Lead Plaintiff Deadline: August 15, 2022
On July 19, 2021, Unilever’s subsidiary ice cream company, Ben & Jerry’s announced that, upon the expiration of the current licensing agreement by which its products had been distributed in Israel for decades, it would end sales of its ice cream in “Occupied Palestinian Territory” but would purportedly continue to sell its products in Israel. On this news, the Company’s ADR price fell $0.58 per ADR, or 1%. Then, on July 22, 2021, CNBC reported that Texas and Florida were examining Ben & Jerry’s actions in connection with their legislation against the boycott, divestment, and sanctions (“BDS”) movement, a controversial movement whose objective is to coerce Israel into making concessions to the Palestinians. In a letter from the state of Florida’s CFO Jimmy Patronis, who controls Florida’s public pension funds, Florida would “be prohibited from investing in Ben & Jerry’s or its parent company, Unilever.” That also meant that Unilever could not enter or renew contracts with the state or any municipality in Florida. On this news, Unilever’s ADR price fell $3.08, or 5.4%, to close at $53.45 per ADR on July 22, 2021, thereby injuring investors further. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that, in July 2020, Ben & Jerry’s board passed a resolution to end sales of its ice cream in “Occupied Palestinian Territory”; (2) the risks attendant to the Ben & Jerry’s board’s decision; (3) the foregoing risked adverse governmental actions for violations of laws, executive orders, or resolutions aimed at discouraging boycotts, divestment, and sanctions of Israel adopted by 35 U.S. states; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. For more information on the Unilever class action go to: https://bespc.com/cases/UL
Yext, Inc. (NYSE: YEXT)
Lead Plaintiff Deadline: August 16, 2022
Yext organizes a business’ facts to provide answers to consumer questions online. The Company operates yext platform, a cloud-based platform that allows its customers to, among other things, provide answers to consumer questions, control facts about their business and the content of their landing pages, and manage their consumer reviews. Yext’s website describes its service as “a modern, AI-powered Answers Platform that understands natural language so that when people ask questions about a business online they get direct answers – not links.”
As COVID-19 resurged throughout 2021, Yext consistently assured investors that pandemic-related impacts on the Company’s business were limited as the Company adapted to lockdowns and improved efficiencies in its sales and other operations. On March 8, 2022, Yext issued a press release announcing its fourth quarter ("Q4") and FY fiscal 2022 results. Among other items, Yext reported Q4 fiscal 2022 revenue of $100.9 million, falling short of consensus estimates by $140,000; first quarter ("Q1") fiscal 2023 revenue outlook of $96.3 million to $97.3 million, versus consensus estimates of $103.79 million; Q1 fiscal 2023 non-GAAP net loss per share outlook of $0.08 to $0.07, versus consensus estimates of $0.05; FY fiscal 2023 revenue outlook of $403.3 million to $407.3 million, versus consensus estimates of $444.71 million; and FY fiscal 2023 non-GAAP net loss per share outlook of $0.19 to $0.17, versus consensus estimates of $0.09. The Company further disclosed the departure of its CEO and CFO. That same day, on a conference call to discuss Yext's Q4 and FY fiscal 2022 results, the Company's incoming CEO, Michael Walrath ("Walrath"), addressed the Company's disappointing financial results, revealing, inter alia, that "we have seen fragmentation in our interactions with customers and our ability to deliver premium service and support" and that, "[i]n hindsight, it is clear we were too focused on building sales capacity and not focused enough on other functions that drive productivity, particularly sales enablement, training, client success and services. "  Walrath also disclosed that "we saw a really significant disruption in our business" such as "in Q4, 50% -- over 50% of our in-person events were canceled because of the Omicron surges[,]" while opining that Yext could "[a]bsolutely" improve its "sales motion so that it's more efficient during disruptions like that[. ]”
Following that call, a Truist Securities analyst lowered the firm's rating on Yext to hold from buy and slashed its price target to $6 from $17, noting, among other things, that key performing indicators showed an "unexpected slowdown" in Q4, guidance for fiscal 2023 shows no near-term turn around, and that "planned changes under new management (in go-to-market strategy, sales organization) carry execution risks and the timing for a meaningful and sustainable revival in growth is unclear[. ]”
Following these disclosures, Yext’s stock price fell $.055 per share, or 9.29%, to close at $5.37 per share on March 9, 2022. The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Yext's revenue and earnings were significantly deteriorating because of, inter alia, poor sales execution and performance, as well as COVID-19 related disruptions; (ii) accordingly, Yext was unlikely to meet consensus estimates for its full year ("FY")  fiscal 2022 financial results and fiscal 2023 outlook; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times. For more information on the Yext class action go to: https://bespc.com/cases/YEXT
Inotiv, Inc. (NASDAQ: NOTV)
Lead Plaintiff Deadline: August 22, 2022
The litigation challenges Inotiv’s claims regarding its Envigo business, which the company acquired in Sept. 2021, including that Envigo maintained “high standards of animal welfare” at its Cumberland, Virginia facility and other animal testing sites. On May 20, 2022, Inotiv announced that on May 18 federal and state law enforcement conducted a search and seizure warrant on the Cumberland facility. The company also announced the DOJ sued Envigo for violations of the Animal Welfare Act (“AWA”). Then, on May 21, 2022, the court in the DOJ’s case ordered a halt to violations of the AWA at Cumberland. The court’s order observed that hundreds of beagle puppies died in the Cumberland facility (many of which were not given anesthesia before they were euthanized by intracardiac injection), nursing female beagles were denied food, and many puppies died from cold exposure. About 3 weeks later, Inotiv announced it was closing Cumberland. These events sent the price of Inotiv shares crashing. According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) Envigo RMS, LLC (“Envigo”) and Inotiv’s Cumberland, Virginia facility (the “Cumberland Facility”) engaged in widespread and flagrant violations of the Animal Welfare Act (“AWA”); (2) Envigo and Inotiv’s Cumberland Facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (4) as a result, Inotiv was likely to face increased scrutiny and governmental action; (5) Inotiv would imminently shut down two facilities, including the Cumberland Facility; (6) Inotiv did not engage in proper due diligence; and (7) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. For more information on the Inotiv class action go to: https://bespc.com/cases/NOTV
About Bragar Eagel & Squire, P.C. :
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com . Attorney advertising. Prior results do not guarantee similar outcomes. Contact Information:

