Shares of Neogen were rising sharply Thursday after the food safety company met earnings expectations for its fiscal first quarter and revealed companywide layoffs.

Neogen posted adjusted earnings of 4 cents a share, in line with analysts' consensus estimate. Revenue totaled $209.2 million, ahead of Wall Street's call for $203.1 million. The company also reaffirmed its fiscal 2026 forecast and disclosed an unspecified number of layoffs designed in part to expand margins.

Neogen shares were up 6.4% to $6.19 in premarket trading. The stock has slumped heavily this year, falling 52% through Wednesday's close.

"Recent performance has been hampered by execution challenges which we are tackling head-on with a sharpened emphasis on commercial excellence, renewed innovation and a leaner cost structure," said CEO Mike Nassif. "We recently implemented companywide cost initiatives, which included the difficult decision to reduce headcount across the organization."