Evotec Adjusts Revenue Guidance and Confirms Profit Guidance Anticipating a More Profitable Revenue Mix
For the current fiscal year, the Company expects revenues in the range of € 760 - 800 m (versus previously € 840 - 880 m; 2024: € 797.0 m);
R&D expenditures are expected in a range of € 40 - 50 m (unchanged; 2024: € 50.8 m);
Adjusted EBITDA 1 is expected to reach € 30 - 50 m (unchanged; 2024: € 22.6 m).
Outlook 2028 remains unchanged with a targeted Group revenue CAGR 2024-2028 in a range of 8 - 12% and an expected adj. EBITDA margin above 20% by 2028.
1 Excluding potential costs related to the transformation program in 2025
CAGR: Compound annual growth rate
In April, Evotec announced its new strategy for sustainable and profitable growth. A key element of this strategy is the refocused growth path, building on existing and new partnerships and further strengthened by leveraging its capabilities as a scalable technology and service provider. This also includes pivoting to a capex lighter model.
The Company expects this value creation strategy to result in tangible results earlier than initially expected, driven by stronger than planned revenue contributions from high-margin technology license deals.
After generating revenues below expectations in H1 2025, the Shared R&D base business is expected to continue to operate in a challenging market in the second half of 2025.
Dr Christian Wojczewski, Chief Executive Officer of Evotec, said:
'Our strategy for sustainable and profitable growth is progressing as planned. Strong demand for higher margin businesses reflects the strength of our platforms and validates the decisions we've made around focus, partnerships, and capital efficiency. While some parts of our business continue to operate in a challenging market environment, the execution of our Priority Reset, and new strategy gives us confidence that we are well-positioned to deliver on our long-term ambitions.'
The changing revenue mix is expected to positively influence the margin profile of the Evotec Group.
In parallel, Evotec accelerated the implementation of its Priority Reset focused on ensuring sustainable profitable growth and right-sizing the business. The cost savings generated through these transformation efforts are now expected to exceed targets announced during the Q1 2025 results call on 06 May 2025.
About Evotec SE
Evotec is a life science company that is pioneering the future of drug discovery and development. By integrating breakthrough science with AI-driven innovation and advanced technologies, we accelerate the journey from concept to cure - faster, smarter, and with greater precision.
Our expertise spans small molecules, biologics, cell therapies and associated modalities, supported by proprietary platforms such as Molecular Patient Databases, PanOmics and iPSC-based disease modeling.
With flexible partnering models tailored to our customers' needs, we work with all Top 20 Pharma companies, over 800 biotechs, academic institutions, and healthcare stakeholders. Our offerings range from standalone services to fully integrated R&D programs and long-term strategic partnerships, combining scientific excellence with operational agility.
Through Just - Evotec Biologics, we redefine biologics development and manufacturing to improve accessibility and affordability.
With a strong portfolio of over 100 proprietary R&D assets, most of them being co-owned, we focus on key therapeutic areas including oncology, cardiovascular and metabolic diseases, neurology, and immunology.
Evotec's global team of more than 4,800 experts operates from sites in Europe and the U.S., offering complementary technologies and services as synergistic centers of excellence. For additional information please go to www.evotec.com and follow us on X/Twitter @Evotec and LinkedIn.
