Neogen Corporation · NASDAQ:NEOG
Neogen — Investor Day (October 2026)
78 slides from Neogen's investor day presentation, Oct 7, 2026
Slide 1: Investor Day 2026
INVESTO DAY 2026
Slide 2: Bill Waelke, VP, Global FP&A and Investor Relations
Bill Waelke, VP, Global FP&A and Investor Relations
Slide 3: Safe harbor statement and use of non-GAAP financials
Safe harbor statement and use of non-GAAP financials Cautionary Note Regarding Forward-Looking Statements. This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Neogen intends that such forward-looking sta
Slide 4: Protecting the world's food supply
Protecting the world’s food supply Food Safety Animal Safety Dairy processing Ready-to-eat foods 77% $870M 23% Animal care Veterinary & beverage Global revenue instruments in FY26 Protein processing Cosmetics Insect and rodent control
Slide 5: Combining category expertise with global reach
Combining category expertise with global reach Global revenue distribution 70K+ 50K+ Global customers Instruments installed EMEA APAC 135 300M+ LATAM Countries served Tests run annually 90% USAC Business consumables
Slide 6: People may not know what it takes to keep their food safe
People may not know what it takes to keep their food safe.
Slide 7: Mike Nassif, President and CEO
Mike Nassif, President and CEO
Slide 8: Neogen has reached an inflection point
Neogen has reached an inflection point Execution is improving The opportunity is expanding Neogen core growth Momentum in Food Safety growth 8.1% 5.8% 4.3% 4.1% 4.0% (2.9%) (1.3%) (1.7%) Q4 FY25 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27
Slide 9: Neogen has reached an inflection point
Neogen has reached an inflection point Execution is improving The opportunity is expanding >$7B 4%–5% Industry CAGR SAM
Slide 10: Our strategy as a category leader
Our strategy as a category leader Commercial prowess High-impact innovation Operational excellence Go-to-market enhancements & True category differentiation Building a scalable engine for early results to accelerate growth through next-generation technology sustained margin expansion 30% Target adj.
Slide 11: From stabilization to sustained, category-leading growth
From stabilization to sustained, category-leading growth FY26 FY27 FY28 Stabilize Accelerate Expand Improved execution by focusing on Drive share gain and sustainable Build category-leading capabilities the basics growth that expand markets Operational discipline to right-size Accelerate mix improve
Slide 12: Acute need for global food safety
Acute need for global food safety Foodborne outbreaks 50% Government spending 58% 2015–20241 2015–20252 (4,362 to 6,558) Economic burden of foodborne illness $75B Food safety confidence 15% Annually3 2023–20254 1. EFSA and ECDC zoonoses reports; 2. European Food Safety Authority Budget, USDA Food Sa
Slide 13: Connecting Neogen's advantages to drive customer value
Connecting Neogen’s advantages to drive customer value 6 of 10 10K+ 100+ >50% 80% Platforms have SKUs supporting a Validated Revenue generated Food safety market-leading wide range of applications with outside the U.S. revenue with food positions customers, 100+ AOAC / AFNOR producers specific needs
Slide 14: Uniquely positioned to lead
Uniquely positioned to lead Food safety Scientific and Comprehensive Point-of- Global scale, Digital focus industry multi-segment processing distribution, solution expertise portfolio solutions and logistics ecosystem Private competitors Centralized labs Global life science and diagnostics
Slide 15: Three value-creation pillars turn our advantages into performance
Three value-creation pillars turn our advantages into performance COMMERCIAL HIGH-IMPACT OPERATIONAL PROWESS INNOVATION EXCELLENCE Dr. Tammi Ranalli, Dr. Jeremy Yarwood, Jim Walter, General Manager Food Safety Chief Scientific Officer SVP Operations and Joe Freels, Chief Commercial Officer FINANCIAL
Slide 16: Dr. Tammi Ranalli and Joe Freels
Dr. Tammi Ranalli, General Manager Food Safety Joe Freels, Chief Commercial Officer
Slide 17: Food safety is brand equity, operating risk, and business survival
2008–2009 2026 2025–2026 Peanut Corp. U.S. outbreak Infant formula of America1 waves1 recall2 Food safety is Salmonella (peanuts) Cyclospora (iceberg Cereulide toxin (ARA oil) brand equity, 9 deaths and 700+ ill in 46 states lettuce) 144 cases in 99 countries and 6 WHO regions 2 deaths, ~13,000 ill
