November 8, 2023
Attributes 1156% Revenue Growth to Adding Strategic Capacity, Key Integration Initiatives, Optimization of Infrastructure, and Right-Sizing its Global Footprint
WEST LAFAYETTE, Ind., Nov. 08, 2023 (GLOBE NEWSWIRE) -- Inotiv today announced it ranked 127 on the Deloitte Technology Fast 500™, a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 29th year. Inotiv grew 1156% during this period.
Inotiv’s president and chief executive officer, Robert Leasure, Jr., credits a purpose-driven, aggressive acquisition strategy, building a talented and dedicated team, developing new services, strong organic growth, and a growing client base for the top line growth over the past five years. He said, "Inotiv, a leading mid-sized, full-service CRO and research model provider, is proud to be recognized as a 2023 Fast 500™ winner as we reflect on the success of expanding our Company over the past five years and our focus on preparing for our future. Recently, we have been focused on adding strategic capacity, completing key integration initiatives, optimizing our infrastructure, and right-sizing our global footprint to achieve the synergies which can now be obtained following our aggressive growth strategy. Achieving these synergies will allow us to improve the client experience, increase gross and operating margins, and create the foundation to continue to grow profitably. Following substantial investment in adding new capabilities and growing complementary service offerings, we will continue to invest strategically in the depth and breadth of our scientific expertise and service offerings to build a Company that can enhance value for our customers, employees and shareholders."
“Each year we look forward to reviewing the progress and innovations of our Technology Fast 500 winners. This year is especially celebratory as we expand the number of winners to better represent just how many companies are developing new ideas to progress our society and the world, especially during a slow economy,” said Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader. “While software and services and life sciences continue to dominate the top 10, we are encouraged to see other categories making their mark. Congratulations to all the winners who show us how creativity, hard work and perseverance can lead to success.”
“As for growing companies, it’s always rewarding to be recognized for the ongoing commitment it takes to navigate obstacles, transform when necessary and ultimately create a thriving business,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s audit and assurance practice. “Over the nearly 30 years we’ve been compiling the Technology Fast 500, we’ve seen new categories emerge, growth rates explode, and certain regional markets shine from the bright talent they attract. We are proud of all the winners for achieving this well-deserved honor.”
About the 2023 Deloitte Technology Fast 500
Now in its 29th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2019 to 2022.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
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/.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide connect for impact at www.deloitte.com.
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Beth A. Taylor, Chief Financial Officer