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Tupperware, Unilever, Yext, and Inotiv and Encourages Investors to Contact the Firm

San Francisco, California--(Newsfile Corp. - August 11, 2022) - Hagens Berman urges Inotiv, Inc. (NASDAQ: NOTV) investors who suffered significant losses to submit your losses now . A securities fraud class action has been filed and investors with significant losses have an opportunity to lead the case. Class Period: Sept. 21, 2021 - June 13, 2022
Lead Plaintiff Deadline: Aug. 22, 2022
844-916-0895
Inotiv, Inc. (NASDAQ: NOTV) Securities Fraud Class Action:
The litigation challenges Inotiv's claims regarding its Envigo business, which the company acquired in Sept. 2021, including that Envigo maintained "high standards of animal welfare" at its Cumberland, Virginia facility and other animal testing sites. Specifically, Defendants misrepresented and concealed that: (1) the Cumberland facility engaged in widespread and flagrant violations of the Animal Welfare Act ("AWA"); (2) Envigo and the Cumberland facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regard to animal welfare at Cumberland; (4) as a result, Inotiv was likely to face increased scrutiny and government action; (5) Inotiv would imminently shut down Cumberland; and, (6) Inotiv did not perform proper due diligence of Envigo. On May 20, 2022, Inotiv announced that on May 18 federal and state law enforcement conducted a search and seizure warrant on the Cumberland facility. The company also announced the DOJ sued Envigo for violations of the ACA. Then, on May 21, 2022, the court in the DOJ's case ordered a halt to violations of the AWA at Cumberland. The court's order observed that hundreds of beagle puppies died in the Cumberland facility (many of which were not given anesthesia before they were euthanized by intracardiac injection), nursing female beagles were denied food, and many puppies died from cold exposure. About 3 weeks later, Inotiv announced it was closing Cumberland. These events sent the price of Inotiv shares crashing lower. "We're focused on investors' losses and proving Inotiv misled investors about its adherence to animal welfare standards," said Reed Kathrein, the Hagens Berman partner leading the investigation. Whistleblowers: Persons with non-public information regarding Inotiv should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NOTV@hbsslaw.com . # # #
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw . Contact:

HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Inotiv, Inc. (NOTV) Investors with Significant Losses to Contact Firm's Attorneys Before Aug. 22nd Deadline in Securities Fraud Class Action

On May 20, 2022, Inotiv disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n May 18, 2022, the U.S. Department of Justice (‘DOJ’), together with federal and state law enforcement agents, executed a search and seizure warrant on” a Cumberland, Virginia facility of Inotiv’s subsidiary Envigo RMS, LLC (“Envigo”). Inotiv further disclosed that “[o]n May 19, 2022, a complaint was filed against Envigo in the U.S. District Court for the Western District of Virginia. The complaint is a civil action by DOJ alleging violations of the Animal Welfare Act at the Cumberland, Virginia facility. The complaint seeks declaratory and injunctive relief and costs.” 
On this news, Inotiv’s stock price fell $5.19 per share, or 28.31%, to close at $13.14 per share on May 23, 2022. The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors Inotiv, Inc. - NOTV

Robbins Geller Rudman & Dowd LLP
San Diego, California, UNITED STATES
SAN DIEGO, Aug.  10, 2022  (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Inotiv, Inc. (NASDAQ: NOTV) securities between September 21, 2021 and June 13, 2022, inclusive (the “Class Period”) have until Monday, August 22, 2022 to seek appointment as lead plaintiff in the Inotiv class action lawsuit. 22-cv-00045 (N.D. Ind. ), the Inotiv class action lawsuit charges Inotiv as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934. If you suffered substantial losses and wish to serve as lead plaintiff, please submit your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com . CASE ALLEGATIONS: Inotiv purports to be a contract research organization which provides nonclinical and analytical drug discovery and development services and research models and related products and services. On November 5, 2021, Inotiv completed its acquisition of Envigo RMS, LLC (“Envigo”) which is now a direct, wholly owned subsidiary of Inotiv. The Inotiv class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Envigo and Inotiv’s Cumberland, Virginia facility engaged in widespread and flagrant violations of the Animal Welfare Act of 1966 (“AWA”); (ii) Envigo and Inotiv’s Cumberland facility continuously violated the AWA; (iii) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland facility; (iv) as a result, Inotiv was likely to face increased scrutiny and governmental action; (v) Inotiv would imminently shut down two facilities, including the Cumberland facility; (vi) Inotiv did not engage in proper due diligence; and (vii) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. On May 20, 2022, Inotiv announced the search and seizure at its Cumberland facility and the filing of a U.S. Department of Justice complaint “alleging violations of the Animal Welfare Act at the Cumberland, Virginia facility.” The following day, on May 21, 2022, Judge Moon of the United States District Court for the Western District of Virginia issued a temporary restraining order which stated the following pertinent details regarding the Cumberland facility: “Over 300 beagle puppies have died onsite due to ‘unknown causes’ over seven months;” “[n]ursing female beagles were denied food, and so they (and their litters) were unable to get adequate nutrition;” “[o]ver an eight-week period, 25 beagle puppies died from cold exposure;” “[p]erhaps the most heinous discovery of the November 2021 inspection was that Envigo had allowed staff to euthanize dogs without anesthesia, in violation of the facility’s own program of care;” and “[t]he Government contends that Envigo has consistently failed, despite repeated warnings and opportunities for correction, to meet its obligations under AWA’s implementing regulations to provide adequate veterinary care . . . [b]ased on the overwhelming evidence produced by the Government, the Court agrees.” On this news, Inotiv’s share price fell by approximately 28%. Then, on June 13, 2022, Inotiv announced the closing of two Envigo facilities – the purpose-bred canine facility in Cumberland and a rodent breeding facility in Dublin – mere months after the acquisition. On this news, Inotiv’s share price fell an additional 2%, further damaging investors. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Inotiv securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Inotiv class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Inotiv class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Inotiv class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

