Inotiv Reports Fourth Quarter and Full Year Financial Results for Fiscal 2024 and Provides Business Update

Core Viewpoint - Inotiv, Inc. reported a decline in revenue for both the fourth quarter and the full fiscal year 2024, primarily due to decreased sales in its Research Models and Services (RMS) segment and Discovery and Safety Assessment (DSA) services, while also highlighting efforts to enhance liquidity and optimize operations [1][3][7]. Financial Performance - Q4 FY 2024 revenue decreased by 7.3% to $130.4 million compared to $140.7 million in Q4 FY 2023, driven by an 11.2% decrease in DSA revenue and a 5.2% decrease in RMS revenue [5][13]. - Full year FY 2024 revenue was $490.7 million, down 14.3% from $572.4 million in FY 2023, primarily due to a 19.8% decrease in RMS revenue [7][15]. - Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to a net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023 [6][13]. - For FY 2024, the consolidated net loss was $108.9 million, or 22.2% of total revenue, compared to a net loss of $104.9 million, or 18.3% of total revenue, in FY 2023 [7][16]. Revenue by Segment - DSA revenue for Q4 FY 2024 was $44.6 million, down from $50.2 million in Q4 FY 2023, a decrease of 11.2% [2][31]. - RMS revenue for Q4 FY 2024 was $85.8 million, down from $90.5 million in Q4 FY 2023, a decrease of 5.2% [2][31]. - For the full year FY 2024, DSA revenue decreased by 2.7% to $180.1 million, while RMS revenue decreased by 19.8% to $310.6 million [2][7]. Operational and Strategic Initiatives - The company completed the consolidation of operating activities from its Blackthorn, U.K. facility into its Hillcrest, U.K. site by the end of September 2024 [9]. - Inotiv plans to initiate the next phase of its site optimization program in FY 2025, which is expected to eliminate approximately $4.0 million to $5.0 million in operating expenses [11]. - The company raised capital through the issuance of Second Lien Notes amounting to approximately $22.6 million and amended its credit agreement to enhance liquidity [1][9]. Management Commentary - The CEO noted that the fourth quarter was productive, with a focus on site optimization, capital raising, and improving customer experience [3][4]. - The company aims to reduce volatility in its NHP business and continue its customer-driven strategy to enhance scientific expertise and innovation [4][3].