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what it is
Inotiv runs lab studies, tests drug candidates before human trials, and sells research animals and diets.
how it gets paid
Last year Inotiv made $513M in revenue. Nonclinical drug discovery services was the main engine at $220M, or 43% of sales.
why it's growing
Revenue grew 4.5% last year. Revenue rose 1% vs. prior year to $121M.
what just happened
The latest quarter brought $121M of revenue and a smaller loss, but the company still lost money.
At a glance
C balance sheet — red flag territory — real financial stress
30/100 earnings predictability — expect surprises
4.5% return on capital — nothing to write home about
-$2.11 fy2025 eps est
$2B fy2026 rev est
xvary composite: 26/100 — weak
What they do
Inotiv runs lab studies, tests drug candidates before human trials, and sells research animals and diets.
You do not switch a preclinical vendor because the brochure looked nicer. Inotiv sits inside a workflow where 2046 employees help pharma and med-device clients move drugs through discovery and preclinical phases, which means your project is tied to their process. It also sells research-quality animals and diets, so the customer gets fewer vendors and more paperwork in one place.
How they make money
$513M
annual revenue · their business grew +4.5% last year
Nonclinical drug discovery services
$220M
Analytical drug development services
$120M
Research-quality animals
$115M
Research-quality diets
$58M
The products that matter
drug safety and preclinical testing
Discovery & Safety Assessment
$332M · 65% of segment revenue shown
it's the larger of the two operating buckets and it grew 4.5%. management pointed to better net awards, but awards are still a promise until they turn into reported revenue and cash.
the segment carrying the story
research models and lab services
Research Models & Services
$181M · 35% of segment revenue shown
this segment fell 4.5%. when one side is still declining, the healthier segment has to do more than hold steady. it has to offset the drag.
the drag on the turnaround
Key numbers
-$2.11
fy2025 eps est
$2B
fy2026 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $58M (83% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for NOTV right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter brought $121M of revenue and a smaller loss, but the company still lost money.
Revenue rose 1% vs. prior year to $121M. EPS improved 19% vs. prior year to -$0.83, which is better, but still red ink.
$121M
revenue
-$0.83
eps
n/a
n/a
the number that mattered
Revenue at $121M mattered because it showed the business is still moving, even while profits are not.
source: company earnings report, 2026
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What could go wrong
the #1 risk is liquidity covenant pressure under its credit agreement. the company already crossed that wire once.
med
liquidity covenant pressure
The company needed a temporary waiver on March 9, 2026 after breaching the minimum liquidity requirement in its credit agreement.
If you see another waiver request, the financing issue stops looking temporary and starts looking structural.
med
cash burn against a tiny equity cushion
Cash fell $9M last quarter, while long-term debt sits at $58M and equals 83% of capital. The market values the equity at roughly $12M.
That contrast matters. A business with debt almost five times its equity value does not have much room for another bad quarter.
med
RMS keeps offsetting DSA
DSA grew 4.5%, but RMS fell 4.5%. The stronger segment is still spending its progress covering for the weaker one.
If DSA only stays stable while RMS keeps slipping, the operating recovery turns into a stall instead of a turn.
med
forecast visibility is thin
The source set shows $2B headline revenue fields that do not reconcile with the $513M segment total shown here. That does not mean the business is fake. It does mean the data you can model from is messy.
When the inputs are messy, valuation ranges get wide. That is an uncomfortable place for a highly levered small cap to live.
The combined risk picture is simple: a roughly $12M equity value sits behind $58M of long-term debt, cash fell $9M last quarter, and the lender already granted a waiver. If the operating recovery slips, the capital structure becomes the whole story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next lender and earnings update
You want the next filing to show fewer accommodations and more operating proof. If the waiver story gets longer, the equity story gets shorter.
trend
DSA turning awards into revenue
Management pointed to better net awards. The catch is that awards do not pay debt. Reported revenue and cash do.
risk
minimum liquidity compliance
The March 9, 2026 waiver already identified the weak spot. Watch the credit agreement before you watch the chart.
metric
30 / 100 earnings predictability
If predictability improves, the stock can start trading on operations again. If it stays this low, headlines keep setting the price.
Analyst rankings
short-term outlook
thin coverage
analyst target data is limited. in human-speak: there is no clean consensus doing the work for you here.
risk profile
very high
5 / 100 price stability and a C balance sheet point to a headline-driven stock, not a steady compounder.
chart momentum
event-driven
at $0.43 inside a $0–$3 range, the chart is saying company-specific events matter more than technical neatness.
earnings predictability
30/100
low predictability means quarter-to-quarter noise can dominate the narrative. you need patience and a clear kill switch.
source: institutional data
Institutional activity
institutional ownership data for NOTV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$0
current price
n/a
target midpoint · n/a from current
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