Inotiv reports Q1 EPS (60c), consensus (85c)

Reports Q1 revenue $135.5M, consensus $132.86M …Net book-to-bill ratio for Q1 FY 2024 was 1.46x for the DSA services businessFirst quarter fiscal 2024 DSA revenue up 8.8% to $44.7 million and RMS revenue up 11.1% to $90.8 million…Robert Leasure Jr., President and Chief Executive Officer, commented, “Our transformation over the past 18 months has been significant, culminating in the optimization of our operational footprint from 35 to 24 locations, simultaneously expanding three existing facilities and then recently completing the transition of our transportation operations in-house. This will allow us to better service customer demand, add new complementary services and create a platform which will support growth and allow us to leverage our fixed cost structure and enhance margins. As we near the completion of these infrastructure projects, we have shifted to a renewed focus on sales and marketing. “Our first quarter improvement in the DSA backlog compared to last quarter was a positive. We expect some of this may reflect pent-up demand after a slow summer, but we remain encouraged. The critical groundwork has been completed and we plan to continue building on our strategic initiatives which should improve our efficiencies across our sites and positively impact top and bottom lines,” concluded Mr. Leasure.