Slide 18: Food safety customers have complex and growing needs
5 NEOGEN Food safety customers have complex and growing needs.
Slide 19: What our customers tell us they want
Speed and simplicity, not complexity Faster time to result and simpler workflows now outrank menu breadth in buying decisions What our Integrated solutions, not individual tests “We don’t want twelve vendors and twelve systems— customers tell us we want one partner who connects the workflow” they wa
Slide 20: Accelerating the shift to point of processing through our integrated solutions
Accelerating the shift to point of processing through our integrated solutions Centralized lab $9B market
Slide 21: Accelerating the shift to point of processing through our integrated solutions
Accelerating the shift to point of processing through our integrated solutions Centralized lab $140M/year Point of processing $9B Market $5B market $700M shift in testing spend to point of processing over the next five years
Slide 22: Why Neogen wins at the point of processing
Why Neogen wins at the point of processing The market is moving to the line. Neogen is already there. “I need answers on the floor, not in three days” On-site results in minutes to hours, no lab required “We can't afford to sit on inventory Testing data connected to release decisions in real time wa
Slide 23: Integrated solutions deepen customer relationships and expand share of wallet
Integrated solutions deepen customer relationships and expand share of wallet Multiple products across multiple vendors Pathogen testing Vendor A More complexity Allergen testing Vendor B Environmental monitoring Vendor C Slower decisions Sample Collection Vendor D Perishable inventory Digital recor
Slide 24: Integrated solutions deepen customer relationships and expand share of wallet
Integrated solutions deepen customer relationships and expand share of wallet One connected partner across the workflow Pathogens Faster decisions Allergens Sample Collection Integrated Simpler workflows solutions Neogen Analytics Audit-ready insight Indicators
Slide 25: Our strengths in action in the dairy industry
Our strengths in action in the dairy industry Receiving Storage Pasteurization Processing Packaging Release Sample Collection Throughout entire process Clean-Trace® Processing, equipment, packaging areas Petrifilm® Raw materials, in-process, finished product Molecular Detection System (MDS ) Raw mat
Slide 26: Neogen Analytics turns connected testing into recurring growth and customer stickiness
Neogen Analytics turns connected testing into recurring growth and customer stickiness Raw-milk reception Environmental monitoring Pasteurization & process Finished-product release
Slide 27: Neogen Analytics turns connected testing into recurring growth and customer stickiness
Neogen Analytics turns connected testing into recurring growth and customer stickiness Consumable utilization following Neogen Analytics adoption >1.5x Creates recurring consumables Increases customer Generates software-linked pull-through switching costs recurring revenue
Slide 28: Organizing our commercial model around our right to win
Organizing our commercial model around our right to win What customers need The Neogen advantage Fast, connected, audit-ready Point of processing access food safety decisions Broad portfolio Technical and regulatory credibility Analytics Opportunity to gain share in a growing market
Slide 29: Expanding category leadership through foundational strengths and focus
Expanding category leadership through foundational strengths and focus Trusted customer Quality and regulatory Science and Portfolio relationships credibility technical support breadth
Slide 30: Expanding category leadership through foundational strengths and focus
Expanding category leadership through foundational strengths and focus Consistent Global go-to- Solutions-based Stronger funnel Clearer execution across market focus selling discipline accountability regions Trusted customer Quality and regulatory Science and Portfolio relationships credibility tech
Slide 31: Focused strategic account approach
Focused strategic account approach Tighter focus is producing stronger outcomes 6.2% Q1 strategic account growth
Slide 32: Focused strategic account approach
Focused strategic account approach Engage Standardize Expand share enterprise-wide solutions of wallet Dedicated account Integrated testing, Broader adoption drives leadership connects with informatics, and workflows product depth, recurring decision-makers across expand Neogen’s role across consuma
Slide 33: Animal Safety combines attractive recurring demand with global expansion opportunity
