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Neogen's (NEOG) Listeria Right Now Gets Approval from AOAC
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Neogen Corporation’s (NEOG - Free Report) coveted Listeria Right Now environmental pathogen detection system recently received AOAC (Association of Official Analytical Chemists) approval. The development is likely to strengthen Neogen’s food safety products and services portfolio.
Notably, shares of Neogen shot up 1.5% to $86.48 at close, following the approval. Over the past year, shares of the food and animal safety products developer have gained 74.8% compared with the industry’s 18.5% rise.
The stock carries a Zacks Rank #3 (Hold).
What Is Listeria Right Now?
Listeria Right Now is a complete system for conducting environmental Listeria tests with molecular-level accuracy. The system generates results in under an hour, much faster than traditional methods. The technology allows food production and processing facilities to seek and eliminate Listeria more quickly.
Per the Centers for Disease Control and Prevention, the incidence of listeriosis is about 1600 per year in the United States, out of which nearly 200 cases are of pregnant women.
Hence, Neogen’s latest development is likely to prove beneficial for the greater community.
Food Safety Portfolio at a Glance
Neogen offers food safety products, services and expertise to help ensure the safety and quality of food, nutraceuticals and nutritional supplements.
In the fourth quarter of fiscal 2018, the company’s Food Safety unit grew 7.9% organically. The company also witnessed a 12% rise in sales of Neogen's rapid diagnostics to detect food allergens, including gluten, milk, soy and peanuts in fiscal 2018.
Furthermore, sales of general sanitation products jumped 18% from the year-ago period. Sale of foodborne pathogen detection tests increased 16%, including a 27% improvement in the sale of tests to detect Listeria.
Market Prospects
Going by an article in Mordor Intelligence, the global food safety testing market was valued at $11.12 billion in 2016 and is expected to see a CAGR of 7.2% by 2023.
A growing demand for effective food-testing products currently drives the market.
Hence, the approval is a timely and strategic one for Neogen.
Key Picks
A few better-ranked stocks in the broader medical space are Intuitive Surgical (ISRG - Free Report) , Integer Holdings Corp. (ITGR - Free Report) and Masimo Corp. (MASI - Free Report) .
Intuitive Surgical’s expected long-term earnings growth rate is 14.7%. The stock carries a Zacks Rank #2 (Buy).
Masimo’s long-term earnings growth rate is projected at 14.8%. The stock carries a Zacks Rank #2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Neogen's (NEOG) Listeria Right Now Gets Approval from AOAC
Neogen Corporation’s (NEOG - Free Report) coveted Listeria Right Now environmental pathogen detection system recently received AOAC (Association of Official Analytical Chemists) approval. The development is likely to strengthen Neogen’s food safety products and services portfolio.
Notably, shares of Neogen shot up 1.5% to $86.48 at close, following the approval. Over the past year, shares of the food and animal safety products developer have gained 74.8% compared with the industry’s 18.5% rise.
The stock carries a Zacks Rank #3 (Hold).
What Is Listeria Right Now?
Listeria Right Now is a complete system for conducting environmental Listeria tests with molecular-level accuracy. The system generates results in under an hour, much faster than traditional methods. The technology allows food production and processing facilities to seek and eliminate Listeria more quickly.
Per the Centers for Disease Control and Prevention, the incidence of listeriosis is about 1600 per year in the United States, out of which nearly 200 cases are of pregnant women.
Hence, Neogen’s latest development is likely to prove beneficial for the greater community.
Food Safety Portfolio at a Glance
Neogen offers food safety products, services and expertise to help ensure the safety and quality of food, nutraceuticals and nutritional supplements.
In the fourth quarter of fiscal 2018, the company’s Food Safety unit grew 7.9% organically. The company also witnessed a 12% rise in sales of Neogen's rapid diagnostics to detect food allergens, including gluten, milk, soy and peanuts in fiscal 2018.
Furthermore, sales of general sanitation products jumped 18% from the year-ago period. Sale of foodborne pathogen detection tests increased 16%, including a 27% improvement in the sale of tests to detect Listeria.
Market Prospects
Going by an article in Mordor Intelligence, the global food safety testing market was valued at $11.12 billion in 2016 and is expected to see a CAGR of 7.2% by 2023.
A growing demand for effective food-testing products currently drives the market.
Hence, the approval is a timely and strategic one for Neogen.
Key Picks
A few better-ranked stocks in the broader medical space are Intuitive Surgical (ISRG - Free Report) , Integer Holdings Corp. (ITGR - Free Report) and Masimo Corp. (MASI - Free Report) .
Intuitive Surgical’s expected long-term earnings growth rate is 14.7%. The stock carries a Zacks Rank #2 (Buy).
Integer Holdings has an expected long-term earnings growth rate of 15%. The stock flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Masimo’s long-term earnings growth rate is projected at 14.8%. The stock carries a Zacks Rank #2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>