NEOGEN Corporation ( NEOG Quick Quote NEOG - Free Report) recently announced a new collaboration with the Center for Aquaculture Technologies (CAT) to develop aquaculture genotyping tools. The new partnership is intended to deliver high-quality genotyping services tailored to the unique needs of aquaculture producers.
Earlier, NEOGEN and CAT collaborated to develop cost-effective genomic solutions for the aquaculture sector, including the GeneSeek Genomic Profiler (GGP) 50K genotyping array for North American Atlantic salmon and whiteleg shrimp.
The recent collaboration will enable NEOGEN to continue offering advanced genomics solutions that will strengthen the global food chain.
Few Words on CAT
The CAT is a global, full-service, contract R&D organization focused on the application of technologies to enhance productivity, efficiency, and sustainability in the aquaculture industry.
CAT is a unique combination of outstanding scientists that brings together complementary expertise in fish health, nutrition, and genetics working in best quality facilities to deliver advanced, customized solutions for organizations in the sector.
Significance of the Collaboration
The collaboration will enable NEOGEN and CAT to apply their complementary expertise of modern sequencing and genotyping technologies to aquaculture species. The collaboration will allow organizations of any size to get the benefits of improved accuracy of selection and gains in performance by including genetic markers into their selective breeding programs.
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Per NEOGEN’s management, the collaboration with CAT will enable NEOGEN to develop new products and solutions that boost the aquaculture sector and ensure sustainable farming at each level. Together, both companies can allow members of the aquaculture sector to make more informed breeding decisions.
Industry Prospects Per a report by Grand View Research, the global genomics market size was valued at $20.1 billion in 2020 and is expected to reach $62.9 billion by 2028, at a CAGR of 15.4%.
Considering the market opportunities, NEOGEN’s efforts to strengthen genomics solutions is well-thought out.
Progress in Genomics Business
During the third-quarter 2021 earnings update, NEOGEN noted revenues in the company’s genomics business through the Animal Safety segment increased 9% from gains in beef and companion animal testing in Australia and commercial beef and beef association markets in the United States and Canada. Worldwide genomics revenues increased 10% with strong growth in China, Australia and North American beef markets. The company witnessed strong sales of genomic services to the swine and dairy cattle markets in China in the third quarter.
Shares of the company have gained 25.4% in a year’s time compared with the
industry’s growth of 20.4%. Zacks Rank and Key Picks
Currently, the company carries a Zacks Rank #3 (Hold).
A few better-ranked stocks from the broader medical space are
Envista Holdings Corporation ( NVST Quick Quote NVST - Free Report) , BellRing Brands, Inc. ( BRBR Quick Quote BRBR - Free Report) and IDEXX Laboratories, Inc. ( IDXX Quick Quote IDXX - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of Zacks #1 Rank (Strong Buy) stocks here.
Envista Holdings has an estimated long-term earnings growth rate of 26%.
BellRing Brands has an estimated long-term earnings growth rate of 22%.
IDEXX Laboratories has a projected long-term earnings growth rate of 20%.
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