Inotiv (NOTV) H.C. Wainwright 27th Annual Global Investment Conference summary

Business Overview and Growth

• Expanded from $20 million to $500 million in seven years, focusing on preclinical contract research and research models.

• Fully integrated services from discovery to IND phase, with operations in the US and Europe.

• Addressable market estimated at $25 billion, with two main segments: Research Models (RMS) and Discovery & Safety Assessment (DSA).

• RMS accounts for about two-thirds of business; DSA is a key future growth driver.

• The global discovery and preclinical CRO market is projected to grow at a 9.1% CAGR from 2023 to 2033.

Integration, Optimization, and Operational Improvements

• Shifted from selling individual services to integrated, full-service offerings.

• Reduced facilities by 30-35%, consolidating small animal sites from 23 to 11 by 2026 for efficiency.

• Insourced transportation, enabling a hub-and-spoke model for animal welfare and cost savings.

• Enhanced IT infrastructure, reducing systems by 34% and improving communication and operational visibility.

• Developed an enterprise study management system to track projects and improve on-time delivery.

Market Positioning and Customer Focus

• Targeting small and mid-sized pharma, addressing their need for timely, integrated CRO services.

• 80% of revenue now comes from customers using multiple sites and services.

• Improved customer metrics, including on-time delivery and a 65% reduction in delivery complaints.

• Diversified customer and supply base, especially in the NHP (non-human primate) business, with expanded colony management and long-term contracts.

• Achieved exemplary AAALAC ratings for animal welfare.