Inotiv, Inc.

Listed Company

NOTVCIK 0000720154NasdaqAcceleratedServices-Commercial Physical & Biological ResearchIndianaFY ends Sep 30

Period

FY 2025

Revenue

$513.02M

Net Income

$-68.63M

Total Assets

$771.11M

Equity

$136.03M

Shares Out

34.39M

Op. Cash Flow

$-10.46M

Business

Inotiv, Inc. is a contract research organization providing nonclinical and analytical drug discovery and development services to the pharmaceutical and medical device industries. It offers discovery and translational sciences, safety assessment (GLP and non-GLP) services, bioanalytical method development, pharmacokinetics, toxicology, pathology, stability testing and archiving, and sells research-quality animals, diets, bedding and enrichment products. Operations are organized into two reportable segments—Discovery and Safety Assessment (DSA) and Research Models and Services (RMS)—including Teklad diet products and model-related services. The company serves biopharmaceutical firms, CROs, academic and government clients globally via direct contracts, purchase orders and a company-managed distribution network in North America, the U.K. and Europe.

Summary from filing dated 2025-12-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Revenue	513	491	572	548	—
Selling	21	21	19	17	4
General and administrative	71	77	105	82	23
Depreciation and amortization of intangible assets	56	57	55	—	—
Other operating expense	4	43	19	55	7
Goodwill impairment loss	0	0	66	236	0
Operating loss	−31	−86	−81	−263	−6
Interest expense	−57	−47	−43	—	—
Other (expense) income	−273,000	3	237,000	−59	13
Loss before income taxes	−88	−131	−124	−352	6
Income tax benefit	19	22	19	15	5
Consolidated net loss	−69	−109	−105	−337	—
Less: Net (loss) income attributable to noncontrolling interests	0	−440,000	238,000	−244,000	0
Net loss attributable to common shareholders	−69	−108	−105	−337	11
Net loss attributable to common shareholders, basic (in dollars per share)	−2.11	−4.19	−4.1	−13.84	0.83
Net loss attributable to common shareholders, diluted (in dollar per share)	−2.11	−4.19	−4.1	−13.84	0.19
Basic (in shares)	32	26	26	24	13
Diluted (in shares)	32	26	26	24	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	22	21	35	19	139
Trade receivables and contract assets, net of allowances for credit losses of $6,397 and $6,931, respectively	78	74	87	100	—
Inventories, net	46	18	56	71	602,000
Prepaid expenses and other current assets	49	50	33	42	3
Total current assets	195	163	214	233	189
Property and equipment, net	181	188	191	186	48
Operating lease right-of-use assets, net	46	49	39	32	8
Goodwill	94	94	94	158	52
Other intangible assets, net	240	274	308	346	24
Other assets	15	12	10	8	341,000
Total assets	771	781	857	963	322
Accounts payable	49	34	33	29	6
Accrued expenses and other liabilities	45	28	26	36	9
Revolving credit facility	3	0	0	15	0
Fees invoiced in advance	52	42	56	69	27
Current portion of long-term operating lease	7	12	10	8	2
Current portion of long-term debt	402	4	8	8	10
Total current liabilities	557	119	132	164	55
Long-term operating leases, net	44	40	30	25	7
Long-term debt, less current portion, net of debt issuance costs	0	390	370	331	154
Other long-term liabilities	28	35	6	6	512,000
Deferred tax liabilities, net	6	27	50	77	344,000
Total liabilities	635	611	588	603	217
Contingencies (Note 15)	—	—	—	—	—
Authorized 74,000,000 shares at September 30, 2025 and September 30, 2024; 34,357,251 issued and outstanding at September 30, 2025 and 26,015,129 at September 30, 2024	9	6	6	6	4
Additional paid-in capital	756	725	716	708	112
Accumulated deficit	−631	−562	−453	−348	−11
Accumulated other comprehensive income	2	1	330,000	−6	0
Total equity attributable to common shareholders	136	171	269	360	105
Total liabilities and shareholders equity	771	781	857	963	322

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	56	57	55	49	6
Employee stock compensation expense	6	7	8	24	2
Changes in deferred taxes	−22	−23	−26	−18	0
Provision for expected credit losses	−492,000	58,000	1	1	208,000
Amortization of debt issuance costs and original issue discount	5	4	3	2	0
Noncash interest and accretion expense	13	7	6	5	0
Other non-cash operating activities	2	−452,000	2	2	14,000
Gain on debt extinguishment	0	−2	0	877,000	0
Trade receivables and contract assets	−4	14	10	−24	−12
Inventories	−28	38	14	−35	98,000
Prepaid expenses and other current assets	3	−16	11	−20	−780,000
Operating lease right-of-use assets and liabilities, net	2	2	884,000	824,000	—
Accounts payable	12	613,000	6	−8	3
Accrued expenses and other liabilities	14	2	−8	15	5
Fees invoiced in advance	9	−14	−13	26	15
Other asset and liabilities, net	−10	27	−3	5	0
Net cash (used in) provided by operating activities	−10	−7	28	−5	11
Capital expenditures	−17	−22	−28	−36	—
Proceeds from sale of property and equipment	4	5	1	290,000	2,000
Cash paid for other investing activities	0	0	−2	0	—
Net cash used in investing activities	−13	−17	−29	−334	−54
Payments on revolving credit facility	−23	−12	−21	−19	0
Payments on senior term notes and delayed draw term loans	−5	−3	−2	−2	0
Borrowings on revolving loan facility	26	12	6	34	0
Issuance of second lien notes	0	17	0	—	—
Issuance of common shares	28	0	0	0	49
Borrowings on delayed draw term loans	0	0	35	240	0
Other financing activities, net	−2	−4	−2	−1	0
Net cash provided by financing activities	24	10	16	203	199
Effect of exchange rate changes on cash and cash equivalents	−46,000	−98,000	2	−2	0
Net increase (decrease) in cash and cash equivalents	309,000	−14	17	−138	156
Non-cash debt issuance costs	0	4	1	0	—
Cash paid for interest	39	36	35	17	1
Income taxes paid, net	749,000	2	7	479,000	8,000

Filings

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