Forward-looking statements
This announcement contains forward-looking statements concerning future events, including the proposed offering and listing of Evotec's securities. Words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'plan,' 'potential,' 'should,' 'target,' 'would' and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding Evotec's expectations for revenues, Group EBITDA and unpartnered R&D expenses. These forward-looking statements are based on the information available to, and the expectations and assumptions deemed reasonable by Evotec at the time these statements were made. No assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Evotec. Evotec expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Evotec's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
For further information, please contact:
Investor Relations
Volker Braun
EVP Head of Global Investor Relations & ESG
[email protected]
SOURCE: Evotec SE
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CORRECTING and REPLACING - Inotiv Reports Third Quarter Financial Results for Fiscal 2025 and Provides Business Update
In a release issued under the same headline on August 6, 2025 by Inotiv, Inc. (NASDAQ: NOTV), please note that the amount of the recent draw request on the revolving credit facility has been corrected. The corrected release follows: – Third quarter fiscal 2025 revenue up 23.5% to $130.7 million– Year-to-date fiscal 2025 revenue increased 4.0% to $374.9 million– Conference call scheduled for today at 4:30 pm ET WEST LAFAYETTE, Ind., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the 'Company'), 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 2025') ended June 30, 2025, and nine months ("YTD FY 2025") ended June 30, 2025. Revenue by Segment (in millions of USD) Three Months Ended June 30, % change (1) Nine Months Ended June 30, % change (1) 2025 2024 2025 2024 DSA (Discovery & Safety Assessment) $ 48.2 $ 44.2 8.9 % $ 136.3 $ 135.5 0.6 % RMS (Research Models & Services) $ 82.5 $ 61.6 34.1 % $ 238.6 $ 224.8 6.1 % Total (1) $ 130.7 $ 105.8 23.5 % $ 374.9 $ 360.3 4.0 % (1) Table may not foot and percentages may not recalculate due to rounding. Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, 'During the third quarter of fiscal 2025, we continued to make progress towards the financial goals we outlined during our investor day in May. We were pleased that revenue and margins improved over the second quarter, and the year over year quarterly revenue increase of 23.5% was in line with our expectations. "Our DSA net awards for the third quarter of fiscal 2025 increased 25% versus the same period last year, following a 27% year over year improvement in the second quarter. Much of this was driven by the benefits of the integration, optimization and start up investments we have implemented over the last two years. In particular, our Discovery, Medical Device, Biotherapeutics and Genetic Toxicology businesses have seen strong growth in quoting and awards over the last two quarters. "As we experience this growth in revenue and awards, we remain highly focused on client satisfaction and delivery of on-time, high quality products and services. We consistently monitor operational data and client metrics to help build a strong recurring client base. "This quarter's results demonstrate continued progress in the execution of our strategic plans. We look forward to our future and want to thank all of our employees, shareholders and partners for their support and trust." Highlights Q3 FY 2025 Highlights Revenue was $130.7 million in Q3 FY 2025, an increase of $24.9 million, or 23.5%, compared to $105.8 million during the three months ended June 30, 2024 ('Q3 FY 2024'), driven by an increase of $21.0 million, or 34.1%, in Research Models and Services ("RMS") revenue and a $3.9 million, or 8.9%, increase in Discovery and Safety Assessment ("DSA") revenue. Consolidated net loss for Q3 FY 2025 was $17.6 million, or 13.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in Q3 FY 2024. Adjusted EBITDA1 in Q3 FY 2025 was $11.6 million, or 8.9% of total revenue, compared to $0.1 million, or 0.1% of total revenue, in Q3 FY 2024. Book-to-bill ratio for Q3 FY 2025 was 1.07x for the DSA services business. DSA backlog was $134.3 million at June 30, 2025, compared to $139.4 million at June 30, 2024, and $130.8 million at March 31, 2025. YTD FY 2025 Highlights Revenue was $374.9 million in YTD FY 2025, an increase of $14.6 million, or 4.0%, compared to $360.3 million during the nine months ended June 30, 2024 ('YTD FY 2024'), driven by an increase of $13.8 million, or 6.1%, in RMS revenue and a $0.8 million, or 0.6%, increase in DSA revenue. Consolidated net loss for YTD FY 2025 was $60.1 million, or 16.0% of total revenue, compared to consolidated net loss of $90.0 million, or 25.0% of total revenue, in YTD FY 2024. Adjusted