Private company

Inotiv, Inc.

Inotiv, Inc. is an American commercial physical and biological research services company.1 It is headquartered in West Lafayette, Indiana.1

Last updated Oct 20, 2026.

Overview

  • IndustryServices-Commercial Physical & Biological Research1
  • HeadquartersWest Lafayette, Indiana1
  • Incorporated inIN2
  • Business address2701 Kent Ave, West Lafayette, In 47906-13822
  • Filer categoryAccelerated filer2
  • Legal formCorporation

Inotiv, Inc. and its subsidiaries (“we,” “our,” “us,” the “Company,” or “Inotiv”) began operating in 1975 as Bioanalytical Systems, Inc. Bioanalytical Systems, Inc. was incorporated in 1974 and completed an initial public offering in 2000. On March 18, 2021, the Company changed its corporate name from Bioanalytical Systems, Inc. to Inotiv, Inc. Our stock is traded on The Nasdaq Stock Market LLC under the symbol “NOTV.” We are headquartered in West Lafayette, Indiana. Our headquarters mailing address is 2701 Kent Avenue, West Lafayette, Indiana 47906, and the telephone number at that location is (765) 463-4527. Our Internet site is www.inotiv.com. The information contained on our website is not a part of this Report and is not incorporated by reference herein.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-6.0%Operating margin5
-13.4%Net margin5
4.5%Revenue growth, 20255
-50.4%Return on equity5
0.00×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs96¢$493.9M
  • Income tax4¢$19.1M

Out of $513.0M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$513.0M in 2025+1076% since 2019
0$200.0M$400.0M$600.0M2019: $43.6M$43.6M20192020: $60.5M$60.5M2020+39%2021: $89.6M$89.6M2021+48%2022: $547.7M$547.7M2022+511%2023: $572.4M$572.4M2023+5%2024: $490.7M$490.7M2024−14%2025: $513.0M$513.0M2025+5%
Gross profit67$30.2M in 2021+115% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $14.0M$14.0M20192020: $18.2M$18.2M2020+30%2021: $30.2M$30.2M2021+65%
Operating income67895-$30.9M in 2025+20097% since 2019
-$300.0M-$200.0M-$100.0M02019: -$153.0K-$153.0K20192020: -$3.1M-$3.1M2020+1902%2021: -$5.6M-$5.6M2021+83%2022: -$263.5M-$263.5M2022+4589%2023: -$81.5M-$81.5M2023−69%2024: -$86.4M-$86.4M2024+6%2025: -$30.9M-$30.9M2025−64%
Net income67895-$68.6M in 2025+8587% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M0$100.0M2019: -$790.0K-$790.0K20192020: -$4.7M-$4.7M2020+493%2021: $10.9M$10.9M20212022: -$337.0M-$337.0M20222023: -$105.1M-$105.1M2023−69%2024: -$108.4M-$108.4M2024+3%2025: -$68.6M-$68.6M2025−37%
Fiscal year2019202020212022202320242025
Revenue$43.6M6$60.5M7$89.6M8$547.7M9$572.4M5$490.7M5$513.0M5
Cost of revenue$29.6M6$42.2M7$59.4M7
Gross profit$14.0M6$18.2M7$30.2M7
Research and development$627.0K6$617.0K7$405.0K7
Operating income-$153.0K6-$3.1M7-$5.6M8-$263.5M9-$81.5M5-$86.4M5-$30.9M5
Interest$642.0K6$1.5M7$1.7M8$29.7M9$43.0M9
Income before tax-$352.4M9-$124.2M5-$130.8M5-$87.8M5
Income tax$4.0K6$147.0K7-$4.8M8-$15.2M9-$19.3M5-$21.9M5-$19.1M5
Net income-$790.0K6-$4.7M7$10.9M8-$337.0M9-$105.1M5-$108.4M5-$68.6M5
Earnings per share-$0.086-$0.437$0.838-$13.849-$4.105-$4.195-$2.115
Earnings per share (diluted)-$0.086-$0.437$0.198-$13.849-$4.105-$4.195-$2.115
Shares (weighted, basic)24.4M shares925.6M shares525.9M shares532.5M shares5
Shares (weighted, diluted)24.4M shares925.6M shares525.9M shares532.5M shares5

Compare Inotiv, Inc. with another company

Corporate structure

Inotiv, Inc. sits at the top of its group. 27 entities, 7 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Inotiv, Inc.

