Neogen delivered a largely positive core operating performance in Q2 FY2026, underscoring the early progress of its transformation plan. Reported revenue rose 3.6% year-over-year to $224.7 million (core growth +2.9%), driven by strong Food Safety execution and improving cross-category engagement, while Animal Safety remained broadly flat. Management highlighted a sequence of margin and efficiency improvements, including a 470bp expansion in adjusted EBITDA margin to 21.7% (adjusted EBITDA of $48.7 million), supported by targeted cost actions and higher gross margins (47.5% reported; 50.3% ex-integration). The company also signaled ongoing strategic milestones: cost-savings of approximately $20 million annualized; continued progress on Petrifilm integration with an eye toward a 2027 completion timeline; ongoing sale of the Genomics business to accelerate deleveraging; and leadership enhancements aimed at commercial execution. Management raised full-year guidance for 2026 to Revenue of $845-855 million and Adjusted EBITDA of roughly $175 million, while emphasizing a conservative stance for the second half given end-market headwinds. Free cash flow remained positive in Q2 and the balance sheet remained solid, with a roughly $800 million gross debt load and a cash position near $145 million, accompanied by ongoing deleveraging plans through divestitures. This report synthesizes the financial data with management commentary to assess growth drivers, profitability trajectory, balance-sheet health, and the investment thesis.