UPCOMING NOTV DEADLINE: Robbins Geller Rudman & Dowd LLP Announces that Inotiv, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

08/10/2022 | 04:34pm EDT
Message :
Increases Select Fiscal Year 2022 Financial Guidance
WEST LAFAYETTE, IN, August 10, 2022- Inotiv, Inc. (Nasdaq: NOTV) (the "Company", "We", "Our" or "Inotiv"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ("Q3 FY 2022") and nine months ("YTD FY 2022") ended June 30, 2022. Financial Highlights
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Revenue grew to $172.7 million from $22.9 million during the three months ended June 30, 2021 ("Q3 FY 2021"), driven by a $26.3 million rise in Discovery and Safety Assessment ("DSA") revenue and $123.4 million of incremental revenue from our Research Models and Services ("RMS") business. Revenue was higher due to incremental revenue from acquisitions and internal growth from increased capacity for customer demand and favorable pricing. ·
Consolidated net loss for Q3 FY 2022 was $(3.6) million, or (2.1)% of total revenue, compared to consolidated net income of $2.6 million, or 11.4% of total revenue, in Q3 FY 2021. ·
Adjusted EBITDA increased to $37.0 million, or 21.4% of total revenue, from $2.2 million, or 9.6% of total revenue in Q3 FY 2021. ·
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DSA backlog was $143.2 million at June 30, 2022, up from $133.6 million at March 31, 2022, and $62.0 million at June 30, 2021. YTD FY 2022 Highlights
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Revenue grew to $397.2 million from $59.5 million during the nine months ended June 30, 2021 ("YTD FY 2021"), driven by a $61.6 million rise in DSA revenue and $276.1 million of incremental revenue from our RMS business. Revenue was higher due to incremental revenue from acquisitions and internal growth from increased capacity for customer demand and favorable pricing. ·
Consolidated net loss for YTD FY 2022 was $(93.6) million, or (23.6)% of total revenue, compared to consolidated net income of $1.5 million, or 2.5% of total revenue, in YTD FY 2021. ·
Adjusted EBITDA increased to $72.2 million, or 18.2% of total revenue, from $4.9 million, or 8.2% of total revenue in YTD FY 2021. ·
Updated Select Financial Guidance for Fiscal Year 2022 Ending September 30, 2022 ("FY 2022")
Based on current conditions and outlook, the Company has updated its annual guidance as follows:
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Forecasted FY 2022 annual revenue of at least $550 million, up from prior annual revenue guidance of at least $510 million
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Adjusted EBITDA margin for FY 2022 expected to be not less than 17.0% of forecasted annual revenues, up from prior guidance of an adjusted EBITDA margin of not less than 15.0% of forecasted annual revenues
Subsequent Events
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On July 7, the Company announced the acquisition of Protypia, Inc. ("Protypia"), a contract research organization that provides large molecule bioanalytical capabilities to our already established small molecule bioanalytical offerings. This highly-specialized use of mass-spectrometry technology significantly enhances our ability to support clients in the development of safe and effective medicines, particularly in the areas of immuno-oncology and cell and gene therapy. ·
On July 26, the Company announced that it has greatly expanded its capacity to conduct Good Laboratory Practices ("GLP") studies for in vitro cytogenetics and bacterial mutation assays as components of the Standard Battery of genetic toxicology studies required to support first-in-human evaluations of novel therapeutics. Management Commentary
Robert Leasure, Jr., President and Chief Executive Officer, commented, "Our results for the third quarter were above our expectations. Driven by a combination of organic growth, acquisitions and favorable pricing, we reported record revenues, Adjusted EBITDA, and backlog. We continued to expand our portfolio of services, including genetic toxicology and protein/peptide bioanalysis. We progressed our capacity expansion initiatives, and continued our investments in our information technology infrastructure. We also continued our integration of prior acquisitions and site optimization plans for recently acquired RMS businesses. We remain steadfast in our commitment to develop, enhance, and tailor Inotiv's programs and services to help support our clients in developing safe and effective medicines." Q3 FY 2022 Review
1 includes BASi Products
The increase in total revenue in Q3 FY 2022 was driven by a $26.3 million rise in DSA revenue and $123.4 million of incremental RMS revenue. The acquisitions of HistoTox Labs, Inc. ("HistoTox Labs"), Bolder BioPATH, Inc. ("Bolder BioPATH"), BioReliance Corporation ("BioReliance"), Gateway Pharmacology Laboratories LLC ("Gateway Pharmacology"), Plato BioPharma, Inc. ("Plato BioPharma") and Integrated Laboratory Systems, LLC ("ILS"), along with a full quarter's revenue from the acquisitions of Histion LLC ("Histion"), added $5.4 million of incremental service revenue, and internal growth generated $20.9 million of additional service revenue in our DSA segment during Q3 FY 2022. The acquisitions of Envigo RMS Holding Corp. ("Envigo"), Robinson Services, Inc. ("RSI") and Orient BioResource Center, Inc. ("OBRC") added $81.4 million of incremental revenue based upon the baseline revenue prior to the acquisitions, and internal growth generated $42.0 million of additional revenue in our RMS segment during Q3 FY 2022. Gross Profit1(in millions)
