Neogen Corporation (NEOG) Stock Analysis & Winston Score

Neogen Corporation makes food and animal safety testing products. Its tools help food companies, farms, and labs detect harmful things like bacteria, allergens, mold, and drug residues in food and animal feed. Neogen is one of the larger dedicated food safety testing companies in the world, serving customers across the meat, dairy, grain, and pet food industries. Neogen earns money by selling testing kits, equipment, and related supplies — a mix of one-time product sales and recurring consumable purchases that keep customers coming back. The company operates globally, with significant sales in North America and Europe, and reported roughly $900 million in annual revenue following its 2022 merger with 3M's food safety division. That merger significantly expanded Neogen's scale but also added integration costs, which explains the current negative operating margin. The key challenge ahead is improving profitability as integration winds down, while competition from larger diagnostics companies remains a persistent risk.