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Neogen (NEOG) Awarded for its Petrifilm Plate Reader Advanced
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Neogen Corporation (NEOG - Free Report) received prestigious recognition for its Petrifilm Plate Reader Advanced. The instrument has won the 2023 Red Dot Award in the Product Design category.
The award acknowledges the efforts of Neogen’s design team in forming a system that creates value for food safety customers. Through the company’s merger with 3M’s Food Safety business, the combined team of scientists, engineers and industrial designers will continue to invest in the Petrifilm platform.
The News in Detail
The Red Dot Design Award is helmed as one of the largest design competitions in the world, established internationally as one of the most sought-after marks of quality for good design. Products selected within the Product Design category are recognized to be aesthetically appealing, functional, smart, or innovative, with outstanding design qualities.
Image Source: Zacks Investment Research
In food testing laboratories, efficiency is held in high regard as regulatory or accreditation requirements require clear documentation, data tracking, personnel training and implementation of new monitoring procedures or audits. Routine microbiological testing is potentially an area that can be focused on to increase efficiency, by reducing the time needed to prepare media and interpret results.
Neogen’s Petrifilm Plate Reader Advanced helps food safety testing professionals efficiently reallocate their resources to ease some of the effects of staffing shortages. This allows technicians to increase their focus on proactive food testing to manage foodborne risks.
Industry Prospects
Per a Research report, the global food safety testing market was valued at $21 billion in 2022 and is expected to witness a CAGR of 17.8% up to 2030.
Recent Highlights
Last week, Neogen launched My CatScan 2.0, a significantly upgraded and improved version of the genomic test for cats, offering information on more than 120 genetic health conditions. The test is designed to be a hassle-free experience for both feline companions and owners, utilizing a simple, non-invasive cheek swab method.
The company also introduced a new and novel leading genomic test for beef-on-dairy calves, Igenity BeefXDairy. The test provides producers with insight into key traits such as carcass quality, average daily gain and the Igenity Terminal Index, which can then be used to market the calf’s growth potential to buyers.
Last month, Neogen announced the addition of two new assays for the detection of histamine, Reveal for Histamine and Reveal Q+ for Histamine. These easy-to-use lateral flow tests expand the portfolio of food safety testing solutions.
Price Performance
In the past six months, NEOG shares have gained 39.1% compared with the industry’s rise of 7.1%.
Penumbra’s stock has gained 171.6% in the past year. The Zacks Consensus Estimate for Penumbra’s earnings per share (EPS) has remained constant at $1.56 for 2023 and $2.56 for 2024 in the past 30 days.
PEN’s earnings beat the consensus mark in all the trailing four quarters, the average surprise being 109.42%. In the last reported quarter, the company registered an earnings surprise of 109.09%.
The Zacks Consensus Estimate for Lantheus’ 2023 EPS has remained constant at $5.60 in the past 30 days. Shares of the company have gained 33.5% in the past year against the industry’s 23.6% decline.
LNTH’s earnings beat estimates in each of the trailing four quarters, the average surprise being 25.77%. In the last reported quarter, the company recorded an earnings surprise of 13.95%.
Estimates for Haemonetics’ EPS have increased from $3.29 to $3.55 for 2023 in the past 30 days. Shares of the company have gained 40.5% in the past year against the industry’s 23.6% decline.
HAE’s earnings beat estimates in all the trailing four quarters, the average surprise being 12.21%. In the last reported quarter, Haemonetics delivered an earnings surprise of 13.24%.
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Neogen (NEOG) Awarded for its Petrifilm Plate Reader Advanced
Neogen Corporation (NEOG - Free Report) received prestigious recognition for its Petrifilm Plate Reader Advanced. The instrument has won the 2023 Red Dot Award in the Product Design category.
The award acknowledges the efforts of Neogen’s design team in forming a system that creates value for food safety customers. Through the company’s merger with 3M’s Food Safety business, the combined team of scientists, engineers and industrial designers will continue to invest in the Petrifilm platform.
The News in Detail
The Red Dot Design Award is helmed as one of the largest design competitions in the world, established internationally as one of the most sought-after marks of quality for good design. Products selected within the Product Design category are recognized to be aesthetically appealing, functional, smart, or innovative, with outstanding design qualities.
Image Source: Zacks Investment Research
In food testing laboratories, efficiency is held in high regard as regulatory or accreditation requirements require clear documentation, data tracking, personnel training and implementation of new monitoring procedures or audits. Routine microbiological testing is potentially an area that can be focused on to increase efficiency, by reducing the time needed to prepare media and interpret results.
Neogen’s Petrifilm Plate Reader Advanced helps food safety testing professionals efficiently reallocate their resources to ease some of the effects of staffing shortages. This allows technicians to increase their focus on proactive food testing to manage foodborne risks.
Industry Prospects
Per a Research report, the global food safety testing market was valued at $21 billion in 2022 and is expected to witness a CAGR of 17.8% up to 2030.
Recent Highlights
Last week, Neogen launched My CatScan 2.0, a significantly upgraded and improved version of the genomic test for cats, offering information on more than 120 genetic health conditions. The test is designed to be a hassle-free experience for both feline companions and owners, utilizing a simple, non-invasive cheek swab method.
The company also introduced a new and novel leading genomic test for beef-on-dairy calves, Igenity BeefXDairy. The test provides producers with insight into key traits such as carcass quality, average daily gain and the Igenity Terminal Index, which can then be used to market the calf’s growth potential to buyers.
Last month, Neogen announced the addition of two new assays for the detection of histamine, Reveal for Histamine and Reveal Q+ for Histamine. These easy-to-use lateral flow tests expand the portfolio of food safety testing solutions.
Price Performance
In the past six months, NEOG shares have gained 39.1% compared with the industry’s rise of 7.1%.
Zacks Rank and Key Picks
Neogen currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the overall healthcare sector are Penumbra (PEN - Free Report) , Lantheus (LNTH - Free Report) and Haemonetics (HAE - Free Report) . While Penumbra and Lantheus each sport a Zacks Rank #1 (Strong Buy), Haemonetics carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Penumbra’s stock has gained 171.6% in the past year. The Zacks Consensus Estimate for Penumbra’s earnings per share (EPS) has remained constant at $1.56 for 2023 and $2.56 for 2024 in the past 30 days.
PEN’s earnings beat the consensus mark in all the trailing four quarters, the average surprise being 109.42%. In the last reported quarter, the company registered an earnings surprise of 109.09%.
The Zacks Consensus Estimate for Lantheus’ 2023 EPS has remained constant at $5.60 in the past 30 days. Shares of the company have gained 33.5% in the past year against the industry’s 23.6% decline.
LNTH’s earnings beat estimates in each of the trailing four quarters, the average surprise being 25.77%. In the last reported quarter, the company recorded an earnings surprise of 13.95%.
Estimates for Haemonetics’ EPS have increased from $3.29 to $3.55 for 2023 in the past 30 days. Shares of the company have gained 40.5% in the past year against the industry’s 23.6% decline.
HAE’s earnings beat estimates in all the trailing four quarters, the average surprise being 12.21%. In the last reported quarter, Haemonetics delivered an earnings surprise of 13.24%.