Inotiv Provides Business Updates and Upcoming Investor Conferences Update
14 November 2023 - 8:05AM
Inotiv, Inc. (Nasdaq: NOTV), a leading contract
research organization specializing in nonclinical and analytical
drug discovery and development services and research models and
related products and services, today provides business updates
related to Inotiv’s operations and an update regarding its
participation in upcoming investor conferences.
Robert Leasure, Jr., Inotiv’s President and
Chief Executive Officer, commented, “In laying the groundwork for
Inotiv’s 2024 strategic operating plan, we continue to effectively
execute across our planned initiatives. Leveraging the broad range
of products and services we can now offer, we are positioning our
commercial organization to increase sales volume through greater
cross-selling to our existing customers, in addition to
establishing relationships with new customers. As the majority of
Inotiv’s site optimization plan has largely been completed which
has included the closure of 11 sites and investments in existing
sites, along with opening new Discovery and Safety Assessment sites
and adding complementary service offerings, we believe these
investments expand our range of services, generate revenue growth,
increase margins, improve our ability to recruit and retain talent
and produce positive returns for our shareholders. We look forward
to updating shareholders on our operations and reporting fourth
quarter and full year fiscal 2023 audited results shortly, along
with commentary on our balance sheet and cash flows.”
Business and Operational Updates
- Asset Sales
- United States:
- Closed and recently sold the Boyertown, Pennsylvania
facility.
- Closed and signed agreement to sell the Haslett, Michigan
facility.
- Closed Cumberland, Virginia facility now under sales
contract.
- Europe and U.K.:
- Closed and recently sold the Spain facility.
- Letter of intent with the buyer of the Blackthorn, U.K.
facility; we plan to lease back the facility until the
consolidation and closure of this facility is completed.
- Purchase agreement is in process with buyer for facility in
Gannat, France and we expect to close on the sale in the next 60
days.
- Infrastructure Expansion and Integration
- Ft. Collins, Colorado facility expansion to support safety
assessment and medical device research is complete, occupancy
permit received in October 2023.
- Operations from the Everett, Washington facility have been
consolidated into the expanded Ft. Collins facility. This will
allow for growth in capacity and services for medical device
histopathology.
- The Hillcrest, U.K. facility improvements and expansion are
underway and expected to be completed in Q2 of fiscal 2024. This is
another critical element of the Research Model business site
optimization plan in the U.K. and Europe.
- In August 2023, we announced the sale of our Israel
businesses.
- Corporate
- Inotiv’s inaugural Environmental, Social and Corporate
Governance (ESG) Framework Report was posted on our corporate
website in October 2023.
- Sales Team
- The Company continues to expand the
sales team in its Discovery and Safety Assessment (“DSA”) segment,
including hiring a sales leader dedicated to expanding our market
share in the chemical and crop protection markets.
The Company will be participating in the
following investor conferences that will be webcast in November
2023:
Event: Jefferies London Healthcare
ConferenceLocation: London, United
KingdomPresentation Date: November 15,
2023Time: 4:00 PM Greenwich Mean Time
Event: 6th Annual Evercore ISI
HealthCONx ConferenceLocation: Miami,
FLPresentation Date: November 29,
2023Time: 3:00 PM Eastern TimeLink to
Webcast
The webcast presentations will be available for viewing and
replay under the “Investor Relations” tab of the Company's website
at www.inotivco.com.
About Inotiv
Inotiv, Inc. is a leading contract research
organization dedicated to providing nonclinical and analytical drug
discovery and development services and research models and related
products and services. The Company’s products and services focus on
bringing new drugs and medical devices through the discovery and
preclinical phases of development, all while increasing efficiency,
improving data, and reducing the cost of taking new drugs to
market. Inotiv is committed to supporting discovery and development
objectives as well as helping researchers realize the full
potential of their critical R&D projects, all while working
together to build a healthier and safer world. Further information
about Inotiv can be found here: https://www.inotivco.com/.
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking statements that are
subject to risks and uncertainties including, but not limited to,
risks and uncertainties related to the impact of recent events
related to non-human primate matters on the Company’s business,
operations, results, financial condition, cash flows, and assets,
the Company’s ability to comply with covenants under its credit
agreement, Company’s ability to reduce its legal and third party
fees, changes in the market and demand for the Company’s products
and services, the development, marketing and sales of products and
services, changes in technology, industry and regulatory standards,
the timing of acquisitions and the successful closing, integration
and business and financial impact thereof, governmental
regulations, inspections and investigations, claims, investigations
and litigation against or involving the Company, its business
and/or its industry, the expected timing and impact, including on
operations, expenses and other results, of site closures and
consolidations, expansion and related efforts, and various other
market and operating risks, including those detailed in the
Company's filings with the U.S. Securities and Exchange
Commission.
Company Contact |
|
Investor Relations |
Inotiv, Inc. |
|
LifeSci Advisors |
Beth A. Taylor, Chief Financial Officer |
|
Bob Yedid |
(765) 497-8381 |
|
(516) 428-8577 |
btaylor@inotivco.com |
|
bob@lifescieadvisors.com |
|
|
|
Inotiv (NASDAQ:NOTV)
Historical Stock Chart
From May 2024 to Jun 2024
Inotiv (NASDAQ:NOTV)
Historical Stock Chart
From Jun 2023 to Jun 2024