Financial Data and Key Metrics Changes - For the first quarter of fiscal 2025, total revenue was $119.9 million, a decrease of $15.6 million or 11.5% compared to $135.5 million in the first quarter of fiscal 2024 [12][19] - The operating loss for the first quarter of fiscal 2025 was $15.5 million, compared to an operating loss of $9.4 million in the first quarter of fiscal 2024 [23] - Consolidated net loss attributable to common shareholders was $27.6 million or a $1.02 loss per diluted share, compared to a net loss of $15.4 million or $0.6 loss per diluted share in the first quarter of fiscal 2024 [24] Business Line Data and Key Metrics Changes - RMS revenue decreased by $13.7 million or 15.1% compared to Q1 of fiscal 2024, primarily due to lower NHP-related product and service revenue [20] - DSA revenue decreased slightly from $44.7 million in Q1 of fiscal 2024 to $42.8 million in Q1 of fiscal 2025, driven mainly by a decline in Discovery Services revenue [13][21] - The DSA backlog was $130.4 million at December 31, 2024, compared to $152.3 million at December 31, 2023 [26] Market Data and Key Metrics Changes - The average selling price for NHPs in the U.S. in Q1 of fiscal 2025 was approximately 30.3% lower than in Q1 of fiscal 2024 [20] - The net book to bill ratio for DSA in the first quarter of fiscal 2025 was 1.01 times, with a trailing 12-month book to bill of 0.87 times [25] Company Strategy and Development Direction - The company aims to enhance liquidity and reduce revenue volatility through expanded NHP client base and pre-sold inventory [9] - Continued focus on process optimization and client satisfaction is emphasized, with expectations for year-over-year revenue and adjusted EBITDA growth for the remainder of fiscal 2025 [16][17] - The company is preparing for 2026 and 2027 while acknowledging ongoing geopolitical and market risks [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reducing NHP revenue volatility and improving margins in the upcoming quarters [12][21] - The company is committed to building a business that creates value for clients, employees, and shareholders, despite uncertainties in the market [18] - Management noted that they have worked through higher-cost NHPs and expect more stable pricing moving forward [34] Other Important Information - The company raised $27.5 million from a recent equity offering to enhance liquidity [8] - Interest expense increased to $13.8 million in Q1 of fiscal 2025 from $11.4 million in the same period of fiscal 2024 due to rising interest rates [26] Q&A Session Summary Question: Update on NHPs and ordering patterns - Management confirmed that they have worked through higher-cost NHPs and have more solid commitments for the year, leading to reduced volatility [34][36] Question: Impact of Cambodia NHP export restrictions - Management acknowledged the importance of Cambodia in the global supply base and stated they are prepared for various outcomes while diversifying suppliers [40][42] Question: Adjusted EBITDA expectations for Q2 - Management expects sales to grow year-over-year, which should positively impact adjusted EBITDA in the second quarter [45][52] Question: Cancellations and their impact - A significant cancellation of a large project was noted as a reason for elevated cancellation rates, but management remains optimistic about overall trends [65][67] Question: Revenue recognition on presales of inventory - Revenue is only recognized upon the transition of ownership, not at the time of presale [76][78] Question: Proportion of Colony Management Services in RMS revenue - Colony Management Services revenue was approximately $27 million last year, with expectations for 20% growth moving forward [84] Question: NHP sourcing and pricing expectations - Management anticipates a step function down in pricing as higher-cost NHPs are cleared from inventory [94] Question: DSA bookings and client engagement - The DSA business is primarily focused on biotech clients, with an increase in unique services and blanket purchase orders noted [97][101]

Exhibit 99.1 Inotiv Reports First Quarter Financial Results for Fiscal 2025 and Provides Business Update – Enhanced liquidity by $27.5 million through the issuance of 6.9 million common shares WEST LAFAYETTE, IN, February 5, 2025 – Inotiv, Inc. (Nasdaq: NOTV) (the "Company"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ( ...

Enhanced liquidity by $27.5 million through the issuance of 6.9 million common sharesFirst quarter fiscal 2025 revenue declined 11.5% to $119.9 millionConference call scheduled for today at 4:30 pm ET WEST LAFAYETTE, Ind., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial resul ...

WEST LAFAYETTE, Ind., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Inotiv, Inc. (NASDAQ: NOTV) (the “Company”, or “Inotiv”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced that it will issue its financial results for the fiscal 2025 first quarter ended December 31, 2024, on Wednesday, February 5, 2025, after the close of the stock market. The Company will host a conference ...

