Business
Inotiv, Inc. Announces Third Quarter Fiscal 2022 Financial Results
Increases Select Fiscal Year 2022 Financial Guidance WEST LAFAYETTE, Ind., Aug. 10, 2022 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”, “We”,
About this update from Inotiv, Inc.
[{"type":"text","content":"Increases Select Fiscal Year 2022 Financial Guidance\nWEST LAFAYETTE, Ind., Aug. 10, 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 (“Q3 FY 2022”) and nine months (“YTD FY 2022”) ended June 30, 2022. Financial Highlights Q3 FY 2022 Highlights Revenue grew to $172.7 million from $22.9 million during the three months ended June 30, 2021 (“Q3 FY 2021”), driven by a $26.3 million rise in Discovery and Safety Assessment (“DSA”) revenue and $123.4 million of incremental revenue from our Research Models and Services (“RMS”) business. Revenue was higher due to incremental revenue from acquisitions and internal growth from increased capacity for customer demand and favorable pricing.Consolidated net loss for Q3 FY 2022 was $(3.6) million, or (2.1)% of total revenue, compared to consolidated net income of $2.6 million, or 11.4% of total revenue, in Q3 FY 2021.Adjusted EBITDA increased to $37.0 million, or 21.4% of total revenue, from $2.2 million, or 9.6% of total revenue in Q3 FY 2021.Book-to-bill ratio was 1.19x for the DSA services business.DSA backlog was $143.2 million at June 30, 2022, up from $133.6 million at March 31, 2022, and $62.0 million at June 30, 2021. YTD FY 2022 Highlights Revenue grew to $397.2 million from $59.5 million during the nine months ended June 30, 2021 (“YTD FY 2021”), driven by a $61.6 million rise in DSA revenue and $276.1 million of incremental revenue from our RMS business. Revenue was higher due to incremental revenue from acquisitions and internal growth from increased capacity for customer demand and favorable pricing.Consolidated net loss for YTD FY 2022 was $(93.6) million, or (23.6)% of total revenue, compared to consolidated net income of $1.5 million, or 2.5% of total revenue, in YTD FY 2021.Adjusted EBITDA increased to $72.2 million, or 18.2% of total revenue, from $4.9 million, or 8.2% of total revenue in YTD FY 2021.Book-to-bill ratio was 1.45x for the DSA services business. Updated Select Financial Guidance for Fiscal Year 2022 Ending September 30, 2022 (“FY 2022”) Based on current conditions and outlook, the Company...