Inotiv, Inc.
Inotiv, Inc. is a U.S.-based contract research organization that supports drug and medical device development from discovery through preclinical testing, and in some cases clinical phases. It also supplies research models, including animals and specialized diets, to pharmaceutical, medical device, academic, and government customers.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueNonclinical and analytical research services that help advance drug and device candidates through discovery and preclinical testing.
Supply of research animals, colony management, and related services used in preclinical studies.
Products
Reported · share of revenue- Products54.6 %
- Services45.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Inotiv sells primarily to pharmaceutical and medical device companies that need outsourced research capacity, specialized study design, and regulated preclinical execution. It also serves emerging biopharmaceutical firms, academia, and government clients that buy research models, diets, and testing services for R&D programs. Repeat business matters because customers’ needs rise and fall with research stage, while RMS customers often value continuity in animal supply and model consistency.
Buy toxicology, analytical, and discovery services to advance drug candidates through preclinical development.
Buy safety assessment and related testing to support device development and regulatory submissions.
Buy nonhuman primates, rodents, and diets for in-house or outsourced studies, often valuing supply continuity.
Use flexible DSA services during discovery and early development when study needs change quickly.
Purchase research animals and related products for scientific research and testing programs.
Strategy
Management is focused on improving operating results through client service, margin discipline, and better capital allocation. The company is also trying to grow DSA contract awards and RMS product and service revenue while investing in animal welfare and capacity expansion to support future NHP colony management growth.
DSA is the higher-value service engine and broadens the company’s CRO offering.
RMS provides recurring demand and benefits from customer preference for consistent models.
The company is under pressure to improve margins and preserve liquidity.
Geography
Q1/2026Inotiv is headquartered in West Lafayette, Indiana, and serves major research markets from North America and the U.K./Europe. The company disclosed that 12.7% of fiscal 2025 revenue came from facilities outside the U.S., so international operations are meaningful but not dominant. Its geographic footprint matters because client access, regulatory requirements, labor rules, and currency exposure differ across regions.
Share of the revenue the company reports by geography.
Risks
Inotiv faces a going-concern and covenant-compliance risk profile that can constrain financing and operating flexibility. Its business is also exposed to international operating risk, customer concentration and turnover tied to research cycles, and execution risk in animal-model supply and facility expansion. As a CRO and research-model provider, it is additionally exposed to pricing pressure, regulatory scrutiny, and demand swings in pharmaceutical R&D spending.
- Going-concern uncertaintyImpact: CriticalLikelihood: High
Management disclosed substantial doubt about the company's ability to continue as a going concern.
Exposure - Debt covenant noncomplianceImpact: CriticalLikelihood: High
The fiscal 2026 operating plan forecasts noncompliance with financial covenants under the Credit Agreement.
Exposure - RMS pricing pressureImpact: HighLikelihood: High
RMS revenue fell due primarily to lower pricing in connection with NHP sales.
Exposure: Research models and nonhuman primate-related revenue
- International operating exposureImpact: HighLikelihood: Low
12.7% of revenue came from outside the U.S., creating FX, tax, labor, and regulatory exposure.
Exposure: U.K./Europe and other non-U.S. facilities
- Client demand cyclicalityImpact: MediumLikelihood: High
Customer needs vary with research stage, causing turnover and uneven demand.
Exposure: DSA study volumes and RMS recurring orders
Accounting
Judgemental itemsThe company recognizes service and product revenue based on performance obligations, so study timing and delivery terms affect quarterly results.
Impact: Can shift revenue between periods for DSA and RMS
Acquisition-driven growth increases the need to test acquired assets for impairment.
Impact: Potential non-cash charges if performance weakens
Facility improvements and site optimization require judgment on useful lives and recoverability.
Impact: Depreciation and possible impairment charges
The company records liabilities when losses are probable and estimable, which requires judgment.
Impact: Can materially affect expenses and liabilities
Covenant compliance and refinancing discussions influence classification and liquidity disclosure.
Impact: May affect current/non-current debt presentation and going-concern assessment
Similar listed companies
Publicly listed companies with a comparable business focus.
Inovio Pharmaceuticals, Inc
INO · Pharmaceutical Preparations
INOVIO Pharmaceuticals is a clinical-stage biotechnology company developing DNA medicines designed to help treat and protect people from HPV-associated diseases, cancer, and infectious diseases.
Innoviva, Inc.
INVA · Pharmaceutical Preparations
Incyte Corporation
INCY · Services-Commercial Physical & Biological Research
Incyte is a U.S.-based biopharmaceutical company that discovers, develops, and commercializes proprietary medicines.
ENvue Medical, Inc.
FEED · Orthopedic, Prosthetic & Surgical Appliances & Supplies
Innodata Inc
INOD · Services-Computer Processing & Data Preparation
INVO Fertility, Inc.
IVF · Surgical & Medical Instruments & Apparatus
Last updated: 24/09/2026