Inotiv Inc (NOTV) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Inotiv First Quarter 2026 Earnings Call. (Operator Instructions) Please be advised that today's call is being recorded. (Operator Instructions)

大家好，歡迎參加Inotiv 2026年第一季財報電話會議。（操作員指示）請注意，今天的通話將會被錄音。（操作說明）

I'd now like to turn the call over to Steven Halper with LifeSci Advisors.

現在我想把電話轉給 LifeSci Advisors 的 Steven Halper。

Thank you, Jamie, and good morning, everyone. Thank you for joining today's quarterly call with Inotiv's management team.

謝謝你，傑米，大家早安。感謝您參加今天與Inotiv管理團隊的季度電話會議。

Before we begin, I'd like to remind everyone that some of the statements that management will make on this call are considered forward-looking statements, including statements about the company's future operating and financial results and plans. Such statements are subject to risks and uncertainties that could cause actual performance or achievements to be materially different from those projected. Any such statements represent management's expectations as of today's close. You should not place undue reliance on these forward-looking statements, and the company does not undertake any obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the company's SEC filings for further guidance on this matter including risks and uncertainties that could cause results to differ from forward-looking statements.

在會議開始之前，我想提醒大家，管理層將在本次電話會議上發表的一些聲明屬於前瞻性聲明，包括有關公司未來經營和財務業績及計劃的聲明。此類聲明存在風險和不確定性，可能導致實際業績或成就與預期業績或成就有重大差異。任何此類聲明均代表管理層截至今日收盤時的預期。您不應過度依賴這些前瞻性陳述，本公司不承擔任何更新或修改前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。有關此事的更多指導，包括可能導致結果與前瞻性陳述有差異的風險和不確定性，請參閱本公司向美國證券交易委員會提交的文件。

Management will also discuss certain non-GAAP financial measures in an effort to provide additional information for investors. Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in the company's current and previous earnings releases, which have been posted to the Investors section of the company's website, www.inotiv.com and is also available in the Form 8-K filed with the Securities and Exchange Commission. If you haven't obtained a copy of today's press release yet, you can do so by going to the Investors section of Inotiv's website.

管理層還將討論一些非GAAP財務指標，以便為投資者提供更多資訊。這些非GAAP指標的定義以及與最可比較GAAP指標的調節表均包含在公司當前和先前的收益報告中，這些報告已發佈在公司網站www.inotiv.com的投資者關係部分，也可在提交給美國證券交易委員會的8-K表格中找到。如果您還沒有收到今天發布的新聞稿，您可以前往Inotiv網站的投資者關係部分獲取。

Joining us from the company this afternoon -- this morning are Bob Leasure, President and Chief Executive Officer; and Beth Taylor, Chief Financial Officer. John Sagartz, Chief Strategy Officer, will join us for the question-and-answer portion of the call. Bob will begin with some opening comments, after which Beth will present a summary of the company's financial results for our first quarter of 2026, and then we'll open the call for questions.

今天下午和我們連線的是公司總裁兼執行長 Bob Leasure 和財務長貝絲泰勒 (Beth Taylor)。首席策略官約翰·薩加茨將參加電話會議的問答環節。Bob 將先作一些開場白，之後 Beth 將介紹公司 2026 年第一季的財務業績概要，然後我們將開放提問環節。

It is now my pleasure to turn the call over to Bob Leasure, CEO. Bob, please go ahead.

現在我很高興將電話轉交給執行長鮑伯·萊瑟。鮑勃，請繼續。

Thank you, Steve, and good morning, everyone. During the first quarter of fiscal 2026, despite the usually weaker seasonality, we saw very strong year-over-year revenue growth in our DSA business with both increased discovery and translational sciences revenue and increased safety assessment revenue, somewhat offset by weak performance of our NHPs and typical seasonal weakness in the rest of our RMS business.

謝謝你，史蒂夫，大家早安。在 2026 財年第一季度，儘管季節性因素通常較弱，但我們的 DSA 業務實現了非常強勁的同比增長，這得益於發現和轉化科學收入以及安全評估收入的增長，但部分被 NHP 業務的疲軟表現以及 RMS 業務其他部分典型的季節性疲軟所抵消。

We're delighted to see the continued strength in our DSA business, building on several quarters of improvement against a backdrop of generally slow market demand. Q1 of 2026, DSA revenue increased 12% versus the same period last year. Within that, DTS revenues were up 26% and safety assessment revenues were up 7%. In addition to revenue growth, this quarter, we also saw strong growth in net awards with discovery awards up 44%, safety assessment awards up 22% versus the prior year period.

