Company: NOTV
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0001628280-25-004178
Chunk: 178

Company: Inotiv, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 2
Chunk 178
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 of revenue, decreased operating expenses and decreased depreciation and amortization of intangible assets. The decrease of $6,353 in cost of revenue was primarily due to reduced costs of $3,928 associated with lower NHP-related product and service revenue, reduced transportation costs and reduced utilities costs, partially offset by increased rent expense. The $834 decrease in operating expenses was primarily due to reduced restructuring costs as compared to the comparable prior year period.

Unallocated Corporate

Three Months EndedDecember 31,20242023$ Change% ChangeOperating expenses1$16,110$15,938$1721.1 %Depreciation and amortization of intangible assets158104 5451.9 %Operating loss2$16,268$16,042$2261.4 %Operating loss % of total revenue(13.6)%(11.8)%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 expense that are not directly related or allocated to the reportable segments. The increase in unallocated corporate operating expenses of $172 in the three months ended December 31, 2024, compared to the three months ended December 31, 2023 was primarily driven by increases in legal fees, partially offset by reduced compensation and benefits expense and stock compensation expense.

Other Expense 

Other expense increased by $4,350 for the three months ended December 31, 2024 compared to the three months ended December 31, 2023 primarily driven by an increase of $2,474 in interest expense as a result of increasing interest rates, interest incurred in relation to the Second Lien Notes (as defined below) issued in September 2024, periodic draws on our revolving credit facility and foreign exchange losses. 

Income Taxes

36

The Company’s effective tax rates for the three months ended December 31, 2024 and 2023 were 7.3% and 18.1%, respectively. For the three months ended December 31, 2024, the Company’s effective tax rate was primarily driven by a change in the valuation allowance. For the three months ended December 31, 2023, the Company’s effective tax rate was primarily driven by nondeductible expenses.

Consolidated Net Loss

As a result of the above described factors, we had a consolidated net loss of $27,630 for the three months ended December 31