provision         (5,154)       1,480        (21,875)       (19,340) 
    Depreciation 
     and 
     amortization 
     of 
     intangible 
     assets          14,594       14,600         57,118         54,717 
  Stock 
   compensation 
   expense            1,622        1,988          6,740          7,844 
  Acquisition and 
   integration 
   costs (1)             --         (145)            70          1,449 
  Startup costs         709        1,291          3,278          6,858 
  Restructuring 
   costs (2)            515        1,317          3,374          4,626 
  Unrealized 
   foreign 
   exchange 
   (gain) loss         (744)         956         (1,320)           950 
  Amortization of 
   inventory step 
   up                   142          116            351            679 
  (Gain) loss on 
   disposition of 
   assets               862           84            (76)           403 
  Other unusual, 
   third party 
   costs              1,258          806          5,886          4,530 
  Resolution 
  Agreement and 
  Plea Agreement 
  (3)                    --           --         28,500             -- 
  Gain on sale of 
   subsidiary            --       (1,377)            --         (1,377) 
  Gain on debt 
   extinguishment    (1,860)          --         (1,860)            -- 
  Goodwill 
   impairment 
   loss (4)              --           --             --         66,367 
                    -------       ------       --------       -------- 
Adjusted EBITDA 
 (b)               $  5,369      $23,678      $  18,185      $  65,823 
                    -------       ------       --------       -------- 
GAAP consolidated 
 net loss as a 
 percent of total 
 revenue              (14.5)%       (6.2)%        (22.2)%        (18.3)% 
                   --------      -------      ---------      --------- 
Adjustments as a 
 percent of total 
 revenue               18.6%        23.0%          25.9%          29.8% 
                    -------       ------       --------       -------- 
Adjusted EBITDA 
 as a percent of 
 total revenue          4.1%        16.8%           3.7%          11.5% 
                    -------       ------       --------       -------- 
 
 
(a)      Adjustments to certain GAAP reported measures for 
          the three and twelve months ended September 30, 2024 
          and 2023 include, but are not limited to, the following: 
     (1)        For the three and twelve months ended September 30, 
                 2024 and 2023, represents charges for legal services, 
                 accounting services, travel and other related activities 
                 in connection with various acquisitions and the related 
                 integration of those acquisitions. 
     (2)        For the three and twelve months ended September 30, 
                 2024, primarily represents costs incurred in connection 
                 with the exit of multiple sites and the enablement 
                 of the in-house integration of Inotiv's North American 
                 transportation operations as previously disclosed. 
                 For the three and twelve months ended September 30, 
                 2023, primarily represents costs incurred in connection 
                 with the exit of multiple sites as previously disclosed. 
     (3)        For the twelve months ended September 30, 2024, represents 
                 a charge related to the Resolution Agreement and the 
                 Plea Agreement as it relates to the matter in which 
                 the U.S. Department of Justice, together with federal 
                 and state law enforcement agents, executed a search 
                 and seizure warrant on the Cumberland facility on 
                 May 18, 2022. 
     (4)        For the twelve months ended September 30, 2023, represents 
                 a non-cash goodwill impairment charge of $66.4 million 
                 related to the RMS segment. 
(b)      Adjusted EBITDA - Consolidated net loss before interest 
          expense, income tax benefit/provision, depreciation 
          and amortization of intangible assets, stock compensation 
          expense, acquisition and integration costs, startup 
          costs, restructuring costs, unrealized foreign exchange 
          (gain) loss, amortization of inventory step up, (gain) 
          loss on disposition of assets, other unusual, third 
          party costs, the charge in connection with the Resolution 
          Agreement and the Plea Agreement, gain on sale of 
          subsidiary, gain on debt extinguishment and goodwill 
          impairment loss. 
 
 

(END) Dow Jones Newswires

December 03, 2024 16:05 ET (21:05 GMT)