Varex Announces Non-intrusive Cargo Inspection Systems Orders Valued at $17 Million
We are pleased to announce additional orders this fiscal year for our Cargo Systems business, totaling over $55 million of orders year-to-date.
Varex Imaging CEO, Sunny Sanyal, stated 'We are pleased to announce additional orders this fiscal year for our Cargo Systems business, totaling over $55 million of orders year-to-date and believe this is a testament to our strong reputation in high energy Linear Accelerator based imaging and our ability to integrate this technology into our own Varex systems. We are pleased to support the efforts of our customers globally to promote safe and secure ports and borders.'
For more information about Varex's non-intrusive cargo inspection systems, please contact your Varex representative or visit our website at https://www.vareximaging.com/security-solutions/.
About Varex
Varex Imaging Corporation is a leading innovator, designer, and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors, and other image processing solutions that are key components of X-ray imaging systems, as well as X-ray imaging systems for industrial applications. With a 70+ year history of successful innovation, Varex's products are used in medical imaging as well as in industrial and security imaging applications. Global OEM manufacturers incorporate the company's X-ray sources, digital detectors, connecting devices, and imaging software in their systems to detect, diagnose, protect, and inspect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,300 people located in North America, Europe, and Asia. For more information visit vareximaging.com.
Forward Looking Statements
This news release contains 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning interest in and adoption and performance of our products and systems; our technology and reputation enabling us to win business; our ability to integrate high energy linear accelerator technology into our own systems; the impact of our system on the safety and security of infrastructures; and any statements using the terms 'believe,' 'expect,' 'could,' 'may,' 'promote,' and 'possible' or similar statements are forward-looking statements that involve risks and uncertainties that could cause our actual results and the outcome and timing of certain events to differ materially from those projected or management's current expectations. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Varex assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.
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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. 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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. 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(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 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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
