Neogen Corporation (NEOG) has reported a 22.90 percent rise in profit for the quarter ended Nov. 30, 2016. The company has earned $11.15 million, or $0.29 a share in the quarter, compared with $9.07 million, or $0.24 a share for the same period last year.

Revenue during the quarter grew 13.95 percent to $90.72 million from $79.61 million in the previous year period. Gross margin for the quarter expanded 4 basis points over the previous year period to 48.05 percent. Total expenses were 81.42 percent of quarterly revenues, down from 81.65 percent for the same period last year. This has led to an improvement of 22 basis points in operating margin to 18.58 percent.

Operating income for the quarter was $16.85 million, compared with $14.61 million in the previous year period.

"Our second quarter shows Neogen's growth strategies continue to provide solid results, as we expanded our core business and efficiently integrated acquisitions," said James Herbert, Neogen's chief executive officer and chairman. "We view these strong results as another snapshot of Neogen's growth capabilities. We take pride in our outstanding sustained profitability, which allows us to capitalize on growth opportunities."

Days sales outstanding went down to 62 days for the quarter compared with 67 days for the same period last year.

Days inventory outstanding has decreased to 69 days for the quarter compared with 129 days for the previous year period.