Why Is Food & Animal Safety Solution Focused Neogen Stock Trading Lower Today?
Portfolio Pulse from Vandana Singh
Neogen Corporation (NEOG) disclosed preliminary Q1 FY24 core revenue growth slightly below expectations at the Wells Fargo 2023 Healthcare Conference. The company's Animal Safety core revenue is expected to decline, while Legacy Food Safety core revenue is expected to increase in mid-single digits. 3M Food Safety core revenue is expected to remain flat. Analysts from William Blair believe this will lead to a miss on EBITDA expectations. NEOG shares are down 12.50% at $19.53.
September 07, 2023 | 6:36 pm
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NEGATIVE IMPACT
Neogen Corporation's lower than expected Q1 FY24 core revenue growth has led to a drop in its stock price.
Neogen Corporation's preliminary Q1 FY24 core revenue growth is slightly below expectations, which has negatively impacted investor sentiment and led to a drop in its stock price. The company's Animal Safety core revenue is expected to decline, while Legacy Food Safety core revenue is expected to increase in mid-single digits. 3M Food Safety core revenue is expected to remain flat. This overall negative outlook has led to a decrease in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100