Shares of Inotiv Inc. dropped 24% to $4.29 Monday after the contract research organization delayed the release of its fiscal fourth-quarter results and provided preliminary fiscal-year results.
Shares reached an intraday low of $4.25, a level last seen May 20, 2020, when shares reached as low as $4.15, according to FactSet. Shares traded 90% lower for the year.
Inotiv, which focuses on nonclinical and analytical drug discovery and development services and research models, was initially scheduled to report its fourth-quarter and fiscal-year results after the market closed Monday. The company said it needs more time to complete its financial statement closing process for the year.
On Nov. 16, the company became aware that employees of its principal supplier of nonhuman primates were criminally charged, along with two Cambodian officials, with conspiring to illegally import nonhuman primates into the U.S. Two of Inotiv’s subsidiaries are cooperating with the U.S. Attorney’s Office for the Southern District of Florida related to grand jury subpoenas to produce documents and information related to their importation of non-human primates into the U.S.
The company intends to file a Form 12b-25 with the Securities and Exchange Commission for a 15-day extension to file its fiscal year 2022 annual report.
Inotiv on Monday also provided preliminary results for the recently completed fiscal year, in which it expects total revenue of $547.7 million, up from total revenue of $89.6 million in the prior fiscal year.
Discovery and safety assessment backlog for the year is expected to increase to $147.2 million as of Sept. 30, up from $81.4 million the year prior.