Inotiv (NASDAQ:NOTV) stock is down on Tuesday after the drug discovery and development services company reported preliminary results for the first quarter of 2024.
The company notes that its revenue for the six months ended March 31, 2024, will be $254.5 million. That represents a 7.2% drop compared to its revenue of $274.2 million in the same period of the year prior.
According to Inotiv, this lower revenue is the result of a $22.9 million decrease in Research Models and Services revenue. The company attributes this drop to lower non-human primate sales. The sale of its Israeli business in Q4 2023 also affected its revenue.
NOTV Stock Warning
Inotiv also includes a warning for shareholders in its latest earnings update. It said the following in a filing below:
“There is no assurance that the Company will experience an increase in sales for the remainder of the 2024 fiscal year. If the Company’s revenue and related operating margins do not increase, it could result in non-compliance with the financial covenants under the Company’s Credit Agreement.”
NOTV stock is down 34.8% as of Tuesday morning. That comes with more than 234,000 shares of the company’s stock changing hands. This is still below its daily average trading volume of about 497,000 shares.
Investors will want to stick around for even more of the most recent stock market news!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
