Neogen (NEOG) shares were down more than 15% in recent trading on Wednesday after the company said in its fiscal Q4 update that transitory headwinds are expected to negatively impact gross margin.
The food safety company said that market conditions remained soft as Q3 weakness carried through to Q4, while food demand continues to be affected by macroeconomic impact and global trade uncertainty.
Neogen also said it expects Q4 revenue to "materially approximate guidance," based on a preliminary view.
Price: 5.05, Change: -0.95, Percent Change: -15.83
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