Animal Safety combines attractive recurring demand with significant global expansion opportunity Current Growth footprint opportunity ~85% U.S. ~15% International Creating meaningful runway across EMEA, Latin America, and Asia-Pacific
Slide 34: Animal Safety combines attractive recurring demand with global expansion opportunity
Animal Safety combines attractive recurring demand with significant global expansion opportunity Activate distribution Extend trusted brands Growth Use Neogen’s opportunity global infrastructure to improve reach Creating meaningful runway across EMEA, Latin America, and Asia-Pacific
Slide 35: Increasing effectiveness with differentiated coverage model
Increasing effectiveness with differentiated coverage model Strategic accounts High-touch partnership Core accounts Field and channel support Smaller or repeat buyers Speed, convenience, and self-service Better customer experience, broader reach, and more productive growth
Slide 36: Our revamped commercial model is improving execution and accountability
Our revamped commercial model is improving execution and accountability Sharper Pricing Strategic targeting discipline prioritization Sales Operating Model
Slide 37: Our revamped commercial model is improving execution and accountability
Our revamped commercial model is improving execution and accountability Commercial confidence in direction and leadership 1 +62% increase 94% 58% 1. Results of employee surveys at July 2026 global sales meeting
Slide 38: Immediate short-term impact indicates we are on the right path
Immediate short-term impact indicates we are on the right path 32% $142M $13M New opportunities per Total qualified pipeline Opportunity wins quarter 5% 27% On-time fulfillment Product backorders Note: Data as of Q1 FY27
Slide 39: Dr. Jeremy Yarwood, Chief Scientific Officer
Dr. Jeremy Yarwood, Chief Scientific Officer
Slide 40: We are investing in innovation where customers tell us they need us most
We are investing in innovation where customers tell us they need us most Customer need Innovation focus Customer value Reliable point of Next-generation pathogen, Faster answers where decisions processing testing allergen, sanitation technologies are made, earlier intervention Rapid diagnostics, aut
Slide 41: Disciplined approach to maximize value from a rich funnel
Disciplined approach to maximize value from a rich funnel 18 identified projects 15% ROIC Return threshold 10x vitality 5 Petrifilm 5 Others 4 Pathogens 2 Allergens 2 FQNA index Portfolio productivity Disciplined selection converts a broad funnel into a focused investment portfolio
Slide 42: Our path to innovation
Our path to innovation Organic development Strategic licensing Govt & customer co-development Internally developed Licensed technology paired Externally co-developed platforms and products with Neogen capabilities solutions and platforms
Slide 43: Food safety innovation cycle presents rapid path-to-market
Food safety innovation cycle presents rapid path-to-market Development Commercialization 6–12 months Neogen Analytics 12–18 months Validations and claim expansion $100M Aggregate impact by FY31 24–36 months New product innovation
Slide 44: Next-generation solutions move testing closer to production
Next-generation solutions move testing closer to production Quantitative allergen General sanitation Toxin detection ELISA-level performance in Instrument connectivity, digital Rapid screening with advanced a simpler format across a tracking, and expanded imaging supporting faster product broad rang
Slide 45: Enabling testing at the point of processing
Risk-based pathogen detection Enabling testing at the point of processing Moves critical testing closer to where production decisions are made
Slide 46: Petrifilm innovation has the potential to unlock market growth
Petrifilm innovation has the potential to unlock market growth Clinical Dx $2B ~$2B Pharma Cosmetics Personal Care Petrifilm market Oil and Gas expansion opportunity >2.5x Potential increase in addressable market Current food Broader food Adjacent New FY31 & beverage & beverage applications markets
Slide 47: Translating data into action with a leading global food producer
Translating data into action with a leading global food producer 20+ Site deployment Turning insights into action Identifying and correcting an emerging Listeria issue 100+ Factory opportunity CORE Functionality enhancements OPEN Distribution beyond partner
Slide 48: Every product interaction strengthens Neogen's innovation flywheel
Every product interaction strengthens Neogen’s innovation flywheel Connected sources Customer and risk insights Testing platforms: Pathogen, allergen, sanitation, and mycotoxin Customer metadata: Quality, sanitation, Improved More adoption operations, and infrastructure algorithms, and deeper workfl