2includes BASi Products
Higher total gross profit in Q3 FY 2022 was the result of a $14.2 million increase in DSA gross profit from the comparable prior year period and $29.1 million of RMS gross profit as compared to no such contribution in the prior year period. The improvement in DSA gross profit as a percent of DSA revenue was primarily due to higher revenues as a result of favorable pricing and our investments in the DSA business designed to increase margins and capacity to enhance our ability to meet growing customer demand. RMS gross profit included $3.8 million of non-cash inventory step-up amortization in Q3 FY 2022, which negatively impacted the RMS gross profit percentage by approximately 3.1%. Operating expenses increased by 393.6%, or $36.8 million, in Q3 FY 2022 compared to Q3 FY2021. The higher operating expenses reflected various acquisitions, including the addition of the RMS business, as well as strategic investments in unallocated corporate G&A expense to support additional future revenue growth, which included additional headcount, recruiting and relocation expense, higher compensation expense, acquisition and integration costs, including change in control charges, primarily related to the acquisitions of Envigo, ILS, OBRC, Histion and Protypia, and an increase in startup costs for internal investments in new service offerings. Furthermore, there were restructuring costs incurred during the three months ended June 30, 2022, primarily related to the closure of our Dublin and Cumberland sites. Additionally, there was an increase in selling expenses due to an increase in travel cost as our sales and marketing teams have traveled more as the COVID-19 pandemic eases, and an increase in commissions due to higher sales awards. During Q3 FY 2022, we continued investing in internal capabilities to provide additional service offerings such as laboratory solutions, pathology services, biotherapeutics and genetic toxicology. Consolidated net loss of $(3.6) million for Q3 FY 2022 included income tax expense of $(0.3) million. Consolidated net income of $2.6 million for Q3 FY 2021 included an income tax benefit of $4.8 million. YTD FY 2022 Review
1 includes BASi Products
Higher total revenue was driven by a $61.6 million increase in DSA revenue and $276.1 million of incremental RMS revenue. The acquisitions of HistoTox Labs, Bolder BioPATH, Gateway Pharmacology, Plato BioPharma, ILS and Histion added $24.0 million of incremental service revenue and internal growth generated $37.6 million of additional service revenue in the DSA segment during YTD FY 2022. The acquisitions of Envigo, RSI and OBRC added $209.6 million of incremental revenue based upon the baseline revenue prior to the acquisitions, and internal growth generated $66.5 million of additional revenue in the RMS segment during YTD FY 2022. RMS revenue in YTD FY 2022 reflected one partial and two full quarter contributions from Envigo, which was acquired on November 5, 2021, and one partial and one full quarter of contribution from OBRC, which was acquired on January 27, 2022. Gross Profit1(in millions)
2includes BASi Products
Higher total gross profit in YTD FY 2022 was the result of a $26.6 million increase in DSA gross profit from the comparable prior year period, and $68.6 million of RMS gross profit as compared to no such contribution in the prior year period. The improvement in DSA gross profit as a percent of DSA revenue was primarily due to higher revenues as a result of favorable pricing and our investments in the DSA business designed to increase margins and capacity to enhance our ability to meet growing customer demand. The decline in gross profit as a percent of total revenue for YTD FY 2022 was primarily due to the inclusion of RMS products that have a lower gross profit as a percent of revenue compared to DSA services. RMS gross profit included improved margins on a favorable mix of sales of research models, but were partially offset by $10.0 million of non-cash inventory step-up amortization in YTD FY 2022, which negatively impacted the RMS gross profit percentage by 3.7%. Operating expenses increased by 516.4%, or $113.9 million, in YTD FY 2022 compared to YTD FY 2021. The higher operating expenses were due to acquisitions, including post combination non-cash stock compensation expense relating to the adoption of the Envigo Equity Plan recognized in connection with the Envigo acquisition of $23.0 million. Increased operating expense in YTD FY 2022 also reflected many of the same factors that impacted Q3 FY 2022. Consolidated net loss of $(93.6) million for YTD FY 2022 included the above-referenced $23.0 million post combination non-cash stock compensation expense relating to the adoption of the Envigo Equity Plan and $56.7 million of fair value remeasurement of the embedded derivative component of the convertible notes issued in September 2021. Consolidated net income for YTD FY 2021 was $1.5 million. Cash Provided by Operating Activities and Financial Condition
