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    NOTV   US45783Q1004

INOTIV, INC.

(NOTV)
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Inotiv : 2nd Qtr 10Q

05/18/2021 | 09:54am EDT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

  • QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended March 31, 2021

OR

  • TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for

the transition period from

to

.

Commission File Number 000-23357

INOTIV, INC.

(Exact name of the registrant as specified in its charter)

INDIANA

35-1345024

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

2701 KENT AVENUE

WEST LAFAYETTE, INDIANA

47906

(Address of principal executive offices)

(Zip code)

(765) 463-4527

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange

Title of each class

Trading Symbol(s)

on which registered

Common Shares

NOTV

NASDAQ Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES NO

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant

was required to submit such files). YES

NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check):

Large accelerated filer Accelerated filer Non-accelerated filer

Smaller Reporting Company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES NO

As of May 6, 2021, 15,827,839 of the registrant's common shares were outstanding.

1

TABLE OF CONTENTS

Page

PART I

FINANCIAL INFORMATION

Item 1

Condensed Consolidated Financial Statements:

Condensed Consolidated Balance Sheets as of March 31, 2021 (Unaudited) and September 30, 2020

3

Condensed Consolidated Statements of Operations for the Three Months and Six Months Ended March 31, 2021 and

2020 (Unaudited)

4

Consolidated Statement of Shareholders' Equity for the Three Months and Six Months Ended March 31, 2021 and

2020 (Unaudited)

5

Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2021 and 2020 (Unaudited)

6

Notes to Condensed Consolidated Financial Statements

8

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3

Quantitative and Qualitative Disclosures about Market Risk

29

Item 4

Controls and Procedures

29

PART II

OTHER INFORMATION

30

Item 1

Legal Proceedings

30

Item 1A

Risk Factors

30

Item 6

Exhibits

32

Signatures

32

2

INOTIV, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

March 31,

September 30,

2021

2020

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

2,186

$

1,406

Accounts receivable

Trade, net of allowance of $500 at March 31, 2021 and $561 at September 30, 2020

9,340

8,681

Unbilled revenues and other

3,338

2,142

Inventories, net

872

700

Prepaid expenses

2,135

2,371

Total current assets

17,871

15,300

Property and equipment, net

29,353

28,729

Operating lease right-of-use assets, net

4,105

4,001

Finance lease right-of-use assets, net

4,710

4,778

Goodwill

4,368

4,368

Other intangible assets, net

3,949

4,261

Lease rent receivable

129

75

Other assets

86

81

Total assets

$

64,571

$

61,593

Liabilities and shareholders' equity

Current liabilities:

Accounts payable

$

3,967

$

3,196

Restructuring liability

168

Accrued expenses

2,932

2,688

Customer advances

15,186

11,392

Capex line of credit

-

2,613

Current portion on long-term operating lease

1,004

866

Current portion of long-term finance lease

4,664

4,728

Current portion of long-term debt

8,317

5,991

Total current liabilities

36,070

31,642

Long-term operating leases, net

3,278

3,344

Long-term finance leases, net

42

44

Long-term debt, less current portion, net of debt issuance costs

17,925

18,826

Deferred tax liabilities

180

141

Total liabilities

57,495

53,997

Shareholders' equity:

Preferred shares, authorized 1,000,000 shares, no par value:

No Series A shares at March 31, 2021 and 25 shares at September 30, 2020 issued and

outstanding at $1,000 stated value

-

25

Common shares, no par value:

Authorized 19,000,000 shares; 11,179,041 issued and outstanding at March 31, 2021 and

10,977,675 at September 30, 2020

2,756

2,706

Additional paid-in capital

27,319

26,775

Accumulated deficit

(22,999)

(21,910)

Total shareholders' equity

7,076

7,596

Total liabilities and shareholders' equity

$

64,571

$

61,593

The accompanying notes are an integral part of the condensed consolidated financial statements

