Executive Summary: Neogen reported a Stable Q2 2025 with core revenue growth of 3.5% (Fx-adjusted) and improved sequential performance versus Q1, driven by Food Safety and Animal Safety segments. Reported revenue was $231.3 million for the quarter, with Food Safety flat year over year (FX-adjusted core growth near 4%) and Animal Safety up mid-single digits on a core basis. Genomics revenue declined mid-single digits as management continues to refocus the business toward higher-margin, large-animal opportunities. Gross margin stood at 49% for the quarter, down 190 basis points year over year, while Adjusted EBITDA reached $51 million (margin 22.2%), aided by ongoing integration and restructuring efforts. The GAAP net income was significantly negative due to a non-cash goodwill impairment related to the 3M Food Safety acquisition. Free cash flow improved materially to approximately $78.7 million, supported by lower capex, better working capital, and a semiannual bond interest payment not repeating. Management updated the full-year outlook to reflect stronger USD headwinds, genomics restructuring attrition, and a slower ramp in sample collection production, implying 2H revenue weighting toward Q4 and margin progress supported by cost-reduction initiatives. Investors should weigh the ongoing benefits of a broad food-safety portfolio against the near-term drag from FX, supply-chain reinvestments, and the COSO control remediation plan disclosed in the 10-Q filing process.