Shares of Neogen (NASDAQ:NEOG) fell 13% Thursday after the company revealed in an investment presentation that it now saw lower-than-expected core revenue growth for Q1 2024.
The published presentation, which was presented at the Wells Fargo Healthcare Conference on Thursday, said that Neogen’s preliminary Q1 2024 view now saw “modestly negative core growth, slightly below expectations.”
The presentation added that while core revenue growth for Neogen’s legacy food and animal safety divisions were still “in line” with expectations, core revenue for its former 3M food safety division was now seen as “flat, slightly below expectations,” due primarily to “broad weakness in China.”
Neogen filed the presentation with the SEC on Thursday.