EBITDA1 in YTD FY 2025 was $22.1 million, or 5.9% of total revenue, compared to $12.8 million, or 3.6% of total revenue, in YTD FY 2024. Book-to-bill ratio for YTD FY 2025 was 1.03x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to 'Note on Non-GAAP Financial Measures' in this release for further information. Recent Developments On June 2, 2025, the Securities and Exchange Commission (the "SEC") provided notice to the Company, through the Company's external counsel, that the SEC's Division of Enforcement (the 'Division') has concluded its previously disclosed investigation related to non-human primate ("NHP") importations from Asia, including importation practices in accordance with the U.S. Foreign Corrupt Practices Act and, based on the information available to the Division as of the date of its letter, the Division does not intend to recommend an enforcement action by the SEC against the Company. During Q3 FY 2025, one property previously reported as held for sale was sold. One property remains under contract to be sold and is held for sale as of June 30, 2025, in connection with our U.S. optimization plan. As previously disclosed, the Company and certain of its current and former directors and officers have been named as defendants in a putative securities class action lawsuit and two consolidated shareholder derivative lawsuits. Although no agreements have been reached, based on current negotiations with the plaintiffs, the Company has recorded a $10.0 million accrual for these lawsuits as of June 30, 2025 and a $10.0 million receivable, as the Company currently expects to recover the full amount of the accrual under its existing insurance policies. Although these amounts have been recorded to date, there can be no assurance that final agreements will be reached, on these or other terms. Final amounts payable or recoverable related to these lawsuits may be materially different than the amounts recorded, and are subject to final resolution of these lawsuits, including negotiations between the Company, the other defendants and the plaintiffs, and required approvals by all parties involved and the courts. Third Quarter Fiscal 2025 Financial Results (Three Months Ended June 30, 2025) Revenue increased 23.5% to $130.7 million in Q3 FY 2025 as compared to $105.8 million in Q3 FY 2024. The higher total revenue in Q3 FY 2025 was driven by a $21.0 million increase in RMS revenue and a $3.9 million increase in DSA revenue. The increase in RMS revenue was due primarily to increased NHP-related product and service revenue. DSA revenue increased primarily due to an increase in general toxicology services revenue, as well as an increase in biotherapeutic services revenue and medical device services revenue. Operating loss was $5.7 million in Q3 FY 2025 as compared to $20.8 million in Q3 FY 2024. The decrease in operating loss was primarily driven by a change from RMS operating loss of $7.4 million in Q3 FY 2024 to RMS operating income of $6.4 million in Q3 FY 2025, an improvement of $13.8 million. The change in RMS operating income (loss) was primarily driven by the increase in revenue discussed above and decreased operating expenses, partially offset by increased cost of services provided and cost of products sold (collectively, "cost of revenue"). The decrease in operating expenses was primarily due to the $2.0 million charge related to the Resolution Agreement and Plea Agreement with the U.S. Department of Justice (the "DOJ") that was incurred during Q3 FY 2024, which did not repeat during Q3 FY 2025. The increase in cost of revenue primarily related to increased costs associated with the increased NHP-related product and service revenue discussed above. Fiscal 2025 Financial Results (Nine Months Ended June 30, 2025) Revenue increased 4.0% to $374.9 million in YTD FY 2025 as compared to $360.3 million in YTD FY 2024. The higher total revenue was primarily driven by a $13.8 million increase in RMS revenue. The increase in RMS revenue was primarily due to higher NHP-related product and service revenue. Operating loss was $24.1 million in YTD FY 2025 as compared to $73.2 million in YTD FY 2024. The decrease in operating loss was primarily driven by a change from RMS operating loss of $33.0 million in YTD FY 2024 to RMS operating income of $16.6 million in YTD FY 2025, an improvement of $49.6 million. The change in RMS operating income (loss) was primarily due to the $28.5 million charge related to the Resolution Agreement and Plea Agreement that was incurred during YTD FY 2024, which did not repeat during YTD FY 2025, the increase in RMS revenue discussed above and the $7.6 million settlement payment we received from Freese and Nichols Inc. ("FNI") during YTD FY 2025. Cash and cash equivalents was $6.2 million at June 30, 2025, compared to $21.4 million at September 30, 2024. Cash used in operating