Inotiv Q2 revenue down 21.5%, net loss $48.1M includes $26.5M DOJ charge; withdraws FY2024 guidance

Inotiv, Inc.

2024-Q2 EPS reported -$2.46 revenue$254,536,000

Q2 FY2024 revenue $119.0M (-21.5% YoY); net loss $48.1M vs $9.6M loss prior year.
Agreement in principle with DOJ accrued $26.5M charge; expects additional cash outlays over 3-5 years.
RMS revenue down 30.7% on weak NHP demand; DSA revenue nearly flat (-0.9%).
Adjusted EBITDA fell to $3.1M (2.6% of revenue) from $17.1M (11.3%) a year ago.
Withdraws FY2024 guidance citing NHP demand uncertainty; Fourth Amendment allows add-back of DOJ charges for debt covenants.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Inotiv, Inc. reported three months ended March 31, 2024 results: revenue $119.0 million, net income $48.1 million.

Period: three months ended March 31, 2024
Revenue: $119.0 million
Net income: $48.1 million
Result: reported results

Exact text from the filing

Revenue was $119.0 million in Q2 FY 2024 as compared to $151.5 million during the three months ended March 31, 2023 (“Q2 FY 2023”), driven primarily by a decrease of $32.1 million, or 30.7%, in Research Models and Services (“RMS”) revenue. • Consolidated net loss for Q2 FY 2024 was $48.1 million, or 40.4% of total revenue, compared to consolidated net loss of $9.6 million, or 6.4% of total revenue, in Q2 FY 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Inotiv, Inc. reported six months ended March 31, 2024 results: revenue $254.5 million, net income $63.9 million.

Period: six months ended March 31, 2024
Revenue: $254.5 million
Net income: $63.9 million
Result: reported results

Exact text from the filing

Revenue was $254.5 million during the YTD FY 2024 compared to $274.2 million during the six months ended March 31, 2023 ("YTD FY 2023"), driven by a $22.9 million decrease in RMS revenue and partially offset by a $3.2 million increase in DSA revenue. • Consolidated net loss for YTD FY 2024 was $63.9 million, or 25.1% of total revenue, compared to consolidated net loss of $96.6 million, or 35.2% of total revenue for YTD FY 2023.

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Source: SEC EDGAR

accession 0001628280-24-023558

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