Highest-materiality recent filing
Innovex to acquire TCO Group for $95M; expects 13% EPS accretion, 14% ROCE
Purchase price ~$95M: $30M in stock (~1.06M shares at ~$28.20 VWAP) and $65M cash.
Innovex Q1 revenue $239M, net loss $17M; Adj. EBITDA $49M beat guidance
Revenue $239M, down 13% QoQ, down 1% YoY; net loss $16.7M vs net income of $14.0M in Q1 2025.
Innovex subsidiary hit with $47.6M jury verdict in patent infringement suit by Impulse
Jury found DWS infringed three Impulse patents on friction reduction tools; infringement deemed willful.
Innovex secondary offering of 5.75M shares at $25.75; co. repurchases 575k shares for $14.1M
Selling stockholders (Amberjack affiliates) sold 5,750,000 shares at $25.75; underwriters exercised option for 862,500 shares fully.
Innovex Q4 revenue $274M, up 14% QoQ; full year net income $83M vs $140M prior year
Q4 revenue $274M, up 14% sequentially; net income $14M, margin 5%.
Innovex Q3 revenue $240M (+7% QoQ); closes $90M facility sale, signs OneSubsea deal
Revenue $240M, up 7% QoQ; net income $39M (16% margin); adjusted EBITDA $44M (18% margin).
Innovex Q2 revenue $224M (-7% QoQ), Adj. EBITDA $47M; closes Citadel acquisition, issues Q3 guidance
Revenue $224M, net income $15M; Adjusted EBITDA $47M (21% margin); FCF $52M; capex $7M (3% revenue).
Innovex Q1 revenue $240M, Adj EBITDA $46M, sells facility for $95M, guides Q2 lower
Revenue $240M (-4% QoQ), net income $15M, Adjusted EBITDA $46M (19% margin).
Innovex to sell Eldridge facility for $95M; prelim Q1 rev ~$240M vs guidance $245-255M
Sale of Houston campus to BIG Acquisitions LLC for $95M; expected close Q3 2025; short-term lease until Dec 2025 at $650K/mo.
Innovex Q4 revenue $251M (+65% QoQ); achieves $30M merger synergies early; announces $100M buyback
Q4 revenue $251M (+65% QoQ); net income $32M (13% margin); Adjusted EBITDA $49M (20% margin).
Innovex acquires 80% of Downhole Well Solutions for $103.7M ($68M cash + stock)
Purchase price $103.7M: $68M cash and 1,918,558 shares of Innovex common stock.
Innovex Q3 2024 revenue $152M, net income $83M on $93M bargain purchase gain, diluted EPS $1.99
Revenue $152M (+17% QoQ); net income $83M (54% margin) includes $93M bargain purchase gain from Dril-Quip merger.
Pre-Merger Innovex audited financials show 2023 rev $555.5M, net income $73.9M, accounting acquirer
Revenue grew to $555.5M in 2023 (18.9% YoY) from $467.2M in 2022 and $294.8M in 2021.
Dril-Quip and Innovex merger closes; combined co. renamed Innovex International, Inc. (INVX)
Pre-Merger Innovex shareholders received ~32.2M shares; combined co. owned 52% by Dril-Quip holders, 48% by Innovex.
Dril-Quip stockholders approve share issuance for Innovex merger; incentive plan fails
Proposal 1 (share issuance for mergers) approved: 20,589,605 for, 10,994,983 against.
Dril-Quip withdraws charter amendment proposal for Innovex merger; waives condition
Waiver executed Aug 25, 2024: charter amendment (Proposal 2) and governance proposals (3A-F) withdrawn from Sep 5 special meeting.
ISS recommends Dril-Quip stockholders vote FOR merger with Innovex
ISS recommends voting "FOR" the merger, citing strategic rationale and financial benefits.
Dril-Quip and Innovex provide joint investor presentation for proposed merger
Dril-Quip and Innovex furnished a supplemental investor presentation for their proposed business combination.
Dril-Quip Q2 revenue $120.3M (+34% YoY), net loss $1.8M; Innovex merger on track
Revenue $120.3M (+9.1% seq, +34.3% YoY); net loss $1.8M vs $20.0M loss in Q1 2024.
Dril-Quip restates 2021 financials on $67M inventory write-down misclassification
Audit committee concludes 2021 financials can no longer be relied upon after SEC comment letter.
Dril-Quip clears HSR waiting period for Innovex merger; settles shareholder lawsuit
HSR waiting period expired May 1, 2024, allowing Dril-Quip-Innovex merger to proceed.
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.
Dril-Quip to merge with Innovex in all-stock deal; Dril-Quip holders own ~52%
Dril-Quip (DRQ) and Innovex sign definitive merger agreement; all-stock transaction.
Dril-Quip Q4 revenue $126.3M (+31% YoY); FY 2024 EBITDA guidance $65-75M
Q4 revenue $126.3M, up 31% YoY; net income $1.8M vs net loss $0.3M a year ago.
