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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 successfully acquired Envigo RMS Holding Corp. for an aggregate consideration of $271 million comprising cash and stock. This strategic merger enhances the company’s capabilities in drug discovery and development by providing a full-spectrum solution for developers. The acquisition is funded through convertible senior notes and a senior secured term loan, amounting to $299.5 million. Inotiv's leadership aims to leverage Envigo’s research models to accelerate project delivery, aiming for growth through both organic strategies and future acquisitions.
Inotiv, Inc. (NASDAQ: NOTV) announced that its shareholders approved key matters at a special meeting, including an increase in authorized shares and the issuance of common shares for the acquisition of Envigo RMS Holding Corp. This merger will position Inotiv as a leading full-spectrum drug development solution. The acquisition is expected to finalize within one or two business days. Additionally, shareholders approved increasing shares for the equity incentive plan and authorizing common shares related to the Company’s convertible notes.
Inotiv, a leading contract research organization, announced participation in the 12th Annual Craig-Hallum Alpha Select Conference and the Jefferies London Healthcare Conference. Both events are scheduled for November 16, 2021, with a group presentation at 12:20 p.m. GMT on the same day at the Jefferies conference. Inotiv management will also engage in one-on-one meetings during both events. The company focuses on innovative services that enhance drug discovery efficiency while lowering market entry costs. More information is available on their 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.
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