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In Brief This Week: Neogen, Bio-Rad, Orasure

NEW YORK – Neogen this week announced that its NeoSeek genetic test for Shiga toxin-producing strains of Escherichia coli (STEC) has received validation from AOAC. The food safety test, which targets 89 genes for detection and identification of pathogens known to cause human illness, can now be used by countries or companies that must meet US import guidelines.

Lansing, Michigan-based Neogen teamed up on the validation process with Meat & Livestock Australia. In addition to performing the test at its Lincoln, Nebraska lab, Neogen will also do testing at its Australian lab in Gatton, Queensland.

Fitch Ratings has upgraded Bio-Rad Laboratories' long-term issuer-default (IDR) from BBB- to BBB, reflecting the firm's improved EBITDA and margins.

OraSure Technologies announced this week it has sold its cryosurgical systems business to Lehigh Valley, Pennsylvania-based CryoConcepts for an aggregate purchase price of $12 million in cash. OraSure’s President and CEO Stephen Tang said in a statement that the sale represents a key part of the Bethlehem, Pennsylvania-based company's growth strategy, as it prioritizes its product portfolio and focuses resources on growing its core molecular solutions and infectious disease businesses through both organic growth and acquisition.

As a result of the sale, OraSure lowered its third quarter revenue guidance from $39.0 million to $40.5 million to a revised guidance of $37.5 million to $39.0 million. It also raised its Q3 EPS guidance from $.04 to $.05 per share to $.19 to $.20, with $.16 per share attributable to the estimated gain on the sale of the business.

For full-year 2019, the company is now guiding $160 million to $165 million in net revenues, compared to previous guidance of $165 million to $170 million, and EPS of $.36 to $.38 rather than $0.24 to $0.26 as it had previously guided.

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on GenomeWeb.