Neogen (NEOG) Introduces Improved Genomic Test for Cats
Neogen Corporation NEOG, a pioneer in cat genetic testing, recently launched My CatScan 2.0, a greatly refined and improved version of the test.
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.
The recent development will enable Neogen to continue offering advanced genomic solutions and strengthen its global foothold.
More on Enhanced Genomic Test
My CatScan 2.0, the most recent genetic testing created particularly for cats, now provides information on more than 120 hereditary health issues with the addition of 39 new diseases and genetic abnormalities. With the aid of a straightforward, non-invasive cheek swab technique, the test is made to be a painless experience for both feline companions and owners.
Additionally, My CatScan 2.0 offers insights catered to particular needs. Results can be categorized based on breed, organ system, symptoms or other characteristics, giving decision-makers important information about the health of a cat.
Benefits of My CatScan 2.0
With the latest genomic testing, breeders can gain knowledge about selecting the best mate for desired coat colors in a litter. By using genetic screening to prevent the birth of kittens with hereditary illnesses, breeders using My CatScan 2.0 may encourage responsible breeding practices and contribute to healthier feline populations.
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My CatScan 2.0 offers insightful genetic information that enables preventive cat care by tackling curable conditions. A cat's general wellbeing can be greatly improved by early detection. Owners, breeders and veterinarians can make informed decisions without incurring costs connected with pricey diagnostic treatments by predicting prospective medical difficulties and being proactive in understanding a cat's future needs.
Industry Prospects
Per a report by Markets and Markets, the global animal genetics market is projected to reach $7.7 billion by 2026 from $5.5 billion in 2021, witnessing a CAGR of 7.1%. Growth in the animal genetics market is primarily driven by the rising consumption of animal-derived protein, increasing global population and rapid urbanization. Growing focus on identifying superior breeds, an improvement in adoption of genetic services to prevent genetic diseases and business loss and higher acceptance of advanced genetic technologies are added positives.
Progress Within Neogen Genome Business
During the fiscal third quarter, Neogen’s genomics business performed well, with global core growth of 7.7%. The uptick was driven by volume increases in the global beef market partially offset by declines in testing in China caused by a continuation of COVID-related lab closures.
This month, Neogen introduced a commercial genomic tool for expanding the cattle industry. The company launched Igenity BeefXDairy, a new and novel leading genomic test for beef-on-dairy calves. This new test gives producers insight into important traits like carcass quality, average daily gain and the Igenity Terminal Index which can be used to market the calf's growth potential to buyers. Genetic testing is essential for the effective management and marketing of beef-on-dairy cattle.
Price Performance
Shares of the company have declined 14.4% in the past year compared with the industry’s fall of 19.2%.
Zacks Rank and Key Picks
Neogen carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are CONMED CNMD, Merit Medical Systems, Inc. MMSI and Boston Scientific Corporation BSX.
CONMED has an estimated long-term growth rate of 19.4%. The company’s earnings surpassed estimates in two of the trailing four quarters, missed once and met in another, delivering a negative average surprise of 10.54%.
CNMD’s shares have risen 54.2% in the past year compared with the industry’s 21.3% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Merit Medical, currently carrying a Zacks Rank #2, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has improved 60.2% compared with the industry’s 21.3% growth over the past year.
Boston Scientific, presently holding a Zacks Rank #2, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed twice, the average surprise being 1.9%.
Boston Scientific has gained 50.1% against the industry’s 19.2% decline over the past year.
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