November 13, 2023
WEST LAFAYETTE, Ind., Nov. 13, 2023 (GLOBE NEWSWIRE) -- 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.
- United States:
- 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.
- 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 Conference
Location: London, United Kingdom
Presentation Date: November 15, 2023
Time: 4:00 PM Greenwich Mean Time
Event: 6th Annual Evercore ISI HealthCONx Conference
Location: Miami, FL
Presentation Date: November 29, 2023
Time: 3:00 PM Eastern Time
Link 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.
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.
Beth A. Taylor, Chief Financial Officer