activities was $24.8 million for YTD FY 2025 compared to $4.4 million of cash used in operating activities for YTD FY 2024. For YTD FY 2025, capital expenditures totaled $13.9 million compared to $17.0 million for YTD FY 2024. Total debt, net of debt issuance costs, as of June 30, 2025, was $396.5 million compared to $393.3 million on September 30, 2024. As of June 30, 2025, there were no borrowings on the Company's $15.0 million revolving credit facility. Recently, the Company has requested a draw of $3.0 million on its revolving credit facility. Webcast and Conference Call Management will host a conference call on Wednesday, August 6, 2025, at 4:30 pm ET to discuss third fiscal quarter of 2025 parties may participate in the call by dialing: (800) 245-3047 (Domestic) (203) 518-9765(International) "INOTIV" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company's web site and directly via the following link: 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: Note on Non-GAAP Financial Measures 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, 2025 and 2024 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss statements of operations line items interest expense, net and income tax benefit, as well as non-cash charges for depreciation and amortization, stock compensation expense, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, loss (gain) on disposition of assets, amounts received from the legal settlement with FNI, other unusual, third party costs and the charge in connection with the Resolution Agreement and Plea Agreement. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. 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 condensed 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 and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to (i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to execute on and realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pre-sales, pricing, cost savings initiatives, expansion of services, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement; (xviii) the potential outcome of litigation against us, including any settlement and amounts accrued or recoverable; and (xix) the impact of macroeconomic factors, including but not limited to tariffs, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 4, 2024, as well as other filings we make with the Securities and Exchange Commission. Company Contact Investor Relations Inotiv, Inc. LifeSci Advisors Beth A. Taylor, Chief Financial Officer Steve Halper (765) 497-8381 (646) 876-6455 shalper@ CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts)(unaudited) Three Months EndedJune 30, Nine Months EndedJune 30, 2025 2024 2025 2024 Service revenue $ 59,579 $ 54,364 $ 169,264 $ 165,188 Product revenue 71,104 51,422 205,618 195,134 Total revenue $ 130,683 $ 105,786 $ 374,882 $ 360,322 Costs and expenses: Cost of services provided (excluding depreciation and amortization of intangible assets) 42,983 39,622 125,719 117,362 Cost of products sold (excluding depreciation and amortization of intangible assets) 53,778 45,083 161,212 161,728 Selling 5,530 5,030 15,745 15,781 General and administrative 17,879 16,782 54,183 56,505 Depreciation and amortization of intangible assets 13,985 14,119 41,988 42,524 Other operating expense 2,203 5,902 155 39,661 Operating loss $ (5,675 ) $ (20,752 ) $ (24,120 ) $ (73,239 ) Other (expense) income: Interest expense, net (13,606 ) (12,116 ) (40,890 ) (34,568 ) Other income (expense) 519 (82 ) 464 1,092 Loss before income taxes $ (18,762 ) $ (32,950 ) $ (64,546 ) $ (106,715 ) Income tax benefit 1,185 6,863 4,473 16,721 Consolidated net loss $ (17,577 ) $ (26,087 ) $ (60,073 ) $ (89,994 ) Less: Net loss attributable to noncontrolling interests — — — (440 ) Net loss attributable to common shareholders $ (17,577 ) $ (26,087 ) $ (60,073 ) $ (89,554 ) Loss per common share Net loss attributable to common shareholders: Basic $ (0.51 ) $ (1.00 ) $ (1.89 ) $ (3.46 ) Diluted $ (0.51 ) $ (1.00 ) $ (1.89 ) $ (3.46 ) Weighted-average number of common shares outstanding: Basic 34,353 25,993 31,811 25,862 Diluted 34,353 25,993 31,811 25,862 INOTIV, CONSOLIDATED BALANCE SHEETS(in thousands, except share amounts) June 30, September 30, 2025 2024 Assets Current assets: Cash and cash equivalents $ 6,215 $ 21,432 Trade receivables and contract assets, net of allowances for credit losses of $6,445 and $6,931, respectively 78,745 73,560 Inventories, net 45,074 18,173 Prepaid expenses and other current assets 43,535 50,248 Assets held for sale 2,016 — Total current assets 175,585 163,413 Property and equipment, net 182,335 188,328 Operating lease right-of-use assets, net 44,930 49,165 Goodwill 94,286 94,286 Other intangible assets, net 248,930 274,396 Other assets 13,671 11,773 Total assets $ 759,737 $ 781,361 Liabilities and shareholders' equity Current liabilities: Accounts