Neogen Corporation NEOG has introduced an advanced Veratox VIP assay to detect walnuts. The walnut-assay is the latest addition to Neogen’s Veratox VIP line of enhanced quantitative ELISA products, and is set to bolster Neogen’s Food Safety business.
Revolutionary Walnut Allergy Test
The new Veratox VIP for Walnut allergy test showcases robust performance across different sample types while maintaining the Veratox product line’s straightforward testing approach. This groundbreaking quantitative test has impressive specificity down to 0.15 ppm walnut protein, making it one of the most sensitive ELISA kits on the market. Furthermore, it can test samples from a wide variety of product types and processing settings, including heat-processed and complex samples. The Veratox VIP for Walnut delivers results in just 30 minutes and utilizes ready-to-use reagents, making it exceptionally convenient for producers.
Benefits of Neogen’s Latest Launch
Driven by an increasing prevalence of tree nut allergies, Neogen’s new Veratox VIP for Walnut test offers producers a convenient solution to detect potential allergen contamination and strengthen their allergen control measures. The highly sensitive nature of the new test reflects Neogen’s unwavering commitment to food safety and quality, instilling confidence in producers regarding the safety of their products.
Future Opportunities in the Food Safety Space
A report by Coherent Market Insight projects promising growth for the global food allergen testing market, which was valued at $774.2 Million in 2022 and is expected to witness a CAGR of 8.4% from 2023 to 2030. The surge in demand is attributed to increasing consumer awareness, driving the need for stringent food safety standards and innovative allergen detection solutions.
Neogen’s Strides within the Food Safety Segment
The Neogen Food Safety segment plays a crucial role in developing, producing, and marketing diagnostic test kits, culture media, and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens, and maintain general sanitation standards.
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In the fiscal first quarter, revenues in the Food Safety segment surged 157.2% compared to the prior year, reflecting significant core growth, particularly in the Bacterial & General Sanitation product category and the Natural Toxins and Allergens product category.
Over the past year, NEOG’s shares have climbed 3.3% despite the medical products industry falling 6.3%.
Zacks Rank and Top Picks
Neogen holds a Zacks Rank #3 (Hold).
Other notable stocks in the broader medical space include Haemonetics HAE, Insulet PODD, and DexCom DXCM. Haemonetics and DexCom carry a Zacks Rank #2 (Buy), while Insulet presently holds a Zacks Rank #1 (Strong Buy).
Haemonetics’ stock has surged 11.6% in the past year and has seen an upward trend in earnings estimates. Insulet’s earnings estimates for 2023 have also been adjusted upwards, despite a 40.9% share price decline in the past year. Both companies have consistently surpassed earnings estimates, solidifying their position in the medical space. DexCom’s 2023 earnings estimates have also experienced positive revisions, underscoring its potential for long-term growth.
In conclusion, Neogen’s innovative Veratox VIP assay for walnut allergen detection signifies a monumental leap in food safety, offering producers a reliable and efficient solution to combat allergen contamination. Neogen’s steadfast commitment to quality and safety is poised to drive significant value for the company and consumers alike.