Inotiv quarterly loss grows
West Lafayette-based Inotiv Inc. (Nasdaq: NOTV) is reporting a fiscal first quarter net loss of $86.9 million, compared to a $83.4 million loss during the same period the previous year. CEO Robert Leasure said the pharmaceutical testing company had some unexpected challenges during the quarter that are being addressed.
The company said its net loss was largely driven by a $66.4 million non-cash goodwill impairment charge related to its Research Models and Services business segment.
The remainder of the loss was due to the impact of Inotiv’s decision to refrain from selling or delivering any of its Cambodian non-human primates, or NHPs, held in the U.S. because of an investigation into illegal imports of NHPs by its principal supplier.
Inotiv delayed its previous earnings report in December because of the investigation. The company said will continue to hold its NHPs until its staff and external experts can “reasonably determine that the NHPs in inventory from Cambodia are purpose-bred.”
The company also reported revenue of $122.8 million for Q1, up from $84.2 million the year prior.
Leasure said the investments the company has made and the improvements being implemented have put Inotiv on a path to “becoming a stronger and more efficient company.”
“We believe our business is well-positioned to achieve above-market revenue growth rates and a significant expansion in margins through a combination of increased organic sales growth, synergies from our acquisitions over the last 14 months, and the benefits from our ongoing site optimization initiatives,” Leasure said in a news release.
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