NOTVQServices-Commercial Physical & Biological ResearchIFRS · EUR

Inotiv, Inc.

Inotiv, Inc. is a U.S.-based contract research organization that supports drug and medical device development from discovery through preclinical testing, and in some cases clinical phases. It also supplies research models, including animals and specialized diets, to pharmaceutical, medical device, academic, and government customers.

Kysy yhtiöstä
Liikevaihto513milj. EUR
+4,5 %v/v
Liikevoitto (EBIT)−30,9milj. EUR
+64,2 %v/v
EBIT-marginaali−6,0%
+11,6 %-yks.v/v
Nettotulos−68,6milj. EUR
+36,7 %v/v
Vapaa kassavirta−27,1milj. EUR
+7,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−400−2000200400600milj. EUR2020: 60 milj. EUR2020: EBIT −3,1 milj. EUR20202021: 90 milj. EUR2021: EBIT −5,6 milj. EUR20212022: 548 milj. EUR2022: EBIT −263 milj. EUR20222023: 572 milj. EUR2023: EBIT −81 milj. EUR20232024: 491 milj. EUR2024: EBIT −86 milj. EUR20242025: 513 milj. EUR2025: EBIT −31 milj. EUR2025513−31
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Inotiv, Inc.

Liiketoiminta

Osuus liikevaihdosta
Discovery and Safety Assessment (DSA)45 %

Nonclinical and analytical research services that help advance drug and device candidates through discovery and preclinical testing.

Research Models and Services (RMS)55 %

Supply of research animals, colony management, and related services used in preclinical studies.

Tuotteet

Raportoitu · osuus liikevaihdosta
54,6%45,4%FY2025100 %
  • Products54,6 %
  • Services45,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Inotiv sells primarily to pharmaceutical and medical device companies that need outsourced research capacity, specialized study design, and regulated preclinical execution. It also serves emerging biopharmaceutical firms, academia, and government clients that buy research models, diets, and testing services for R&D programs. Repeat business matters because customers’ needs rise and fall with research stage, while RMS customers often value continuity in animal supply and model consistency.

Pharmaceutical and biopharmaceutical companies

Buy toxicology, analytical, and discovery services to advance drug candidates through preclinical development.

Medical device companies

Buy safety assessment and related testing to support device development and regulatory submissions.

Research models customers

Buy nonhuman primates, rodents, and diets for in-house or outsourced studies, often valuing supply continuity.

Emerging biopharmaceutical companies

Use flexible DSA services during discovery and early development when study needs change quickly.

Academia and government

Purchase research animals and related products for scientific research and testing programs.

Strategia

Management is focused on improving operating results through client service, margin discipline, and better capital allocation. The company is also trying to grow DSA contract awards and RMS product and service revenue while investing in animal welfare and capacity expansion to support future NHP colony management growth.

Grow DSA study volume and contract awardsLyhyt aikaväli

DSA is the higher-value service engine and broadens the company’s CRO offering.

Expand RMS revenue and colony management capacityKeskipitkä aikaväli

RMS provides recurring demand and benefits from customer preference for consistent models.

Optimize capital allocation and expense baseLyhyt aikaväli

The company is under pressure to improve margins and preserve liquidity.

Maantiede

Q1/2026

Inotiv is headquartered in West Lafayette, Indiana, and serves major research markets from North America and the U.K./Europe. The company disclosed that 12.7% of fiscal 2025 revenue came from facilities outside the U.S., so international operations are meaningful but not dominant. Its geographic footprint matters because client access, regulatory requirements, labor rules, and currency exposure differ across regions.

USA94 %
Alankomaat5,8 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Inotiv faces a going-concern and covenant-compliance risk profile that can constrain financing and operating flexibility. Its business is also exposed to international operating risk, customer concentration and turnover tied to research cycles, and execution risk in animal-model supply and facility expansion. As a CRO and research-model provider, it is additionally exposed to pricing pressure, regulatory scrutiny, and demand swings in pharmaceutical R&D spending.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Going-concern uncertainty1Debt covenant noncompliance2RMS pricing pressure3International operating exposure4Client demand cyclicality5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Going-concern uncertaintyVaikutus: KriittinenTodennäköisyys: Korkea

    Management disclosed substantial doubt about the company's ability to continue as a going concern.

    KohdistuuLiquidityRefinancing accessOperating continuity
  2. Debt covenant noncomplianceVaikutus: KriittinenTodennäköisyys: Korkea

    The fiscal 2026 operating plan forecasts noncompliance with financial covenants under the Credit Agreement.

    KohdistuuPotential defaultLender negotiationsRestricted financing
  3. RMS pricing pressureVaikutus: KorkeaTodennäköisyys: Korkea

    RMS revenue fell due primarily to lower pricing in connection with NHP sales.

    Kohdistuu: Research models and nonhuman primate-related revenue

  4. International operating exposureVaikutus: KorkeaTodennäköisyys: Matala

    12.7% of revenue came from outside the U.S., creating FX, tax, labor, and regulatory exposure.

    Kohdistuu: U.K./Europe and other non-U.S. facilities

  5. Client demand cyclicalityVaikutus: KeskitasoTodennäköisyys: Korkea

    Customer needs vary with research stage, causing turnover and uneven demand.

    Kohdistuu: DSA study volumes and RMS recurring orders

Kysy Clarifolta: Inotiv, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition under ASC 606

The company recognizes service and product revenue based on performance obligations, so study timing and delivery terms affect quarterly results.

Vaikutus: Can shift revenue between periods for DSA and RMS

Goodwill and intangible assets

Acquisition-driven growth increases the need to test acquired assets for impairment.

Vaikutus: Potential non-cash charges if performance weakens

Long-lived asset estimates

Facility improvements and site optimization require judgment on useful lives and recoverability.

Vaikutus: Depreciation and possible impairment charges

Contingencies and litigation accruals

The company records liabilities when losses are probable and estimable, which requires judgment.

Vaikutus: Can materially affect expenses and liabilities

Debt and covenant accounting

Covenant compliance and refinancing discussions influence classification and liquidity disclosure.

Vaikutus: May affect current/non-current debt presentation and going-concern assessment

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Päivitetty: 24.9.2026