In This Article:
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Total Revenue: $105.8 million for Q3 2024, down 33% from $157.5 million in Q3 2023.
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Consolidated Revenue (Nine Months Ended June 30, 2024): $360.3 million, down 16.5% from $431.7 million in the prior year period.
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DSA Revenue (Q3 2024): $44.2 million, a decrease of approximately 6% from $46.8 million in Q3 2023.
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RMS Revenue (Q3 2024): $61.6 million, down 44.4% from $110.7 million in Q3 2023.
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Operating Loss (Q3 2024): $20.8 million compared to operating income of $8.8 million in Q3 2023.
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Net Loss Attributable to Common Shareholders (Q3 2024): $26.1 million or $1 loss per diluted share, compared to net income of $1.8 million or $0.07 earnings per diluted share in Q3 2023.
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Adjusted EBITDA (Q3 2024): $0.1 million, less than 1% of total revenues, compared to $30.5 million or 19.4% of total revenue in Q3 2023.
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Interest Expense (Q3 2024): $12.1 million, up from $10.8 million in Q3 2023.
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Cash and Cash Equivalents (June 30, 2024): $14.4 million, down from $35.5 million on September 30, 2023.
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Total Debt (June 30, 2024): $382.4 million, relatively consistent with $377.7 million on September 30, 2023.
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Net Cash Used by Operations (Nine Months Ended June 30, 2024): $4.4 million, compared to cash provided by operations of $9.1 million in the prior year period.
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Capital Expenditures (Q3 2024): $4.4 million or 4.2% of total revenue.
Release Date: August 08, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Inotiv Inc (NASDAQ:NOTV) resolved the Virginia DOJ investigation and related settlement, and the US Attorney's Office for the Southern District of Florida is no longer investigating the company.
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The company completed the UK site construction and consolidation projects, reducing expenses and enhancing revenue potential.
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Inotiv Inc (NASDAQ:NOTV) achieved year-to-date and quarter-over-quarter sales increases and margin improvements in its diet business globally.
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The company saw a 32% year-over-year increase in NHP boarding and breeding service revenues.
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Inotiv Inc (NASDAQ:NOTV) implemented integration initiatives and organizational changes, reducing general and administrative expenses and showing signs of recovery in the NHP market.
Negative Points
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Pricing pressures in the DSA business impacted revenue growth and margins.
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Year-over-year declines in sales in the discovery business due to market softness.
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NHP sales and margins were significantly down, with profits decreasing by approximately $36 million for the first nine months of fiscal year 2024.
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Overall adjusted EBITDA decreased by roughly $29 million year-to-date compared to the same period last year.
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The company faced challenges and volatility in the RMS business segments, particularly in the NHP business, due to industry market dynamics and legal issues.