payable $ 45,373 $ 33,526 Accrued expenses and other current liabilities 35,921 28,218 Fees invoiced in advance 40,251 41,986 Current portion of long-term operating lease 8,845 11,774 Current portion of long-term debt 6,206 3,538 Total current liabilities 136,596 119,042 Long-term operating leases, net 40,085 40,010 Long-term debt, less current portion, net of debt issuance costs 390,336 389,801 Other long-term liabilities 27,566 34,963 Deferred tax liabilities, net 21,369 27,041 Total liabilities 615,952 610,857 Shareholders' equity: Common shares, no par value: Authorized 74,000,000 shares at June 30, 2025 and at September 30, 2024; 34,354,251 issued and outstanding at June 30, 2025 and 26,015,129 at September 30, 2024 8,550 6,466 Additional paid-in capital 754,723 724,789 Accumulated deficit (622,261 ) (562,163 ) Accumulated other comprehensive income 2,773 1,412 Total equity 143,785 170,504 Total liabilities and shareholders' equity $ 759,737 $ 781,361 INOTIV, CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited) Nine Months EndedJune 30, 2025 2024 Operating activities: Consolidated net loss $ (60,073 ) $ (89,994 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 41,988 42,524 Employee stock compensation expense 4,644 5,118 Changes in deferred taxes (5,835 ) (17,407 ) Provision for expected credit losses (451 ) (1,282 ) Amortization of debt issuance costs and original issue discount 3,862 2,575 Non-cash interest and accretion expense 9,176 5,553 Other non-cash operating activities 1,083 (711 ) Changes in operating assets and liabilities: Trade receivables and contract assets (4,338 ) 24,876 Inventories (26,846 ) 17,520 Prepaid expenses and other current assets 6,877 942 Operating lease right-of-use assets and liabilities, net 1,382 1,092 Accounts payable 11,384 (4,931 ) Accrued expenses and other current liabilities 3,340 2,254 Fees invoiced in advance (1,868 ) (17,017 ) Other asset and liabilities, net (9,085 ) 24,455 Net cash used in operating activities (24,760 ) (4,433 ) Investing activities: Capital expenditures (13,938 ) (17,015 ) Proceeds from sale of property and equipment 1,522 5,432 Net cash used in investing activities (12,416 ) (11,583 ) Financing activities: Payments on revolving credit facility (20,000 ) — Payments on senior term notes and delayed draw term loans (4,254 ) (2,073 ) Borrowings on revolving credit facility 20,000 — Issuance of common shares 27,524 — Other financing activities, net (1,187 ) (2,816 ) Net cash provided by (used in) financing activities 22,083 (4,889 ) Effect of exchange rate changes on cash and cash equivalents (124 ) (153 ) Net decrease in cash and cash equivalents (15,217 ) (21,058 ) Cash and cash equivalents at beginning of period 21,432 35,492 Cash and cash equivalents at end of period $ 6,215 $ 14,434 Supplemental disclosure of cash flow information: Cash paid for interest 30,950 $ 27,398 Income taxes paid, net 714 $ 1,517 INOTIV, OF GAAP TO NON-GAAPSELECT BUSINESS SEGMENT INFORMATION(In thousands)(Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 2025 2024 DSA Revenue 48,150 44,219 136,304 135,548 Operating income 2,149 2,325 4,039 6,771 Operating income as a % of total revenue 1.6 % 2.2 % 1.1 % 1.9 % Add back: Depreciation and amortization 4,444 4,488 13,543 13,260 Restructuring costs (1) — 205 — 341 Startup costs (2) 591 772 1,708 2,569 Total non-GAAP adjustments to operating income 5,035 5,465 15,251 16,170 Non-GAAP operating income 7,184 7,790 19,290 22,941 Non-GAAP operating income as a % of DSA revenue 14.9 % 17.6 % 14.2 % 16.9 % Non-GAAP operating income as a % of total revenue 5.5 % 7.4 % 5.1 % 6.4 % RMS Revenue 82,533 61,567 238,578 224,774 Operating income (loss) 6,378 (7,447 ) 16,625 (32,973 ) Operating income (loss) as a % of total revenue 4.9 % (7.0 %) 4.4 % (9.2 %) Add back: Depreciation and amortization 9,365 9,401 27,953 28,781 Restructuring costs (1) 145 252 1,378 2,518 Amortization of inventory step up — 49 — 209 Legal Settlement (3) — — (7,550 ) — Other unusual, third party costs (4) 966 2,270 3,444 4,628 Resolution Agreement and Plea Agreement — 2,000 — 28,500 Total non-GAAP adjustments to operating income (loss) 10,476 13,972 25,225 64,636 Non-GAAP operating income 16,854 6,525 41,850 31,663 Non-GAAP operating income as a % of RMS revenue 20.4 % 10.6 % 17.5 % 14.1 % Non-GAAP operating income as a % of total revenue 12.9 % 6.2 % 11.2 % 8.8 % Unallocated Corporate Operating Loss (14,202 ) (15,630 ) (44,784 ) (47,037 ) Unallocated corporate operating loss as a % of total revenue (10.9) % (14.8) % (11.9) % (13.1) % Add back: Depreciation and amortization 176 230 492 483 Stock compensation expense 1,439 1,337 4,644 5,118 Acquisition and integration costs — — — 70 Total non-GAAP adjustments to operating loss 1,615 1,567 5,136 5,671 Non-GAAP operating loss (12,587 ) (14,063 ) (39,648 ) (41,366 ) Non-GAAP operating loss as a % of total revenue (9.6) % (13.3) % (10.6) % (11.5) % Total Revenue 130,683 105,786 374,882 360,322 Operating loss (5,675 ) (20,752 ) (24,120 ) (73,239 ) Operating loss as a % of total revenue (4.3) % (19.6) % (6.4) % (20.3) % Add back: Depreciation and amortization 13,985 14,119 41,988 42,524 Stock compensation expense 1,439 1,337 4,644 5,118 Restructuring costs (1) 145 457 1,378 2,859 Acquisition and integration costs — — — 70 Amortization of inventory step up — 49 — 209 Startup costs (2) 591 772 1,708 2,569 Legal Settlement (3) — — (7,550 ) — Other unusual, third party costs (4) 966 2,270 3,444 4,628 Resolution Agreement and Plea Agreement (5) — 2,000 — 28,500 Total non-GAAP adjustments to operating loss 17,126 21,004 45,612 86,477 Non-GAAP operating income 11,451 252 21,492 13,238 Non-GAAP operating income as a % of total revenue 8.8 % 0.2 % 5.7 % 3.7 % Adjustments to certain GAAP reported measures for the three and nine months ended June 30, 2025 and 2024 include, but are not limited to, the following: (1) For the three and nine months ended June 30, 2025, primarily represents non-cash impairment charges incurred in connection with the exit of multiple sites. For the three and nine months ended June 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.(2) For the three and nine months ended June 30, 2025 and 2024, primarily represents costs related to the development and initiation of new service offerings that are not yet revenue generating for the respective periods.(3) For the nine months ended June 30, 2025, represents the settlement payment we received from FNI.(4) For the three and nine months ended June 30, 2025, primarily represents third party and legal costs incurred in connection with the Resolution Agreement and Plea Agreement and fees incurred in connection with the FNI settlement discussed above. For the three and nine months ended June 30, 2024, primarily represents legal costs incurred in connection with the DOJ investigation and certain remediation costs. (5) For the three and nine months ended June 30, 2024, represents a charge related to the Resolution Agreement and Plea Agreement related to the DOJ investigation. INOTIV, OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA(In thousands)(Unaudited) Three Months EndedJune 30, Nine Months EndedJune 30, 2025 2024 2025 2024 GAAP Consolidated Net Loss $ (17,577 ) $ (26,087 ) $ (60,073 ) $ (89,994 ) Adjustments Interest expense, net 13,606 12,116 40,890 34,568 Income tax benefit (1,185 ) (6,863 ) (4,473 ) (16,721 ) Depreciation and amortization 13,985 14,119 41,988 42,524 Stock compensation expense 1,439 1,337 4,644 5,118 Startup costs (1) 591 772 1,708 2,569 Restructuring costs (2) 145 457 1,378 2,859 Unrealized foreign exchange (gain) loss (527 ) 33 (43 ) (576 ) Amortization of inventory step up — 49 — 209 Loss (gain) on disposition of assets 133 (79 ) 230 (938 ) Legal Settlement (3) — — (7,550 ) — Other unusual, third party costs (4) 966 2,270 3,444 4,698 Resolution Agreement and Plea Agreement (5) — 2,000 — 28,500 Adjusted EBITDA $ 11,576 $ 124 $ 22,143 $ 12,816 GAAP consolidated net loss as a percent of total revenue (13.5 )% (24.7 )% (16.0 )% (25.0 )% Adjustments as a percent of total revenue 22.3 % 24.8 % 21.9 % 28.5 % Adjusted EBITDA as a percent of total revenue 8.9 % 0.1 % 5.9 % 3.6 % Adjustments to certain GAAP reported measures for the three and nine months ended June 30, 2025 and 2024 include, but are not limited to, the following: (1) For the three and nine months ended June 30, 2025 and 2024, primarily represents costs related to the development and initiation of new service offerings that are not yet revenue generating for the respective periods.(2) For the three and nine months ended June 30, 2025, primarily represents non-cash impairment charges incurred in connection with the exit of multiple sites. For the three and nine months ended June 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.(3) For the nine months ended June 30, 2025, represents the settlement payment we received from FNI.(4) For the three and nine months ended June 30, 2025, primarily represents third party and legal costs incurred in connection with the Resolution Agreement and Plea Agreement and fees incurred in connection with the FNI settlement discussed above. For the three and nine months ended June 30, 2024, primarily represents legal costs incurred in connection with the DOJ investigation and certain remediation costs. (5) For the three and nine months ended June 30, 2024, represents a charge related to the Resolution Agreement and Plea Agreement related to the DOJ in to access your portfolio
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Trump wants more American pick-ups in Tokyo and London. That may be a hard sell
