Company: NOTV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023370
Chunk: 72

Company: Inotiv, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 the Agreement in Principle (subsequently replaced by the Resolution Agreement and Plea Agreement) that was incurred during six months ended March 31, 2024, which did not repeat during the six months ended March 31, 2025, and the $7,550 settlement payment we received during the six months ended March 31, 2025 as a result of the complaint we filed against FNI. The decrease of $6,783 in cost of 

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revenue was primarily due to reduced transportation costs, reduced costs associated with lower NHP-related product and service revenue, lower non-NHP inventory costs and reduced utilities costs. 

Unallocated Corporate

Six Months EndedMarch 31,20252024$ Change% ChangeOperating expenses1$30,266$31,155$(889)(2.9)%Depreciation and amortization of intangible assets316253 6324.9 %Operating loss2$30,582$31,408$(826)(2.6)%Operating loss % of total revenue(12.5)%(12.3)%1Operating expenses include general and administrative and other operating expenses2Table may not foot due to rounding

Unallocated corporate operating loss consists of general and administrative expenses, other operating expenses and depreciation expenses that are not directly related or allocated to the reportable segments. The decrease in unallocated corporate operating loss was driven by a decrease in operating expenses of $889 in the six months ended March 31, 2025, compared to the six months ended March 31, 2024, which was primarily driven by reduced compensation and benefits expense, stock compensation expense and insurance expense, partially offset by increases in legal fees.

Other Expense 

Other expense increased by $6,061 for the six months ended March 31, 2025 compared to the six months ended March 31, 2024, primarily driven by an increase of $4,832 in interest expense, largely due to interest incurred in relation to the Second Lien Notes (as defined below) issued in September 2024 and periodic draws on our revolving credit facility. 

Income Taxes

The Company’s effective tax rates for the six months ended March 31, 2025 and 2024 were 7.2% and 13.4%, respectively. For the six months ended March 31, 2025, the Company’s effective tax rate was primarily driven by a change in the valuation allowance. For the six months ended March 31, 2024, the Company