OTC: NOTV
Inotiv, Inc.CIK 0000720154 · SIC 8731 · Commercial Physical & Biological Research
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Inotiv bankruptcy plan confirmed; all existing shares to be canceled with zero recovery
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Inotiv files Chapter 11, secures $65.5M DIP financing; Nasdaq delisting June 11
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Inotiv files Chapter 11 bankruptcy, existing shareholders to be wiped out with zero recovery
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Inotiv extends grace period on $2.1M missed debt payment for second time, now due June 5
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Inotiv secures $40M bridge loan amid missed debt payment, explores strategic alternatives
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revenue $117.7M, net income -$32.5M. Inotiv flags going-concern doubt, forecasts covenant breach, explores strategic alternatives
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Inotiv secures lender waiver after failing to meet minimum liquidity requirements
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Inotiv receives covenant waiver after failing to meet minimum liquidity requirements
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Inotiv obtains lender waiver after failing minimum liquidity covenant on two test dates
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Latest financial statements
From 10-Q filed May 11, 2026 (period ending Mar 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 | Six months ended March 31, 2026 | Six months ended March 31, 2025 |
|---|---|---|---|---|
| Service revenue | 58,447 | 56,128 | 118,168 | 109,685 |
| Product revenue | 59,205 | 68,195 | 120,363 | 134,514 |
| Total revenue | 117,652 | 124,323 | 238,531 | 244,199 |
| Costs and expenses: | ||||
| Cost of services provided (excluding depreciation and amortization of intangible assets) | 44,025 | 43,492 | 87,764 | 82,736 |
| Cost of products sold (excluding depreciation and amortization of intangible assets) | 48,978 | 51,840 | 101,308 | 107,434 |
| Selling | 5,663 | 5,078 | 11,082 | 10,215 |
| General and administrative | 17,643 | 17,152 | 36,134 | 36,304 |
| Depreciation and amortization of intangible assets | 14,081 | 13,824 | 27,872 | 28,003 |
| Other operating expense (income) | 6,571 | (4,125) | 10,010 | (2,048) |
| Operating loss | (19,309) | (2,938) | (35,639) | (18,445) |
| Other expense: | ||||
| Interest expense, net | (14,063) | (13,446) | (27,526) | (27,284) |
| Other (expense) income | (371) | 408 | (594) | (55) |
| Loss before income taxes | (33,743) | (15,976) | (63,759) | (45,784) |
| Income tax benefit | 1,276 | 1,110 | 2,914 | 3,288 |
| Consolidated net loss | (32,467) | (14,866) | (60,845) | (42,496) |
| Loss per common share | ||||
| Net loss attributable to common shareholders: | ||||
| Basic | (0.94) | (0.44) | (1.76) | (1.39) |
| Diluted | (0.94) | (0.44) | (1.76) | (1.39) |
| Weighted-average number of common shares outstanding: | ||||
| Basic | 34,653 | 33,995 | 34,510 | 30,540 |
| Diluted | 34,653 | 33,995 | 34,510 | 30,540 |
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)
| Description | March 31, 2026 (Unaudited) | September 30, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 15,180 | 21,741 |
| Trade receivables and contract assets, net of allowances for credit losses of $6,208 and $6,397, respectively | 61,357 | 78,222 |
| Inventories, net | 30,547 | 45,738 |
| Prepaid expenses and other current assets | 37,385 | 48,890 |
| Total current assets | 144,469 | 194,591 |
| Property and equipment, net | 175,694 | 180,726 |
| Operating lease right-of-use assets, net | 54,663 | 46,358 |
| Goodwill | 94,286 | 94,286 |
| Other intangible assets, net | 222,516 | 240,197 |
| Other assets | 10,790 | 14,956 |
| Total assets | 702,418 | 771,114 |
| Liabilities and shareholders' equity | ||
| Current liabilities: | ||
| Accounts payable | 38,176 | 48,531 |
| Accrued expenses and other current liabilities | 34,178 | 44,722 |
| Revolving credit facility | 13,000 | 3,000 |
| Fees invoiced in advance | 38,193 | 51,512 |
| Current portion of long-term operating lease | 6,316 | 6,896 |
| Current portion of long-term debt | 410,422 | 402,123 |
| Total current liabilities | 540,285 | 556,784 |
| Long-term operating leases, net | 53,781 | 44,344 |
| Other long-term liabilities | 29,528 | 28,385 |
| Deferred tax liabilities, net | 1,725 | 5,573 |
| Total liabilities | 625,319 | 635,086 |
| Contingencies and Commitments (Note 11) | ||
| Shareholders’ equity: | ||
| Common shares, no par value: | ||
| Authorized 74,000,000 shares at March 31, 2026 and at September 30, 2025; 34,888,147 issued and outstanding at March 31, 2026 and 34,357,251 at September 30, 2025 | 8,683 | 8,551 |
| Additional paid-in capital | 758,535 | 756,062 |
| Accumulated deficit | (691,658) | (630,813) |
| Accumulated other comprehensive income | 1,539 | 2,228 |
| Total equity | 77,099 | 136,028 |
| Total liabilities and shareholders’ equity | 702,418 | 771,114 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended March 31, 2026 | Six months ended March 31, 2025 |
|---|---|---|
| Operating activities: | ||
| Consolidated net loss | (60,845) | (42,496) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 27,872 | 28,003 |
| Employee stock compensation expense | 2,586 | 3,205 |
| Changes in deferred taxes | (3,789) | (4,028) |
| Provision for expected credit losses | 404 | (975) |
| Amortization of debt issuance costs and original issue discount | 2,748 | 2,556 |
| Non-cash interest and accretion expense | 6,129 | 6,090 |
| Other non-cash operating activities | 356 | 1,178 |
| Changes in operating assets and liabilities: | ||
| Trade receivables and contract assets | 16,307 | 3,370 |
| Inventories | 14,930 | (20,001) |
| Prepaid expenses and other current assets | 18,348 | 7,483 |
| Operating lease right-of-use assets and liabilities, net | 554 | (167) |
| Accounts payable | (8,855) | (129) |
| Accrued expenses and other current liabilities | (9,567) | (1,374) |
| Fees invoiced in advance | (13,124) | (814) |
| Other asset and liabilities, net | (557) | 787 |
| Net cash used in operating activities | (6,503) | (17,312) |
| Investing activities: | ||
| Capital expenditures | (7,283) | (9,932) |
| Proceeds from sale of property and equipment | 6 | 22 |
| Net cash used in investing activities | (7,277) | (9,910) |
| Financing activities: | ||
| Payments on revolving credit facility | — | (20,000) |
| Payments on senior term notes and delayed draw term loans | (2,119) | (1,382) |
| Borrowings on revolving credit facility | 10,000 | 20,000 |
| Issuance of common shares | — | 27,524 |
| Other financing activities, net | (459) | (649) |
| Net cash provided by financing activities | 7,422 | 25,493 |
| Effect of exchange rate changes on cash and cash equivalents | (203) | (404) |
| Net decrease in cash and cash equivalents | (6,561) | (2,133) |
| Cash and cash equivalents at beginning of period | 21,741 | 21,432 |
| Cash and cash equivalents at end of period | 15,180 | 19,299 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | 17,086 | 21,111 |
| Income taxes paid, net | 1,533 | 1,135 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share amounts); (in thousands, except share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