WEST LAFAYETTE, Ind., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced that it had raised an additional $3.6 million in net proceeds from the optional shares in connection with its previously announced underwritten public offering of common shares. The Company issued the additional 900, ...

WEST LAFAYETTE, Ind., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced that it had raised approximately $24.0 million in net proceeds from its underwritten public offering of 6,000,000 common shares at a price to the public of $4.25 per share. All the shares were offered and sold by the ...

WEST LAFAYETTE, Ind., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (NASDAQ:NOTV) (the "Company"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced the pricing of its underwritten public offering of 6,000,000 common shares at a price to the public of $4.25 per share. In addition, the Company has granted the underwriter a 30-day option to purchase up to an additio ...

WEST LAFAYETTE, Ind., Dec. 17, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced commencement of a proposed underwritten public offering of its common shares. All the shares will be offered by the Company. The Company also expects to grant the underwriters a 30-day option to purchase additional c ...

Revenue and Financial Performance - For the fiscal year ended September 30, 2024, RMS revenue decreased by $76,712, primarily driven by a $60,399 decrease in revenue related to non-human primates (NHPs) and a decrease in revenue from the Israeli businesses sold in August 2023[349]. - Revenue for the fiscal year ended September 30, 2024, decreased to $490,739 from $572,425 in the previous fiscal year, representing a decrease of $81,686 or 14.3%[357]. - RMS revenue decreased by $76,712, or 19.8%, primarily due to lower NHP product and service revenue[375]. - DSA revenue decreased by $4,974, or 2.7%, driven by a decline in discovery services revenue[371]. - The consolidated net loss for the twelve months ended September 30, 2024, was $108,885, compared to a net loss of $104,902 for the same period in 2023[384]. - Net loss attributable to common shareholders increased to $108,445 from $105,140, an increase of $3,305 or 3.1%[359]. - Operating loss for the fiscal year ended September 30, 2024, increased to $86,406 from $81,460, an increase of $5,946 or 7.3%[358]. - Cash and cash equivalents decreased to $21,432 as of September 30, 2024, from $35,492 as of September 30, 2023[397]. - Net cash used in operations for the fiscal year ended September 30, 2024, was $6,805 compared to $27,883 of net cash provided by operations in the previous fiscal year[361]. - Cash used in investing activities was $16,832 for the fiscal year ended September 30, 2024, compared to $28,755 for the fiscal year ended September 30, 2023[398]. Operational Challenges and Strategic Initiatives - The company faced challenges in the RMS segment due to the decline in NHP imports into the U.S., which significantly affected sales volumes and margins[349]. - The company completed all planned site optimizations as of September 30, 2024, including the closure of the Spain facility and the sale of multiple U.S. facilities[347]. - The company announced a partnership with Vanguard Supply Chain Solutions LLC to integrate North American transportation operations in-house, completed in Q2 fiscal 2024[348]. - The company identified and audited multiple additional sources of purpose-bred animals to diversify sourcing outside of Cambodia, aiming to meet forecasted demand for fiscal 2025[350]. - The company plans to continue route optimization projects into fiscal 2025 to enhance efficiency and cost reductions[348]. - The company plans to initiate the next phase of its site optimization program in fiscal 2025, projecting to eliminate approximately $4,000 to $5,000 in operating expenses[367]. Debt and Financing Activities - Total debt as of September 30, 2024, was $393,339 million, an increase of 4.1% from $377,745 million on September 30, 2023[406]. - The Company issued Second Lien Notes of $17,000 during fiscal 2024, contributing to net cash provided by financing activities of $9,675[401]. - The Company issued $22,000 million in Second Lien Notes due 2027, along with warrants for 3,946,250 shares of common stock[414]. - The Company drew $35,000 million on the Additional DDTL to fund capital expenditures in fiscal year 2022 and planned for fiscal year 2023[408]. - The Company is required to maintain a Secured Leverage Ratio of not more than 3.75 to 1.00 starting from the fiscal quarter ended September 30, 2023[422]. - The Company has entered into multiple amendments to the Credit Agreement, including waivers of financial covenant tests through March 31, 2025[413]. Tax and Compliance - The effective income tax rates for fiscal 2024 and fiscal 2023 were 16.7% and 15.6%, respectively, with tax benefits recorded of $21,875 and $19,340[383]. - The Company has approximately 55 days to cure noncompliance with financial covenants following any fiscal quarter[392]. - The Company is required to maintain a minimum liquidity of $17,500 for certain weeks as per the Sixth Amendment[448]. Asset Management and Valuation - Goodwill is reviewed for impairment annually, with an assessment date of September 30th, and is not amortized[499]. - Long-lived assets are reviewed for impairment based on undiscounted future cash flows, and if not recoverable, are written down to fair value[504]. - The estimated useful lives for customer relationships range from 5 to 13 years, and for intellectual property from 5 to 20 years[503]. - The Company uses observable and unobservable inputs for fair value measurements, categorized into three levels[505]. Audit and Going Concern - The audits were conducted in accordance with PCAOB standards to ensure the financial statements are free of material misstatement[526]. - The critical audit matter involves accounts or disclosures that are material to the financial statements and required complex judgments[527]. - The Company has experienced negative operating cash flows and operating losses, raising substantial doubt about its ability to continue as a going concern[524]. - The consolidated financial statements do not include adjustments that might result from the uncertainty regarding the Company's ability to continue as a going concern[524].

