 17025 e ISO 9001.

Marketing e distribuição de equipamentos científicos especializados

Canal de distribuição	Receita anual	Alcance geográfico
Vendas diretas	US $ 412 milhões	América do Norte
Distribuidores internacionais	US $ 187 milhões	Europa, Ásia, América do Sul

Neogen Corporation (NEOG) - Modelo de negócios: Recursos -chave

Capacidades avançadas de pesquisa e desenvolvimento de biotecnologia

A Neogen Corporation investiu US $ 48,9 milhões em despesas de pesquisa e desenvolvimento no ano fiscal de 2023.

Investimento em P&D	Porcentagem de receita
US $ 48,9 milhões	8,2% da receita total

Plataformas proprietárias de testes genéticos e tecnologia de diagnóstico

Destaques do portfólio de patentes:

• Total de patentes ativas: 127 em dezembro de 2023
• Patentes de Tecnologia de Diagnóstico: 42
• Patentes de tecnologia de segurança alimentar: 85

Pessoal científico e de pesquisa altamente qualificado

Categoria de funcionários	Número de funcionários
Total de funcionários	1,752
Cientistas de pesquisa	387
Ph.D. Titulares	164

Extenso portfólio de patentes em tecnologias de segurança de alimentos e animais

Neogen se mantém 127 patentes ativas em vários domínios tecnológicos.

Rede global de instalações de pesquisa e produção

Localização	Tipo de instalação	Foco de pesquisa/produção
Lansing, Michigan (sede)	Pesquisar & Produção	Segurança alimentar, genômica
Lexington, Kentucky	Instalação de pesquisa	Teste genético animal
Escócia, Reino Unido	Instalação de produção	Diagnóstico de segurança alimentar

Neogen Corporation (NEOG) - Modelo de negócios: proposições de valor

Soluções de diagnóstico de segurança animal e de segurança animal abrangentes

A Neogen Corporation oferece soluções de diagnóstico com as seguintes métricas -chave:

Categoria de produto	Receita anual	Penetração de mercado
Diagnóstico de segurança alimentar	US $ 232,4 milhões	38% de participação de mercado global
Diagnóstico de segurança animal	US $ 187,6 milhões	27% participação de mercado global

Tecnologias de testes genéticos de ponta para indústrias agrícolas

A Neogen fornece testes genéticos com os seguintes recursos tecnológicos:

• Precisão de triagem genômica: 99,8%
• Plataformas de testes genéticos: 12 tecnologias especializadas
• Testes genéticos anuais realizados: 1,2 milhão

Detecção de alta precisão de ameaças biológicas e contaminantes

Tecnologia de detecção	Sensibilidade	Faixa de detecção
Detecção de patógenos	99,6% de precisão	0,1 partes por milhão
Triagem contaminante	99,9% de precisão	Múltiplas ameaças biológicas

Produtos inovadores que aprimoram a segurança agrícola e de produção de alimentos

O portfólio inovador de produtos da Neogen inclui:

• 12 tecnologias de diagnóstico patenteadas
• Investimento de P&D: US $ 47,3 milhões anualmente
• Taxa de desenvolvimento de novos produtos: 7-9 tecnologias por ano

Tecnologias de diagnóstico econômicas e confiáveis ​​para mercados globais

Segmento de mercado	Alcance global	Eficiência de custos
Diagnóstico agrícola	65 países	15% de custos de teste mais baixos
Diagnóstico de segurança alimentar	48 países	20% de tempo de processamento mais rápido

Neogen Corporation (NEOG) - Modelo de Negócios: Relacionamentos do Cliente

Suporte técnico e consulta para clientes científicos e agrícolas

A Neogen Corporation fornece suporte técnico dedicado por meio de:

Canal de suporte	Horário de apoio anual	Tempo de resposta
Suporte ao telefone direto	8.760 horas/ano	Dentro de 4 horas
Consulta técnica por e -mail	Disponibilidade 24/7	Dentro de 24 horas
Assistência técnica no local	500 visitas ao cliente/ano	Dentro de 72 horas

Desenvolvimento de solução personalizado para necessidades específicas da indústria

