NOTV earnings analysis
What we found in NOTV's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Inotiv, Inc. reported negative financial trends for Q2 2026, with a revenue decline to $117.7 million, down 5.4% year-over-year. The company faced significant operational losses with a net loss of $32.5 million for the quarter, reflecting substantial challenges in both the Discovery and Safety Assessment (DSA) and Research Models and Services (RMS) segments, the latter showing a notable contraction. Liquidity concerns persist as the company struggles with compliance to financial covenants, and substantial doubt remains about its ability to continue as a going concern without strategic recovery actions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue fell to $117.7 million, down 5.4% year-over-year from $124.3 million.
- Significant Losses
- Net loss reached $32.5 million or 27.6% of total revenue, compared to a $14.9 million loss in the prior year.
- Segment Revenue Performance
- DSA revenue increased by 3.9% to $47.1 million, while RMS revenue decreased by 10.7% to $70.6 million.
- Negative Cash Flow
- Operating cash flow was negative at -$6.5 million for the six months ended March 31, 2026.
- Increased Debt Levels
- Total debt increased slightly to $410.4 million from $402.1 million, showing the company’s reliance on borrowed funds.
- Management's Restructuring Plan
- Management continues to explore recapitalization and restructuring options to address liquidity concerns.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Going Concern Doubts
- Management noted substantial doubt about the company's ability to continue as a going concern, driven by compliance issues with financial covenants.
- High Debt Load
- Total debt stands at $410.4 million with upcoming maturities, raising concerns about repayment capacity.
- Revenue Pressure from RMS Segment
- RMS revenue dropped by $12.6 million (8.0%) year-over-year, indicating ongoing market challenges.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.94
- Segment
- DSA Revenue: $47.1M, RMS Revenue: $70.6M
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-Q · February 9, 2026
- Inotiv reported Q1 revenue of $120.879M, up 0.8% year-over-year, but the company posted a consolidated net loss of $28.378M (23.5% of revenue) and reported EPS of -$0.83, missing consensus. Growth was driven by the DSA…
- 10-K · December 5, 2025
- Inotiv positions itself as a vertically integrated CRO with two reportable segments — Discovery and Safety Assessment (DSA) and Research Models and Services (RMS) — focused on accelerating preclinical and translational…
- 10-K · December 4, 2024
- Inotiv positions itself as a full‑spectrum preclinical CRO after its strategic acquisition of Envigo (completed November 2021), operating two segments: Discovery and Safety Assessment (DSA) and Research Models and…
- 10-Q · February 7, 2024
- Inotiv reported Q1 (three months ended December 31, 2023) revenue of $135.5 million, up from $122.8 million a year earlier, and narrowed its consolidated net loss to $15.8 million (11.7% of revenue) from $86.9 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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