Business
Inotiv Reports Fourth Quarter and Full Year Financial Results for Fiscal 2023 and Provides Business Update
— Fiscal year 2023 revenue up 4.5% to $572.4 million, achieving full year revised guidance— Achievements in the past fiscal year to expand DSA capacity,
About this update from Inotiv, Inc.
[{"type":"text","content":"— Fiscal year 2023 revenue up 4.5% to $572.4 million, achieving full year revised guidance— Achievements in the past fiscal year to expand DSA capacity, develop new services and reduce outsourcing expected to drive continued growth of fiscal 2024 DSA revenues— Anticipate achieving the balance of expected expense reductions in fiscal 2024— Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 11, 2023 (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 (“Q4 FY 2023”) and twelve months (“FY 2023”) ended September 30, 2023. Revenue by Segment (in millions of USD)Three months ended September 30 % change Fiscal years ended September 30, %change 2023 2022 2023 2022 (unaudited) (unaudited) DSA (Discovery & Safety Assessment)$50.2 $44.2 13.6% $185.1 $165.3 12.0%RMS (Research Models & Services)90.5 106.3 (14.9)% 387.3 382.4 1.3%Total$140.7 $150.5 (6.5)% $572.4 $547.7 4.5% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, “We are pleased to note recent accomplishments including quarter over quarter DSA revenue growth and corresponding margin improvements, completion of several of the site optimization projects, expansion projects, reduction in some of our outsourcing, and growing backlog conversion rates. The cumulative achievements in fiscal 2023 across all our core initiatives to improve profitability, operational efficiencies and to grow sales sets the stage for the next chapter of Inotiv’s story. We remain strongly positioned to continue to grow the DSA business in 2024. With the recent DSA expansions and services added, we can now effectively sell services to multiple sectors and are building the sales and marketing organization to expand our customer base in: Drug Discovery and Translational Science, Drug Development, Chemical Development, and Medical Device Development, including Safety Assessment in these sectors. Looking ahead, we also expect to close on contracts of assets held for sale, complete validation of new facilities and equipment enabling new capacity, the ramping of new services, the in house transition of our transport...