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NEOGEN's (NEOG) Soleris Test to Serve the Cannabis Industry

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NEOGEN Corporation NEOG recently received AOAC Research Institute’s Performance Tested Methods Certification for the use of its Soleris Direct Yeast and Mold test to assess yeasts and molds in dried cannabis flower [9-tetrahydrocannabinol (THC) >0.3%]. The recent certification awarded by AOAC’s Emergency Response Validation Process adds to the Soleris range of AOAC certifications for the semi-quantitative determination of yeast and mold in various food products such as nonfat dairy milk, dried fruit, corn flour, cocoa powder, dry pet food and black pepper.

The Soleris Direct Yeast and Mold test offers increased safety and security to the cannabis industry through accurate detection of potentially harmful microorganisms within the industry.

The approval is expected to bolster NEOGEN’s Food Safety Division arm, which offers dehydrated culture media and diagnostic test kits to evaluate foodborne bacteria, natural toxins, food allergens, drug residues, plant diseases and sanitation concerns in food products.

More About Soleris

The Soleris Next Generation test system features an automated, rapid optical system to identify microbial contamination by monitoring pH and other biochemical reactions. The system tends to provide an alert each time the microbial content in samples is out of specification.

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The Soleris Direct Yeast and Mold test offers microbial detection in food, nutraceutical and personal care or cosmetics products.

Industry Prospect

Per a report published in MarketsandMarkets, the market for food safety testing is set to witness a CAGR of 7.9% by 2026. With the continued growth in population, increasing demand for food, especially convenient processed food, has resulted in a subsequent rise in global food production. This has brought forth a number of food safety controls in place, driving growth in the food safety testing market. Apart from this, factors like increasing prevalence of food borne diseases and technological advancements in the testing industry are fueling market growth.

Given the substantial market prospects, NEOGEN’s recent certification from the AOAC Institute seems well-timed.

Notable Development

In June 2021, NEOGEN received an initial, expedited registration from the U.S. EPA to distribute NEOGEN Viroxide Super, a peroxygen-based powder disinfectant in the United States. NEOGEN Viroxide Super is part of the comprehensive biosecurity program which offers rapid disinfection in the production, livestock, companion animal facilities, horticulture and aquaculture environments.

In February 2021, NEOGEN launched the Early Warning COVID-19 Testing solution to monitor the presence of the SARS-CoV-2 virus, known to cause COVID-19, in sludge from wastewater facilities. The test provides rapid and accurate results pertinent for early detection of new outbreaks, potential infections and surges within facilities to keep communities safe and combat further spread.

In the same month, the company relaunched its FDA approved ThyroKare (levothyroxine sodium tablets) as a daily replacement therapy for hypothyroidism in dogs and to allow them to live normal lives post diagnosis. The relaunch of ThyroKare complements NEOGEN’s line of companion animal diagnostic and treatment offerings.

Share Price Performance

The stock has outperformed its industry over the past year. It has grown 24.2% compared to the industry’s growth of 14.9%.

Zacks Rank and Key Picks

Currently, NEOGEN carries a Zacks Rank #3 (Hold).

A few better-ranked stocks from the Medical-Products industry include PetIQ, Inc. PETQ, National Vision Holdings, Inc. EYE and Envista Holdings Corporation NVST.

PetIQ, sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 25%. You can see the complete list of today’s Zacks #1 Rank stocks here.

National Vision, carrying a Zacks Rank #1, has a long-term earnings growth rate of 23%.

Envista Holdings, carrying a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 26.40%.

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