Most U.S. companies are gazing into cloudy crystal balls, trying to figure out what 2009 holds for them. At Neogen (Nasdaq:NEOG), the first quarter of fiscal 2009 is in the books and the future doesn’t look too shabby for this maker of food and animal safety products.

Based in Lansing, Mich., Neogen has 26 years under its belt fulfilling “A Mission That Matters,” of making the world safer for people and animals. Given the headline-grabbing woes of contaminated food such as Salmonella-laden vegetables in fast-food restaurants and E. coli-tainted beef reaching supermarkets, it’s easy to see why there’s interest in Neogen's products.

A report this summer from The Freedonia Group said U.S. demand for food safety products is likely to increase 6.5% a year to become a $3.2 billion market by 2012.

Neogen operates two divisions: food safety, which markets testing products including kits to detect such substances as foodborne bacteria, spoilage and allergens; and animal safety, marketing diagnostic and pharmaceutical products, nutritional supplements, veterinary supplies and disinfectants.

Few companies can boast a stock price rising this year, but Neogen is hanging on: up 1.32% year to date. Over the past two years, the share price has nearly doubled. Neogen stock, which is thinly traded, hit a 52-week high of $31.95 on Sept. 19, while it dropped to a low of $20.35 on Jan. 22. On Wednesday, Neogen closed at $26.90.

According to Thomson Reuters, of four analysts covering Neogen, two rate it a “strong buy,” with another calling the stock a “buy” and another staying neutral. Recently Stephens Inc. and Craig-Hallum Capital added coverage . . .

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