Slide 49: Hinalea's technology platform: multiple pathways for future growth
Hinalea’s technology platform: opportunity for multiple pathways for future growth Today Reinforce the core Next Solve adjacent customer needs Long term Expand the market
Slide 50: Reducing time to result unlocks customer value and expands the opportunity
Reducing time to result unlocks customer value and expands the opportunity Next-generation Petrifilm Reader1 50% Target reduction in time to result $1.2B Culture media addressable market 70% culture media 30% Petrifilm 1. Illustrative rendering
Slide 51: Neogen's innovation engine goals through FY31
Neogen’s innovation engine goals through FY31 5+ $100M 15% New product Revenue contribution Targeted ROIC, launches per year from new product 10x vitality index innovation
Slide 52: Jim Walter, SVP Operations: Operational Excellence
Jim Wal OPERATIONAL EXCELLENCE
Slide 53: A stronger operating platform positions Neogen to scale the next phase of growth
A stronger operating platform positions Neogen to scale the next phase of growth Stabilize the Accelerate the 65% business business Reduction in complaints1 Restore control across quality, Managing capacity, demand, service, inventory, and the inventory, quality, and global operating network investm
Slide 54: Operations creates the leverage to scale growth into stronger margins
Operations creates the leverage to scale growth into stronger margins Scale efficiently Expand gross margin, strengthen cash Improve structural cost generation, and create a scalable path to higher EBITDA margins Accelerate innovation
Slide 55: Focused growth vectors enable efficient scaling
Focused growth vectors enable efficient scaling Strategic accounts Focused markets Petrifilm expansion Deepen share Win where Neogen Scale adoption of a of wallet is strongest proven platform Position capacity and Configure the network to Build manufacturing inventory around committed serve priority
Slide 56: Petrifilm manufacturing is ready to begin the transition
Petrifilm manufacturing is ready to begin the transition Occupancy permit received Production equipment is 100% validated Critical external certifications are on track 75,000+ plates have been tested through validation ~3x current Petrifilm capacity
Slide 57: A controlled transition protects customers while expanding margins
A controlled transition protects customers while expanding margins Majority of SKUs fully validated Operational and performance qualification Manufacturing scale-up and transition Process optimization New innovation commercialization FY27 Today Nov FY28 FY29 Start 2026 Start Start
Slide 58: Operations expands the pathways from innovation to commercialization
Operations expands the pathways from innovation to commercialization Innovation sources Commercial outcomes Internal R&D More innovation pathways Strategic partners Faster time to market Unified innovation Strategic suppliers engine Lower launch risk Operations and supply chain Broader growth opport
Slide 59: Petrifilm pilot line enables efficient innovation
Petrifilm pilot line enables efficient innovation Dedicated pilot-line can accelerate product development and process optimization New SKUs can be validated and commercialized without disrupting commercial production Creates an innovation engine that supports a larger pipeline of future growth oppor
Slide 60: Operations will create structural leverage to support margin expansion
Operations will create structural leverage to support margin expansion Productivity Planning Logistics Automation and Integrated demand Simplified, data-led process improvement and supply decisions fulfillment network Higher Better asset Lower cost productivity utilization to serve
Slide 61: Operational excellence is creating the potential for gross margin expansion
Operational excellence is creating the potential for gross margin expansion High 50% Low 50% FY26 Automation Planning Logistics FY31 efficiencies
Slide 62: Automation has the potential to create profitability across the portfolio
Automation has the potential to create profitability across the portfolio Clean-Trace Soleris Sample collection CAM2 consumables line AI-enabled manufacturing pilot High-speed automated line 10%+ 82% 5x Annual growth Line operating efficiency Throughput capacity
Slide 63: Planning turns insight into action
Planning turns insight into action See Decide Act with Sustain sooner earlier discipline the gain Global sales & Dedicated ownership Root-cause cadence We believe common operations planning aligns demand, and replenishment metrics and governance (S&OP) and network production, inventory, controls sto
Slide 64: Logistics is creating leverage through better service and lower cost
