LANSING - Neogen (NASDAQ:NEOG) Corporation (NASDAQ: NEOG), a global leader in food safety solutions, has announced the release of their new Petrifilm Automated Feeder, which significantly enhances the efficiency of microbial testing in high-volume food safety laboratories. The new system, which debuted today, is designed to work in conjunction with the existing Petrifilm Plate Reader Advanced equipment, allowing for rapid processing of up to 300 Petrifilm Plates in just 33 minutes.
The Petrifilm Automated Feeder is tailored for labs that conduct over 100,000 quality indicator tests annually, automating the process of feeding, enumerating, and integrating test results into lab workflows. By reducing manual tasks, technicians can redirect their focus to data analysis and other critical functions. This automation is expected to address common lab challenges such as technician turnover, human error, and the need for extensive training.
John Adent, President, and CEO of Neogen, emphasized the company's commitment to innovation and the positive impact the new system will have on laboratory efficiency and productivity. According to Adent, the introduction of the Petrifilm Automated Feeder is a continuation of Neogen's 40-year legacy of advancing food safety testing technologies.
Jon Hammond, a supervisor at Midwest Labs, highlighted the time-saving benefits of the new system, noting that the automated process allows his team to dedicate more time to analytical tasks rather than manual loading of plates. The integrated software also facilitates direct exportation of results to laboratory information management systems, streamlining the entire testing process.
Neogen's solution combines hardware, software, and AI systems to deliver an end-to-end testing solution that enhances lab productivity. The announcement of this innovation reflects Neogen's ongoing investment in food safety and microbiology advancements aimed at meeting the growing demands of the food industry and ensuring high-quality, safe food supplies.
For more information on Neogen's Petrifilm Automated Feeder, interested parties can visit the company's website. This news is based on a press release statement from Neogen Corporation.
In other recent news, Neogen Corporation reported solid core revenue growth in its third quarter 2024 earnings call, despite operational challenges and shipping inefficiencies that resulted in revenue and earnings falling short of expectations. The company updated its full-year revenue guidance to between $910 million and $920 million and adjusted EBITDA to be in the range of $210 million to $215 million. Neogen has also been awarded a renewed contract by the U.S. Department of Agriculture Food Safety and Inspection Service (USDA FSIS) for its Molecular Detection System to detect Salmonella and Listeria monocytogenes in meat, poultry, and egg products.
Neogen has also released the Neogen Molecular Detection Assay 2 for Salmonella Enteritidis and Salmonella Typhimurium, designed to enhance pathogen testing protocols in the poultry industry, which has received AOAC Research Institute Performance Tested Methods Program certification. The company has established a genomics partnership with Performance Food Group (NYSE:PFGC), using Neogen's DNA testing capabilities to verify the origin of food products for enhanced food traceability. Neogen also introduced a new disinfectant, Neogen Farm Fluid MAX, to the Great Britain market, with plans to expand its availability across Europe. These are among the recent developments in the company's efforts to enhance global food security.
InvestingPro Insights
Neogen Corporation's latest innovation in food safety testing technology, the Petrifilm Automated Feeder, is a testament to the company's focus on efficiency and productivity in high-volume laboratories. As the company continues to invest in advancements, the financial metrics and market performance offer additional insights into Neogen's standing and future prospects.
InvestingPro Data indicates a robust revenue growth of 28.93% in the last twelve months as of Q3 2024, signaling a strong market position and the potential for continued expansion. The company's P/E ratio, adjusted for the same period, stands at 65.16, which may reflect investor confidence in Neogen's growth trajectory and its innovative product offerings like the Petrifilm Automated Feeder.
A notable InvestingPro Tip highlights that Neogen is trading at a high earnings multiple, which could be indicative of the market's high expectations for the company's future earnings growth, spurred by innovations such as the automated feeder system.
Investors and analysts are keeping a close eye on Neogen, with the company's strong return over the last month of 20.59%, showcasing its recent market performance. Additionally, with liquid assets exceeding short term obligations, Neogen appears to be in a solid position to manage its financial commitments and invest in further innovation and growth.
For those interested in deeper analysis and additional insights, there are 7 more InvestingPro Tips available at https://www.investing.com/pro/NEOG. Using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering them an even more comprehensive understanding of Neogen's financial health and market position.
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