我們很高興看到DSA業務持續強勁成長，在市場需求普遍疲軟的背景下，該業務已連續幾季穩步改善。2026 年第一季度，DSA 營收比去年同期成長 12%。其中，DTS 收入成長了 26%，安全評估收入成長了 7%。除了營收成長外，本季淨獎勵也實現了強勁成長，其中發現獎勵成長了 44%，安全評估獎勵成長了 22%，與去年同期相比。

With this, our trailing 12-month DSA awards have increased 34% over the prior 12-month period. This brought our book-to-bill for the quarter to 1.16:1 and for the trailing 12 months to 1.08:1. The revenue growth in DSA drove our strongest first quarter DSA margins in the last three years. The RMS business continued to be challenging, in particular, for NHPs, where lower volume sales impacted our RMS revenues and margins compared to last year. We remain on track with our site optimization, transportation, fleet optimization plans, which we believe will be positive for margins in future periods.

因此，我們過去 12 個月的 DSA 獎勵比前 12 個月增加了 34%。這使得我們本季的訂單出貨比達到 1.16:1，過去 12 個月的訂單出貨比達到 1.08:1。 DSA 的營收成長推動了我們過去三年中第一季 DSA 利潤率的最高水準。RMS 業務持續面臨挑戰，尤其是 NHP 業務，與去年相比，銷售下降影響了我們的 RMS 收入和利潤率。我們將繼續按計劃推進場地優化、運輸和車隊優化計劃，我們相信這些計劃將在未來一段時間內對利潤率產生積極影響。

In connection with the current phase of the RMS site optimization plan, we exited two leased facilities during the first fiscal quarter of 2026, one in October and the second in December. And this phase should be complete by the third quarter of fiscal 2026. Overall, our RMS revenue for the first quarter declined 5.4% compared to the prior year quarter. As I noted, this was primarily driven by decreased NHP sales with lower volumes shipped to customers during the quarter. We still expect NHP full year 2026 revenue to remain flat compared to last year.

鑑於 RMS 場地優化計劃的當前階段，我們在 2026 年第一財季退出了兩個租賃設施，一個在 10 月份，另一個在 12 月份。這一階段應該在 2026 財年第三季完成。整體而言，我們第一季的RMS營收比上年同期下降了5.4%。正如我之前提到的，這主要是由於本季度向客戶發貨的 NHP 銷售下降所致。我們仍然預計 NHP 2026 年全年營收將與去年持平。

Despite the lower overall sales in the quarter, we did see growth in RMS services revenue of 13% compared to Q1 of fiscal 2025, mainly due to higher NHP Colony management services revenue. As we disclosed in September, we engaged Perella Weinberg Partners to provide general financial advisory and investment banking services to assist the company in exploring potential debt refinancing alternatives. We've continued these efforts and remained committed to our goal of refinancing our debt and improving our balance sheet.

儘管本季整體銷售額有所下降，但與 2025 財年第一季相比，RMS 服務收入成長了 13%，這主要歸功於 NHP Colony 管理服務收入的增加。正如我們在 9 月所揭露的那樣，我們聘請了 Perella Weinberg Partners 提供一般財務諮詢和投資銀行服務，以協助該公司探索潛在的債務再融資方案。我們持續努力，並始終致力於實現債務再融資和改善資產負債表的目標。

We will provide any updates at the appropriate time. The company has received a waiver for noncompliance with the financial covenant ratios under our credit agreement for the first quarter of fiscal 2026. We again to thank our lenders for their continued support in working with us. Overall, we're generally pleased with our progress and momentum as it relates to the DSA business and the site optimization and cost reduction initiatives we are implementing for the RMS business. We are continuing to navigate the business trends and macroeconomic factors that are affecting our RMS business.

我們將在適當的時候提供最新消息。公司已獲得豁免，免於因違反 2026 財年第一季信貸協議中的財務契約比率而受到處罰。我們再次感謝貸款方一直以來對我們工作的支持。總體而言，我們對 DSA 業務的進展和勢頭以及我們正在為 RMS 業務實施的網站優化和成本降低計劃感到滿意。我們將繼續關注影響我們RMS業務的商業趨勢和宏觀經濟因素。

Our focus remains on improving revenue and margins in our DSA business and reducing costs, diversifying our sources of revenue, improving margins in our RMS business. We continue to enhance our new approach methods or NAMs strategy in support of FDA guidance and industry expectations for continued innovation. Over the last couple of months, we announced important collaborations that bring state-of-the-art machine learning tools, allowing us to integrate, analyze and visualize complex datasets as well as providing us access to disease-relevant human tissue.

