Inotiv reported a solid year-over-year revenue uptick in Q2 2025 driven by RMS strength and higher NHP volumes, offset by softer DSA conditions and margin pressures within certain toxicology services. Total revenue rose to $124.3 million, up 4.4% year over year (YoY) and 3.7% quarter over quarter (QoQ). Adjusted EBITDA reached $8.0 million (6.4% of revenue), while GAAP net loss remained (-$14.9) million for the quarter, pressured by ongoing interest and legacy items, including a DOJ-related charge in prior periods. The RMS segment posted improving non-GAAP operating margins (12.5% of revenue) on stronger NHP activity, and the company revised its RMS site optimization plan to accelerate savings, now targeting net annual savings of $6–$7 million on roughly $6.5 million of capex, to be funded with tenant improvements and settlement proceeds. DSA experienced margin deterioration in the quarter due to mix, higher base NHP costs in toxicology studies, overtime, utilities, and price/mix effects, though book-to-bill remained healthy at 1.01:1 with backlog at $130.8 million. Management remains confident in mid-term revenue and adjusted EBITDA growth for the next two quarters of fiscal 2025, while avoiding formal full-year guidance pending tariff and market visibility. The call highlights a strategic shift toward a more integrated, higher-value discovery and translational services stack, investment in NAMs-capable capabilities, and a multi-faceted cost-savings program intended to elevate margins and return-on-capital while preserving animal-welfare objectives. Investors should monitor the RMS optimization payback, DSA margin trajectory, evolving tariffs on NHPs, NIH/FDA policy developments around NAMs, and the timing of anticipated benefits from the ongoing corporate integration and site-consolidation activities.