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Neogen Reports 26% Increase in Revenues
Date:9/24/2008

tests for natural toxins increased by 12% in the quarter, led by increases in sales of test kits for histamine, aflatoxin, and deoxynivalenol (DON). Going forward, sales of one of Neogen's key product lines, its rapid diagnostics for the detection of DON in grains, should be bolstered by the release of the new Veratox(R) for DON 2/3. The new USDA-approved test combines the ease and accuracy of previous versions of the venerable Veratox product line, but returns results in about half the time of its predecessor.

Sales of disposable samplers used with Neogen's AccuPoint(R) ATP sanitation monitoring system increased 25% in the current quarter compared to the same period last year. A recent independent market survey indicated more AccuPoint systems have been placed in the last three years around the world than all of the competitors' systems -- combined.

International sales accounted for 42% of total first quarter revenues and were helped by the June 2008 formation of Neogen's new subsidiary in Mexico to enhance distribution of products in that country, and Central America. In addition, the company's Scotland-based Neogen Europe subsidiary continued its strong performance of recent quarters, recording organic growth of 20%, which included significant increases in sales of dehydrated culture media, and Neogen's diagnostic products for mycotoxins and histamine. Neogen's popular histamine diagnostic is used by the seafood industry to ensure the safety of their products, particularly tuna.

Neogen Corporation develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases, and sanitation concerns, and dehydrated culture media. Neogen's Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, di
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SOURCE Neogen Corporation
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