我們將繼續專注於提高DSA業務的營收和利潤率，降低成本，實現收入來源多元化，提高RMS業務的利潤率。我們將繼續改進我們的新方法或 NAMs 策略，以支持 FDA 指導和產業對持續創新的期望。在過去的幾個月裡，我們宣布了重要的合作，這些合作帶來了最先進的機器學習工具，使我們能夠整合、分析和視覺化複雜的數據集，並使我們能夠獲得與疾病相關的人體組織。

We believe the offerings we are continuing to build within the NAMs space will allow us to make our customers' discovery efforts increasingly human relevant earlier in the process and help speed their important new medicines to successful registration.

我們相信，我們正在不斷建構的 NAM 領域的產品和服務將使我們的客戶能夠在研發過程的早期階段就使研發工作更加貼近人類需求，並幫助加快其重要新藥的成功註冊。

Finally, we remain committed to improving our financial performance. To facilitate this, we will continue to focus on client satisfaction, enhance speed and delivery while simultaneously initiating cost reductions and optimizing our product and services portfolio and operating footprint.

最後，我們將繼續致力於改善財務表現。為了實現這一目標，我們將繼續專注於客戶滿意度，提高速度和交付能力，同時啟動成本削減，並優化我們的產品和服務組合和營運佈局。

I will now hand things over to Beth to provide a financial overview.

現在我將把財務概覽交給貝絲。

Thank you, Bob, and good morning, everyone. For the first quarter of fiscal 2026 total revenue was $120.9 million compared to $119.9 million in the first quarter of fiscal 2025. This was an increase of $1 million or 0.8% in revenue from the prior year quarter, primarily driven by increased DSA revenue and partially offset by decreased RMS revenue. DSA revenue in the fiscal 2026, first quarter was $48 million compared to $42.8 million in Q1 fiscal 2025. The year-over-year increase in DSA revenue was primarily driven by an increase in discovery pharmacology service and surgical services revenue as well as an increased revenue at our Rockville facility.

謝謝你，鮑勃，大家早安。2026 財年第一季總營收為 1.209 億美元，而 2025 財年第一季為 1.199 億美元。與去年同期相比，營收增加了 100 萬美元，增幅為 0.8%，主要得益於 DSA 收入的成長，但部分被 RMS 收入的下降所抵消。2026 財年第一季 DSA 營收為 4,800 萬美元，而 2025 財年第一季為 4,280 萬美元。DSA 收入年增率主要得益於藥物發現服務和外科手術服務收入的成長，以及我們羅克維爾工廠收入的成長。

Overall, net new DSA awards during the quarter were $53.6 million, a 27% increase over Q1 of fiscal 2025 and a 34% year-over-year increase for the trailing 12-month period ended December 31, 2025. We have also seen strong quoting and awards for the month of January representing an encouraging start to our second fiscal quarter of 2026. The backlog conversion rate in the first quarter of fiscal 2026 was 33.2% compared to 32.8% in the prior year period.

總體而言，本季新增 DSA 淨額為 5,360 萬美元，比 2025 財年第一季成長 27%，比截至 2025 年 12 月 31 日的過去 12 個月年增 34%。1 月的報價和得標情況也十分強勁，這標誌著我們 2026 財年第二季開局良好。2026 財年第一季的積壓訂單轉換率為 33.2%，而去年同期為 32.8%。

DSA cancellations and negative change orders in the first quarter of fiscal 2026 were approximately 51% lower than the prior year first quarter. Cancellations and negative change orders in the trailing 12-month period were approximately 17% lower than the prior trailing 12-month period. The book-to-bill ratio for DSA in the first quarter of fiscal 2026 was 1.16:1, and our trailing 12-month book-to-bill was 1.08:1. DSA backlog was $145.4 million at December 31, 2025, compared to $138.2 million at September 30, 2025, and $130.4 million at December 31, 2024.

2026 財年第一季的 DSA 取消訂單和負面變更訂單比去年同期減少了約 51%。過去 12 個月的取消訂單和負面變更訂單比前 12 個月減少了約 17%。2026 財年第一季度，DSA 的訂單出貨比為 1.16:1，過去 12 個月的訂單出貨比為 1.08:1。截至 2025 年 12 月 31 日，DSA 的積壓訂單為 1.454 億美元，而截至 2025 年 9 月 30 日為 1.382 億美元，截至 2024 年 12 月 31 日為 1.304 億美元。

RMS revenue for the first quarter of fiscal 2026 of $72.9 million decreased $4.1 million or 5.4% compared to Q1 fiscal 2025. The decrease in RMS revenue was due primarily to lower NHP volumes sold partially offset by higher average selling prices for NHPs and higher NHP related services revenue. The overall operating loss for the first quarter of fiscal 2026 increased $0.8 million from $15.5 million in the first quarter of fiscal 2025 to $16.3 million in Q1 of fiscal 2026. The increase in operating loss was primarily driven by an increase in RMS operating loss of $2.4 million in Q1 fiscal 2026 partially offset by an increase in DSA operating income of $1.2 million.