  • Jermyn Street Associates LLC Filed SC 13D/A on Inotiv, Inc., latest Apr 3, 2024 (4 filings since Nov 15, 2021)
  • ISZO CAPITAL LP Filed SC 13G/A on Inotiv, Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • P2 Capital Partners, LLC Filed SC 13D/A on Inotiv, Inc., latest Sep 20, 2022 (2 filings since Nov 15, 2021)
  • Portolan Capital Management, LLC Filed SC 13G/A on Inotiv, Inc., latest Feb 11, 2022 (2 filings since Oct 21, 2021)
  • RENAISSANCE TECHNOLOGIES LLC Filed SC 13G/A on Inotiv, Inc., latest Feb 10, 2022
  • Inotiv, Inc. West Lafayette, Indiana
    • 1 Inotiv Research Models, LLC Subsidiary · Indiana, United States
    • 10 Inotiv Nashville, LLC Subsidiary · Indiana, United States
    • 11 Envigo Global Services, Inc. Subsidiary · Pennsylvania, United States
    • 12 ERPP, Inc. Subsidiary · Delaware, United States
    • 13 Inotiv LAMS West, Inc. Subsidiary · Texas, United States
    • 14 Envigo RMS, LLC Subsidiary · Delaware, United States
    • 15 Precisium Solutions, LLC Subsidiary · Delaware, United States
    • 16 Envigo RMS GmbH Subsidiary · Germany
    • 17 Envigo RMS S.L. Subsidiary · Spain
    • 18 Envigo RMS S.A.R.L. Subsidiary · France
    • 19 Envigo RMS, S.r.l. Subsidiary · Italy
    • 2 BAS Evansville, Inc. Subsidiary · Indiana, United States
    • 20 Envigo Holdings Ltd. Subsidiary · United Kingdom
    • 21 Envigo RMS BV Subsidiary · Netherlands
    • 22 Envigo RMS B.V., Inc. Subsidiary · Delaware, United States
    • 23 Envigo Holding I, Inc. Subsidiary · Delaware, United States
    • 24 Envigo Bioproducts, Inc. Subsidiary · Indiana, United States
    • 25 Envigo New Holdco, LLC Subsidiary · Delaware, United States
    • 26 Envigo RMS (UK) Ltd. Subsidiary · United Kingdom
    • 3 Seventh Wave Laboratories, LLC Subsidiary · Indiana, United States
    • 4 BASi Gaithersburg, LLC Subsidiary · Indiana, United States
    • 5 Inotiv Nashville, LLC Subsidiary · Indiana, United States
    • 6 Inotiv Boulder, LLC Subsidiary · Indiana, United States
    • 7 Integrated Laboratory Systems, LLC Subsidiary · North Carolina, United States
    • 8 Bronco Research Services, LLC Subsidiary · Indiana, United States
    • and 1 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Inotiv, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$294.8M5 Sep 30, 2025$282.5M5 Sep 30, 2024+4.3%
Accumulated depreciation$114.1M5 Sep 30, 2025$94.2M5 Sep 30, 2024+21.1%
Property and equipment, net$180.7M5 Sep 30, 2025$188.3M5 Sep 30, 2024−4.0%
Finance-lease assets$2.9M5 Sep 30, 2025$652.0K5 Sep 30, 2024+344.8%
Operating-lease assets (leased space)$46.4M5 Sep 30, 2025$49.2M5 Sep 30, 2024−5.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$21.7M5 Sep 30, 2025$21.4M5 Sep 30, 2024+1.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$94.3M5 Sep 30, 2025$94.3M5 Sep 30, 20240%
Finite-lived intangibles, gross$379.9M5 Sep 30, 2025$379.0M5 Sep 30, 2024+0.2%
Accumulated amortization$139.7M5 Sep 30, 2025$104.6M5 Sep 30, 2024+33.6%
Finite-lived intangibles, net$240.2M5 Sep 30, 2025$274.4M5 Sep 30, 2024−12.5%

Inventory

ItemLatestA year beforeChange
Inventory, total$45.7M5 Sep 30, 2025$18.2M5 Sep 30, 2024+151.7%
Raw materials$1.7M5 Sep 30, 2025$1.9M5 Sep 30, 2024−11.6%
Work in process$05 Sep 30, 2025$61.0K5 Sep 30, 2024−100.0%
Finished goods$5.0M5 Sep 30, 2025$4.2M5 Sep 30, 2024+20.4%

Properties, in its own words

As of September 30, 2025, we operate across 22 sites, encompassing 34 owned or leased facilities, predominantly comprised of vivariums and labs spread across four countries, and one manufacturing site in the U.S. Additionally, we have 14 distribution hubs/warehouse facilities across four countries and one administrative office in the U.S. Our facilities are in the U.K. and Europe (approximately 14% of facilities) and in the U.S. (approximately 86% of facilities). Our corporate headquarters is in West Lafayette, Indiana.

