Neogen Corp. (NASDAQ: NEOG) reported Q1 EPS of $0.30, $0.03 better than the analyst estimate of $0.27. Revenue for the quarter came in at $109.33 million versus the consensus estimate of $105.78 million.

"Considering the ongoing difficult global business climate, we are pleased to report increased revenues and net income as we continue to take the necessary measures to protect our employees and business — and the global food supply," said John Adent, Neogen's president and chief executive officer. "Although conditions across many of our markets remain sluggish and challenging, the first quarter showed Neogen's resilience to difficult conditions due to the diversity of our portfolio of products and services. As our food safety markets faced disruption, we continued to have strong growth in our genomics business — and we worked to meet the global demand for our biosecurity products, including cleaners, disinfectants, and hand sanitizers. We are also pleased with the tremendously positive market reaction following the recent launch of our next generation automated general microbiology test system, Soleris NG."

"The currency headwinds that we have faced in recent quarters continued to adversely affect our otherwise strong performances in Mexico and Brazil," said Steve Quinlan, Neogen's chief financial officer. "In a constant currency environment, sales would have been $2.1 million higher in our first quarter than reported. Nonetheless, our ongoing strong cash generation and position provides Neogen the flexibility to continue to invest in all available avenues to grow our businesses going forward — including short-term operational improvements and longer-term strategic moves."

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