Company: NOTV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023370
Chunk: 69

Company: Inotiv, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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Table may not foot due to rounding

RMS revenue increased $6,587 in the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to the higher NHP volumes sold, partially offset by lower average selling price for NHPs compared to the prior year quarter.  . 

RMS operating income was $11,432 in the three months ended March 31, 2025 compared to an operating loss of $30,604 in the three months ended March 31, 2024, a change of $42,036, due primarily to decreased operating expenses and the increase in revenue discussed above. The $34,526 decrease in operating expenses was primarily due to the $26,500 charge incurred during the three months ended March 31, 2024 related to an agreement in principle between the Company and the U.S. Department of Justice ("DOJ") entered into in the three months ended March 31, 2024 to resolve an investigation by 

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the DOJ (the "Agreement in Principle") which was subsequently replaced by the Resolution Agreement and Plea Agreement, which did not repeat during the three months ended March 31, 2025 and the $7,550 settlement payment we received during the three months ended March 31, 2025 from FNI. Refer to Note 12 - Contingencies and Commitments for further discussion of the Settlement Agreement with FNI.

Unallocated Corporate

(in thousands, except percentages)Three Months EndedMarch 31,20252024$ Change% ChangeOperating expenses1$14,156$15,216$(1,060)(7.0)%Depreciation1581499 6.0 %Operating loss2$14,314$15,365$(1,051)(6.8)%Operating loss % of total revenue(11.5)%(12.9)%1Operating expenses includes general and administrative and other operating expenses2Table may not foot due to rounding

Unallocated corporate costs consist of general and administrative expenses, other operating expenses and depreciation expenses that are not directly related or allocated to the reportable segments. The decreased operating loss of $1,051 in the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was primarily driven by decreased stock compensation expense and compensation and benefits expense.

Other Expense

Other expense increased by $1,711 for the three months ended March 31,