Business
Inotiv Reports First Quarter Financial Results for Fiscal 2024 and Provides Business Update
- First quarter fiscal 2024 revenue up 10.3% to $135.5 million - First quarter fiscal 2024 DSA revenue up 8.8% to $44.7 million and RMS revenue up 11.1% to
About this update from Inotiv, Inc.
[{"type":"text","content":"- First quarter fiscal 2024 revenue up 10.3% to $135.5 million - First quarter fiscal 2024 DSA revenue up 8.8% to $44.7 million and RMS revenue up 11.1% to $90.8 million - Shift to a renewed focus on sales and marketing as near-term infrastructure projects near completion - Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), 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 (“Q1 FY 2024”) ended December 31, 2023. Revenue by Segment (in millions of USD)Three months endedDecember 31 %change 2023 2022 (unaudited) (unaudited) DSA(Discovery & Safety Assessment)$44.7 $41.1 8.8%RMS(Research Models & Services)$90.8 $81.7 11.1%Total$135.5 $122.8 10.3% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, “Our transformation over the past 18 months has been significant, culminating in the optimization of our operational footprint from 35 to 24 locations, simultaneously expanding three existing facilities and then recently completing the transition of our transportation operations in-house. This will allow us to better service customer demand, add new complementary services and create a platform which will support growth and allow us to leverage our fixed cost structure and enhance margins. As we near the completion of these infrastructure projects, we have shifted to a renewed focus on sales and marketing. \"Our first quarter improvement in the DSA backlog compared to last quarter was a positive. We expect some of this may reflect pent-up demand after a slow summer, but we remain encouraged. The critical groundwork has been completed and we plan to continue building on our strategic initiatives which should improve our efficiencies across our sites and positively impact top and bottom lines,” concluded Mr. Leasure. Financial Highlights Q1 FY 2024 Highlights Revenue was $135.5 million in Q1 FY 2024 as compared to $122.8 million during the three months ended December 31, 2022 (“Q1 FY 2023”), driven by an increase of $9.1 million, or 11.1%, in Research Models and Services (“RMS”) revenue and an increase of $3.6 million, or 8.8%, in D...