Inotiv Inc - NOTV STOCK NEWS

Inotiv, Inc. (Nasdaq: NOTV) reported significant growth in Q3 FY 2022, with revenues reaching $172.7 million, a dramatic rise from $22.9 million in Q3 FY 2021. This growth was fueled by acquisitions and increased demand in its Discovery and Safety Assessment and Research Models and Services sectors. However, the company suffered a net loss of $(3.6) million compared to a profit of $2.6 million in the prior year. Adjusted EBITDA soared to $37.0 million, and guidance for FY 2022 revenue was lifted to at least $550 million.

Inotiv, Inc. (NASDAQ: NOTV) announced the upcoming release of its fiscal 2022 third quarter financial results for the period ending June 30, 2022. The press release states that the results will be issued on August 10, 2022, after market close. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss these results. Interested participants can join through provided domestic and international dial-in numbers. A webcast of the call will be available on the Inotiv website.

Inotiv (NASDAQ: NOTV) announced a significant expansion in its capacity to conduct Good Laboratory Practices (GLP) studies for in vitro cytogenetics and bacterial mutation assays. This enhancement is part of the Standard Battery of genetic toxicology studies needed for first-in-human evaluations of new therapeutics. Following the acquisition of genetic toxicology assets from MilliporeSigma in July 2021 and Integrated Laboratory Systems in January 2022, Inotiv aims to meet increasing demand and achieve full operational capacity by early 2023.

Inotiv, Inc. (NASDAQ: NOTV) announced a settlement involving Envigo and the U.S. DOJ/USDA regarding the Cumberland Facility. The court-approved settlement, dated July 15, 2022, does not impose fines and denies any admission of liability by Envigo. It includes a transfer plan for the facility's orderly closure, expected to take about 60 days. Inotiv plans to cease operations at this facility, which contributed less than 1% of total sales and has not been profitable since acquisition. This strategic decision follows prior disclosures about the need for facility improvements.

Inotiv, Inc. (NASDAQ: NOTV) has successfully acquired Protypia, Inc., a Nashville-based company specializing in protein/peptide bioanalytical services, for approximately $11 million. This acquisition, comprised of $9.5 million in cash and shares, enhances Inotiv’s capabilities in mass spectrometry and supports drug development across key areas such as immuno-oncology and gene therapy. The company aims to integrate Protypia's technology to improve clinical trial efficacy and retain all existing Protypia employees.

Inotiv, Inc. (NASDAQ: NOTV) announces the appointment of Glenn Washer as Group President, Safety Assessment, effective June 20, 2022. This new role aims to enhance the Company's safety assessment services globally. Washer, a board-certified toxicologist with over 35 years of CRO/biopharma experience, previously led initiatives at Frontage Laboratories and Charles River Laboratories. His responsibilities will focus on growing the safety assessment business, improving processes, and delivering excellent client experiences. Inotiv remains committed to advancing drug discovery and development services.

Inotiv, Inc. (NASDAQ: NOTV) announced the closure of two Envigo RMS facilities in Virginia, including a canine facility in Cumberland and a rodent breeding facility in Dublin, as part of corporate restructuring. The Cumberland facility, comprising less than 1% of total revenue, will not receive further investments due to the increased costs associated with required improvements. The Dublin closure is aimed at reducing capital expenditures and enhancing operational efficiency. These changes are not expected to impact financial guidance for fiscal year 2022.

Inotiv, Inc. (NASDAQ: NOTV), a contract research organization, has announced participation in several upcoming investor conferences. Key appearances include:

• UBS Global Healthcare Conference, May 24, 2022, at 7:45 a.m. ET in New York City.
• Craig-Hallum Institutional Investor Conference, June 1, 2022, virtually.
• Jefferies Healthcare Conference, June 10, 2022, at 12:15 p.m. ET in New York City.

Webcasts of the presentations will be available on Inotiv's website.

Inotiv, a leader in contract research services, reported Q2 FY 2022 revenue of $140.3 million, a remarkable growth of 646.3% year-over-year, attributed to strategic acquisitions and internal initiatives. Gross profit surged 609.5% to $44.7 million. However, the net loss widened to $(6.1) million, with operating expenses increasing significantly due to acquisitions and internal investments. The adjusted EBITDA jumped 1,846.2% to $25.3 million, indicating strong operational leverage. Guidance for H2 FY 2022 projects revenue of $290 million, aiming for a total of at least $510 million for the fiscal year.