Neogen (NEOG) The 44th Annual William Blair Growth Stock Conference summary

Company mission and market relevance

• Focused on protecting the global food supply and advancing food security for a growing population.

• Over 2,500 employees worldwide, including 300+ scientists and engineers, with a global sales presence in nearly 40 countries.

• Recognized as a global leader in food security, with 70% of business in food safety and 30% in animal safety.

• Products and solutions span the entire food supply chain, supporting both food and animal safety for stakeholders from crop farmers to retailers and regulators.

• Market fundamentals are attractive, with mid-single-digit growth, increasing consumer demand for food safety and transparency, and significant tailwinds from rising food standards and traceability requirements.

Product innovation and technology

• Offers rapid diagnostic tests, sanitation verification, advanced pathogen testing, and integrated data analytics and plant mapping software.

• Digitization and AI/machine learning are being developed to enable predictive analytics for food safety.

• Petrifilm, acquired from 3M, is a flagship product for rapid microbial detection, with expanded manufacturing capacity.

• Hygiene monitoring and allergen/toxin detection tools have expanded into new markets post-COVID, such as airlines and nursing homes.

• Genomics business supports both production and companion animals, offering efficiency improvements and breed/disease identification.

Growth strategy and market expansion

• Plans to leverage core diagnostic capabilities and develop new products for food safety and adjacent markets like cosmetics.

• Significant growth opportunities identified in under-penetrated regions, especially Europe and APAC, with ongoing expansion of sales and technical teams.

• Multigenerational product roadmaps and focused R&D investments are set to drive innovation and next-generation solutions.

• Strategic account teams are solving complex customer problems, leading to new product launches such as a dietary fiber test for ethanol producers.

• Positioned to benefit from trends like increased food allergies, higher food standards, and digital evolution in food safety.