Dril-Quip Q3 2023: Revenue up 31% sequentially to $117M, net loss $7.0M
Net loss $7.0M ($0.21 loss per share) vs net income $13.3M in Q3 2022.
Dril-Quip acquires Great North Wellhead for ~$80M CAD; Q2 revenue $89.6M, net income $3.5M
Acquired Great North Wellhead for $105M CAD (~$80M USD) cash, plus up to $30M CAD earnout based on revenue growth targets.
Revenue $90.9M (+9% YoY, -6% sequential); net income $2.3M ($0.07 EPS) vs. loss of $0.3M in Q4'22.
Dril-Quip Q4 revenue $96.8M (+24% YoY); net loss narrows to $0.3M; guides 2023 revenue growth 10%
Q4 revenue $96.8M, up 10% sequentially and 24% YoY; net loss $0.3M vs net income $15.2M in Q3.
Dril-Quip Q3 revenue $88.1M, net income $15.2M on forge sale; adj EBITDA $7.0M
Revenue $88.1M, down $5.8M vs Q2; net income $15.2M ($0.45 EPS) including $17.3M gain on Houston forge sale.
Dril-Quip Q2 revenue $94M, net loss $5.6M; reaffirms 10% full-year growth target
Revenue $94.0M, up 13% sequentially; net loss $5.6M ($0.16/sh) vs. Q1 loss $9.0M.
Dril-Quip reports Q1 2022: revenue $83.1M, net loss $8.9M, orders improving
Revenue $83.1M, up $5.2M sequentially; net loss $8.9M ($0.26 loss per share).
On March 3, 2025, the Board of Directors (the “Board”) of Innovex International, Inc. (the “Company”) appointed Mr. Will Donnell to serve as a Class II director, effective March 3, 2025, to fill the vacancy arising from the passing of Patrick Connelly.
the passing of Patrick Connelly
each of the following officers: (i) Jeffrey J. Bird, the Company’s President and Chief Executive Officer, (ii) Kyle F. McClure, the Company’s Vice President and Chief Financial Officer, (iii) James C. Webster, the Company’s Vice President, General Counsel and Secretary, and (iv) Don Underwood, the Company’s Vice President of Subsea Products (each, an “Executive Officer”) were terminated without cause, effective as of the closing date of the Mergers.
Jeffrey J. Bird and Darryl K. Willis each delivered a letter effectuating his resignation as a director of the Company and, as of the Effective Time, each ceased to be a director of the Company.
the Board was increased to nine members, which consists of the following members: (i) Adam Anderson, Bonnie S. Black, Patrick Connelly, Angie Sedita and Jason Turowsky, each a former member of the Pre-Merger Innovex board of directors who was appointed to the Board
the Board was increased to nine members, which consists of the following members: (i) Adam Anderson, Bonnie S. Black, Patrick Connelly, Angie Sedita and Jason Turowsky, each a former member of the Pre-Merger Innovex board of directors who was appointed to the Board
the Board was increased to nine members, which consists of the following members: (i) Adam Anderson, Bonnie S. Black, Patrick Connelly, Angie Sedita and Jason Turowsky, each a former member of the Pre-Merger Innovex board of directors who was appointed to the Board
the Board was increased to nine members, which consists of the following members: (i) Adam Anderson, Bonnie S. Black, Patrick Connelly, Angie Sedita and Jason Turowsky, each a former member of the Pre-Merger Innovex board of directors who was appointed to the Board
each of the following officers: (i) Jeffrey J. Bird, the Company’s President and Chief Executive Officer, (ii) Kyle F. McClure, the Company’s Vice President and Chief Financial Officer, (iii) James C. Webster, the Company’s Vice President, General Counsel and Secretary, and (iv) Don Underwood, the Company’s Vice President of Subsea Products (each, an “Executive Officer”) were terminated without cause, effective as of the closing date of the Mergers.
Jeffrey J. Bird and Darryl K. Willis each delivered a letter effectuating his resignation as a director of the Company and, as of the Effective Time, each ceased to be a director of the Company.
each of the following officers: (i) Jeffrey J. Bird, the Company’s President and Chief Executive Officer, (ii) Kyle F. McClure, the Company’s Vice President and Chief Financial Officer, (iii) James C. Webster, the Company’s Vice President, General Counsel and Secretary, and (iv) Don Underwood, the Company’s Vice President of Subsea Products (each, an “Executive Officer”) were terminated without cause, effective as of the closing date of the Mergers.
the Board was increased to nine members, which consists of the following members: (i) Adam Anderson, Bonnie S. Black, Patrick Connelly, Angie Sedita and Jason Turowsky, each a former member of the Pre-Merger Innovex board of directors who was appointed to the Board
Max materiality 0.85 · Median 0.65 · Most common event earnings