Inotiv Reports Increased Full-Year Loss and Plans for Further Site Consolidation
ue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet,” Leasure said in a news release. “We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger.”
Inotiv Inc., based in West Lafayette, Indiana, recently reported a fiscal full-year net loss of $108 million, slightly higher than the $105 million loss from the previous year. Despite this, the pharmaceutical testing company remains optimistic and is implementing strategies to enhance its operations.
The company revealed that it plans to consolidate some of its facilities across the United States in the coming year. This initiative is part of ongoing efforts to optimize its operations and improve efficiency. Inotiv reported total revenue of $491 million for the fiscal year, which is a 14.3% decrease from the previous year. In the fourth quarter, revenue was reported at $130.4 million, reflecting a 7.3% decrease.
One of the factors contributing to the net loss was a $28.5 million charge related to an agreement with federal authorities following an incident involving its subsidiary, Envigo RMS, in Virginia. Despite these challenges, CEO Robert Leasure expressed confidence in the company’s ability to navigate the situation and make improvements.
Looking ahead, Inotiv is focused on further integration and cost reduction measures, customer experience enhancements, and exploring opportunities to strengthen its financial position. Over the past few years, the company has been consolidating its operations in the U.S. and the U.K. In its latest earnings report, Inotiv announced plans to launch the next phase of its site optimization program to consolidate additional Research Models & Services facilities in the U.S., with the aim of reducing operating expenses by up to $5 million.
In response to the earnings report, Inotiv stock was down 7.9% to $3.86 per share during midday trading on Wednesday. Investors and stakeholders can access the full earnings report for more details on the company’s financial performance.
