Inotiv Net Loss Widens

(photo courtesy of Inotiv Inc.)

West Lafayette-based Inotiv Inc. (Nasdaq: NOTV) is reporting a third quarter net loss of $2.3 million, compared to a loss of $879,000 during the same period last year. Chief Executive Officer Robert Leasure says earnings for the quarter were impacted by the company’s investments in internal startup costs, acquisition-related expenses, and recruiting and retention-related expenses.

“We believe the investments we are making today will augment future growth and deliver higher operating margins and improved service for our clients over time,” said Leasure. “Looking ahead, we see tremendous cross-selling opportunities across our integrated services and will continue to strive to deliver superior client experiences. Our optimism for continued strong, near-term growth is reinforced by our recent acquisitions and current expansion plans and new services, combined with our quarter-end backlog of $62.0 million.”

The medical technology company, which specializes in nonclinical and analytical contract pharmaceutical services, has made several acquisitions and developed research partnerships this year.

In April, Inotiv acquired HistoTox Labs Inc. and Bolder BioPATH Inc., both of which are based in Colorado.

“Our recent acquisitions of HistoTox Labs and Bolder BioPATH have been performing ahead of our expectations and now comprise our Boulder, Colorado, operations,” said Leasure. “We also acquired Missouri-based Gateway Pharmacology Laboratories, which enhances our expertise in cardiovascular and renal pharmacology studies. In May 2021, we purchased the St. Louis facility and commenced the location’s expansion, which is expected to add 20,000 square feet of capacity in the second quarter of fiscal 2022. We announced the startup of multiple new services and added assets and personnel to those services.”

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