NOTV Projects Strong Q4 Revenue and Growing DSA Backlog—Book-to-Bill Ratios Remain Above 1.0
Preliminary Results Signal Continued Contract Momentum
Inotiv, Inc. (NASDAQ: NOTV) revealed its preliminary fiscal Q4 and full-year 2025 financial highlights on November 17, 2025. The company expects Q4 revenue between $137.5 million and $138.5 million, with the full-year figure reaching $512.5 million to $513.5 million—reflecting steady progress in its contract research business. A book-to-bill ratio above 1.0 for both periods underlines solid demand for its Discovery and Safety Assessment (DSA) services, key indicators for the future revenue pipeline.
DSA Backlog Rises—What Does This Mean for Future Growth?
NOTV's anticipated DSA backlog at the end of September stands at approximately $138 million, a jump from $129.9 million a year ago and higher than the $134.3 million recorded at the end of June. This expansion signals continued client confidence and sets a strong base for next year’s revenues. Management credits recent sequential growth and a robust 60% year-over-year increase in DSA contract awards for these gains.
| Quarter/Year | Revenue Range ($M) | Book-to-Bill Ratio (DSA) | DSA Backlog ($M) |
|---|---|---|---|
| Q4 FY2025 (Preliminary) | 137.50 - 138.50 | 1.08x | 138.00 |
| Full Year FY2025 (Preliminary) | 512.50 - 513.50 | 1.05x | 138.00 |
| Backlog Jun 2025 | - | - | 134.30 |
| Backlog Sep 2024 | - | - | 129.90 |
Management Focuses on Strategic Execution
CEO Robert Leasure Jr. underscored the company’s ongoing execution of financial targets set earlier in the year. The continued uptick in new contract wins and a healthy backlog hint at an improved business environment and effective client outreach. This is particularly notable given NOTV’s efforts to streamline operations and enhance its research model portfolio.
Event Spotlight: Upcoming Jefferies Global Healthcare Conference Presentation
Inotiv will present at the Jefferies Global Healthcare Conference in London on November 18, with CEO Robert Leasure set to update investors on strategy and business momentum. Those interested can join the live webcast or replay via the company’s investor relations site, providing another opportunity for shareholders and analysts to assess NOTV’s direction.
Takeaway: Key Metrics Remain Positive, But Caution Is Warranted
NOTV’s preliminary figures showcase positive top-line growth, healthy order trends, and an expanding backlog. Still, these numbers are subject to final audit, and the company highlights multiple operational risks—ranging from market volatility to compliance requirements. As investors await full earnings in December, the forward book-to-bill ratios and backlog levels serve as encouraging signs of ongoing momentum.
Those looking for further detail on Inotiv’s prospects may want to monitor the finalized year-end results and strategic commentary at the upcoming investor conference, keeping in mind the inherent risks flagged by management.
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