NEOG: Model Update Ahead of Fiscal 4Q26 Earnings

研报英文原文证据摘录

NEOG: Model Update Ahead of Fiscal 4Q26 Earnings

June 8, 2026

Subbu Nambi, Ph.D. subbu.nambi@guggenheimpartners.com NEOG: Model Update Ahead of Fiscal 4Q26 Earnings

617 874 7383

Thomas VonDerVellen Key Message: We are updating our NEOG estimates ahead of the fiscal 4Q26 report.

thomas.vondervellen@guggenheimpartners.com Below we detail our model updates and thoughts on positioning following our meeting

617 859 4657 with management.

Ricki Levitus

ricki.levitus@guggenheimpartners.com Model Updates: 212 823 6556

We cleaned up our 2027 revenue estimates, still assuming LSD% core • Food Safety:

growth.

We cleaned up our 2027 revenue estimates, still anticipating a return to • Animal Safety:

core growth.NEOG BUY Petrifilm Duplicative Costs: We updated the phasing of Petrifilm duplicative costs in •

Neogen Corporation 2027 to better reflect summer hiring, and the tapering off of costs in 2H27.

We brought up our estimates slightly for 2027 to be more in line with Sector: Diagnostics & Life Sciences Tools • Adj EBITDA:

Company Update management commentary around profitability growth, along with the combination of

further efficiencies within the organization bringing down opex. Share Price $8.90

Our Thoughts on F4Q26: We came away from our meeting with management positive Price Target $12.00 •

about their ability to beat on revenue, but expect continued cost pressure from both

the macro and NEOG-specific forces. NEOG has been clear about setting conservative

guidance, so we believe they still remain in a solid position overall. We also remain Revenue ($M)

(FY MAY) 1Q 2Q 3Q 4Q FY confident NEOG will continue as planned with the closing of the Genomics business.

2026 209.2 224.7 211.2 213.5E 858.6E

EV/Sales 3.2x

2027 202.2E 217.4E 191.9E 197.6E 809.2E