By David Dolan, Maki Shiraki and Marie Mannes TOKYO/STOCKHOLM, August 7 (Reuters) -Donald Trump is right that Japan and Europe buy few American-made cars - but it has little to do with trade barriers. From Tokyo to London, many consumers see Detroit's offerings as simply too big and too gas-guzzling. That view has made Chevrolets and Cadillacs a hard sell, and a rare sight, in cities full of slimmer cars from the Toyota Corolla to Honda Civic, Volkswagen Golf and Renault Clio. Trump often complains about what he sees as a refusal to accept U.S. cars while the Japanese and Europeans sell millions of automobiles a year into the United States. In recent trade deals, both markets agreed to drop or ease safety tests on American vehicle imports. Europe will lower levies on U.S. cars. But it may take more than a change of rules and lower tariffs to convince Japanese and European consumers, who contend with narrow roads and painfully tight parking, to buy big American-made Ford F-150 trucks and Cadillac Escalade SUVs. "American cars are designed for wide roads and freeway driving, so handling them on narrow Japanese streets can be tricky. It takes a bit of technique," said Yumihito Yasue, president of Johnan Jeep Petit in Tokyo, which imports and services vintage cars from the United States. His customers tend to be enthusiasts in their 50s and 60s who grew up seeing American cars on TV and in movies. On a recent weekday, he was servicing two Chevrolets, a lustrous brown 1971 Nova and a low-slung 1986 El Camino, both with their steering wheels on the left. In Japan, steering is on the right. Yasue inherited his love of American cars from his father, who started the business four decades ago and would travel to California to scout for cars. Yasue took over after his father died nine years ago, and sells about 20 vehicles a year. "What makes American cars special is the design. Compared to Japanese or German cars, the body shape is more beautiful. Especially the lines, like the rear lines and the fenders," he said. Some 3.7 million new cars were sold in Japan last year, with a third of those mini or "kei" cars - tiny, fuel efficient vehicles not produced by American automakers. Overall, foreign cars accounted for 6% of new car sales, data from the Japanese Automobile Manufacturers Association showed. Of those, around 570 Chevys, 450 Cadillacs and 120 Dodges were sold, data from the Japan Automobile Importers Association showed. Ford pulled out of Japan almost a decade ago. Tesla makes cars sleeker than some of Detroit's and is becoming more popular. The data does not give a breakdown for the EV maker. 'WE DON'T BUY FORD F-150S' In Europe, smaller locally-made U.S. cars have done well: models like the best-selling Ford Puma and the older Fiesta. But over the past two decades, Ford and General Motors have pivoted towards larger pickups and SUVs, vehicles less suited to Europe's narrow streets and compact-car culture. Ford, a big player in Europe from the early 1900s, has seen sales in the region fall sharply, from 1.26 million vehicles in 2005 to just 426,000 in 2024, according to data from the European Automobile Manufacturers' Association (ACEA). Its market share dropped from 8.3% to 3.3%. "We don't buy Ford F-150s, that's not what our roads are scaled for, it's not what our customers want," Andy Palmer, former CEO of Aston Martin, told Reuters. GM exited Europe in 2017, selling Opel after pulling back Chevrolet, but returned with its Cadillac Lyriq last year. It sold a mere 1,514 of the U.S.-made SUV, according to auto data firm Jato. A GM spokesperson said Cadillac was growing its all-electric lineup in Europe, and the vehicles had been well-received in the markets where they were launched. A Ford spokesperson said the firm exported "passion products" to Europe like the Bronco and Mustang, alongside locally-made models tailored for the market. Clive Sutton, a British car dealer in London who sells luxury American models, said his buyers were drawn to the rarity of vehicles like the giant Cadillac Escalade. But he admitted it was a challenge. "There are people that want that car because of its exclusivity and its perceived status," Sutton said. "But it's not the most easy car to find a parking space for, certainly in central London." COMPETITIVE MARKET Trump has also put pressure on South Korea to open its market to American cars and said duty-free access was part of the trade deal the two countries agreed last week. There, imported vehicles account for less than one-fifth of the car market and U.S. models for only 16% of the imported car segment, which is dominated by German rivals, according to data from the Korea Automobile Importers & Distributors Association. German manufacturers have also carved out a strong presence in Japan's luxury market. Mercedes-Benz sold more than 53,000 vehicles last year, making it the most popular foreign brand, followed by BMW at more than 35,000. Japanese automakers say Europeans have been successful because they committed the time and resources to the market. Detroit carmakers, meanwhile, are often associated with left-hand drive cars, which are more challenging to drive on the left-hand side of the road. But some U.S. manufacturers are changing. GM has offered the Corvette only in right-hand drive since the eighth generation version went on sale in 2021. That may be one reason why some 80% of buyers are new customers, a GM spokesperson said. The Corvette is the only model Chevy offers in Japan, and it has sold fewer than 1,000 of them a year for the last decade. GM this year announced plans for a line-up of right-hand-drive Cadillac EVs and deliveries of the Lyriq started in July. 