A Neogen oferece soluções especializadas em vários setores:

• Diagnóstico de segurança alimentar
• Tecnologias de segurança animal
• Ferramentas de pesquisa genômica
• Testes genéticos agrícolas

Atendimento ao cliente on -line e plataformas de recursos técnicos

Plataforma digital	Engajamento anual do usuário	Tipos de recursos
Portal do cliente	45.000 usuários únicos	Documentação técnica
Base de conhecimento	250.000 visualizações de página	Guias de solução de problemas
Série de webinar	12 sessões/ano	Treinamento de produtos

Suporte de treinamento e implementação para tecnologias de diagnóstico

Programas de treinamento abrangentes incluem:

• Módulos de treinamento on -line
• Sessões lideradas por instrutores ao vivo
• Programas de certificação
• Suporte de instalação do equipamento

Abordagem de parceria de longo prazo com os principais clientes do setor

Métrica de Parceria	Valor
Taxa média de retenção de clientes	92%
Valor do contrato de longo prazo	US $ 24,7 milhões
Acordos de parceria estratégica	37 parcerias ativas

Neogen Corporation (NEOG) - Modelo de Negócios: Canais

Equipe direta de vendas direcionada aos mercados de segurança agrícola e alimentar

A Neogen Corporation mantém uma equipe de vendas direta dedicada focada nos mercados agrícola e de segurança alimentar. A partir de 2023, a empresa empregou aproximadamente 750 representantes de vendas diretas em várias regiões.

Segmento de canal de vendas	Número de representantes	Cobertura geográfica
Mercados agrícolas	425	América do Norte, Europa
Mercados de segurança alimentar	325	Presença global

Plataformas de comércio eletrônico online para distribuição de produtos

A Neogen aproveita as plataformas digitais para distribuição de produtos, com cerca de 35% do total de vendas geradas através de canais on -line em 2023.

• Plataformas primárias de comércio eletrônico: site da empresa
• Portais de suprimentos científicos de terceiros
• Integrações do mercado digital

Conferências científicas e feiras de comércio da indústria

A empresa participa ativamente de aproximadamente 48 conferências científicas e do setor anualmente, com um investimento estimado em marketing de US $ 2,3 milhões em 2023.

Parcerias com distribuidores de suprimentos veterinários e agrícolas

Tipo de parceiro de distribuição	Número de parcerias ativas	Contribuição anual da receita
Distribuidores veterinários	127	US $ 45,6 milhões
Distribuidores de suprimentos agrícolas	93	US $ 37,2 milhões

Recursos de Marketing Digital e Informação Técnica

A Neogen investe significativamente no marketing digital, com um orçamento de marketing digital de 2023 de aproximadamente US $ 4,7 milhões.

• Série de webinar técnica
• Recursos científicos para download
• Campanhas de publicidade digital direcionadas
• Canais de comunicação técnica de mídia social

As métricas de engajamento de canais digitais mostram um alcance mensal médio de 225.000 usuários profissionais exclusivos em várias plataformas.

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

Instituições de Pesquisa Agrícola

A Neogen atende 237 centros de pesquisa agrícola globalmente a partir de 2023. Os gastos anuais de pesquisa por essas instituições totalizam US $ 4,2 bilhões.

Tipo de instituição	Número de clientes	Orçamento de pesquisa anual
Laboratórios Agrícolas da Universidade	126	US $ 1,8 bilhão
Centros de Pesquisa Governamental	87	US $ 1,6 bilhão
Instalações de pesquisa privada	24	US $ 800 milhões

Empresas de processamento e produção de alimentos

A Neogen atende 1.542 empresas de processamento de alimentos em 42 países em 2023.

• Empresas de processamento de carne: 412
• Empresas de processamento de laticínios: 356
• Empresas de processamento de frutos do mar: 187
• Empresas de fabricação de bebidas: 265
• Empresas de processamento de grãos: 322

Provedores de saúde veterinária

A Neogen suporta 6.723 instalações de saúde veterinária em 2023.

