Inotiv Inc Stock Price, News & Analysis

Inotiv (NOTV), a contract research organization focused on drug discovery services and research models, has announced the pricing of its public offering of 6,000,000 common shares at $4.25 per share. The company has granted underwriters a 30-day option to purchase up to an additional 900,000 shares at the same price.

The offering is expected to close on December 19, 2024. Lake Street Capital Markets is serving as the sole book-running manager. Inotiv plans to use the net proceeds for working capital, capital expenditures, and general corporate purposes.

Inotiv (NOTV), a contract research organization focused on nonclinical and analytical drug discovery services, has announced a proposed underwritten public offering of common shares. The company will offer all shares and plans to grant underwriters a 30-day option to purchase up to 15% additional shares. Lake Street Capital Markets is serving as the sole book-running manager for the offering.

The offering is subject to market conditions, with no guarantee of completion or final terms. It will be conducted under a shelf registration statement on Form S-3 that was declared effective by the SEC on August 31, 2022.

Inotiv (NOTV) reported Q4 FY2024 financial results showing revenue decline of 7.3% to $130.4 million compared to Q4 FY2023. Full-year fiscal 2024 revenue decreased 14.3% to $490.7 million. The company experienced declines in both Discovery & Safety Assessment (DSA) and Research Models & Services (RMS) segments.

Q4 FY2024 consolidated net loss was $18.9 million, or 14.5% of total revenue. The company enhanced liquidity through issuance of Second Lien Notes worth $22.6 million and obtained credit agreement amendments. The DSA backlog stood at $129.9 million as of September 30, 2024.

The company plans further integration and cost reduction initiatives for 2025, projecting $4.0-5.0 million in operating expense reductions through RMS facility optimization, with benefits expected in fiscal 2026.

Inotiv has been ranked 138th on the 2024 Deloitte Technology Fast 500™, marking its second consecutive year on the prestigious list. The company achieved an impressive 847% revenue growth over the past five years. As a full-service CRO and research model provider, Inotiv's growth strategy has focused on strategic acquisitions, integration, and streamlining operations while prioritizing customer needs. The company previously ranked 127th in 2023. The 2024 Technology Fast 500 companies demonstrated revenue growth ranging from 201% to 153,625%, with an average growth rate of 1,981% and median growth rate of 460%.

Inotiv (Nasdaq: NOTV), a contract research organization focused on nonclinical and analytical drug discovery services, has scheduled its fiscal 2024 fourth quarter and full year financial results announcement for Tuesday, December 3, 2024, after market close. The company will host a conference call at 4:30 p.m. Eastern Time on the same day to discuss the results. Investors can participate via phone (1-800-267-6316 Domestic, 1-203-518-9783 International) or access the webcast through the company's investor relations website.

Inotiv (Nasdaq: NOTV) has announced its participation in two major investor conferences. Robert Leasure Jr., President and CEO, will present at the Jefferies London Global Healthcare Conference on November 19th at 1:30 p.m. GMT at the Waldorf-Hilton Hotel, London. The presentation will be available via live webcast on Inotiv's website.

Additionally, Beth Taylor, CFO, will attend the 15th Annual Craig-Hallum Alpha Select Conference on November 19th at the Sheraton NY Times Square Hotel, where she will host one-on-one meetings with investors. The company, a leading contract research organization, specializes in nonclinical and analytical drug discovery services, research models, and related products.

Inotiv, Inc. (Nasdaq: NOTV) has amended its Credit Agreement and secured additional liquidity through the sale of $22.6 million in 15% Senior Secured Second Lien PIK Notes due February 2027. The company also issued warrants to purchase common shares. This move aims to increase liquidity and strengthen Inotiv's balance sheet. The Credit Agreement amendment provides financial covenant relief through June 30, 2025, and establishes new covenant tests thereafter.

CEO Robert Leasure Jr. stated that this will give Inotiv more flexibility to see results from recent site optimization plans, NHP market recovery, and efforts to grow market share and cashflow. The company continues to focus on improving customer experience, organic revenue growth, and evaluating opportunities to enhance its balance sheet.

Inotiv (Nasdaq: NOTV), a leading contract research organization, announced its participation in the 8th Annual Lake Street Best Ideas Growth Conference on September 12, 2024, in New York City. Robert Leasure Jr., President and CEO, and Beth Taylor, CFO, will represent the company at the event.

The conference provides an opportunity for Inotiv's management to host one-on-one meetings with investors and attendees. This engagement allows the company to showcase its expertise in nonclinical and analytical drug discovery and development services, as well as its offerings in research models and related products.

Investors interested in arranging meetings with Inotiv's leadership should contact their Lake Street conference representative to schedule appointments.

Inotiv (NOTV) reported Q3 FY2024 financial results, with revenue down 32.8% to $105.8 million. Key highlights include:

• YTD fiscal 2024 revenue down 16.5% to $360.3 million
• Q3 net loss of $26.1 million, compared to $0.4 million net income in Q3 FY2023
• Adjusted EBITDA of $0.1 million in Q3 FY2024, down from $30.5 million in Q3 FY2023
• DSA backlog at $139.4 million, down from $149.1 million year-over-year
• Conclusion of certain government investigations
• Completion of site optimization projects

The company faced challenges due to lower non-human primate demand and pricing, but sees signs of recovery in various segments of its business.