secwatch.observer — SEC 8-K summary
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Issuer:     Innovex International, Inc. (INVX)
CIK:        0001042893
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0000950170-24-052062
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Dril-Quip Q1 revenue $110.3M (+21% YoY), net loss $20.0M; Suspends guidance on pending Innovex merger
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- Revenue $110.3M, down 12.7% sequentially, up 21.4% YoY; net loss $20.0M ($0.58 per share) vs net income $1.8M in Q4 2023.
- Adjusted EBITDA $10.2M declined $6.4M sequentially; gross margin 28.9% improved 147 bps sequentially and 99 bps YoY.
- Incurred $19.0M in merger-related expenses for the pending combination with Innovex, which drove the net loss.
- Cash used in operations $4.1M; free cash flow -$8.9M; capital expenditures $4.8M, mainly for equipment and rental tools.
- Guidance suspended due to pending merger with Innovex; investors cautioned not to rely on historical outlooks.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1042893/000095017024052062/0000950170-24-052062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1042893/000095017024052062/drq-20240502.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-052062

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