Welcome to our dedicated page for Inotiv news (Ticker: NOTV), a resource for investors and traders seeking the latest updates and insights on Inotiv stock.
Inotiv, Inc. (NASDAQ: NOTV) is a leading contract research organization (CRO) dedicated to providing nonclinical and analytical drug discovery and development services, as well as research models and related products. The Company operates through two primary segments: Discovery and Safety Assessment (DSA) and Research Models and Services (RMS). The DSA segment supports the discovery, nonclinical, and clinical development needs of researchers and clinicians, offering a comprehensive suite of services for small molecule drug candidates, biotherapeutics, and biomedical devices.
Inotiv’s RMS segment provides access to a broad range of small and large research models for basic research, drug discovery, and development. The segment also specializes in models for specific diseases and therapeutic areas, contributing significantly to the company’s revenue.
Among Inotiv’s notable products is the innovative Culex® Automated In Vivo Sampling System, which enables efficient collection of various samples and data from awake, freely-moving subjects. This system highlights the company's commitment to cutting-edge scientific instrumentation.
Inotiv has recently achieved significant milestones. It ranked 127th on the Deloitte Technology Fast 500™, boasting a remarkable 1156% revenue growth. This growth is attributed to strategic capacity additions, key integration initiatives, optimization of infrastructure, and a purpose-driven acquisition strategy. The company's president and CEO, Robert Leasure, Jr., attributes this success to the dedicated team, strong organic growth, and a growing client base.
The company’s efforts to enhance its operations include the integration of in-house transportation to streamline processes, increase efficiency, and improve client service. Additionally, Inotiv has reaffirmed its commitment to animal welfare, agreeing to invest $7 million over three years in facility and personnel improvements and making payments totaling $22 million in fines over four years.
Financially, Inotiv reported a 10.3% increase in revenue to $135.5 million for Q1 FY 2024. The company continues to maintain compliance with its financial covenants and expects to generate fiscal 2024 revenues between $580 million and $590 million with an adjusted EBITDA of $75 million to $80 million.
Inotiv’s ongoing projects include the completion of the Hillcrest, U.K. expansion, which will consolidate operations and support growth. The company also extended the maturity date of a payable note related to its OBRC acquisition, reflecting its strategic flexibility and focus on optimizing its balance sheet.
Inotiv, Inc. remains dedicated to advancing drug discovery and development, enhancing data quality, and reducing the cost of bringing new drugs to market. The company’s strategic initiatives aim to improve efficiency, expand service offerings, and build a healthier and safer world.
For more information, visit Inotiv’s official website.
Inotiv, Inc. (Nasdaq: NOTV) has amended its Credit Agreement and secured additional liquidity through the sale of $22.6 million in 15% Senior Secured Second Lien PIK Notes due February 2027. The company also issued warrants to purchase common shares. This move aims to increase liquidity and strengthen Inotiv's balance sheet. The Credit Agreement amendment provides financial covenant relief through June 30, 2025, and establishes new covenant tests thereafter.
CEO Robert Leasure Jr. stated that this will give Inotiv more flexibility to see results from recent site optimization plans, NHP market recovery, and efforts to grow market share and cashflow. The company continues to focus on improving customer experience, organic revenue growth, and evaluating opportunities to enhance its balance sheet.
Inotiv (Nasdaq: NOTV), a leading contract research organization, announced its participation in the 8th Annual Lake Street Best Ideas Growth Conference on September 12, 2024, in New York City. Robert Leasure Jr., President and CEO, and Beth Taylor, CFO, will represent the company at the event.
The conference provides an opportunity for Inotiv's management to host one-on-one meetings with investors and attendees. This engagement allows the company to showcase its expertise in nonclinical and analytical drug discovery and development services, as well as its offerings in research models and related products.
Investors interested in arranging meetings with Inotiv's leadership should contact their Lake Street conference representative to schedule appointments.
