Inotiv swings to loss
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West Lafayette-based Inotiv Inc. (Nasdaq: NOTV) is reporting a fiscal third quarter net loss of $3.6 million, compared to net income of $2.6 million during the same period last year. Chief Executive Officer Robert Leasure says the company continued to expand its services, including genetic toxicology and protein/peptide bioanalysis.
The company is also reporting revenue of $172 million, compared to $22.9 million during the same period in 2021. Inotiv says the growth was driven by a $26.3 million rise in Discovery and Safety Assessment revenue, as well as $123 million of incremental revenue from its Research Models and Services business. Incremental revenue from acquisitions and internal growth from increased capacity for customer demand and favorable pricing also contributed to the higher revenue.
“Our results for the third quarter were above our expectations. Driven by a combination of organic growth, acquisitions and favorable pricing, we reported record revenues, Adjusted EBITDA, and backlog,” said Leasure. “We progressed our capacity expansion initiatives, and continued our investments in our information technology infrastructure. We also continued our integration of prior acquisitions and site optimization plans for recently acquired RMS businesses. We remain steadfast in our commitment to develop, enhance, and tailor Inotiv’s programs and services to help support our clients in developing safe and effective medicines.”
Last month, the pharmaceutical testing company announced plans to shut down two animal-breeding facilities in Virginia. The company expects to incur charges of up to $9.9 million in connection with the closures.
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