Inotiv, Inc. (NASDAQ: NOTV) is a contract research organization (CRO) that provides nonclinical and analytical drug discovery and development services to the pharmaceutical and medical device industries, and sells research-quality animals and diets to those same industries as well as academia and government clients. Revenue comes from two streams: service revenue (nonclinical research, toxicology, pathology, pharmacology, bioanalytical, and pharmaceutical method development) and product revenue (research animals and diets). The company reported total revenue of $325.1 million for the twelve months ended September 30, 2025, up 4.7% from $310.6 million in the prior fiscal year. Inotiv is headquartered in West Lafayette, Indiana, and its stock trades on Nasdaq under the ticker NOTV. The company originated in 1974 as Bioanalytical Systems, Inc., completed an IPO in 2000, and changed its name to Inotiv, Inc. in March 2021. Robert W. Leasure, Jr. serves as President and CEO, and Beth A. Taylor serves as CFO. Inotiv does not pay cash dividends and retains earnings for operations and expansion.

Revenue model

Transactional and fee-for-service model across two segments. Service revenue is recognized over time using an input method based on direct costs incurred relative to total estimated costs. Product revenue covers sales of research animals and laboratory diets. Fixed-fee contracts cover nonclinical research, bioanalytical services, and pharmaceutical method development and validation (FY2025 10-K, filed December 5, 2025).

Products and services

Drug discovery and development services (DSA segment): toxicology, pathology, pharmacology, bioanalytical analysis using liquid chromatography-mass spectrometry, biotherapeutic bioanalysis, pharmaceutical method development and validation, and support for nonclinical and clinical programs. Research model services (RMS segment): sale of research-quality animals and laboratory diets to pharmaceutical, biomedical device, academic, and government clients.

Customers and end markets

Clients include emerging biopharmaceutical companies and large global pharmaceutical companies. During the twelve months ended September 30, 2025, Inotiv made sales to over 2,200 companies. End markets include pharmaceutical drug discovery and development (preclinical and clinical phases), medical device research, academia, and government research programs.

Value-chain role

Outsourced preclinical research and analytical services provider sitting between drug sponsors and regulatory submission. Inotiv supports pharmaceutical and biotech clients from early drug discovery through nonclinical safety studies and into clinical bioanalytical support, enabling sponsors to reduce fixed internal costs and accelerate development timelines.

Geographic exposure

Primarily U.S.-based operations headquartered in West Lafayette, Indiana. The 10-K references geographic information in Note 4 of the consolidated financial statements but specific country or regional revenue breakdowns are not included in the provided excerpts.

Source: SEC 10-K, filed 2025-12-05

Industry: Services-Commercial Physical & Biological Research Peers: Akoya Biosciences, Inc. Bionano Genomics Inc SomaLogic, Inc. Codexis Inc Quantum-Si Inc MaxCyte Inc NS Wind Down Co., Inc. Quanterix Corp Seer, Inc. Thermo Fisher Scientific Inc