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 acquired Plato BioPharma, Inc. for $15 million, which includes $10 million in cash, $2 million in common shares, and $3 million in unsecured promissory notes. The acquisition is set to enhance Inotiv's operations in Boulder, Colorado, as PBI expands its facility to double its business capacity. This strategic move aligns with Inotiv's goal to broaden its drug discovery services across various therapeutic areas, ultimately supporting clients in their clinical development endeavors.
On September 27, 2021, Inotiv, Inc. (NASDAQ:NOTV) announced the successful closing of a $140 million offering of 3.25% convertible senior notes due 2027, netting approximately $134.5 million after expenses. The funds will primarily be used to facilitate the acquisition of Envigo RMS Holding Corp. The offering is exempt from registration under the Securities Act. Forward-looking statements highlight potential risks associated with market conditions and the acquisition's completion.
Inotiv, Inc. (NASDAQ:NOTV) announced the pricing of a $125 million offering of 3.25% convertible senior notes due 2027. This amount is up from the initially planned $110 million. The notes, fully guaranteed by BAS Evansville, Inc., will settle on September 27, 2021. The company expects to net approximately $120.5 million, intended to finance its acquisition of Envigo RMS Holding Corp. The notes will mature on October 15, 2027, and can be converted into shares post-April 15, 2027. Inotiv will also have the option to redeem the notes starting October 15, 2024, under specific conditions.
Inotiv, Inc. (NASDAQ: NOTV) has announced a private offering of $110 million in convertible senior notes due 2027, aiming to fund its acquisition of Envigo RMS Holding Corp. The notes are guaranteed by BAS Evansville, Inc. and come with an option to purchase an additional $16.5 million. Proceeds will also cover fees related to the acquisition. The notes can be redeemed starting from October 2024, depending on market conditions. Until shareholder approval is secured, Inotiv will settle conversions entirely in cash.
Inotiv (NASDAQ: NOTV) announced the acquisition of Envigo for $200 million in cash and 9.37 million shares, valuing Envigo at approximately $545 million. The merger aims to create a leading global provider of pre-clinical solutions. Inotiv expects immediate earnings accretion and enhanced operational scale, with projected revenue of $286 million for the combined entity for the nine months ending June 30, 2021. The deal is anticipated to close in Q4 2021, contingent on regulatory and shareholder approvals.
Inotiv, a leading contract research organization, announced participation in the virtual 2021 Colliers Institutional Investor Conference on September 9, 2021. Robert Leasure Jr., CEO, and Beth Taylor, CFO, will represent the company. Inotiv specializes in nonclinical and analytical drug discovery and development services, focusing on enhancing efficiency, data quality, and cost reduction in bringing new drugs to market. The conference presents an opportunity for investors to gain insights into Inotiv's advancements and strategies.
Inotiv, Inc. (NASDAQ: NOTV) reported significant Q3 FY 2021 financial results with a 45.2% revenue growth to $22.9 million, driven by internal growth and contributions from recent acquisitions. Gross profit rose 51.0% to $7.6 million, while the gross margin improved to 33.4%. However, the company recorded an operating loss of $(1.7) million due to increased operational expenses. Net loss widened to $(2.3) million or $(0.15) per diluted share. Total 9M FY 2021 revenue also surged 33.2% to $59.5 million. Ending backlog stands at $62 million, marking a 15% increase quarter-over-quarter.
Inotiv, Inc. (NASDAQ:NOTV) has acquired Gateway Pharmacology Laboratories LLC, effective August 2, 2021. This acquisition is aimed at enhancing Inotiv's capabilities in drug metabolism and pharmacokinetics (DMPK), reinforcing its expansion in St. Louis. The deal will bolster Inotiv's support in cardiovascular and renal pharmacology, allowing for better evaluation of new molecular entities for kidney and heart diseases. With Gateway's team onboard, Inotiv aims to provide comprehensive solutions for clients in early drug discovery.
Inotiv, Inc. (NASDAQ: NOTV) announced it will release its fiscal 2021 Q3 financial results on August 11, 2021, following market closure. A conference call to discuss the results will follow at 4:30 p.m. ET. Interested parties can join via phone or through a live webcast accessible on the company's investors' webpage. Inotiv specializes in contract research services for drug discovery and development, focusing on increasing efficiency and reducing costs for its clients.
Inotiv (NASDAQ: NOTV) announced the acquisition of laboratory assets from a Tennessee-based provider that ceased operations for approximately $1.3 million, significantly below fair market value. This strategic purchase includes lab instrumentation and chemicals, accelerating Inotiv's expansion into regulated laboratory services for biopharmaceutical firms focusing on cell and gene therapy. The investment aligns with Inotiv's broader initiative to enhance biotherapeutics offerings and follows recent expansions in their St. Louis and Boulder operations.
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