Neogen (NEOG) is targeting high-single-digit to low-double-digit total revenue growth and a 30% adjusted EBITDA margin by fiscal 2031, the company said late Wednesday.

Neogen plans to increase R&D investment by about 50% in fiscal 2027 and target R&D investment of about 5% of revenue by fiscal 2031, with new products expected to add $100 million in revenue by then.

The company is on track to make saleable Petrifilm product and start the manufacturing transition of the product to its site in Lansing, Michigan, effective November, it said.