Business
Inotiv, Inc. Announces Third Quarter Fiscal 2021 Financial Results
WEST LAFAYETTE, Ind., Aug. 11, 2021 (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., Aug. 11, 2021 (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, today announced financial results for the three months (“Q3 FY 2021”) and nine months (“9M FY 2021”) ended June 30, 2021. Q3 FY 2021 Highlights Revenue grew 45.2% to $22.9 million, from $15.8 million during the three months ended June 30, 2020 (“Q3 FY 2020”), driven by internal growth of $2.9 million and two months of incremental revenue from HistoTox Labs, Inc. (“HistoTox Labs”) and Bolder BioPATH, Inc. (“Bolder BioPATH”) totaling $4.3 million.Gross profit increased 51.0% to $7.6 million, from $5.1 million in Q3 FY 2020, reflecting higher revenue and a 128 basis point expansion in gross margin to 33.4%.Operating loss totaled $(1.7) million, compared to an operating loss of $(477,000) in Q3 FY 2020, reflecting an increase in operating expenses, which more than offset higher gross profit on higher revenue. The increase in operating expenses reflects higher strategic investment in unallocated corporate general and administrative expense (“G&A”) to support additional future revenue growth, which included recruiting and relocation expense, higher compensation expense (including non-cash stock compensation), transaction costs related to the acquisitions of HistoTox Labs and Bolder BioPATH, an increase in sales commissions due to higher sales awards and an increase in startup costs for internal investments in new service offerings.Net loss was $(2.3) million, or $(0.15) per diluted share, compared to a net loss of $(879,000), or $(0.08) per diluted share, in Q3 FY 2020.Adjusted EBITDA increased 147.7% to $2.2 million, from $894,000 in Q3 FY 2021.Book-to-bill ratio of 1.53x for services business.Ending backlog of $62.0 million, up 15.0% compared to $53.9 million at March 31, 2021, and up 68.0% from $36.9 million at June 30, 2020. 9M FY 2021 Highlights Revenue grew 33.2% to $59.5 million, from $44.7 million during the nine months ended June 30, 2020 (“9M FY 2020”), driven by internal growth of $10.5 million and two months of incremental revenue from HistoTox Labs and Bolder BioPATH totaling $4.3 million.Gross profit increased 43.3% to $19.8 million, from $13.8 million in 9M FY 2020, reflect...