The growing number household products produced abroad has led Congress to consider various legislation that would appropriate further funding to the CPSC. Should these proposed new laws pass, food safety companies would be well positioned, as the implications of these developments extend beyond just household products.

With these developments in mind, TheStreet.com Ratings found three companies in the food-safety market that not only have proven penetration in the space but also are ranked highly by our model.

Our proprietary model's affinity to companies that show solid upside potential is supported by a number of metrics, including growth, price movement, returns, volatility, fundamentals and overall financial strength. The companies below rank strongly across these metrics.

Neogen, our top performer, produces disposable, single-use, immunoassay and gene probe testing products that rely on the company's proprietary antibodies and RNA and DNA probes to produce rapid results.

These tests are used to detect dangerous and/or unintended substances in human food and animal feed, such as food-borne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant byproducts, drug residues, pesticide residues and general sanitation concerns.

Currently ranked No. 14 among 731 stocks that we rate in the overall health care industry, and No. 5 out of 206 stocks rated within the health care equipment and supplies subsector, Neogen most recently earned an overall score of 7.70 (out of a possible 10), which translated into a strong buy rating.

Strategic Diagnostics' detection technologies allow industrial customers (through the use of antibodies) to rapidly identify the presence of pollutants such as chemical toxins, biological pathogens and other contaminants that can compromise human or environmental safety, and/or financially impact efficiencies of production processes.

The company most recently earned an overall score of 5.43, which translated into a decent buy rating.

Meridian Bioscience produces diagnostic test kits primarily for certain respiratory, gastrointestinal, viral and parasitic infectious diseases. The company also manufactures and distributes bulk antigens, antibodies and reagents for use by researchers and other diagnostic manufacturers.

The company most recently earned an overall score of 6.89, which reflects a solid buy rating.

Also of note, many larger biotechnology and life science companies have been applying their existing products and technology to create new solutions across different verticals. These companies include drug giants like Pfizer ( PFE) and Johnson & Johnson ( JNJ), as well as mid-cap companies such as Applied Biosystems, Millipore and PerkinElmer.
This article was written by a staff member of TheStreet.com Ratings.

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