Business
Inotiv, Inc. Announces First Quarter Fiscal 2023 Financial Results
Reiterates Select Full Year Fiscal 2023 Financial Guidance WEST LAFAYETTE, Ind., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”,
About this update from Inotiv, Inc.
[{"type":"text","content":"Reiterates Select Full Year Fiscal 2023 Financial Guidance\nWEST LAFAYETTE, Ind., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”, “We”, “Our” or “Inotiv”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months (“Q1 FY 2023”) ended December 31, 2022. Financial Highlights Q1 FY 2023 Highlights Revenue grew to $122.8 million in Q1 FY 2023 from $84.2 million during the three months ended December 31, 2021 (“Q1 FY 2022”), driven by a $8.3 million rise in Discovery and Safety Assessment (“DSA”) revenue and a $30.3 million rise in Research Models and Services (“RMS”) revenue. Growth resulted primarily from acquisitions, favorable pricing for both segments, and increased client demand in our DSA segment that produced revenue exceeding acquisition contributions.Consolidated net loss for Q1 FY 2023 was $(86.9) million, or (70.8)% of total revenue, compared to consolidated net loss of $(83.4) million, or (99.0)% of total revenue, in Q1 FY 2022. The Q1 FY 2023 consolidated net loss included a $66.4 million non-cash goodwill impairment charge related to our RMS segment. The remaining consolidated net loss was primarily driven by the impact on revenue and gross margin from the Company’s decision to refrain from selling or delivering any of its Cambodian non-human primates (“NHPs”) held in the U.S. until the Company’s staff and external experts can reasonably determine that the NHPs in inventory from Cambodia are purpose-bred.Adjusted EBITDA decreased to $(5.5) million, or (4.5)% of total revenue, from $10.1 million, or 12.0% of total revenue, in Q1 FY 2022.Book-to-bill ratio was 1.02x for the DSA services business.DSA backlog was $147.9 million at December 31, 2022, up from $147.2 million at September 30, 2022 and $104.6 million at December 31, 2021. Reiterating Select Financial Guidance for the Full Fiscal Year Ending September 30, 2023 (“FY 2023”) The Company's guidance takes into account a number of factors, including existing DSA backlog, current sales pipeline, trends in cancellations and delays, trends in pricing, the impact of new products and services and recent efficiency initiatives including the announced facility consolidati...