As of June 30, 2022, the Company had $21.2 million in cash and cash equivalents, a $0 balance on a $15.0 million revolving credit facility, and a $0 balance on a $35 million delayed draw term loan. Total debt as of June 30, 2022, was $338.8 million. We were in compliance with our debt covenants as of June 30, 2022. Cash used by operating activities was $5.4 million for the nine months ended June 30, 2022, compared to cash provided by operating activities of $8.0 million for the same period last year. Conference Call
Management will host a conference call on Wednesday, August 10, 2022, at 5:00 pm ET to discuss third quarter reported results for fiscal year 2022. Interested parties may participate in the call by dialing:
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(201) 493-6739 (International)
The live conference call webcast will be accessible in the Investors section of the Company's web site and directly via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=SBPx3NH1
For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv's web site at: https://www.inotivco.com/investors/investor-information/ . Non-GAAP to GAAP Reconciliation
This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and nine months ended June 30, 2022 and 2021 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial performance measure that excludes from consolidated net income (loss) statement of operations line items interest expense and income tax (benefit) expense, as well as non-cash charges for depreciation and amortization, stock compensation expense, United Kingdom lease liability reversal benefit, acquisition and integration costs, startup costs, restructuring costs incurred in connection with the exit of our Cumberland and Dublin facilities, unrealized foreign exchange gain, loss on debt extinguishment, amortization of inventory step up, loss/gain on disposition of assets, loss on fair value remeasurement of convertible notes and other non-recurring third-party costs. The adjusted business segment information excludes from operating income and unallocated corporate G&A these same expenses. Adjusted EBITDA margin guidance for fiscal year 2022 is provided on a non-GAAP basis. The Company cannot reconcile its expected adjusted EBITDA margin to expected net income margin without unreasonable effort because certain items that impact net income margin are out of the Company's control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company's GAAP financial results. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company's ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company
Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical R&D projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotivco.com/ . This release contains forward-looking statements, including financial guidance, that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to changes in the market and demand for our services and products, the development, marketing and sales of products and services, changes in technology, industry and regulatory standards, the timing of acquisitions and the successful closing, integration and business and financial impact thereof, near-term and long-term growth in revenue and operating margins, governmental regulations, inspections and investigations, the impact of site closures and consolidations, expansion and related efforts, which may precipitate or exacerbate other risks and/or uncertainties and various other market and operating risks, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Company Contact
(a)
Adjustments to certain GAAP reported measures for the three and nine months ended June 30, 2022 and 2021 include, but are not limited to, the following:
(1)
For the nine months ended June 30, 2022, $23.0 million relates to post combination non-cash stock compensation expense relating to the adoption of the Envigo Equity Plan recognized in connection with the Envigo acquisition. (2)
For the three months ended June 30, 2022, represents charges for legal services, accounting services, travel, change in control charges and other related activities in connection with the acquisition and integration of Envigo, ILS, OBRC and Histion. For the nine months ended June 30, 2022, represent charges for legal services, accounting services, travel, change in control charges and other related activities in connection with the acquisitions of Plato BioPharma, Envigo, RSI, ILS, OBRC and Histion. (3)
For the three and nine months ended June 30, 2022, restructuring costs represent costs incurred in connection with the exit of our Dublin and Cumberland sites
(4)
For the nine months ended June 30, 2022, represents loss of $56.7 resulting from the fair value remeasurement of the embedded derivative component of the convertible notes. (b)
Adjusted EBITDA - Consolidated net (loss) income before interest expense, income tax expense (benefit), depreciation and amortization, stock compensation expense, United Kingdom lease liability reversal benefit, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange gain, loss on debt extinguishment, amortization of inventory step up, gain/loss on disposition of assets, loss on fair value remeasurement of the embedded derivative component of the convertible notes and other non-recurring third party costs. Attachments