We believe that our facilities are adequate for our current operations and that suitable additional space will be available if and when needed, including to the extent necessary to expand operations.

The rest of Item 2

Pursuant to the Credit Agreement and Second Lien Notes, all owned properties are provided as collateral.

Item 2 of the 10-K filed Dec 5, 2025.4

Leadership

Who has led Inotiv, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (45)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerBeth A. Taylor named Oct 19, 2021 to Nov 16, 202167
  • Executive OfficerGreg A. Beattie named Nov 16, 202167
  • Executive OfficerJames A. Harkness named Nov 16, 202167
  • Executive OfficerMichael A. Garrett named Nov 16, 202167
  • DirectorGregory C. Davis named Nov 16, 202167
  • DirectorNigel C. Brown named Nov 16, 202167
  • DirectorR Matthew Neff named Oct 19, 2021 to Nov 16, 202167
  • DirectorRichard A. Johnson named Nov 16, 202167
  • DirectorGregory Matthew Davis named Oct 19, 202168
  • DirectorRichard Matthew Johnson named Oct 19, 202168

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 1 Inotiv Research Models, LLC Indiana3
  • 10 Inotiv Nashville, LLC Indiana3
  • 11 Envigo Global Services, Inc. Pennsylvania3
  • 12 ERPP, Inc. Delaware3
  • 13 Inotiv LAMS West, Inc. Texas3
  • 14 Envigo RMS, LLC Delaware3
  • 15 Precisium Solutions, LLC Delaware3
  • 16 Envigo RMS GmbH Germany3
  • 17 Envigo RMS S.L. Spain3
  • 18 Envigo RMS S.A.R.L. France3
  • 19 Envigo RMS, S.r.l. Italy3
  • 2 BAS Evansville, Inc. Indiana3
  • 20 Envigo Holdings Ltd. United Kingdom3
  • 21 Envigo RMS BV Netherlands3
  • 22 Envigo RMS B.V., Inc. Delaware3
  • 23 Envigo Holding I, Inc. Delaware3
  • 24 Envigo Bioproducts, Inc. Indiana3
  • 25 Envigo New Holdco, LLC Delaware3
  • 26 Envigo RMS (UK) Ltd. United Kingdom3
  • 3 Seventh Wave Laboratories, LLC Indiana3
  • 4 BASi Gaithersburg, LLC Indiana3
  • 5 Inotiv Nashville, LLC Indiana3
  • 6 Inotiv Boulder, LLC Indiana3
  • 7 Integrated Laboratory Systems, LLC North Carolina3
All 26 listed subsidiaries
  • 8 Bronco Research Services, LLC Indiana3
  • 9 Histion, LLC Washington3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • BIOANALYTICAL SYSTEMS INCNov 25, 1997 to Mar 9, 20212

Timeline

  1. Jul 16, 20268-K Bankruptcy or receivership; Regulation FD disclosure69
  2. Jun 8, 20268-K Other events70
  3. Jun 3, 20268-K Entered a material agreement; Bankruptcy or receivership; Debt or obligation accelerated71
  4. Jun 1, 20268-K Entered a material agreement; New debt or obligation72
  5. May 18, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation73
  6. May 5, 20268-K Other events74
  7. Apr 21, 20268-K Other events75
  8. Apr 7, 20268-K Other events76
  9. Mar 24, 20268-K Other events77
  10. Mar 10, 20268-K Other events78
  11. Feb 9, 20268-K Results of operations79
  12. Jan 16, 20268-K Other events80
  13. Jan 16, 2019New chief executive Robert Leasure Jr. becomes CEO14
  14. Aug 20, 2012New chief executive Jacqueline M. Lemke becomes CEO15
  15. May 14, 2010New chief executive Anthony S. Chilton becomes CEO16
  16. Oct 5, 2006New chief executive Richard M. Shepperd becomes CEO17

