Inotiv, Inc. Provides Business Update and Select Preliminary Fiscal Year 2022 Financial Results

About this update from Inotiv, Inc.

[{"type":"text","content":"Delays Release of Full Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2022\nWEST LAFAYETTE, Ind., Dec. 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, announced today that it will delay the release and conference call related to its financial results for the fourth quarter and fiscal year ended September 30, 2022 (“FY 2022”) that was originally scheduled for after market close today. As previously disclosed, on November 16, 2022, the Company became aware that the U.S. Attorney’s Office for the Southern District of Florida (“USAO-SDFL”) had criminally charged employees of the Company’s principal supplier (the “Supplier”) of non-human primates (“NHPs”), along with two Cambodian officials, with conspiring to illegally import NHPs into the U.S. from December 2017 through January 2022 and in connection with seven specific imports between July 2018 and December 2021. Also as previously disclosed, two of the Company’s subsidiaries, Orient BioResource Center and Envigo Global Services, Inc., companies acquired by the Company on January 27, 2022, and November 5, 2021, respectively, had received grand jury subpoenas from USAO-SDFL requiring the production of documents and information related to their importation of NHPs into the U.S. The Company has been fully cooperating, and will continue to cooperate, with USAO-SDFL. As a result of these events, the Company requires additional time to complete the financial statement closing process for FY 2022. The Company intends to file a Form 12b-25 with the U.S. Securities and Exchange Commission providing the Company a 15-day extension to file its FY 2022 Annual Report on Form 10-K. The Company is providing the following preliminary financial data for FY 2022: Total revenue for FY 2022 is expected to increase to approximately $547.7 million from total revenue of $89.6 million in FY 2021.Discovery and Safety Assessment (“DSA”) business book to bill ratio is expected to be 1.33x.DSA backlog is expected to increase to approximately $147.2 million at September 30, 2022, up from $81.4 million at September 30, 2021. These expectations are prelimin...

More updates from Inotiv, Inc.