Inotiv reports Q1 EPS ($3.41) vs. ($3.93) last year

Reports Q1 revenue $122.75M, consensus $118.75M. Book-to-bill ratio was 1.02x for the DSA services business. DSA backlog was $147.9M at December 31, 2022. Robert Leasure Jr., president and CEO, commented, "The investments we have made, the foundation we have created, and the improvements we are implementing have put Inotiv on a path to becoming a stronger and more efficient company. We did have some unexpected challenges during the past quarter, which we are addressing, and we continue to work to improve our business. We believe our business is well-positioned to achieve above-market revenue growth rates and a significant expansion in margins through a combination of increased organic sales growth, synergies from our acquisitions over the last 14 months, and the benefits from our ongoing site optimization initiatives. We continue to advance towards our goal of achieving long-term revenue growth rates of high-single to low-double digits, and Adjusted EBITDA margins of 18-22%. I remain grateful to Inotiv’s dedicated and hard working team of professionals."