Inotiv Inc Reports Third Quarter Fiscal 2024 Financial Results
Intellectia.AI1970-01-01
Inotiv, Inc. Reports Third Quarter Fiscal 2024 Financial Results
Inotiv, Inc. (NASDAQ:NOTV), a leading contract research organization, announced its financial results for the third quarter (Q3 FY 2024) and nine months ended June 30, 2024.
Key Financial Metrics
| Metric | Q3 FY 2024 | Q2 FY 2024 | Q3 FY 2023 | YoY Change | Consensus Estimate | Actual vs. Estimate |
|---|---|---|---|---|---|---|
| Total Revenue (in millions) | $105.8 | N/A | $157.5 | -32.8% | $123.4 | Below |
| Earnings Per Share (EPS) | N/A | N/A | N/A | N/A | $-0.83 | N/A |
| Year-to-Date (YTD) Revenue | $360.3 | N/A | $431.7 | -16.5% | $506.95 | Below |
| YTD EPS | N/A | N/A | N/A | N/A | $-4.02 | N/A |
Inotiv experienced a significant decline in revenue and a shift to a consolidated net loss in Q3 FY 2024 attributed to continued challenges in NHP (non-human primate) demand and pricing. This decline was reflected both year-over-year and against consensus estimates.
Revenue by Segment
| Segment | Q3 FY 2024 Revenue (in millions) | Q3 FY 2023 Revenue (in millions) | YoY Change | Previous Guidance |
|---|---|---|---|---|
| Research Models and Services (RMS) | $49.1 | $98.2 | -44.4% | N/A |
| Discovery and Safety Assessment (DSA) | $44.3 | $46.8 | -5.4% | N/A |
The RMS segment saw a considerable dip mainly due to decreased NHP-related product and service revenue while the DSA segment experienced a relatively minor decline.
Operational Data
| Metric | Q3 FY 2024 | Q3 FY 2023 |
|---|---|---|
| Adjusted EBITDA (in millions) | $0.1 | $30.5 |
| Book-to-Bill Ratio (DSA) | 0.94x | N/A |
| DSA Backlog (in millions) | $139.4 | $149.1 (6M 2023) |
Management Commentary
Robert Leasure Jr., President and CEO, highlighted the company's achievements despite facing challenges. He emphasized milestones such as the conclusion of government investigations and site optimization projects. Leasure expressed confidence in future improvements and recovery, particularly in the NHP segment and other business areas.
Dividends or Share Repurchase Program
No announcements regarding dividends or share repurchase programs were made.
Forward Guidance
There was no specific forward guidance provided.
Stock Price Movement
Following the earnings release, Inotiv’s stock experienced a 5.66% increase.
In summary, Inotiv’s financial results reflect significant challenges in the current quarter impacted largely by NHP demand and pricing. Despite these difficulties, management remains cautiously optimistic about future recovery and operational improvements.
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