Calendar

When it reported results

  1. Feb 9, 2026Reported quarterly or annual results79
  2. Dec 3, 2025Reported quarterly or annual results81
  3. Nov 17, 2025Reported quarterly or annual results82
  4. Aug 7, 2025Reported quarterly or annual results83
  5. Aug 6, 2025Reported quarterly or annual results84
  6. May 7, 2025Reported quarterly or annual results85
  7. Feb 5, 2025Reported quarterly or annual results86
  8. Dec 3, 2024Reported quarterly or annual results87

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

352 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 69 major events, 180 insider forms, 11 large holders, 2 private raises, 67 other. The latest 20:

  1. Jul 29, 202615-12G EDGAR
  2. Jul 29, 20268-K15D5 EDGAR
  3. Jul 27, 2026EFFECT EDGAR
  4. Jul 27, 2026EFFECT EDGAR
  5. Jul 27, 2026EFFECT EDGAR
  6. Jul 20, 20264 EDGAR
  7. Jul 20, 20264 EDGAR
  8. Jul 20, 20264 EDGAR
  9. Jul 20, 20264 EDGAR
  10. Jul 20, 20264 EDGAR
  11. Jul 20, 20264 EDGAR
  12. Jul 20, 20264 EDGAR
  13. Jul 20, 20264 EDGAR
  14. Jul 20, 20264 EDGAR
  15. Jul 20, 20264 EDGAR
  16. Jul 20, 20264 EDGAR
  17. Jul 20, 20264 EDGAR
  18. Jul 20, 2026S-8 POS EDGAR
  19. Jul 20, 2026S-8 POS EDGAR
  20. Jul 20, 2026S-8 POS EDGAR

The 352 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

50 open-market trades by officers, directors and large owners since October 2021: 23 buys and 27 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 17, 2026Leasure Robert Jr.President and CEOSale16,810$0.30$5.0KForm 4
Feb 17, 2026Sagartz John EChief Strategy OfficerSale2,119$0.29$615Form 4
Feb 17, 2026Taylor Beth A.Chief Financial OfficerSale2,888$0.29$838Form 4
Feb 2, 2026Leasure Robert Jr.President and CEOSale113,297$0.50$56.6KForm 4
Dec 1, 2025Neff R MatthewDirectorSale2,000$0.89$1.8KForm 4
Nov 3, 2025Neff R MatthewDirectorSale2,000$1.24$2.5KForm 4
Oct 1, 2025Neff R MatthewDirectorSale2,000$1.43$2.9KForm 4
Sep 2, 2025Neff R MatthewDirectorSale2,000$1.67$3.3KForm 4
Aug 1, 2025Neff R MatthewDirectorSale2,000$1.91$3.8KForm 4
Jul 1, 2025Neff R MatthewDirectorSale2,000$1.81$3.6KForm 4
Jun 2, 2025Neff R MatthewDirectorSale2,000$2.62$5.2KForm 4
Apr 1, 2025Coelho Mary TheresaDirectorSale5,500$2.35$12.9KForm 4
Feb 18, 2025Freeman Jeffrey BrennanVP-Finance & Corp. ControllerSale1,339$4.05$5.4KForm 4
Feb 18, 2025Taylor BethChief Financial OfficerSale4,370$4.01$17.5KForm 4
Feb 18, 2025Sagartz John EChief Strategy OfficerSale2,113$3.94$8.3KForm 4
Feb 18, 2025Leasure Robert Jr.President and CEOSale73,617$3.82$281.2KForm 4
Feb 3, 2025Krupp Jeffrey ArthurChief Human Resources OfficerSale472$4.18$2.0KForm 4
Jan 31, 2025Leasure Robert Jr.President and CEOSale22,700$4.15$94.2KForm 4
Jan 31, 2025Taylor BethChief Financial OfficerSale2,054$4.47$9.2KForm 4
Jan 31, 2025Sagartz John EChief Strategy OfficerSale2,118$4.48$9.5KForm 4

All 50 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Robert W. Leasure, Jr.President and Chief Executive Officer65$800.0K$1.7M93
2024Beth A. TaylorChief Financial Officer, SVP - Finance$410.0K$483.7K93
2024John E. SagartzChief Strategy Officer$400.0K$474.8K93
2023Robert W. Leasure, Jr.President and Chief Executive Officer65$786.5K$4.5M93
2023Beth A. TaylorChief Financial Officer, SVP - Finance$403.1K$550.7K93
2023John E. SagartzChief Strategy Officer$393.1K$488.6K93

