Company: NOTV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023370
Chunk: 173

Company: Inotiv, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part II, Item 8
Chunk 173
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 in the six months ended March 31, 2025, was driven by consolidated net loss of $42,496, partially offset by non-cash charges of $36,029 and a net decrease in operating assets and liabilities of $10,845. Non-cash charges primarily included $28,003 for depreciation and amortization, $6,090 for non-cash interest and accretion expense, $3,205 for non-cash employee stock compensation expense, and amortization of debt issuance costs and original issue discount of $2,556, partially offset by a decrease in deferred taxes of $4,028. The net increase in operating assets and liabilities was primarily driven by an increase of $20,001 in inventory, partially offset by decreases in prepaid expenses and other current assets of $7,483 and trade receivables and other contract assets of $3,370. The increase in inventory and the decreases in prepaid expenses and other current assets were driven by increased NHP animal research model inventory and the timing of prepaid deposits for future NHP shipments. 

Net cash provided by operating activities for the six months ended March 31, 2024 was primarily driven by non-cash charges of $25,917 and a net increase in operating assets and liabilities of $48,363, partially offset by a consolidated net loss of $63,907. Non-cash charges primarily included $28,405 for depreciation and amortization, $3,781 for non-cash stock compensation expense, non-cash interest and accretion expense of $3,336 and amortization of debt issuance costs and original issue discount of $1,686, partially offset by changes in deferred taxes of $10,391.

Net cash used in investing activities of $9,910 in the six months ended March 31, 2025 was primarily due to capital expenditures of $9,932. The capital additions during the six months ended March 31, 2025 primarily consisted of investments in facility improvements for animal welfare and capacity expansions to support future NHP colony management service revenue growth. 

Net cash used in investing activities of $8,630 in the six months ended March 31, 2024 was primarily due to capital expenditures of $12,594. The capital additions during the six months ended March 31, 2024 primarily consisted of investments in facility improvements, site expansions, enhancements to laboratory technology, improvements for animal welfare and system enhancements to improve the client experience. Partially offsetting these capital expenditures were net investing