Inotiv’s Q1 2025 results show a pronounced top-line decline versus the prior-year period, driven primarily by lower NHP pricing within the RMS segment and a reduced NHP-related revenue base. Total revenue fell to $119.9 million from $135.5 million in Q1 FY2024, a year-over-year decrease of 11.5%. Gross profit of $25.0 million yielded a gross margin of approximately 20.9%. The company opened 2025 with a liquidity boost from a net equity offering of $27.5 million, strengthening balance sheet flexibility and enabling continued site optimization and capacity investments. Despite the revenue softness, management signaled an intent to return to growth in 2025 with margin expansion anticipated as the NHP headwinds abate and DSA and RMS utilization improves. Adjusted EBITDA was $2.6 million (2.2% of revenue) versus $9.6 million (7.1% of revenue) in the prior-year quarter, reflecting the heavier margin burden from NHP pricing and higher operating costs, partially offset by reductions in restructuring, transportation, and site-closure expenses. Net loss attributable to common shareholders was $27.6 million ($1.02 per diluted share) versus a $15.4 million loss in Q1 FY2024. Notably, DSA non-GAAP operating income reached $7.1 million (5.9% of revenue) and RMS non-GAAP operating income was $9.4 million (7.9% of revenue), underscoring the potential for margin uplift as the mix evolves and capacity is absorbed. The DSA backlog stood at $130.4 million at December 31, 2024, and the trailing-12-month book-to-bill was 0.87x, with a high concentration of biotech customers. Management emphasized ongoing capital discipline, a reassessment of NHP inventories to reduce cost, and a focus on customer satisfaction to drive future quarterly performance. Given the withdrawal of fiscal 2025 guidance, investors should monitor cadence of revenue growth, NHP pricing stabilization, backlog evolution, and the effectiveness of ongoing cost-reduction initiatives as catalysts for a potential margin recovery in H2 2025.