Business
Inotiv, Inc. Announces Fourth Quarter and Full Year Fiscal 2022 Financial Results
Provides Select First Quarter and Full Year Fiscal 2023 Financial Guidance WEST LAFAYETTE, Ind., Jan. 10, 2023 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV)
About this update from Inotiv, Inc.
[{"type":"text","content":"Provides Select First Quarter and Full Year Fiscal 2023 Financial Guidance\nWEST LAFAYETTE, Ind., Jan. 10, 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 (“Q4 FY 2022”) and twelve months (“FY 2022”) ended September 30, 2022. Financial Highlights FY 2022 Highlights Revenue grew to $547.7 million in FY 2022 from $89.6 million during the twelve months ended September 30, 2021 (“FY 2021”), driven by a $75.7 million rise in Discovery and Safety Assessment (“DSA”) revenue and $382.4 million of incremental revenue from our Research Models and Services (“RMS”) business. Growth resulted primarily from acquisitions and growing customer demands along with favorable pricing.Consolidated net loss for FY 2022 was $(337.3) million, or (61.6)% of total revenue, compared to consolidated net income of $10.9 million, or 12.2% of total revenue, in FY 2021. The FY 2022 consolidated net loss included a $236.0 million non-cash goodwill impairment charge; $23.0 million of post combination non-cash stock compensation expense relating to the adoption of the Envigo Equity Plan; and $56.7 million of fair value remeasurement of the embedded derivative component of the convertible notes issued in September 2021.Adjusted EBITDA increased to $90.5 million, or 16.5% of total revenue, from $9.3 million, or 10.4% of total revenue in FY 2021.Book-to-bill ratio was 1.33x for the DSA services business. Q4 FY 2022 Highlights Revenue grew to $150.5 million in Q4 FY 2022 from $30.1 million during the three months ended September 30, 2021 (“Q4 FY 2021”), driven by a $14.1 million rise in DSA revenue and $106.3 million of incremental revenue from our RMS business. Favorable pricing for both segments and increased customer demand in DSA produced revenue exceeding acquisition contributions.Consolidated net loss for Q4 FY 2022 was $(243.6) million, or (161.9)% of total revenue, compared to consolidated net income of $9.4 million, or 31.2% of total revenue, in Q4 FY 2021. The Q4 FY 2022 consolidated net loss included a $236.0 million non-cash goodwill impairment charge.Adjusted EBITDA increased to ...