The following is a summary of the Inotiv, Inc. (NOTV) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Inotiv reported a decrease in total Q2 2024 revenue by 21.5% to $119 million, due to factors like lower NHP revenue and the selling of the Israeli business.

• The company's operational costs, legal fees, and downturn in biotech market surpassed $19 million, causing the company to record a net loss of $43.1 million for Q2 2024.

• Despite this, the company generated positive cash from operating activities of $10.4 million.

• Adjusted EBITDA for the quarter was down to $3.1 million, a significant drop from $17.1 million the previous year.

Business Progress:

• The company has successfully implemented several operational actions, including cost reductions, secured contracts with new clients, and staff reductions.

• Focus has shifted towards increasing awards and optimizing market share, along with developing strategies to enhance revenue growth in the DSA segment.

• Inotiv also plans to transition reliance from NHP margins towards growing margins in the small animal tech lab and DSA business.

• Despite regulatory challenges and a downturn in the biotech market, the company is optimistic about its position, and anticipates growth potential in the future backed by investments in R&D, addition of new service lines, and increased sales and marketing efforts.

More details: Inotiv IR

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