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $130.4 million, a 23% increase from Q3 2024 but down 7.3% compared to Q4 2023 [11][25] - Operating loss for Q4 2024 was $13.2 million, an improvement from a loss of $20.8 million in Q3 2024, but compared to an operating income of $2.5 million in Q4 2023 [33] - Consolidated net loss attributable to common shareholders for Q4 2024 was $18.9 million, or a $0.73 loss per diluted share, compared to a loss of $9.7 million, or $0.38 per diluted share in Q4 2023 [34][36] Business Line Data and Key Metrics Changes - RMS revenue increased by $24.2 million or 39.3% from Q3 2024 but decreased by 5.2% compared to Q4 2023 [25][29] - DSA revenue for Q4 2024 was $44.6 million, slightly up from $44.2 million in Q3 2024 but down from $50.2 million in Q4 2023 [26][27] - The number of NHPs sold in Q4 2024 increased by 177.9% compared to Q3 2024 and by 48.9% compared to Q4 2023 [25][12] Market Data and Key Metrics Changes - The biotech industry continues to experience conservative spending, impacting client spending patterns for early-stage research and development [16] - Net new orders for DSA were $33.7 million in Q4 2024, compared to $32 million in the same quarter last year, indicating a slight improvement [28] - The overall market conditions in biotech have led to price pressures, affecting revenue and margins [15][16] Company Strategy and Development Direction - The company aims to improve customer experience and cash flow while reducing risk and addressing volatility [10] - There is a focus on growing the existing customer base through cross-selling products and services and attracting new customers [17] - The company plans to initiate the next phase of its site optimization program to further consolidate facilities in the U.S., projected to eliminate $4 million to $5 million in operating expenses [20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2025, expecting reduced volatility and improved margins as higher-cost inventory is cleared [22][32] - The company recognizes geopolitical market conditions and uncertainties but believes it is well-positioned for future growth [22][23] - Management noted that while there are challenges, the integration of acquisitions and operational improvements have created a stronger foundation [23] Other Important Information - The average selling price of NHPs in Q4 2024 was 7.7% higher compared to Q3 2024 but down approximately 33.4% compared to the prior year [26] - Interest expense in Q4 2024 increased to $12.3 million due to higher interest rates and additional debt [39] - The company withdrew its fiscal 2024 financial guidance and is not providing guidance for fiscal 2025 at this time [44] Q&A Session Summary Question: Clarification on gross margins in NHPs - Management indicated that gross margins were about half of what they would normally achieve due to the need to move higher-cost inventory [49][50] Question: Commentary on contracted business for 2025 - Management noted that the NHP business has more pre-sold contracts going into 2025 compared to 2024, with growth expected in colony management services [53][54] Question: Expectations for growth in 2025 - Management anticipates growth in NHPs, diet, bedding, and enrichment, with a potential recovery in discovery services [62][63] Question: Pricing competition and customer retention - Management acknowledged pricing pressures but emphasized strong customer relationships and service quality as key factors in retaining and gaining market share [66] Question: Future gross margin expectations - Management expects some margin pressure in the current quarter but anticipates stronger margins in calendar 2025 as higher-cost inventory is cleared [70]