Inotiv backs FY23 revenue view at least $580M, consensus $576.72M

The company said, "The Company’s guidance takes into account a number of factors, including existing DSA backlog, current sales pipeline, trends in cancellations and delays, trends in pricing, the impact of new products and services and recent efficiency initiatives including the announced facility consolidation plans in the U.S. In addition, the guidance presented below represents the Company’s best efforts to estimate the impact of the NHP supply disruption that was identified and disclosed in Q1 FY 2023. For FY 2023, we are confirming guidance of at least $580 million of revenue and at least $75 million of Adjusted EBITDA with adjusted EBITDA margins of approximately 17% for the nine-month period ended September 30, 2023, as well as capital expenditures of no more than 5% of revenue during FY 2023. The select financial guidance for the full fiscal year ending September 30, 2023, includes the shipping of our existing Cambodian NHP inventory. Subsequent to January 13, 2023, and after an internal analysis and review, the Company has shipped a select number of its Cambodian NHP inventory; however, the Company is not currently shipping Cambodian NHPs at the same volumes that it was prior to the events on November 16, 2022. The Company expects to establish new procedures before it will resume Cambodian NHP imports. The Company expects that future imports of NHPs from Cambodia will be dependent on working with third parties to establish additional procedures aiming at providing additional assurances that future NHP imports from Cambodia are purpose-bred."