NOTV - Inotiv Provides Business Updates and Upcoming Investor Conferences Update | Benzinga
WEST LAFAYETTE, Ind., Nov. 13, 2023 (GLOBE NEWSWIRE) -- Inotiv, Inc. (NASDAQ:NOTV), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today provides business updates related to Inotiv's operations and an update regarding its participation in upcoming investor conferences.
Robert Leasure, Jr., Inotiv's President and Chief Executive Officer, commented, "In laying the groundwork for Inotiv's 2024 strategic operating plan, we continue to effectively execute across our planned initiatives. Leveraging the broad range of products and services we can now offer, we are positioning our commercial organization to increase sales volume through greater cross-selling to our existing customers, in addition to establishing relationships with new customers. As the majority of Inotiv's site optimization plan has largely been completed which has included the closure of 11 sites and investments in existing sites, along with opening new Discovery and Safety Assessment sites and adding complementary service offerings, we believe these investments expand our range of services, generate revenue growth, increase margins, improve our ability to recruit and retain talent and produce positive returns for our shareholders. We look forward to updating shareholders on our operations and reporting fourth quarter and full year fiscal 2023 audited results shortly, along with commentary on our balance sheet and cash flows."
Business and Operational Updates
- Asset Sales
- United States:
- Closed and recently sold the Boyertown, Pennsylvania facility.
- Closed and signed agreement to sell the Haslett, Michigan facility.
- Closed Cumberland, Virginia facility now under sales contract.
- Europe and U.K.:
- Closed and recently sold the Spain facility.
- Letter of intent with the buyer of the Blackthorn, U.K. facility; we plan to lease back the facility until the consolidation and closure of this facility is completed.
- Purchase agreement is in process with buyer for facility in Gannat, France and we expect to close on the sale in the next 60 days.
- United States:
- Infrastructure ...