Business
Inotiv, Inc. Announces Second Quarter Fiscal 2022 Financial Results
WEST LAFAYETTE, Ind., May 12, 2022 (GLOBE NEWSWIRE) -- Inotiv, Inc. (NASDAQ: NOTV) (the “Company”, “We”, “Our” or “Inotiv”), a leading contract research
About this update from Inotiv, Inc.
[{"type":"text","content":"WEST LAFAYETTE, Ind., May 12, 2022 (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 (“Q2 FY 2022”) and six months (“H1 FY 2022”) ended March 31, 2022. Q2 FY 2022 Highlights Revenue grew 646.3% to $140.3 million, from $18.8 million during the three months ended March 31, 2021 (“Q2 FY 2021”), driven by $30.6 million in accretive sales from internal growth initiatives and $90.9 million from incremental revenue from the acquisitions of HistoTox Labs, Inc. (“HistoTox Labs”), Bolder BioPATH, Inc. (“Bolder BioPATH”), Gateway Pharmacology Laboratories LLC (“Gateway Pharmacology”), Plato BioPharma, Inc. (“Plato BioPharma”), Envigo RMS Holding Corp. (“Envigo”), Robinson Services, Inc. (“RSI”), BioReliance Corporation (“BRC”), Integrated Laboratory Systems Holdings, LLC (“ILS”) and Orient BioResource Center, Inc. (“OBRC”).Gross profit increased 609.5% to $44.7 million, from $6.3 million in Q2 FY 2021, primarily reflecting additional gross profit from acquisitions.Operating income totaled $7.9 million, compared to an operating loss of $(0.5) million in Q2 FY 2021, reflecting higher gross profit on higher revenue, partially offset by an increase in operating expenses and higher strategic investment in unallocated corporate general and administrative (“G&A”) expense.Net loss attributable to common shareholders was $(6.1) million, or (4.3)% of total revenue, and $(0.24) per basic and diluted share, compared to a net loss of $(0.7) million, or (3.7)% of total revenue, and $(0.06) per basic and diluted share, in Q2 FY 2021.Adjusted EBITDA increased 1,846.2% to $25.3 million or 18.0% of total revenue, from $1.3 million or 6.9% of total revenue in Q2 FY 2021.Book-to-bill ratio was 1.52x for the DSA services business for the three months ended March 31, 2022. In Q2 FY 2022, during which we had a record quarter of requests for quotes and sales awards.DSA backlog was $133.6 million at March 31, 2022, up 27.7% compared to $104.6 million at December 31, 2021, and up 147.9% from $53.9 million at March 31, 2021. H1 FY 2022 Highlights Revenue grew 513.4% to $224.5 million, from $36.6 m...