In This Story
Inotiv Inc. (NOTV-1.85%) has submitted its annual report on Form 10-K for the fiscal year ended September 30, 2024. filing
The filing details the company's financial performance, highlighting a decrease in revenue to $490.7 million from $572.4 million in the previous year. The decline was primarily driven by a $76.7 million decrease in the Research Models and Services (RMS) segment revenue.
Inotiv reported an operating loss of $86.4 million for the fiscal year, compared to an $81.5 million loss in the prior year. The increase in operating loss was attributed to a $28.5 million charge related to a Resolution Agreement and Plea Agreement with the Department of Justice.
The company faced challenges in its RMS segment, particularly with non-human primate (NHP) sales, which decreased significantly due to supply constraints. This led to a reduction in NHP-related product and service revenue by $60.4 million.
Inotiv's Discovery and Safety Assessment (DSA) segment saw a revenue decrease of $5.0 million, impacted by lower discovery services revenue due to a decline in overall biotech activity.
Net loss attributable to common shareholders increased to $108.4 million from $105.1 million, primarily due to the increased operating loss.
Cash used in operations was $6.8 million, a significant change from $27.9 million provided by operations in the previous year. The company ended the fiscal year with $21.4 million in cash and cash equivalents.
During the fiscal year, Inotiv completed its previously announced site optimization initiatives and continued to navigate the global NHP market.
The company entered into a Seventh Amendment to its Credit Agreement, which included the issuance of $22.6 million in Second Lien Notes and warrants to purchase common shares.
Looking ahead, Inotiv plans to initiate further site optimization programs and continue integrating its North American transportation operations to improve efficiency and reduce costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inotiv Inc. annual 10-K report dated December 4, 2024. To report an error, please email earnings@qz.com.