LINCOLN, Neb. - Neogen (NASDAQ:NEOG) Corporation (NASDAQ: NEOG) has established a genomics partnership with Performance Food Group (NYSE: NYSE:PFGC), becoming the official provider of genomics for the food distributor's PathProven program. This collaboration is designed to enhance food traceability by using Neogen's DNA testing capabilities to verify the origin of food products, ensuring their quality and traceability from farm to table.
The integration of Neogen's genomics services into Performance Food Group's supply chain is intended to drive efficiency and sustainability within the protein production process. "Neogen is incredibly proud to partner with Performance Food Group and further our commitment to fueling a brighter future for food security," stated Tom Schultz, Senior Director of USAC Livestock Production at Neogen.
Performance Food Group's PathProven technology will leverage Neogen's genomic portfolio, which ranges from food security to discovery, to improve transparency in their protein production. "Our flagship beef program, Braveheart Black Angus Beef, redefines beef programs with our rigid PathProven Program and DNA testing, which verifies Angus genetics," said Glenn Strickholm, President of Protein Brands at Performance Food Group.
The partnership is a strategic move for Neogen, a company focused on global food security and the development of solutions spanning Food Safety, Livestock, and Pet Health & Wellness markets. Neogen operates in over 140 countries, with a network of scientists and technical experts dedicated to delivering optimized products and technology to its customers.
Performance Food Group is one of North America's largest food and food service distribution companies, with more than 150 locations and a commitment to delivering quality food and related products to over 300,000 locations.
This news is based on a press release statement from Neogen Corporation.
InvestingPro Insights
Neogen Corporation's (NASDAQ: NEOG) recent partnership with Performance Food Group (NYSE: PFGC) marks a significant step in enhancing food traceability through genomics. As investors consider the implications of this collaboration, it's worth noting the financial health and market performance of Neogen. The company's market capitalization stands at a robust $2.63 billion, reflecting investor confidence in its business model and growth prospects.
InvestingPro data indicates that Neogen's revenue has grown by 28.93% over the last twelve months as of Q3 2024, showcasing the company's ability to expand its business in a competitive market. Despite the challenges faced over the last month, with a 19.44% decline in price total return, Neogen's gross profit margin remains strong at 51.32%, suggesting that the company is maintaining profitability in its operations.
InvestingPro Tips also reveal that Neogen's stock is currently trading near its 52-week low, which may present a buying opportunity for investors considering the company's expected net income growth this year. Additionally, with a Relative Strength Index (RSI) suggesting the stock is in oversold territory, investors might find an attractive entry point.
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