2026 財年第一季 RMS 營收為 7,290 萬美元，比 2025 財年第一季減少了 410 萬美元，降幅為 5.4%。RMS 收入下降主要是由於 NHP 銷量減少，但 NHP 平均售價上漲和 NHP 相關服務收入增加部分抵消了這一影響。2026 財年第一季的整體營運虧損從 2025 財年第一季的 1,550 萬美元增加到 2026 財年第一季的 1,630 萬美元，增加了 80 萬美元。2026 財年第一季 RMS 營運虧損增加 240 萬美元，部分被 DSA 營運收入增加 120 萬美元所抵銷。

The increase in RMS operating loss was primarily due to the $4.1 million decrease in RMS revenue previously mentioned, partially offset by decreased RMS cost of revenue. The DSA increase in operating income was driven by higher DSA revenue, partially offset by increased cost of revenue related to increased personnel to support planned DSA growth and increased supplies expense. Non-GAAP operating income for our DSA segment in the first quarter was $8.2 million or 6.8% of total revenue compared to $7.1 million or 5.9% of total revenue in last fiscal year's first quarter.

RMS 營運虧損增加主要是因為前面提到的 RMS 收入減少了 410 萬美元，部分被 RMS 收入成本的下降所抵銷。DSA 營業收入的成長主要得益於 DSA 收入的增加，但部分被因支持 DSA 計劃增長而增加的人員和增加的供應費用導致的收入成本增加所抵消。第一季度，我們DSA部門的非GAAP營業收入為820萬美元，佔總營收的6.8%，而上一財年第一季為710萬美元，佔總營收的5.9%。

As Bob mentioned, we continue to focus on our DSA margins, and we believe we will see improvement in future quarters. As we experienced an increase in discovery service revenue and continue to fill the added capacity and services we have developed over the last 18 months, we believe we will see margin improvement through operating leverage. In addition, we continue to see a more stable pricing environment across our DSA services.

正如鮑伯所提到的，我們將繼續關注我們的DSA利潤率，我們相信未來幾季將會看到改善。隨著我們發現服務收入的成長，以及過去 18 個月中我們不斷開發新增容量和服務，我們相信透過營運槓桿作用，利潤率將會提高。此外，我們的DSA服務定價環境也持續保持穩定。

In our RMS segment, non-GAAP operating income in the first quarter of fiscal 2026 was $7.2 million or 5.9% of total revenue compared to $9.4 million or 7.9% of total revenue in the first quarter of fiscal 2025. Lower margins were primarily driven by lower NHP volume sales. Interest expense in Q1 of fiscal 2026 decreased to $13.5 million from $13.8 million in the first quarter of fiscal 2025, primarily due to lower interest rates.

在我們的RMS業務部門，2026財年第一季的非GAAP營業收入為720萬美元，佔總營收的5.9%，而2025財年第一季為940萬美元，佔總營收的7.9%。利潤率下降主要是由於天然健康產品銷售下降所致。2026 財年第一季的利息支出從 2025 財年第一季的 1,380 萬美元減少到 1,350 萬美元，主要原因是利率下降。

Consolidated net loss in the first quarter of fiscal 2026 totaled $28.4 million or at $0.83 loss per diluted share. This is compared to consolidated net loss of $27.6 million or a $1.02 loss per diluted share in the first quarter of fiscal 2025. For the first quarter of 2026, total company adjusted EBITDA was $1.8 million or 1.5% of total revenue compared to $2.6 million or 2.2% of total revenue for the first fiscal quarter of 2025.

2026 財年第一季綜合淨虧損總計 2,840 萬美元，即每股攤薄虧損 0.83 美元。相較之下，2025 財年第一季綜合淨虧損為 2,760 萬美元，即每股攤薄虧損 1.02 美元。2026 年第一季度，公司調整後 EBITDA 總額為 180 萬美元，佔總營收的 1.5%，而 2025 年第一財季為 260 萬美元，佔總營收的 2.2%。

Our balance sheet as of December 31, 2025, included $12.7 million in cash and cash equivalents as compared to $21.7 million on September 30, 2025. The company is utilized and will continue to utilize its revolving credit facility during the normal course of business as needed. As of December 31, 2025, the company had borrowings of $6 million on the $15 million revolving credit facility, which is still outstanding.

