Business
Inotiv Reports First Quarter Financial Results for Fiscal 2025 and Provides Business Update
Enhanced liquidity by $27.5 million through the issuance of 6.9 million common sharesFirst quarter fiscal 2025 revenue declined 11.5% to $119.9
About this update from Inotiv, Inc.
[{"type":"text","content":"Enhanced liquidity by $27.5 million through the issuance of 6.9 million common sharesFirst quarter fiscal 2025 revenue declined 11.5% to $119.9 millionConference call scheduled for today at 4:30 pm ET WEST LAFAYETTE, Ind., Feb. 05, 2025 (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 2025”) ended December 31, 2024. Revenue by Segment (in millions of USD) Three Months EndedDecember 31, % change 2024 2023 (unaudited) (unaudited) DSA (Discovery & Safety Assessment)$42.8 $44.7 (4.2 )%RMS (Research Models & Services)$77.1 $90.8 (15.1)%Total$119.9 $135.5 (11.5)% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, “We are dedicated to building a stronger, more consistent company that delivers value to our clients, employees, and shareholders. In the first quarter of fiscal 2025, we continued to make progress in our top priorities, such as unifying our operations under one brand and as one company, strengthening our financial stability, and enhancing the client experience. Our recent equity offering generated $27.5 million in net proceeds, which allows us to continue to make thoughtful, strategic decisions, and to drive sustainable growth creating shareholder value. \"To reduce revenue volatility, we have expanded our NHP client base and secured pre-sales for calendar year 2025. Additionally, we expect our colony management services to experience steady growth and increased revenue, building on the momentum from 2024. We are continuing to advance the optimization of our North American transportation and distribution systems for a smoother, more reliable experience for our clients while improving overall efficiency. Finally, once we complete the next phase of our North American RMS site optimization plan, we anticipate annual cost savings of approximately $4.0 to $5.0 million. These efficiencies are expected to help us maintain high-quality service, reduce production costs, and continue being a trusted partner in delivering consistent, reliable service for our clients.\" Highlights Q1 FY 2025 Highlights Revenue was $119.9 million in Q1 FY 2025,...