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Inotiv, Inc. Announces Second Quarter Fiscal 2023 Financial Results
Updates Select Full Year Fiscal 2023 Financial Guidance WEST LAFAYETTE, Ind., May 11, 2023 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”,
About this update from Inotiv, Inc.
[{"type":"text","content":"Updates Select Full Year Fiscal 2023 Financial Guidance\nWEST LAFAYETTE, Ind., May 11, 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 (“Q2 FY 2023”) and six months (“YTD FY 2023”) ended March 31, 2023. Financial Highlights Q2 FY 2023 Highlights Revenue grew to $151.5 million in Q2 FY 2023 from $140.3 million during the three months ended March 31, 2022 (“Q2 FY 2022”), driven by a $7.9 million, or 20.2%, increase in Discovery and Safety Assessment (“DSA”) revenue and a $3.3 million, or 3.3%, increase in Research Models and Services (“RMS”) revenue.Consolidated net loss for Q2 FY 2023 was $(9.6) million, or (6.4)% of total revenue, compared to consolidated net loss of $(6.7) million, or (4.7)% of total revenue, in Q2 FY 2022.Adjusted EBITDA1 was $17.1 million, or 11.3% of total revenue, compared to $25.3 million, or 18.0% of total revenue, in Q2 FY 2022.Book-to-bill ratio was 0.95x for the DSA services business.DSA backlog was $145.7 million, up from $133.6 million at March 31, 2022. YTD FY 2023 Highlights Revenue grew to $274.2 million in YTD FY 2023 from $224.5 million during the six months ended March 31, 2022 (“YTD FY 2022”), driven by a $16.2 million, or 22.5%, increase in DSA revenue and a $33.5 million, or 22.0%, increase in RMS revenue.Consolidated net loss for YTD FY 2023 was $(96.6) million, or (35.2)% of total revenue, compared to consolidated net loss of $(90.1) million, or (40.1)% of total revenue, in YTD FY 2022. The YTD FY 2023 consolidated net loss included a $66.4 million non-cash goodwill impairment charge related to our RMS segment.Adjusted EBITDA1 was $11.6 million, or 4.2% of total revenue, compared to $35.3 million, or 15.7% of total revenue, in YTD FY 2022.Book-to-bill ratio was 0.98x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to “Non-GAAP to GAAP Reconciliation” in this release for further information. Updating 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, curre...