截至 2025 年 12 月 31 日，我們的資產負債表顯示現金及現金等價物為 1,270 萬美元，而截至 2025 年 9 月 30 日為 2,170 萬美元。公司目前會根據需要使用循環信貸額度，並將繼續在正​​常業務過程中使用。截至 2025 年 12 月 31 日，該公司在 1,500 萬美元的循環信貸額度中已藉款 600 萬美元，該額度仍未償還。

Total debt, net of debt issuance costs as of December 31, 2025, was $405.8 million compared to $402.1 million on September 30, 2025. This includes $118.2 million of convertible notes as of December 31, 2025, and our second lien notes of $24.7 million.

截至 2025 年 12 月 31 日，扣除債務發行成本後的總債務為 4.058 億美元，而截至 2025 年 9 月 30 日為 4.021 億美元。截至 2025 年 12 月 31 日，其中包括 1.182 億美元的可轉換票據，以及 2,470 萬美元的第二留置權票據。

Cash used in operating activities was $5.4 million for the three months ended December 31, 2025, compared to $4.5 million for the three months ended December 31, 2024. Capital expenditures in the first quarter of 2026, or $5.2 million or approximately 4.3% of total revenue, $3 million of the capital expenditures in the first quarter of 2026 related to the current phase of our RMS site optimization plan, which allowed us to exit two leased facilities during the quarter.

截至 2025 年 12 月 31 日止三個月，經營活動所用現金為 540 萬美元，截至 2024 年 12 月 31 日止三個月則為 450 萬美元。2026 年第一季資本支出為 520 萬美元，約佔總營收的 4.3%。其中 300 萬美元與我們 RMS 站點優化計劃的當前階段相關，該計劃使我們能夠在本季度退出兩個租賃設施。

The first quarter of fiscal 2025 capital expenditures were $4.5 million or 3.7% of revenue. We continue to expect our annual spend for CapEx for fiscal year 2026 to be less than 4% of revenue. At this juncture, we are not providing formal financial guidance for fiscal year 2026. We continue to feel positive about the progress we have made in recent quarters. As we have stated previously, we hope to resume providing guidance once we have greater clarity on the market and client demand and clarity on any further impact to our business as tariff policies evolve.

2025 財年第一季資本支出為 450 萬美元，佔營收的 3.7%。我們仍預期 2026 財年的資本支出將低於營收的 4%。目前，我們暫不提供 2026 財年的正式財務指引。我們對近幾季的進展依然感到樂觀。正如我們之前所說，我們希望在對市場和客戶需求有更清晰的了解，以及對關稅政策變化可能對我們的業務產生的任何進一步影響有更清晰的了解之後，恢復提供指導。

And with that financial overview, we will turn the call over to Jamie, our operator, for questions.

財務概覽完畢，接下來我們將把電話轉交給我們的接線生傑米，回答大家的問題。

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

（操作說明）弗蘭克·塔基寧，湖街資本市場。

I was hoping to start with a little bit more color on profitability. It sounds like it was likely margins in RMS that weighed on adjusted EBITDA in the quarter, but I think there was maybe a little bit more OpEx than I was expecting in there, too. I was curious if you could unpack that at all and talk to some of the moving pieces around the adjusted EBITDA number. And then as a second part, how should we be thinking about adjusted EBITDA trending with seasonality through the rest of the fiscal year?

我原本希望先從獲利能力方面多談一些細節。聽起來像是 RMS 的利潤率拖累了本季的調整後 EBITDA，但我認為其中的營運支出可能也比我預期的要多一些。我很好奇你是否能詳細分析一下，並談談調整​​後 EBITDA 數據背後的一些影響因素。其次，我們該如何看待本財政年度剩餘時間內調整後的 EBITDA 隨季節性變化的趨勢？

Okay. Frank. First, address seasonality. I think that the seasonality will be pretty much the same as last year. The first quarter has always been -- and we'd like to find a way to smooth that out.

好的。坦率。首先，要考慮季節性因素。我認為季節性因素與去年基本相同。第一季一直如此——我們希望找到一種方法來平穩過渡。

But unfortunately, the first quarter has always been a little bit tougher. As we go through the closures to the universities and some of our clients and Thanksgiving over the holiday season. The only other seasonality issue that we may really come across is if weather significantly can impact our business. And we did have some weather in January that affected the last week of January.

但遺憾的是，第一季總是比較難熬。隨著假期期間大學停課、部分客戶停課以及感恩節的到來，情況發生了變化。我們可能遇到的唯一其他季節性問題是天氣是否會對我們的業務產生重大影響。一月份我們確實遇到了一些天氣問題，影響了1月份最後一週的安排。

But typically, we didn't make that up during February and March. But sometimes that can also impact shipping, if you will. In terms of our margins and OpEx, I do think we had some increase in expenses that have come through in some of our cost of goods sold, mainly if you look at some of the animal costs or tariffs that may have come through that we've not passed along. A lot of what we do in terms of our quotes, if you will. And we've alluded to the pricing stabilizing.