Inotiv : Announces Third Quarter Fiscal 2022 Financial Results - Form 8-K

Biocytogen is a Beijing- and Massachusetts-based advanced biotechnology company that supplies gene-targeted animal models and services. Biocytogen has established two gene-targeting platforms: the first is a traditional ESC/HR platform that includes a unique gene targeting vector construction technology with an accurate micro-injection system and high germline transmission efficiency of C57BL/6 mouse embryonic stem cells (ESC), while the second platform is the Extreme Genome Editing (EGE) system evolved from standard CRISPR/Cas9 technology. EGE technology increases large fragment knock-in efficiency by 10-20 fold for multiple gene-editing designs in cell lines, rats, mice, and other species at low cost.

Biocytogen

Dr. Adrian Hardy , President and CEO of Envigo RMS Holding Corp. , commented : `` Our collaboration with Biocytogen further expands the range of models available to Envigo RMS Holding Corp. 's customers .

Envigo Announces Collaboration With Biocytogen to Distribute the B-NDG Triple Immunodeficient and Humanizable Mouse Model

Laboratory Corporation of America Holdings (NYSE: LH), dba LabCorp, provides medical laboratory tests and services through a national network of primary clinical laboratories. Its clients include physician offices, hospitals, managed care organizations, and biotechnology and pharmaceutical companies.

LabCorp

International Rail Partners (IRP) is dedicated to acquiring and operating international freight railroads, as well as ancillary rail services throughout the world. By focusing on select global markets, IRP strategically invests in railroad assets where significant value can be added through its expertise.

International Rail Partners

OCSiAl is an international advanced materials company that commercializes technology for the synthesis of high-quality single-wall carbon nanotubes. This technology allows the synthesis of a wide range of carbon nanomaterials. The pilot industrial facility for single-wall carbon nanotubes synthesis, named Graphetron 1.0, produces more than 10 tons of single-wall carbon nanotubes per year. OCSiAl is owned by a global holding company headquartered in Luxembourg and has operations across Europe, Asia, and North America.

OCSiAl

W. P. Carey

LabCorp Drug Development

Unisys

Aimnet Solutions

Tetley

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Envigo is a non-clinical contract research organization ("CRO") that offers a diverse set of non-clinical discovery and safety assessment services as well as laboratory animal science tools. The company provides essential products and research services for pharmaceutical, crop protection, chemical companies, universities, governments, and research organizations.On September 21st, 2021, Envigo was acquired by Inotiv million.

First funding	9/21/2021
Last Funding	9/21/2021
Investor	Inotiv
Rounds	1 Acquired
Board Seats
Type	Corporation
Location	Indiana

Wells Fargo Success Story

3M Success Story

Platform Overview

Envigo

Investors Count

Deal Terms

Envigo Funding, Envigo Valuation & Envigo Revenue

Envigo Deal Terms

1 Deal Term

Envigo Investors

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Date	9/21/2021
Round	Acquired
Amount
Investors	Inotiv
Valuation	$99M
Revenue	0 FY undefined
Sources	4