Neogen names new CEO; reports record revenues and earnings

LANSING, Mich., July 17, 2017 — Neogen Corporation announced the company has named John Adent as chief executive officer, effective immediately. James Herbert, the company’s founder and former CEO, will remain as executive chairman and work closely with Adent in the transition of responsibilities.

Adent has built his career inside of two companies — 13 years with each. He began his career with management responsibilities for Purina developing animal feed manufacturing and sales in China and the Philippines. When Purina spun off that business to Agribrands, Adent continued his management role in the European division in Spain and Hungary, serving as managing director of the Hungarian operations after it was acquired by Cargill.

Adent left that organization in 2004 to assume the CEO responsibilities for Animal Health International (AHI), at the time a small private company. Under his leadership, AHI more than quadrupled revenues over the following decade through a series of acquisitions and joint ventures. AHI was acquired by the Patterson Companies in 2015 and Adent continued to serve as CEO of the $3.3 billion animal health division until his recent resignation.

Adent grew up on a commercial fruit farm in southwest Michigan where his family is still actively involved. Adent and his family have already moved to the Lansing area and he is fully engaged in his new role.

Financially, Neogen Corporation announced that its net income for the fourth quarter of its 2017 fiscal year, which ended May 31, was $12,474,000, or $0.32 per fully diluted share, an increase of 27% from $9,857,000, or $0.26 per share, in fiscal 2016. Net income for the 2017 fiscal year increased 20% to $43,793,000, or $1.14 per share, compared to the prior year’s $36,564,000, or $0.97 per share.

Revenues from Neogen’s animal genomics business increased 19% worldwide in fiscal 2017 compared to the prior year, led by additional poultry, cattle and canine testing.

Neogen Corporation develops and markets products dedicated to food and animal safety. The company’s Food Safety Division markets dehydrated culture media and diagnostic test kits to detect foodborne bacteria, natural toxins, food allergens, drug residues, plant diseases and sanitation concerns. Neogen’s Animal Safety Division is a leader in the development of animal genomics along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care and disinfectants.

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