Neogen (NEOG) Introduces New Genomic Data Management Tool
Neogen Corporation NEOG recently launched Igenity Enhanced Dairy — the latest and most progressive genomic data management tool. The tool contributes to improving genetic selection in the dairy cattle market.
The recent development will enable Neogen to continue offering advanced genomic solutions and strengthen its global foothold.
More on Igenity Enhanced Dairy
The new Igenity Enhanced Dairy offers farmers useful data and assesses their herd's potential, helping them make the most informed decisions. Neogen Genomics continuously provides high-quality data to help with herd improvement and improve cattle operations.
Using a new digital service called Igenity Enhanced Dairy, farmers may choose and mate their animals more intelligently. The platform provides a genomic analysis of dairy cattle by combining in-herd phenotypic data, pedigree data, and current anticipated transmitting abilities (PTAs) from the Council on Dairy.
Benefits of the Latest Launch
By combining the performance information for each animal with the findings from an Igenity Select profile, producers can use the data from Igenity Enhanced Dairy to create an in-herd evaluation of the genetic potential. Better decisions can be made by utilizing the management and geography of the individual animals and applying on-farm phenotypic data to a conventional genetic assessment.
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The Igenity Enhanced Dairy platform enables producers to advance further and Neogen is excited to deliver a valuable tool that helps to improve genetic selection in the dairy cow market. Data is essential for decision-making. The CDCB's conventional genetic assessments have greatly accelerated the genetic development of several economically valuable features.
Industry Prospects
Per a report by Fortune Business Insights, the global animal genetics market size is projected to grow from $7.27 billion in 2022 to $11.82 billion by 2029 at a CAGR of 7.2%.
The focus on sustainable and efficient livestock production drives the global animal genetics market due to growing concerns about environmental sustainability and resource efficiency.
Recent Developments
During the fiscal fourth quarter, Neogen’s worldwide genomics business performed well, driven by volume increases in international beef markets and companion animal testing.
For the full year, revenues for the Animal Safety segment registered an increase of 3.2% on a year-over-year basis.
In June 2023, Neogen launched My CatScan 2.0, a greatly refined and improved test version. The extended analysis offered by My CatScan 2.0 gives cat owners, feline breeders and veterinarians a deeper level of knowledge to provide insights into the health and well-being of their feline pets.
Price Performance
In the past year, NEOG’s shares have gained 9.3% against the industry’s fall of 7.2%.
Zacks Rank and Key Picks
Neogen currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are Penumbra, Inc. PEN, Integer Holdings Corporation ITGR and Patterson Companies, Inc. PDCO.
Penumbra, sporting a Zacks Rank of 1 (Strong Buy), reported second-quarter 2023 adjusted EPS of 43 cents, beating the Zacks Consensus Estimate by 53.6%. Revenues of $261.5 million outpaced the consensus mark by 3.3%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Penumbra has an 2024 estimated growth rate of 57.9%. PEN’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 94.2%.
Patterson Companies has an Earnings ESP of +5.66% and a Zacks Rank of 1. PDCO has an estimated long-term growth rate of 9.2%.
Patterson Companies’ earnings surpassed estimates in three of the trailing four quarters and missed once, with the average surprise being 4.5%.
Integer Holdings reported second-quarter 2023 adjusted earnings per share (EPS) of $1.14, beating the Zacks Consensus Estimate by 15.2%. Revenues of $400 million surpassed the Zacks Consensus Estimate by 8.9%. It currently carries a Zacks Rank #2.
Integer Holdings has a long-term estimated growth rate of 12.1%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 8.4%.
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Patterson Companies, Inc. (PDCO) : Free Stock Analysis Report
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