Inotiv, Inc. Files 2024 10-K Report

TL;DR

Inotiv's 2024 10-K is in, check financials and any DOJ fines.

AI Summary

Inotiv, Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its operations in biological and physical research. The filing details financial performance and business activities, including information relevant to its ongoing operations and any potential legal or regulatory matters that may impact the company. Specific financial figures and dates related to these activities are outlined within the comprehensive report.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Inotiv's financial health and operational status for the fiscal year 2024, including any material events or risks.

Risk Assessment

Risk Level: medium — The filing mentions 'USDOJAgreementInPrincipleFinesMember' and 'LossContingencyPaymentPeriodTwoMember', indicating potential financial liabilities and ongoing legal matters.

Key Numbers

• 2024-09-30 — Fiscal Year End (The reporting period for the 10-K.)
• 2024-12-04 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Inotiv, Inc. (company) — Filer of the 10-K
• 2024-09-30 (date) — Fiscal year end
• 2024-12-04 (date) — Filing date
• 0000720154 (company) — Central Index Key for Inotiv, Inc.
• USDOJAgreementInPrincipleFinesMember (dollar_amount) — Indicates potential fines from DOJ agreement
• 2024-06-03 (date) — Date related to DOJ agreement

FAQ

Key Financial Figures

• $3.3 million — d September 30, 2024 and 2023, we spent $3.3 million and $6.9 million, respectively, on star
• $6.9 m — 024 and 2023, we spent $3.3 million and $6.9 million, respectively, on startup costs f

Filing Documents

• notv-20240930.htm (10-K) — 2196KB
• notv-20240930xex024xobrcse.htm (EX-2.4) — 14KB
• notv-20240930xex025xobrcth.htm (EX-2.5) — 16KB
• notv-20240930xex044xdescri.htm (EX-4.4) — 37KB
• notv-20240930xex1016xadria.htm (EX-10.16) — 6KB
• notv-20240930xex1027xexecu.htm (EX-10.27) — 102KB
• notv-20240930xex191xinside.htm (EX-19.1) — 67KB
• notv-20240930xex211.htm (EX-21.1) — 21KB
• notv-20240930xex231.htm (EX-23.1) — 9KB
• notv-20240930xex311.htm (EX-31.1) — 10KB
• notv-20240930xex312.htm (EX-31.2) — 10KB
• notv-20240930xex321.htm (EX-32.1) — 4KB
• notv-20240930xex322.htm (EX-32.2) — 4KB
• image_0a.jpg (GRAPHIC) — 15KB
• image_1a.jpg (GRAPHIC) — 0KB
• 0001628280-24-049947.txt ( ) — 13051KB
• notv-20240930.xsd (EX-101.SCH) — 91KB
• notv-20240930_cal.xml (EX-101.CAL) — 139KB
• notv-20240930_def.xml (EX-101.DEF) — 472KB
• notv-20240930_lab.xml (EX-101.LAB) — 1127KB
• notv-20240930_pre.xml (EX-101.PRE) — 818KB
• notv-20240930_htm.xml (XML) — 1757KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 39 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 66 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 120 Item 9A.

Controls and Procedures

Controls and Procedures 120 Item 9B. Other Information 122 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 PART III Item 10. Directors, Executive Officers and Corporate Governance 122 Item 11.

Executive Compensation

Executive Compensation 123 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 123 Item 13. Certain Relationships and Related Transactions, and Director Independence 123 Item 14. Principal Accountant Fees and Services 123 PART IV Item 15. Exhibits and Financial Statement Schedules 124 Item 16. Form 10-K Summary 124 3 Table of Contents RISK FACTORS SUMMARY Our business is subject to many risks and uncertainties, which may affect our future financial performance or condition. If any of the events or circumstances described in Part I, Item 1A. "Risk Factors" in this Annual Report on Form 10-K occur, our business and financial performance or condition could be adversely affected, our actual results could differ materially from our expectations and the market value of our stock could decline. These risks and uncertainties are not the only ones we face. There may be additional risks and uncertainties not currently known to us or that we currently do not believe are material that may adversely affect our business and financial performance. We have provided a summary of some of these risks below. Our sales of non-human primates ("NHPs") have decreased significantly in recent periods, which adversely affected our business, financial condition and results of operations, and this trend may continue. Our business, results of operations, financial condition, including the carrying value of certain of our assets, and cash flows have and may continue to be adversely affected by our dependence on the importation of NHPs from suppliers located outside the U.S., particularly from communist countries in Southeast Asia, legal issues related to these suppliers and any inability to diversify our suppliers located outside the U.S. We have identified conditions and events that could raise substantial doubt about our ability to continue as a going concern. We have experienced periods of losses and financial insecurity. We have incurred signific

– BUSINESS

ITEM 1 – BUSINESS Corporate History Inotiv, Inc. and its subsidiaries ("we," "our," "us," the "Company," or "Inotiv") began operating in 1975 as Bioanalytical Systems, Inc. Bioanalytical Systems, Inc. was incorporated in 1974 and completed an initial public offering in 2000. On March 18, 2021, the Company changed its corporate name from Bioanalytical Systems, Inc. to Inotiv, Inc. Our stock is traded on The Nasdaq Stock Market LLC under the symbol "NOTV." We are headquartered in West Lafayette, Indiana. Our headquarters mailing address is 2701 Kent Avenue, West Lafayette, Indiana 47906, and the telephone number at that location is (765) 463-4527. Our Internet site is www.inotiv.com. The information contained on our website is not a part of this Report and is not incorporated by reference herein. Overview Inotiv is a leading contract research organization ("CRO") dedicated to providing nonclinical and analytical drug discovery and development services primarily to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. Our products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while focusing on increasing efficiency, improving data, and reducing the cost of discovering and taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. We are dedicated to practicing high standards of laboratory animal care and welfare. As a result of our strategic acquisition of Envigo RMS Holding Corp. ("Envigo") in November 2021, which added a complementary research model platform, our full spectrum solutions now span two segments: Discovery and Safety Asse

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View this 10-K filing on SEC EDGAR