Logistics is creating leverage through better service and lower cost ~5% reduction 6.1 1.2 days Outbound freight costs1 Order cycle time1 Simplify the Optimize Improve network transportation fulfillment flow Less fixed cost and Lower freight Faster, more complexity cost reliable service 1. Q1 FY27 Y
Slide 65: The operating platform converts growth into financial leverage
The operating platform converts growth into financial leverage Scale Accelerate Improve efficiently commercialization structural cost High 50% 30% Stronger Target adj. gross margin Target adj. EBITDA margin Free cash flow
Slide 66: Bryan Riggsbee, Chief Financial Officer
Bryan Riggsbee, Chief Financial Officer
Slide 67: Recent stabilization efforts have prepared Neogen for its next chapter
Recent stabilization efforts have prepared Neogen for its next chapter Stabilization Acceleration and Expansion Improvements to Operational discipline Portfolio optimization, Governance and commercial execution to right-size spending including divestitures to controls to strengthen by “focusing on a
Slide 68: Recent stabilization efforts have prepared Neogen for its next chapter
Recent stabilization efforts have prepared Neogen for its next chapter Stabilization Acceleration & Expansion Long-term goal of Targeting by FY31 HSD-to-LDD growth High 50% 30% ~ 80% Adj. Gross Adj. EBITDA FCF Disciplined capital deployment, margin margin conversion1 with a focus on ROIC 1. FCF Conv
Slide 69: Transforming our financial profile through operational improvements
Transforming our financial profile through operational improvements Enhancements to Enhanced targeting and customer segmentation through new GTM strategy commercial capabilities Deeper, more strategic engagement with most important customers Reinvigoration of Increase R&D investment in FY27, focusin
Slide 70: Neogen has a clear path to consistent HSD-to-LDD growth
Neogen has a clear path to consistent HSD-to-LDD growth HSD-to-LDD long- term growth Successful business stabilization efforts FY24 – FY25 Normalization FY26 – FY27 Market Commercial Innovation Non-organic Long-term growth of core growth growth execution growth outlook business
Slide 71: There are multiple drivers of long-term gross margin expansion
There are multiple drivers of long-term gross margin expansion Petrifilm Supplier Global Innovation- Infrastructure manufacturing management manufacturing/ driven margin and scale transition savings logistics benefits benefits Targeting a high 50% gross margin by FY31 through manufacturing, sourcing
Slide 72: Areas of focus for FY27 EBITDA improvement
Areas of focus for FY27 EBITDA improvement Targeted improvements to inventory write-offs Focus on product pricing and supplier costs to reduce spend on materials and components ~$15M long-term targeted reduction Achieve 15%+ Sample Collection gross margin by FY28 through automation investments Neoge
Slide 73: Our EBITDA margin goal is supported by a disciplined plan
Our EBITDA margin goal is supported by a disciplined plan Low 50% in FY26 to (300) bps impact to Expected to partially high 50% in FY31 drive innovation offset inflationary cost growth 30% Target Low 20% Current adj. Gross margin Incremental Operational FY31E adj. EBITDA margin expansion R&D spend e
Slide 74: Neogen has multiple levers to improve our free cash flow generation
Neogen has multiple levers to improve our free cash flow generation Improvements to net Declining capital Lower interest Long-term FCF working capital expenditures expense conversion goal of Improvement Normalization of capital Debt repayment and toward industry best-in-class levels spend following
Slide 75: Disciplined capital deployment strategy
Disciplined capital deployment strategy Higher ROIC R&D: targeting M&A: focus on with accelerated payback ~5% of revenue accretion and returns by FY31 exceeding cost of capital Achieve net leverage target Return excess of <2.5x cash by paying down debt through share repurchase
Slide 76: Executive summary
Executive summary Long-term targets Building a platform to support continuous, HSD-to-LDD long-term growth robust top-line growth Clear pathway to industry-leading gross and adj. EBITDA High 50% adj. gross margin and 30% margins by FY31 adj. EBITDA margin Transitioning our balance sheet to a positio
Slide 77: We are confident in the path forward
We are confident in the path forward The business is Increasing global Neogen uniquely stable and growing food safety risks positioned Momentum Driving demand for our Solving customer is building trusted solutions challenges at scale We believe we have the team, capabilities, and discipline to deliv
Slide 78: Shaping the future of food safety
SHAPING THE FUTURE OF FOOD SAFETY