3

INOTIV, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended March 31,

Six Months Ended March 31,

2021

2020

2021

2020

Service revenue

$

17,902

$

15,191

$

34,934

$

27,333

Product revenue

849

821

1,702

1,597

Total revenue

18,751

16,012

36,636

28,930

Cost of service revenue

11,949

10,207

23,502

19,118

Cost of product revenue

522

612

933

1,142

Total cost of revenue

12,471

10,819

24,435

20,260

Gross profit

6,280

5,193

12,201

8,670

Operating expenses:

Selling

1,175

1,447

2,138

2,665

Research and development

203

162

399

324

General and administrative

5,423

3,779

10,171

6,896

Total operating expenses

6,801

5,388

12,708

9,885

Operating loss

(521)

(195)

(507)

(1,215)

Interest expense

(366)

(392)

(713)

(703)

Other income

179

10

179

12

Net loss before income taxes

(708)

(577)

(1,041)

(1,906)

Income tax expense

15

11

48

108

Net loss

$

(723)

$

(588)

$

(1,089)

$

(2,014)

Basic net loss per share

$

(0.06)

$

(0.05)

$

(0.10)

$

(0.19)

Diluted net loss per share

$

(0.06)

$

(0.05)

$

(0.10)

$

(0.19)

Weighted common shares outstanding:

Basic

11,151

10,843

11,083

10,756

Diluted

11,151

10,843

11,083

10,756

The accompanying notes are an integral part of the condensed consolidated financial statements.

4

INOTIV, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In thousands, except number of shares)

Six Month Period Ended March 31, 2021

Additional

Total

Preferred Shares

Common Shares

paid-in

Accumulated

shareholders'

Number

Amount

Number

Amount

capital

deficit

equity

Balance at

September 30, 2020

25

$

25

10,977,675

$

2,706

$

26,775

$

(21,910)

$

7,596

Net loss

(366)

(366)

Stock option

exercises

23,350

6

39

45

Stock based

compensation

116,974

29

152

181

Balance at December

31, 2020

25

$

25

11,117,999

$

2,741

$

26,966

$

(22,276)

$

7,456

Net loss

(723)

(723)

Stock based

compensation

12,502

3

275

278

Stock option

exercises

36,040

9

56

65

Preferred stock

conversion

(25)

(25)

12,500

3

22

Balance March 31,

2021

0

$

0

11,179,041

$

2,756

$

27,319

(22,999)

$

7,076

Six Month Period Ended March 31, 2020

Additional

Total

Preferred Shares

Common Shares

paid-in

Accumulated

shareholders'

Number

Amount

Number

Amount

capital

deficit

equity

Balance at

September 30, 2019

35

$

35

10,510,694

$

2,589

$

25,183

$

(17,097)

$

10,710

Adoption of

accounting standard

(128)

(128)

Net loss

(1,426)

(1,426)

Stock issued in

acquisition

240,000

60

1,073

1,133

Stock based

compensation

54,363

14

67

81

Balance at December

31, 2019

35

$

35

10,805,057

$

2,663

$

26,323

$

(18,651)

$

10,370

Net loss

(588)

(588)

Stock based

compensation

26,521

7

116

123

Stock option

exercises

32,703

8

12

20

Balance March 31, 2020

35

$

35

10,864,281

$

2,678

$

26,451

(19,239)

$

9,925

The accompanying notes are an integral part of the consolidated financial statements.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Bioanalytical Systems Inc. published this content on 18 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2021 13:53:07 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 80,2 M - -
Net income 2021 -2,26 M - -
Net Debt 2021 - - -
P/E ratio 2021 -145x
Yield 2021 -
Capitalization 413 M 413 M -
Capi. / Sales 2021 5,15x
Capi. / Sales 2022 3,28x
Nbr of Employees 409
Free-Float 62,3%
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Technical analysis trends INOTIV, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 26,12 $
Average target price 36,00 $
Spread / Average Target 37,8%
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Managers and Directors
Robert Leasure President, Chief Executive Officer & Director
Beth A. Taylor Chief Financial Officer, Secretary & VP-Finance
Gregory C. Davis Chairman
John Gregory Beattie Chief Operating Officer
Richard Allen Johnson Independent Director
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