Neogen (NEOG) to Offer Biosecurity Products With New Pact
Neogen Corporation NEOG recently collaborated with the TerraNova Equestrian Center in Myakka City, FL. With this collaboration, Neogen becomes the official biosecurity provider of the facility.
The recent development will bolster Neogen’s (NEOG) Animal Safety business.
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The TerraNova Equestrian Center is a premier Florida equestrian destination, which is designed to offer an unrivaled experience for participants and horses while prioritizing safety. The equestrian center includes world-class facilities such as six all-weather arenas, a cross-country course and stables that welcome riders and horses of all levels of equestrian competition.
Significance of the Collaboration
Through this partnership, Neogen will be able to highlight its biosecurity and horse health products — such as the COMPANION range of cleansers and disinfection solutions. To safeguard horses, their owners and everyone else who visit the showgrounds, the company is thrilled to collaborate with TerraNova.
TerraNova is optimistic about Neogen’s commitment to raising the bar for animal welfare. With this collaboration, the center can easily uphold its dedication to quality at its facilities thanks to NEOG’s product line.
Industry Prospects
Per a report by Equine Healthcare, the global equine healthcare market is expected to cross $972.8 million by 2028. The key driving factors include growth in spending toward activities pertaining to equine care across major parts of the globe.
Recent Developments in the Animal Safety Segment
In September 2023, Neogen introduced the latest professional pest management solution in the SureKill line — SureKill Evolve SC. The SureKill line of products specifically caters to the needs of a pest management professional with insecticides, rodenticides, cleaners and disinfectants.
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In August 2023, Neogen launched a new and progressive genomic data management tool — Igenity Enhanced Dairy. The platform delivers a genomic evaluation of dairy cattle by integrating in-herd phenotypic data, pedigree information and existing predicted transmitting abilities from the Council on Dairy Cattle Breeding.
Price Performance
In the past six months, Neogen has outperformed its industry. Shares of the company have increased 15.2% against the industry’s decline of 3.4%.
Zacks Rank and Key Picks
Neogen currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Haemonetics HAE, Insulet PODD and DexCom DXCM. While Haemonetics and DexCom each carry a Zacks Rank #2 (Buy), Insulet sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Haemonetics’ stock has risen 11.6% in the past year. Earnings estimates for Haemonetics have increased from $3.82 to $3.86 in 2023 and $4.07 to $4.11 in 2024 in the past 30 days.
HAE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 16.1%. In the last reported quarter, it posted an earnings surprise of 5.3%.
Estimates for Insulet’s 2023 earnings per share (EPS) have increased from $1.61 to $1.90 in the past 30 days. Shares of the company have plunged 40.9% in the past year compared with the industry’s decline of 7%.
PODD’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 105.1%. In the last reported quarter, it delivered an average earnings surprise of 77.4%.
Estimates for DexCom’s 2023 EPS have increased from $1.23 to $1.41 in the past 30 days. Shares of the company have dropped 7.8% in the past year compared with the industry’s decline of 7.1%.
DXCM’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 36.4%. In the last reported quarter, it delivered an average earnings surprise of 47.1%.
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