Inotiv full-year loss narrows, site optimization plan continues
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West Lafayette-based Inotiv Inc. is reporting a fiscal full-year net loss of $105 million, compared to a loss of $337 million the previous year. The pharmaceutical testing company said it is continuing with its site optimization plan, including the sale of multiple facilities around the world.
CEO Robert Leasure Jr. said the company saw revenue growth in its Discovery & Safety Assessment and Research Models & Services business units, and was able to complete some of its site optimization projects and reduce some of its outsourcing.
“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,” Leasure said in a news release. “We remain strongly positioned to continue to grow the DSA business in 2024.”
Inotiv is also reporting a fiscal fourth quarter net loss of $9.7 million, compared to a loss of $244 million during the same quarter in the previous fiscal year.
During the last quarter, Inotiv completed the sale of its operations in Israel in a deal valued at $4 million.
Inotiv continues to list its facilities in Cumberland, Virginia; Haslett, Michigan; and Blackthorn, U.K. for sale. The company recently sold its facility in Spain and expects to close on the sale of its Gannat, France facility within the next 60 days.
Additionally, the relocation of operations from Inotiv’s Blackthorn, U.K. site to its Hillcrest U.K. site is expected to be complete in the second quarter of the company’s fiscal year.
You can connect to Inotiv’s full earnings report by clicking here.