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 genetic toxicology assets from MilliporeSigma's BioReliance portfolio, including operating procedures and client data. This transaction is structured as a sales-based royalty agreement, avoiding upfront costs for Inotiv. The acquisition enables Inotiv to expand its internal capabilities in genetic toxicology, critical for advancing drug candidates to clinical trials.
Gopala Krishna, PhD, joins Inotiv as Senior VP of Genetic Toxicology to lead the new service offering.
Inotiv, Inc. (NASDAQ:NOTV) has expanded its pathology services to include medical device pathology, appointing Nicolette Jackson as Director. This move aims to reduce reliance on third-party services and bolster in-house capabilities. Inotiv's expansion follows its acquisition of Preclinical Research Services in 2019, enhancing support for clients in the medical device sector. Dr. Jackson's expertise is expected to strengthen service offerings, building on Inotiv's established reputation in drug discovery and development.
Inotiv, Inc. (NASDAQ:NOTV), a prominent contract research organization, will join the Russell 3000® and Russell 2000® Indexes effective June 28, 2021. This inclusion, which reflects a strong market capitalization, highlights the company’s successful expansion in drug discovery and development services. CEO Robert Leasure Jr. views this milestone as a significant opportunity for increased institutional investor awareness and growth potential. The Russell indexes, benchmarked against approximately $10.6 trillion in assets, play a key role in investment strategies.
Inotiv, Inc. (NASDAQ:NOTV) has purchased its St. Louis facility for approximately $4.7 million. Construction on the facility's 20,000 square foot expansion will begin in June 2021, enhancing service offerings in drug metabolism and pharmacokinetics. Funding for the purchase and expansion will come from a public offering completed in April and a new $4.8 million term loan. CEO Robert Leasure noted this expansion will foster growth opportunities and extend Inotiv’s capabilities in drug discovery and histopathology services.
On May 11, 2021, Inotiv, Inc. (NASDAQ:NOTV) announced the appointment of Kenneth Swart, Ph.D., as Vice President of Bioanalytical Sciences. This strategic move follows recent business acquisitions aimed at enhancing the company’s pharmacology and histopathology services. Dr. Swart brings over 30 years of experience, including a leadership role at Parexel, where he advanced bioanalytical sciences. His expertise aligns with Inotiv's focus on supporting clients in drug discovery across chronic inflammation, oncology, and infectious diseases.
Inotiv, Inc. (NASDAQ:NOTV) reported Q2 FY 2021 revenue of $18.8 million, a 17.1% increase from Q2 FY 2020. Gross profit rose 20.9% to $6.3 million, with a gross margin expansion to 33.59%. However, operating loss increased to $(521,000) due to higher expenses, resulting in a net loss of $(723,000) or $(0.06) per share. For H1 FY 2021, revenue grew 26.6% to $36.6 million, and the net loss improved to $(1.1) million. A recent public offering raised $49.0 million, aiding strategic investments and acquisitions.
Inotiv, Inc. (NASDAQ:NOTV) has completed the acquisition of HistoTox Labs for $22 million and merged with Bolder BioPATH, valued at $18.5 million plus shares and notes. These strategic moves aim to enhance Inotiv’s nonclinical pharmacology and histopathology services, expanding their capabilities in drug discovery and development. To support these acquisitions, Inotiv secured $28 million in debt financing from First Internet Bank. This expansion positions Inotiv to offer comprehensive laboratory solutions for preclinical drug safety and efficacy programs.
Inotiv, Inc. (NASDAQ: NOTV) will release its fiscal 2021 second quarter financial results on May 5, 2021, after market close. A conference call to discuss these results will follow at 4:30 p.m. Eastern Time. Interested participants can join via phone or through a live webcast on the company's website. Inotiv specializes in nonclinical and analytical drug discovery services, supporting both emerging and leading pharmaceutical companies. The release also includes a forward-looking statement warning of various market risks and uncertainties.
Inotiv, Inc. (NASDAQ:NOTV) announced the successful closing of an underwritten public offering of 3,044,117 common shares, including 397,058 shares from an overallotment option, priced at $17.00 per share. The offering garnered approximately $51.7 million in gross proceeds before expenses. The shares were sold under an effective shelf registration statement, and the offering was managed by Colliers Securities LLC. Inotiv specializes in contract research services for pharmaceutical companies, aiming to enhance efficiency and reduce drug development costs.
Inotiv, Inc. (NASDAQ:NOTV) announced a public offering of 2,647,059 common shares priced at $17.00 each, aiming to raise approximately $45 million before expenses. The offering is set to close around April 23, 2021. Proceeds will primarily fund the $40.5 million acquisition of Bolder BioPATH, Inc. and HistoTox Labs, Inc. Additionally, part of the funds may finance a $4.7 million purchase of a facility in St. Louis. The underwriter has a 30-day option to buy an extra 397,058 shares. Colliers Securities LLC is the bookrunner for this offering.
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