Inotiv Swings to Full-Year Profit
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West Lafayette-based Inotiv Inc. (Nasdaq: NOTV) is reporting fiscal full-year net income of $10.9 million, compared to a loss of $4.7 million the previous year. Chief Executive Officer Robert Leasure says the transformational year reflected the company’s success in “expanding existing operations and services, starting up new services, and acquiring strategic assets.”
The contract research organization is also reporting fiscal fourth quarter net income of $9.4 million, compared to a loss of $1.8 million during the same quarter last year.
Leasure says the earnings for both the quarter and full year were impacted by strategic investments in internal startup costs, acquisition-related expenses, and recruiting and retention-related expenses.
“We believe that the investments we are making today will drive future growth and deliver higher operating margins and improved service for our clients,” Leasure said in a news release. “In the near-term, we are optimistic for continued strong revenue growth based on our quarter-end backlog of $81.4 million as well as anticipated contributions from recent acquisitions, internal expansions and new services.”
Leasure says the company’s momentum at the end of the fiscal year was bolstered by its acquisitions of Colorado-based Plato BioPharma Inc. and Envigo RMS Holding Corp. in Indianapolis.
You can view the full earnings report by clicking here.