Neogen delivered Q3 2025 revenue of $221.0 million, flat to slight growth on a core basis, with a gross margin of 49.9% and adjusted EBITDA of $49.0 million (margin ~22%). Reported net income was negative at $10.96 million, driven by lower top-line throughput and ongoing integration costs associated with the 3M Food Safety transaction and Genomics restructuring. Management characterized the quarter as affected by macro uncertainty and tariff dynamics, noting that core Food Safety revenue rose 7% excluding sample-collection headwinds, while Animal Safety declined modestly and Genomics remained a drag despite bovine-led strength within the segment. Importantly, Neogen reaffirmed a multi-quarter transformation plan: (1) completing the Petrifilm production transition with initial test production targeted for Fall 2025, (2) remaining on track for portfolio actions and cost reductions to improve margins, and (3) refinancing Term Loan A to extend maturity and reduce interest expense, thereby stabilizing liquidity. The company raised full-year guidance modestly/dynamically to reflect evolving macro conditions, guiding revenue around $895 million, adjusted EBITDA near $195 million, and free cash flow around an outflow of approximately $20 million. Near-term drivers include accelerated cost actions, improved working capital, and the Petrifilm transition, while risks center on tariff volatility, sample-collection ramp delays, and a softer end-market backdrop in Animal Safety. Investors should monitor the pace of Petrifilm scale-up, the trajectory of gross and operating margins through 4Q 2025, and the effectiveness of portfolio actions in restoring growth in the bovine genomics/fragments of the business within a still-fragile macro environment.