Neogen (NEOG) Unveils New Assay for Walnut Allergens Detection
Neogen Corporation NEOG recently introduced an advanced Veratox VIP assay for detecting walnuts. It is the third assay in Neogen's Veratox VIP line of enhanced quantitative ELISA products.
The recent launch will bolster Neogen’s Food Safety business.
More on the News
The new Veratox VIP for Walnut allergy test displays robust performance across sample types while keeping the Veratox product line's simple testing approach.
This novel quantitative test has good specificity down to 0.15 ppm walnut protein, which is one of the lowest detection limits for an ELISA kit. It can test samples from a wide range of product kinds and processing settings, including heat-processed and complex samples. Veratox VIP for Walnut has a best-in-class time-to-result of 30 minutes and ready-to-use reagents.
Benefits of New Launch
Per management, as tree nuts continue to be one of the most frequent allergens, Neogen must provide solutions that make it easier for producers to detect potential contamination and reinforce their allergen control measures. Given the highly sensitive nature of the new Veratox VIP for Walnut test, producers can be confident in Neogen's strong commitment to food safety and quality.
Industry Prospects
Per a report by Coherent Market Insight, the global food allergen testing market size was valued at $774.2 Million in 2022 and is anticipated to witness a CAGR of 8.4% from 2023 to 2030. The global food allergen testing market is expected to witness significant growth over the forecast period due to rising consumer awareness. Consumers are demanding fresh and healthier foods for which manufacturers are adopting stringent food safety standards.
Progress Within Food Safety Arm
The Neogen Food Safety segment is primarily engaged in the development, production and marketing of diagnostic test kits, culture media and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation.
Image Source: Zacks Investment Research
Regarding the latest development, revenues in the Food Safety segment in the fiscal first quarter increased 157.2% compared to the prior year, including core growth of 4.5%. Core growth within this segment was led by the Bacterial & General Sanitation product category, which benefited from new microbiological testing business in the United States and the U.K. and solid growth in the Natural Toxins and Allergens product category.
Price Performance
In the past year, NEOG’s shares have increased 3.3% against the industry’s fall of 6.3%.
Zacks Rank and Key Picks
Neogen 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 currently 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 have increased from $1.61 to $1.90 in the past 30 days. The company's shares 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 earnings per share have increased from $1.23 to $1.41 in the past 30 days. Shares of the company have fallen 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%.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Haemonetics Corporation (HAE) : Free Stock Analysis Report
DexCom, Inc. (DXCM) : Free Stock Analysis Report
Neogen Corporation (NEOG) : Free Stock Analysis Report
Insulet Corporation (PODD) : Free Stock Analysis Report
