Keyword: Neogen

Michigan-based Neogen managed to chart 12% sales growth in Q1, but it's facing challenges ranging from an FDA-mandated withdrawal of a thyroid drug for dogs to currency woes caused by Brexit.

Neogen is placing much of its hopes for future growth on its animal genomics business, GeneSeek. The strong performance of that unit helped the company chart record sales and earnings in its fiscal fourth quarter and full year.

Shares of Michigan-based Neogen fell 12% to $46.06 on March 23, after the company announced third-quarter results that fell short of expectations. There was one bright spot, however: GeneSeek, its genomic-testing business based in Lincoln, NE, saw its revenues spike 24% on increased demand for swine, cattle and dog testing services.