Why Is Inotiv (NOTV) Stock Down 35% Today?

Core Points - Inotiv (NASDAQ:NOTV) reported preliminary results for Q1 2024, indicating a revenue of $254.5 million for the six months ending March 31, 2024, which is a 7.2% decrease from $274.2 million in the same period the previous year [1][2] - The decline in revenue is attributed to a $22.9 million decrease in Research Models and Services revenue, primarily due to lower non-human primate sales and the impact of selling its Israeli business in Q4 2023 [2] - Inotiv issued a warning to shareholders regarding the uncertainty of sales increases for the remainder of the 2024 fiscal year, indicating potential non-compliance with financial covenants if revenue and operating margins do not improve [3] - As of Tuesday morning, NOTV stock has decreased by 34.8%, with over 234,000 shares traded, which is below its daily average trading volume of approximately 497,000 shares [3]