Inotiv (NOTV) reported Q3 FY2024 financial results, with revenue down 32.8% to $105.8 million. Key highlights include:
- YTD fiscal 2024 revenue down 16.5% to $360.3 million
- Q3 net loss of $26.1 million, compared to $0.4 million net income in Q3 FY2023
- Adjusted EBITDA of $0.1 million in Q3 FY2024, down from $30.5 million in Q3 FY2023
- DSA backlog at $139.4 million, down from $149.1 million year-over-year
- Conclusion of certain government investigations
- Completion of site optimization projects
The company faced challenges due to lower non-human primate demand and pricing, but sees signs of recovery in various segments of its business.
Inotiv, Inc. (NASDAQ: NOTV), a leading contract research organization, has announced it will release its fiscal 2024 third quarter financial results on Thursday, August 8, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time on the same day to discuss the results. Interested parties can participate by dialing 1-800-225-9448 (Domestic) or 1-203-518-9708 (International) with the Conference ID: INOTIV. A live webcast will be available on the company's website, and a replay will be accessible in the Investors section for those unable to attend the live broadcast.
Inotiv, a leading contract research organization (CRO), has completed its Hillcrest, U.K. expansion project. This expansion allows two new customers to start their long-term contracts and enables the transfer of operations from the Blackthorn facility to Hillcrest by September 2024.
Inotiv has also extended the maturity date of its $3.7 million OBRC payable note to July 2025, which will start accruing interest at 4.6% per annum from July 2024. CEO Robert Leasure Jr. highlighted these steps as part of the company's transformation plan initiated in 2022, focusing on growth, efficiency, and improvements in infrastructure and animal welfare.
The company aims to ramp up sales and marketing efforts and develop new services, positioning itself as a global mid-sized CRO. The consolidation and integration projects are expected to yield efficiency gains.
Inotiv has reached an agreement with the U.S. Department of Justice to resolve a criminal investigation into the closed canine breeding facility in Cumberland, Virginia, initially operated by Envigo RMS. Envigo RMS and Envigo Global Services pleaded guilty to charges related to the Animal Welfare Act and the Clean Water Act, respectively. The resolution includes $22 million in fines, payable over four years, and a commitment to invest $7 million in animal welfare improvements. Additionally, Inotiv has paid $6.5 million towards various environmental and animal welfare initiatives and agreed to non-monetary conditions. This agreement aims to eliminate uncertainty and allow Inotiv to focus on its core business of drug discovery and development services while reinforcing its dedication to animal welfare.
Inotiv (Nasdaq: NOTV) announced participation in the 21st Annual Craig Hallum Institutional Investor Conference in Minneapolis on May 29, 2024, and the Jefferies Global Healthcare Conference in New York from June 4-6, 2024. Key executives, including CEO Robert Leasure Jr. and CFO Beth Taylor, will engage in one-on-one meetings and presentations aimed at institutional investors, with a notable presentation at 10:30 AM ET on June 6, 2024. Investors can schedule meetings via their sales reps at Craig Hallum and Jefferies.
Inotiv (NASDAQ: NOTV) reported a 21.5% decline in Q2 fiscal 2024 revenue, amounting to $119.0 million, driven by reduced demand in Research Models and Services (RMS). Year-to-date revenue also fell by 7.2% to $254.5 million. The company's consolidated net loss for Q2 FY 2024 reached $48.1 million, significantly impacted by a $26.5 million charge related to an agreement in principle with the U.S. Department of Justice (DOJ). Adjusted EBITDA for Q2 FY 2024 was $3.1 million. Management noted weak non-human primate (NHP) demand and ongoing site optimization projects. The company has withdrawn its fiscal 2024 outlook due to uncertain NHP demand but continues to focus on long-term strategic goals, including expense reduction and revenue growth initiatives.
Inotiv (NASDAQ: NOTV), a prominent contract research organization, will release its fiscal 2024 Q2 financial results on May 15, 2024, after market close. The results will cover the period ending March 31, 2024.
Following the release, the company will hold a conference call at 4:30 p.m. Eastern Time to discuss the results. Interested individuals can join the call by dialing the provided numbers or via a live webcast accessible through Inotiv's investor section.
A replay will also be available online for those unable to attend the live session.
Inotiv, Inc. (Nasdaq: NOTV) reschedules its Fiscal 2024 Second Quarter Results to complete accounting analyses related to an investigation by the U.S. Department of Justice. The Company is working on a potential resolution with the DOJ, leading to a delay in the release of financial results and the conference call.
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