但通常情況下，我們在二月和三月期間不會彌補這些損失。但有時這也會對運輸產生影響。就我們的利潤率和營運支出而言，我認為我們的一些支出有所增加，這些支出反映在了我們的一些銷售成本中，主要是如果你看一些動物成本或關稅，這些成本可能已經產生，而我們沒有將其轉嫁給消費者。我們所做的很多事情都與報價有關。我們已經提到價格趨於穩定。

But again, what we started quoting last summer in March, April, May, June, some of that pricing and some of those price increases that came through that we made amended in our pricing in the summer. We won't see that really come through until 9 to 12 months later. If you think about it, some of our quoting, we may quote one quarter, it may be three or four months before it's awarded, maybe another three or four months before that starts, which means you could be out 9 to 12 months before you start to see those margins. So I think we'll continue to see margins improve in the back half of this year also as I think some of the pricing and some of the cost increases got passed along.

但是，我們去年夏天（3月、4月、5月、6月）開始報價的價格，以及後來的一些價格上漲，我們在夏季對價格進行了調整。要到9到12個月後才能真正看到效果。仔細想想，我們的一些報價，可能只針對一個季度，可能要等三四個月才能授標，授標後可能還要再等三四個月才能開始，這意味著你可能要等 9 到 12 個月才能開始看到利潤。所以我認為今年下半年利潤率還會繼續提高，因為我認為部分價格上漲和成本增加已經轉嫁給了消費者。

So yes, I mean it was -- I think that we were a little -- I say, I think frustrated that we didn't maybe have more volume of the NHPs. It was, I thought, significantly less than we would have expected or significantly as it was prior year in terms of volume, but we were able to overcome quite a bit of that with some of the DSA growth and some of our services growth. And I think we'll be fine going forward, as I said, I think we'll make up the volume also before the year is over.

所以，是的，我的意思是——我認為我們有點——我說，我認為我們有點沮喪，因為我們可能沒有更多的非人靈長類動物。我認為，就數量而言，它比我們預期的要少得多，或者比上一年要少得多，但我們透過DSA成長和部分服務成長彌補了很大一部分損失。而且我認為我們接下來會沒事的，就像我說的，我認為我們也能在今年結束前彌補銷售缺口。

And then maybe just for my second one, I wanted to ask a little bit more on DSA awards. Obviously, that's been trending very positively, fourth quarter over 1 and highest, I think, since fiscal Q3 of 2020 or fiscal Q1 of 2024. So great to see it continue to trend positively. Maybe talk a little bit about why that has continued to be a little bit above where the industry is at and then how that should translate into DSA growth for 2026.

然後，就我的第二個問題而言，我想再問一些關於DSA獎的問題。顯然，這一趨勢非常積極，第四季度超過 1，而且我認為是自 2020 財年第三季或 2024 財年第一季以來的最高水平。很高興看到它繼續保持積極的成長趨勢。或許可以稍微談談為什麼這個數字一直略高於行業平均水平，以及這應該如何轉化為 2026 年 DSA 的成長。

If you recall that when we talked last May at Investor Day, there are really a couple of key pieces to what our plan was longer term. One is -- and one was dependent on our DSA growth and then obviously the growth in margins. And the second one was in the site optimization cost. So again, on the DSA business, I would remind everybody, we are much smaller than some of the other people in the industry may be comparing us to. So our ability to move the needle may be a little easier because of our size. But I believe that we've done a couple of things that we focus on.

如果你還記得我們去年五月在投資者日上談到的內容，我們的長期計畫實際上包含幾個關鍵部分。其中一個取決於我們的DSA成長，另一個顯然取決於利潤率的成長。第二個費用是網站優化成本。所以，關於DSA業務，我想再次提醒大家，我們比業內其他一些公司小得多，這些公司可能會拿我們和他們作比較。因此，由於我們的規模較大，我們更容易產生影響。但我相信我們已經做了幾件我們重點關注的事情。

One is really making sure that we're on time and have a high degree of communication with everything we do and develop a great deal of trust with our customers. So I think we see increasing reoccurring sales from existing customers. In addition, we're still a fairly young company. So we're still seeing new customers come to us. As they get to know us and introduce themselves to us. And sometimes it may take a year or two before we get to know them before we actually see some business.

