Inotiv gains on smaller-than-expected quarterly loss

Inotiv

11/01/2023 15:27

** Shares of contract drug researcher Inotiv Inc  NOTV.O 
rise 29.2% to $7.20
    ** Co late on Tuesday posted Q4 adj. loss of 32 cents​​ per
share vs analysts' expectation for a quarterly loss of 38 cents
per share - Refinitiv data 
    ** NOTV posted a ~400% rise in Q4 revenue to $150.5 mln vs
$30.1 mln a year earlier, but below analysts' view of $152.96
mln 
    ** Co says revenue rise driven by favorable pricing for
business segments and increased customer demand in discovery and
safety assessment (DSA) business
    ** Co sees revenue of $580 mln and at least $75 mln of adj.
EBITDA in FY 2023, below analysts' view; forecast represents
estimated impact of the non-human primate (NHP) supply
disruption that was identified in Q1 FY 2023
    ** NOTV executives at its main supplier in Cambodia were
charged of violations of U.S. endangered species law for
illegally importing NHPs, co disclosed in November 2022 
    ** NHPs are essential in animal models in biomedical
research
    ** NOTV stock fell 88.3% in the past 12 months
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))