Quarterly Loss Widens for Inotiv
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West Lafayette-based Inotiv Inc. (Nasdaq: NOTV) is reporting a first quarter net loss of $83 million, compared to a loss of $366,000 during the same period last year. Chief Executive Officer Robert Leasure says, despite the drop, the company’s recent acquisitions and partnerships will help mitigate potential supply bottlenecks.
The medical technology company specializes in nonclinical and analytical contract pharmaceutical services.
“This quarter we augmented inorganic growth with another period of strong internal growth, reflecting our focus on delivering superior client experiences and investing in G&A to support new services and expansion,” said Leasure. “Our quarter-end DSA backlog of $104.6 million reinforces our optimism for continuing robust near-term revenue growth, and over the long-term we believe our strategy will deliver meaningfully higher operating margins as we scale.”
The company made several acquisitions over the last year, including Plato BioPharma Inc., an in vivo pharmacology research and drug discovery company in Colorado, and Envigo RMS Holding Corp. in Indianapolis.
“Plato BioPharma brings us important new in vivo pharmacology capabilities, ILS complements our BioReliance assets and accelerates the buildout of our genetic toxicology offerings, and the partnership with Synexa Life Sciences enhances our biomarker platform,” said Leasure. “Through Envigo, we secured access to critical research models essential for our clients’ success, further differentiating Inotiv from many of our peers.”
Leasure says the company plans to pursue cross-selling and growth opportunities across its integrated services.
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