Neogen Corporation reported second-quarter revenues of $224.7 million, a 2.8% decline from $231.3 million in the prior year. On a core basis—excluding divestitures, discontinued lines and currency effects—revenue grew 2.9%. GAAP net loss narrowed to $15.9 million, or $(0.07) per diluted share, compared with a net loss of $456.3 million, or $(2.10) per diluted share, in the year-ago quarter. Adjusted net income was $22.6 million, or $0.10 per diluted share, versus $24.4 million, or $0.11, a year earlier. Gross margin contracted to 47.5% from 49.0%, driven by tariff costs, inventory write-offs and unfavorable product mix, while adjusted EBITDA fell to $48.7 million (21.7% margin) from $51.4 million (22.2% margin).

The Food Safety segment delivered $165.6 million in revenue, up 0.8% from $164.2 million a year ago. Core growth of 4.1% was offset by a 4.6% negative impact from divestitures and discontinued lines, with currency adding 1.3%. Strength came from sample collection and Petrifilm products in the Indicator Testing and Culture Media category, and solid demand for pathogen detection. In Animal Safety, revenue declined 11.8% to $59.1 million from $67.0 million, reflecting an 11.7% drag from divestitures and a 0.2% currency headwind; core growth of 0.1% was led by insect control in Biosecurity but offset by lower sales of needles, syringes and timing shifts in life-sciences substrate orders.

As of quarter-end, Neogen held $145.3 million in cash and cash equivalents alongside $800.0 million of debt and $201.5 million of committed borrowing capacity. The company’s solid current ratio of 3.91 underscores ample short-term liquidity. Management is deploying these resources to integrate the former Petrifilm business, optimize sample-collection manufacturing and enhance solutions-based selling, with recent senior hires aimed at driving disciplined execution of its strategic transformation.

Neogen raised its fiscal 2026 revenue guidance to a range of $845 million–$855 million from a prior $820 million–$840 million, and plans adjusted EBITDA of approximately $175 million versus a previous midpoint of $170 million. Capital expenditures are still expected around $50 million. This beat-and-raise update follows back-to-back quarters of outperformance against analyst consensus and reflects management’s view that sequential core revenue improvement and margin stabilization efforts will accelerate in the second half of the year.