Inotiv Reports Q2 Loss, Company Expansion

Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowWest Lafayette-based Inotiv, Inc. (Nasdaq: NOTV) is reporting a second quarter net loss of $723,000, compared to a loss of $588,000 during the same period a year ago. Chief Executive Officer Robert Leasure says to augment acquisitions and anticipated future revenue growth, the company increased its operating expenses.
The medical technology company, which specializes in nonclinical and analytical contract pharmaceutical services, has made several acquisitions and developed research partnerships in recent months.
In April, Inotiv acquired HistoTox Labs Inc. and Bolder BioPATH Inc., both of which are based in Colorado.
“These growth initiatives along with higher unallocated corporate expenses … negatively impacted operating margin in the quarter. Our investments in additional service offerings, combined with our increased backlog and expected contributions from the two recent acquisitions, position Inotiv for continued growth,” said Leasure.
In March, the company changed its name from Bioanalytical Systems Inc. to Inotiv.
Click here to view the full report.