一方面，我們要確保準時，在所做的每一件事上都要保持高度溝通，並與客戶建立高度的信任。所以我認為我們會看到現有客戶的重複銷售額不斷成長。此外，我們仍然是一家相當年輕的公司。所以我們仍然不斷有新客戶加入我們。當他們逐漸了解我們並向我們自我介紹時。有時，我們可能需要一兩年的時間才能真正了解他們，然後才能看到一些業務往來。

But we're starting to get, I think, increasing expansion of our brand name out there, and that came with some of the increase in the sales force that we started two years ago. So some of these things we initiated two years ago are starting to benefit. Then finally, we also have, I think, a great deal of scientific strength, a great pathology team, great scientific team. And I believe that we alluded to it in here, but some of the innovation and some of the things that we're doing in discovery. I think, are transformational. And I think that will really be one of our strengths going forward. And I think it's starting to show more and more. So I hope that we can continue to expand on that in future quarters.

但我認為，我們的品牌知名度正在不斷擴大，這得益於我們兩年前開始擴充銷售團隊。所以，我們兩年前啟動的一些計畫開始顯現成效了。最後，我認為我們還擁有強大的科研實力，一支優秀的病理學團隊，一支優秀的科學研究團隊。我相信我們在這裡也提到過這一點，但有些創新以及我們在探索領域所做的一些事情。我認為，它們具有變革性。我認為這將是我們未來發展的優勢之一。而且我覺得這種情況越來越明顯了。所以我希望我們能在未來幾季繼續拓展這方面的工作。

Dave Windley, Jefferies.

戴夫溫德利，傑富瑞集團。

I wanted to start on DSA revenue. Your -- and backlog, I guess, your conversion rate had been marching up pretty steadily over the last six quarters or so and took a step back in the first quarter. I wondered if that has to do with -- you mentioned kind of seasonality in holidays. I wondered if that has to do with that, if it has anything to do with where your orders are coming and where you have available capacity? And kind of related to that, you're calling out the growth in discovery services kind of more so than safety assessment. I know you've made some investments in the discovery area. But again, is that a function of where you have capacity as much as where the demand is?

我想先從DSA收入入手。我想，你的——還有積壓訂單，你的轉換率在過去六個季度左右一直穩步上升，但在第一季有所回落。我想知道這是否與——你提到過假日的季節性有關。我想知道這是否與此有關，是否與你的訂單來源地和你的可用產能有關？與此相關的是，您提到的成長更多是發現服務，而不是安全評估。我知道你在勘探領域進行了一些投資。但是，這是否更取決於產能分佈情況，而不是需求分佈情況？

Yes, you're correct, that discovery is where we probably have more capacity than some of our safety assessment. And we've grown a little bit of that capacity lately to get ready for next quarter and what we see coming down the road. So I think -- as far as the throughput, I think we are a little higher than -- conversion rate, I should say. I think we were a little higher than last year, just a point higher, and we've been trending higher quarter-over-quarter.

是的，你說得對，我們在這方面的能力可能比某些安全評估能力更強。最近我們稍微提升了一些產能，為下一季以及我們預見的未來做好準備。所以我覺得——就吞吐量而言，我認為我們比——轉換率——要高一些。我認為我們比去年略高一些，高出一個百分點，而且我們每季都在上升趨勢。

I think some of that comes into the seasonality and the fact that the backlog just went up quite a bit. So hopefully, we'll start to see that conversion rate increase. And generally, yes, the discovery conversion rate comes a little quicker than the safety assessment conversion rate. Safety assessment usually starts a little bit sooner, may take nine months once we get PO to get it through and the discovery can take a matter of weeks to fewer months.

我認為部分原因是季節性因素，以及積壓訂單大幅增加的事實。所以，希望我們能看到轉換率開始上升。一般來說，是的，發現轉換率比安全評估轉換率快一些。安全評估通常會提前一些開始，從採購訂單到最終完成可能需要九個月的時間，而發現問題可能只需要幾週到幾個月的時間。

I also think something a little bit different in the discovery in the last quarter. Is that we were getting some discovery revenue that's much -- that may have a little bit longer lead time than normal and some blanket POs and some large reoccurring business that's taking place, and that may have dropped it down a little bit.

我認為上個季度的發現也略有不同。是因為我們的一些發現收入——這些收入的提前期可能比正常情況要長一些——還有一些批量採購訂單和一些正在進行的大額經常性業務，這些都可能導致收入略微下降。

Flipping Bob, to the RMS business, you've taken over a period of time, you've taken significant amounts of operating costs out, lease exits, et cetera, you had a couple more of those. I guess two questions. The simple one would be, is there -- were those lease exits late in the quarter such that we should expect some additional incremental cost outs for the sequential quarter. And then two more, I guess, bigger picture, as you're taking that operating cost out, you're -- like at least in this quarter, and you talked about NHP activity, but we're not seeing the operating leverage benefits of that. Help me understand what is shading that or when we will begin to see that operating leverage in RMS from those cost outs?

