Neogen Reports 34% Increase in Net Income, 20% Increase i... (andquality concerns. Neogen's BetaStar(R...)

Neogen Reports 34% Increase in Net Income, 20% Increase in Revenues

Date:3/25/2008

and quality concerns. Neogen's BetaStar(R) dairy antibiotic testing products continued their growing market penetration, with sales increasing approximately 28% in the third quarter compared to FY 2007. The third quarter also saw the release of Neogen's new TetraStar(R), a complementary dairy antibiotic test to detect residues of tetracyclines, a group of drugs used to treat bovine mastitis. Sales of Neogen's line of rapid food allergen test kits, launched 10 years ago, continued its growth, increasing 18% in the third quarter compared to FY 2007's comparable quarter.

Neogen's Animal Safety Division's third quarter revenues were $11,345,000, a 20% increase from the prior year's $9,489,000. Year-to-date, the division's revenues increased 16% to $33,231,000. Animal Safety sales growth was paced by a 39% increase in sales of diagnostics to detect drugs of abuse, primarily in the horse racing industry and human forensic market. Ongoing improvement of Neogen's test format for many of its diagnostic kits that makes them easier to use for a wider variety of sample types, and a large sale of diagnostic equipment to a Canadian forensics lab, contributed to the significant quarterly sales growth.

The Animal Safety Division's third quarter also saw a strong 48% increase in sales of specialty needles and syringes to be used by manufacturers of veterinary supplements and pharmaceuticals. Led by the efficient integration of Kane Enterprises' animal health products, sales of Neogen's Animal Safety OTC products increased 63% on a quarter-over-quarter comparison. Acquired by Neogen in August 2007, Kane's products include veterinary gloves, bovine hoofcare, and surgical supplies.

Neogen Corporation develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant di
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Neogen Reports 34% Increase in Net Income, 20% Increase i...(andquality concerns. Neogen's BetaStar(R...)