Short answer
NEOGEN CORP (NEOG) filed its fiscal 2026 10-K annual report with the SEC on Jul 30, 2026. It reported revenue of $870M (−2.7% year over year) and net income of −$8M.
- Top risk flagged: Regulatory risk from Australian and New Zealand regulators reviewing $160M Genomics business sale to Zoetis, delaying expected closing beyond H1 FY2027
FY2026 key financial metrics · XBRL
- Revenue
- $870M
- −2.7% YoY
- Net income
- −$8M
- +99.3% YoY
- Operating margin
- -2.5%
- +116.1 pp YoY
- Gross margin
- 46.9%
- −0.2 pp YoY
- EPS (diluted)
- −$0.04
- +99.2% YoY
- ROE
- -0.4%
- +52.3 pp YoY
- Operating cash flow
- $83M
- +42.8% YoY
Source: XBRL data from the NEOGEN CORP (NEOG) FY2026 10-K on SEC EDGAR. USD.
NEOGEN CORP FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Develop, manufacture, and market food and animal safety diagnostic products, veterinary instruments, pharmaceuticals, and related services worldwide
- Significant divestiture: Announced agreement to sell Genomics business to Zoetis Inc. for $160 million, pending regulatory approval and closing by mid-fiscal 2027
- Strategic shift: Divested global Cleaners and Disinfectants business in July 2025, streamlining focus on core Food Safety and Animal Safety segments
- Employee count: 2,636 total employees globally as of May 31, 2026, with 817 in sales and marketing and 89 in R&D
- Noteworthy fact: Sales outside the U.S. accounted for 51.2% of total revenues, showing continued international growth and geographic diversification
Management Discussion & Analysis
- Revenue $870.4M, down 3% YoY ($24.3M decrease) due to $55.6M discontinued product lines partially offset by $17.3M organic growth
- Gross margin 46.9% vs 47.1% YoY, slight decline due to volume decreases and duplicative costs; Food Safety operating income $63.4M vs loss $(985.7)M
- Animal Safety segment revenues $229.3M, down 11% YoY; operating income $24.5M vs $7.3M, best margin improvement; Food Safety segment best revenue performer
- Operating cash flow $83.2M, up $25.0M; investing cash inflow $70.5M due to $121.7M sale proceeds; financing cash outflow $99.4M driven by debt repayments
- Management plans growth via innovation, commercial excellence, cost management; sale of Genomics business pending; supply chain and tariff risks to persist in FY2027
Risk Factors
- Regulatory risk from Australian and New Zealand regulators reviewing $160M Genomics business sale to Zoetis, delaying expected closing beyond H1 FY2027
- Geopolitical exposure with 51.2% revenue from international markets facing risks including Russia-Ukraine conflict sanctions and Middle East tensions impacting supply and costs
- Operational risk in ongoing transition of Petrifilm manufacturing from 3M to Neogen with expected completion in FY2027, incurring duplicative costs and regulatory approvals
- Competitive risk from AI and emerging technologies disrupting animal and food safety markets, requiring effective integration and risk management to maintain competitive position
- Financial risk from $450M new senior secured term loan and $100M drawn on $250M revolving credit, with covenants restricting investments, dividends, and debt that may limit financial flexibility
Generated from the filing text; verify against the original. How to read a 10-K
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