'WOW, A FOREIGN CAR' Jeep, which sells right-hand drive models, has been the most popular American brand for more than a decade, the importer data showed. It sold just shy of 10,000 vehicles last year in Japan. Yukimi Nitta used to drive a "kei" car but she was drawn to the Jeep Wrangler's appearance, which she described as "friendly" and "outdoorsy". The 42-year-old hair salon owner is now on her second Jeep - a limited-edition beige model - and hopes to switch again to another limited-edition colour. Parking is tight but manageable, she said, and two of her friends have since bought Wranglers. "People often say, 'Wow, a foreign car!' But once you drive it, it feels totally normal. I wish more people would try it," she said. While the Wrangler does burn through fuel quickly, the resale value is good, making it possible to switch out colours, something owners do, Nitta said. A spokesperson for Jeep owner Stellantis said it actively promoted owner events. In July, it announced a collaboration with the "Jurassic World" movie series featuring a limited-edition pink Wrangler, the spokesperson said. Big American cars and trucks might find it hard to follow in Jeep's tracks. Daniel Cadwell, an American living in Tokyo, exports used Japanese camper vans and wagons to the United States. He said he was struck by the size of American cars whenever he went home. "They are just excessively big," said Cadwell, who runs Javan Imports in Portland with his U.S.-based business partner. "I think it is highly challenging for a car of that sort to be seen as attractive in Japan." 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iSAM Securities Launches Parallax: High-Transparency Risk Share Model
LONDON, August 07, 2025--(BUSINESS WIRE)--iSAM Securities has announced the launch of Parallax, a proprietary risk share model designed to help brokers unlock additional value from their client flow through transparent, performance-aligned risk sharing. Developed in-house by iSAM Securities' experienced trading, quant, and development teams, Parallax enables brokers to share in both the risk and reward of internalised trading activity without investing in costly risk infrastructure. Paired with iSAM Securities' existing institutional-grade pricing built in-house, Parallax offers clients a structured path to revenue diversification. Chris Twort, Head of Trading at iSAM Securities commented, "We have designed Parallax in response to client demand for greater transparency and stronger collaboration in the typical risk share model. Many brokers are left in the dark when it comes to how their flow is performing. With Parallax, this is at the forefront of what we do, providing clients with daily visibility of performance, so they always know exactly how much they're earning and why. We believe this level of transparency has been missing from existing risk share programs on the market, and we strive to help our clients overcome this." Parallax introduces a new standard to risk shares, built around institutional-grade pricing, low-latency execution, daily visibility of performance, and clear, pre-agreed payout structures. The introduction of Parallax further builds out iSAM Securities' all-round offering with the group's comprehensive risk management tool, Radar, providing detailed analytics on brokers' book performance in real-time. Parallax is now available to brokers globally, with tailored commercial agreements based on flow characteristics and business models. Register your interest in Parallax here. About iSAM Securities iSAM Securities¹, regulated by the FCA, SFC, and CIMA registered, is a leading algorithmic trading firm and trusted electronic market maker, providing liquidity, cutting-edge proprietary technology, prime services, and real-time risk analytics to institutional clients and trading venues globally. For further information, please visit ¹ iSAM Securities (UK) Limited, iSAM Securities (EU) Limited, iSAM Securities (HK) Limited, iSAM Securities (Global) Limited, iSAM Securities Limited and iSAM Securities (USA) Inc. are together "iSAM Securities". View source version on Contacts Media Contact: Molly Sullivanmarketing@
