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Dec 31, 2019
Inotiv Q1 2020 Earnings Report
Inotiv experienced revenue growth driven by organic service business growth and acquisitions, but reported a net loss due to non-recurring expenses.
Key Takeaways
Inotiv, formerly Bioanalytical Systems, reported a 49.7% increase in revenue for the first quarter of fiscal 2020, driven by organic growth and acquisitions. However, the company experienced a net loss due to non-recurring acquisition and integration costs, refinancing, branding, recruiting, and consulting fees. The company's new orders remain strong, as demonstrated by the growth in customer deposits on the balance sheet.
Revenue increased by 49.7% to $12.918 million compared to the first quarter of fiscal 2019.
Net loss amounted to $1.426 million, or $0.13 per diluted share, compared to a net loss of $85,000, or $0.01 per diluted share for the same quarter last year.
Service revenue increased by 57.0% to $12.142 million.
Cash provided by operating activities was $1.454 million compared to $907,000 for the same period last year.