"Fiscal 2014 was another solid year for us financially, both in generating cash and further strengthening our balance sheet," said Steve Quinlan, Neogen's vice president and chief financial officer. "We were able to integrate three acquisitions and make significant capital investments for current and future growth, while retaining a strong cash position and incurring no debt. We continue to have sufficient liquidity and available borrowing capacity to pursue our growth strategy going forward."
Neogen's overall revenue growth of 19% for its 2014 fiscal year was led by the 29% revenue increase reported for its Animal Safety segment. The acquisitions of SyrVet® (veterinary instruments) in July 2013, Prima Tech® (veterinary instruments) in November 2013, and Chem-Tech (agricultural insecticides) in January 2014, contributed to the company's revenue increase. Organic growth for the Animal Safety segment was 6%.
Revenues from Neogen's agrigenomic business continued their strong advancement in fiscal year 2014, increasing 18% when compared to fiscal 2013. The improvement was the result of increasing market acceptance of the product line, as well as the development of new genomic products. Neogen's new GeneSeek® Genomic Profiler™ is used to reveal an animal's genetic potential, as well as the animal's parentage, and important genetic trait and disease information. The tests are available for both beef and dairy cattle breeds.
To accommodate the rapid expansion of its agrigenomic business, Neogen recently opened a new facility in Lincoln, Neb., which was customized specifically for the core business of providing high quality, cost-effective agricultural genomic services. The expansion of genomic programs in international markets, especially Europe and Brazil, also helped drive Neogen's agrigenomic revenue increases.
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|SOURCE Neogen Corporation|
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