Thu, May 16, 10:06 AM (72 days ago)
Inotiv, Inc. filed an amendment to its 10-Q for the quarter ending March 31, 2024, correcting an administrative error in the presentation of amounts in the "Liquidity and Capital Resources" section. The amendment also updates Part II, Item 5 to include details of the Fourth Amendment to the company’s Credit Agreement. The revision corrects amounts from thousands to actual figures and includes new certifications from the CEO and CFO. No other items or disclosures were amended. Key Financial Highlights: - Revenue for Q2 2024 was $119.0 million, down from $151.5 million in Q2 2023, driven by a 30.7% decrease in RMS revenue. - Consolidated net loss for Q2 2024 was $48.1 million, compared to a net loss of $9.6 million in Q2 2023. - The DSA segment saw a slight revenue decrease but improved operating income due to lower operating expenses. - The RMS segment experienced a significant revenue drop and an operating loss due to lower NHP-related sales and a $26.5 million charge related to an agreement with the DOJ. - The company has cash and cash equivalents of $32.7 million and access to a $15.0 million revolver. - Liquidity concerns persist, with potential non-compliance with financial covenants if revenue does not improve. - Subsequent to Q2, the company entered into a Fourth Amendment to its Credit Agreement, allowing certain charges to be added back to EBITDA for covenant purposes.