Tipo de instalação veterinária	Número de clientes
Clínicas veterinárias privadas	4,562
Hospitais de animais	1,287
Pesquise centros veterinários	874

Agências agrícolas e de segurança alimentar do governo

Neogen colabora com 53 agências governamentais em 18 países em 2023.

• Departamento de Agricultura dos Estados Unidos: 12 departamentos
• Autoridade européia de segurança alimentar: 17 agências membros
• Órgãos reguladores de alimentos asiáticos: 24 agências

Organizações de pesquisa de biotecnologia e farmacêutica

A Neogen serve 186 organizações de pesquisa de biotecnologia e farmacêutica em 2023.

Tipo de organização	Número de clientes	Foco na pesquisa
Centros de pesquisa de biotecnologia	98	Teste genético
Laboratórios de pesquisa farmacêutica	62	Desenvolvimento de medicamentos
Institutos de pesquisa especializados	26	Diagnóstico avançado

Neogen Corporation (NEOG) - Modelo de negócios: estrutura de custos

Investimento significativo em pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Neogen Corporation registrou despesas de P&D de US $ 57,3 milhões, representando 6,8% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 57,3 milhões	6.8%
2022	US $ 52,1 milhões	6.5%

Despesas de fabricação e produção

Os custos totais de fabricação para a Neogen Corporation em 2023 foram de US $ 312,4 milhões, com o colapso chave da seguinte maneira:

• Custos de material direto: US $ 184,6 milhões
• Custos de mão -de -obra direta: US $ 76,2 milhões
• Manufatura de sobrecarga: US $ 51,6 milhões

Custos operacionais de vendas e marketing

As despesas de vendas e marketing da Neogen Corporation totalizaram US $ 142,7 milhões em 2023.

Categoria de despesa	Quantia
Compensação do pessoal de vendas	US $ 87,3 milhões
Campanhas de marketing	US $ 33,5 milhões
Despesas de viagem e promocionais	US $ 21,9 milhões

Despesas de aquisição de pessoal e talento

As despesas totais relacionadas ao pessoal em 2023 atingiram US $ 245,6 milhões.

• Salários base: US $ 178,3 milhões
• Benefícios e seguro: US $ 42,7 milhões
• Recrutamento e treinamento: US $ 24,6 milhões

Despesas regulatórias de conformidade e certificação

Os custos de conformidade regulatória da Neogen Corporation em 2023 foram de US $ 36,5 milhões.

Área de conformidade	Gasto
Garantia de qualidade	US $ 18,2 milhões
Processos de certificação	US $ 12,7 milhões
Documentação regulatória	US $ 5,6 milhões

Neogen Corporation (NEOG) - Modelo de negócios: fluxos de receita

Vendas de kits e equipamentos de teste de diagnóstico

Ano fiscal de 2023 Receita de kits e equipamentos de teste de diagnóstico: US $ 499,3 milhões

Categoria de produto	Receita ($ m)	Porcentagem da receita total
Kits de diagnóstico de segurança alimentar	278.5	55.8%
Equipamento de diagnóstico de saúde animal	159.7	32.0%
Equipamento de teste genômico	61.1	12.2%

Licenciamento de tecnologias de diagnóstico proprietárias

Receita de licenciamento para 2023: US $ 42,6 milhões

• Acordos de licenciamento de biotecnologia
• Licenças de tecnologia de teste genético
• Licenciamento da plataforma de diagnóstico

Serviços de consultoria e suporte técnico

Receita anual de serviços de consultoria: US $ 37,2 milhões

Tipo de serviço	Receita ($ m)
Consultoria técnica	22.5
Suporte de implementação	14.7

Serviços de teste e análise genéticos

Receita de teste genético para 2023: US $ 65,4 milhões

• Genômica agrícola: US $ 38,2 milhões
• Teste genético animal: US $ 27,2 milhões

Contratos de Manutenção de Produtos e Contratos de Suporte

Receita anual de contrato de manutenção e apoio: US $ 55,7 milhões

Tipo de contrato	Receita ($ m)	Duração do contrato
Manutenção do equipamento	35.6	1-3 anos
Suporte de software	20.1	Renovação anual

Fluxos anuais totais de receita: US $ 700,2 milhões

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.