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Jun 30, 2020
Inotiv Q3 2020 Earnings Report
Inotiv's revenue increased driven by organic growth and acquisitions, but net loss also increased due to acquisition expenses and COVID-19 impacts.
Key Takeaways
Inotiv reported a 45.2% increase in revenue for the third quarter of fiscal year 2020, driven by organic growth and acquisitions. However, the company experienced a net loss due to increased expenses from acquisitions and the impact of COVID-19, including program delays and inefficiencies.
Revenue increased by 45.2% compared to the third quarter of fiscal 2019, reaching $15,765,000.
Net loss increased to $879,000, or $0.08 per diluted share, compared to a net loss of $426,000, or $0.04 per diluted share for the third quarter of fiscal 2019.
Service revenue increased by 53.3%, driven by organic growth and acquisitions of Smithers Avanza and PCRS.
COVID-19 pandemic negatively impacted revenue by an estimated $2,000,000 due to program delays.