West Lafayette-based Inotiv Inc. (Nasdaq: NOTV) is reporting a fiscal second quarter net loss of $6.1 million, compared to a loss of $723,000 during the same period last year. The contract research organization says despite the drop, it recorded $140 million in revenue, a 646% increase.
Inotiv says the revenue growth was driven by internal growth initiatives, as well as incremental revenue from multiple acquisitions it has made over the last few years.
“We achieved these outstanding results while generating positive operating cash flow and continuing to make internal growth investments in our people, services, infrastructure, systems, and capacity expansion programs,” CEO Robert Leasure said in a news release.
Leasure says the company completed the second phase of its $5 million expansion in St. Louis, which was first announced over a year ago, and is currently hiring additional talent. He says Inotiv’s discovery and safety assessment services capacity is being expanded at its facilities in Maryland, Colorado and North Carolina.
However, Leasure says the company plans to close two research models and services sites by the end of the first quarter of its 2023 fiscal year. Inotiv did not specify which sites would be closed.
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