Business
Inotiv Reports Third Quarter Financial Results for Fiscal 2024 and Provides Business Update
— Third quarter fiscal 2024 revenue down 32.8% to $105.8 million — Year-to-date fiscal 2024 revenue down 16.5% to $360.3 million — Conclusion of certain
About this update from Inotiv, Inc.
[{"type":"text","content":"— Third quarter fiscal 2024 revenue down 32.8% to $105.8 million — Year-to-date fiscal 2024 revenue down 16.5% to $360.3 million — Conclusion of certain government investigations — Site optimization projects complete — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Aug. 08, 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 (“Q3 FY 2024”) and nine months (\"YTD FY 2024\") ended June 30, 2024. Revenue by Segment (in millions of USD) Three Months Ended June 30, 2024 % change Nine Months Ended June 30, 2024 % change 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) DSA (Discovery & Safety Assessment) $44.2 $46.8 (5.6)% $135.5 $134.9 0.4%RMS (Research Models & Services) $61.6 $110.7 (44.4)% $224.8 $296.8 (24.3)%Total $105.8 $157.5 (32.8)% $360.3 $431.7 (16.5)% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, “The third quarter was productive for Inotiv; however, the period was not without challenges. Our financial results in Q3 were negatively impacted again, much like Q2, due to lower NHP demand and pricing. However, we were able to accomplish some significant milestones and see signs of improvements going into the end of 2024 and into 2025. We were pleased to see the conclusion of certain open government investigations. We are seeing signs of recovery for the NHP business, we are beginning to see growth in segments of our U.S, European and U.K., RMS businesses and portions of our DSA business. We have completed additional site optimization, integration and transportation initiatives which continue to provide efficiencies and expense reductions while improving service and delivery. We have faced some unexpected challenges over the past two years, but we have made progress and have confidence in the future for our industry, our company, and the investments we have made to prepare ourselves for the future. We want to position ourselves so we will not be dependent solely on a market recovery to improve our results of operations and cash flow. Our results for Q3 show some trends towards that momentum.\" Financ...