Inotiv, Inc. (NASDAQ:NOTV) Q1 2023 Earnings Call Transcript

Tim Daley: Great, thanks you for the question. So Bob, I appreciate the update on the various NHP pieces around the RMS growth this year. But just digging a bit more into one of Dave’s questions, you did note that the price increases for non-NHPs have been accepted by the market, but I just wanted to confirm that the magnitude is consistent with what you’re communicating on the last call. In January, I think you sized that around 5% to 25% for the year. Is that still the plan?

Bob Leasure: Depending on the research model, that was the range. So blended, it may only be a 7% to 10% range and a blended overall. But there are some 5’s and some as much as 25, yes.

Tim Daley: All right. Great. And then just a bit on the health of the broader customer base. So the cancellation demand positives that you all have been commenting on, is this dynamic still isolated to capital market-dependent biotechs? Or how have you seen it spread into other customer types?

Bob Leasure: Well, as you know, a lot of our — in our DSA business, over 90% of our sales are biotech-related. So we mainly see it related to the biotech market.

Tim Daley: Alright, great. Thank you again for the time. Appreciate it.

Bob Leasure: Thank you.

Operator: We reached end of our question-and-answer session. I’d like to turn the floor back over to Bob for any further closing comments.

Bob Leasure: All right, thank you. It’s been a challenging two quarters, but really, I think that we as an organization have come through this very well and made some very tough decisions and I think we’re going to be a much, much better company for some of the tough decisions that we have made and continue to make. So again, thank you, everybody, for your time today. I look forward to our next quarterly call and hopefully in April. Thank you very much.

Operator: Thank you. That does conclude today’s teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.