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Nov 5, 2021Raised $275 million in a private offering of equity Form D: 71 investors so far Form D
  2. Oct 4, 2021Raised $5 million in a private offering of securities Form D: 39 investors so far Form D

SEC filer profile

How Inotiv, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARInotiv, Inc.1
  • CIK0000720154
  • Employer ID (EIN)35-13450244
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inIndiana4
  • Fiscal year endsSeptember 301
  • Industry code (SIC)8731 Services-Commercial Physical & Biological Research1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address2701 Kent Ave, West Lafayette, IN 47906-13821
  • Mailing address2701 Kent Avenue, West Lafayette, IN 47906-13821
  • Phone31746345271
  • Shares outstanding34,888,147 as of Apr 16, 202611
  • Public float$71.3M as of Mar 31, 20254
  • AuditorErnst & Young LLP, Indianapolis, IN PCAOB ID 42; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceSep 26, 19971
  • Filings1,141 in all: 4 (352), 8-K (286), 10-Q (86), 3 (61), 10-K (28), DEF 14A (28), 8-K/A (21), CORRESP (19)1
    All 54 form types

    S-8 POS (19), UPLOAD (18), S-8 (15), 10-Q/A (13), SC 13G (13), SC 13G/A (13), 10-K/A (12), 424B3 (12), SC 13D/A (11), DEFA14A (10), EFFECT (10), NT 10-Q (9), SC 13D (9), 3/A (8), NT 10-K (8), 144 (7), 4/A (7), 424B5 (6), POS AM (6), S-1/A (6), CT ORDER (4), S-3 (4), S-4/A (4), 425 (3), ARS (3), D (3), DEFR14A (3), S-1 (3), 424B7 (2), FWP (2), POS EX (2), 15-12G (1), 25-NSE (1), 424B1 (1), 424B4 (1), 8-A12G (1), 8-K15D5 (1), DEFM14A (1), DFAN14A (1), PRE 14A (1), PREM14A (1), RW (1), S-1MEF (1), S-3/A (1), S-4 (1), S-4 POS (1)

  • Latest filingsAnnual report (10-K) Dec 5, 2025
    Quarterly report (10-Q) May 11, 2026
    Proxy statement (DEF 14A) Jan 23, 2025
    Latest 8-K (8-K) Jul 16, 2026

Securities registered for trading

ClassSymbolExchange
Common SharesNOTVThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Dec 5, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Inotiv, Inc. names in Item 1A of its 10-K filed Dec 5, 2025: 42 risks under these headings, as written.4

  • All dollar amounts shown within this Part I, Item 1A are presented in thousands.
  • Risks Related to our Financial Activities
  • We have identified conditions and events that could raise substantial doubt about our ability to continue as a going concern.
  • We have experienced periods of losses and financial insecurity.
  • We have significant indebtedness, which may impair our ability to raise capital or impact our ability to service our debt.
  • Our Credit Agreement contains covenants that restrict our business and financing activities. Our assets secure our obligations under the Credit Agreement and the Second Lien Notes and may be subject to foreclosure.
  • Our failure to comply with the terms of our Credit Agreement could result in an event of default that could materially adversely affect our business, financial condition and results of operations.
  • We may need additional capital, and any additional capital we seek may not be available in the amount or at the time we need it.
  • Risks Related to NHP Supply and Demand
  • Our business, results of operations, financial condition, including the carrying value of certain of our assets, and cash flows have been, and may continue to be, adversely affected by our dependence on the importation of non-human primates ("NHPs") from suppliers located outside the U.S., particularly from certain countries in Southeast Asia and Africa, legal issues related to these suppliers, increased costs associated with trade and economic factors, including tariffs, and any inability to diversify our suppliers located outside the U.S.
  • Our sales of NHPs have decreased significantly in recent periods, which adversely affected our business, financial condition and results of operations, and this trend may continue.
  • Risks Related to Technology and Cybersecurity
The other 33 risks
  • We have experienced and are at risk of further cyber-attacks or other security breaches that could compromise sensitive business information and personal information of employees, clients and others, undermine our ability to operate effectively and expose us to liability, which could cause our business and reputation to suffer.
  • Hardware or software failures, delays in the operations of our computer and communications systems or the failure to implement system enhancements have in the past, and could in the future, harm our business.
  • Risks Related to Regulation and Legal Matters
  • We are involved in legal proceedings that could adversely affect our business, financial condition, and results of operations.
  • We are subject to inspections, investigations and enforcement actions by regulatory authorities, which could lead to penalties, including substantial fines, warning letters, a temporary restraining order or injunction, civil and/or criminal penalties, and/or license suspension or revocation.
  • We are subject to environmental, health and safety requirements and risks as a result of which we may incur significant costs, liabilities and obligations.
  • Any failure by us or our partners to comply with existing regulations or requirements could harm our reputation and operating results, and we could face substantial penalties and sanctions. Requirements to comply with new laws, regulations and guidance may have an adverse effect on our financial condition and results of operations.
  • Changes in government regulation or practices relating to the pharmaceutical, biotechnology and medical device industries could reduce demand for our services and products.
  • If we fail to comply with data privacy and security laws and regulations, we could face substantial penalties and our business, operations and financial condition could be adversely affected.
  • Changes in funding or disruptions at the U.S. Food and Drug Administration (the “FDA”) and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new or modified products from being developed, authorized or commercialized in a timely manner or at all, or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could adversely impact our business.
  • Risks Related to our Operations
  • We rely on a limited number of key clients, the importance of which may vary dramatically from year to year, and a loss of one or more of these key clients may adversely affect our operating results.
  • Our animal populations may suffer diseases that can damage our inventory, harm our reputation, result in decreased sales of our services or research products or result in other liability.
  • We operate in a highly competitive industry.
  • The majority of our clients’ contracts and orders can be terminated upon short notice.
  • We may bear financial risk if we underprice our contracts or overrun cost estimates.
  • Our business uses biological and hazardous materials, which could injure people or violate laws, resulting in liability that could adversely impact our financial condition and business.
  • Failure to manage growth effectively could cause our business to suffer and have an adverse effect on our business, operating results and financial condition.
  • Providing contract research services creates a risk of liability.
  • New technologies may be developed, validated and increasingly used in biomedical research that could reduce demand for some of our products and services.
  • Our non-U.S. operations expose us to risks associated with operating internationally.
  • Risks Related to our Acquisition and Optimization Activities
  • We have and may further expand our business through acquisitions, which exposes us to various risks. Our due diligence of our past or future acquisitions may not have identified all pertinent risks, or the full magnitude of such risks, which could materially affect our business, financial condition, liquidity and results of operations.
  • We may fail to realize anticipated strategic and financial benefits from acquisitions, related integrations and our site optimization strategy.
  • Risks Related to Share Ownership
  • Our share price could continue to be volatile and our trading volume may fluctuate substantially.
  • The resale of certain common shares underlying warrants issued with the Second Lien Notes and covered by a resale registration statement could adversely affect the market price of our common shares, which result could in turn negatively affect our ability to raise additional equity capital.
  • Anti-takeover provisions in our organizational documents and under Indiana law may discourage or prevent a change in control, even if a sale of us would benefit our shareholders, which could cause our stock price to decline and prevent attempts by shareholders to replace or remove our current management.
  • If we are unable to maintain listing of our securities on The Nasdaq Capital Market or another reputable stock exchange, it may be more difficult for our shareholders to sell their securities.
  • Risks Related to the Industries we Serve
  • Some of our clients and contracts depend on government funding of research and development, and a reduction in that funding may adversely affect our business.
  • We are substantially dependent on the pharmaceutical and biotechnology industries.
  • Risks Related to Research and Development
  • Our future success may depend on our ability to keep pace with rapid technological changes that could make our services and products less competitive or obsolete.
  • Actions of animal rights activists may affect our business.
  • General Risk Factors
  • The loss of key personnel could adversely affect our business.
  • We rely on third parties for important services.
  • Unfavorable general economic conditions may materially adversely affect our business.
  • Our business, results of operations, financial condition, including the carrying value of certain of our assets, cash flows and stock price have and may in the future be adversely affected by pandemics, epidemics or other public health emergencies.

Legal proceedings

Information pertaining to legal proceedings can be found in Note 15 - Contingencies and Commitments to the Consolidated Financial Statements included in Part II, Item 8 of this Report and is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.4

Sources

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