鮑勃，對於RMS業務來說，你已經投入了一段時間，你削減了大量的營運成本，包括租賃退出等等，你還有好幾次這樣的操作。我想問兩個問題。最簡單的問題是，是否存在——那些租賃合約在本季度​​末到期，以至於我們應該預期下一季會出現一些額外的增量成本支出。然後還有兩點，我想，從更宏觀的角度來看，當你扣除營運成本時，至少在本季度，你談到了 NHP 活動，但我們並沒有看到營運槓桿的好處。請幫我理解一下，是什麼因素導致了這種情況，或者我們什麼時候才能從這些成本削減中看到RMS的營運槓桿效應？

I think some of the operating leverage didn't show up because of the significant reduced volume in the NHPs. So that overshadowed some of the leverage. But you're also correct that we will see some of those costs come out next quarter. It's not only the facility, but as you ramp up these new facilities, we're building out and expanding existing facilities that are going to be much more efficient than the facilities that we are closing. So we are not only closing.

我認為部分經營槓桿效應沒有顯現出來，是因為非處方藥銷售量大幅下降。因此，這掩蓋了部分槓桿作用。但您也說得對，我們將在下個季度看到其中一些成本的體現。不僅是設施，而且隨著這些新設施的投入使用，我們正在擴大和改造現有設施，這些設施的效率將比我們關閉的設施高得多。所以我們不僅要關門。

We're closing our oldest facilities. These are usually have very high maintenance cost, not as efficient, higher labor cost and then the related lease cost to it. So -- and at some point, as you're bringing these new facilities up before you close the other ones down, you're running duplicate facilities. So I think we are starting to see internally, we can see some of the costs starting to come out, and we can see the margins of the , I should say, small animal business improve, but some of that was overshadowed by the lack of volume in the NHP business this quarter.

我們將關閉最老的幾個設施。這些設備通常維護成本很高，效率不高，人工成本較高，而且還會產生相關的租賃成本。所以——在某種程度上，當你在關閉其他設施之前建立這些新設施時，你就是在運行重複的設施。所以我覺得我們開始在內部看到一些成本開始下降，也看到小型動物業務的利潤率有所改善，但本季非人靈長類動物業務的銷售不足掩蓋了這些改善。

So last question quickly. On the NHPs, can you give us order of magnitude? How much was that volume down year-over-year?

最後一個問題，快問快答。關於 NHP，您能給出數量級嗎？年比下降了多少？

Probably about 25%. It was -- and the NHPs, we've had that before. Well, it's not a straight line in terms of when they go out. And I think we've done a nice job of really reducing our dependency on the importation of NHPs. But if we had to ship the additional 25% out like we did a year ago quarter or anywhere close to what we did in Q3 or Q4. I think we'd have probably seen a little bit more of those efficiencies come through, Dave. But hopefully, we'll see that in the future quarters throughout the year.

大概25%左右。確實如此——而且，我們以前也遇過非人靈長類動物。嗯，他們的外出時間並不是一條直線。我認為我們在減少對進口天然保健品的依賴方面做得很好。但如果我們必須像去年同期一樣，或者像第三季或第四季一樣，額外出貨 25% 的產品，那該怎麼辦？戴夫，我覺得我們或許能看到更多效率提升的體現。但希望我們能在今年接下來的幾季看到這種情況。

Matt Hewitt, Craig-Hallum Capital Group.

馬特·休伊特，克雷格-哈勒姆資本集團。

Maybe first up, you noted in your prepared remarks that you've been making some progress in signing some new relationships on the NAM side. I'm just curious if you could provide a little bit more color on those relationships and how you expect those to kind of drive incremental revenues going forward?

首先，您在準備好的演講稿中提到，您在北美方面簽署了一些新的合作關係，並取得了一些進展。我只是好奇您能否更詳細地介紹這些關係，以及您預計這些關係將如何推動未來收入的成長？

Well, John is on the call, John may be able to help more in terms of if you're going to get into the science, but I think this is part of what we're doing from an innovation standpoint. And we've had -- I will say this, we've been doing some R&D. We had to have a line for R&D in our budget. We've been working on that and developing these relationships and I think this innovation and what we're -- is going to be a key part of our future and a key part of our industry.

約翰正在通話中，如果你想深入了解科學方面的內容，約翰或許能提供更多幫助，但我認為這是我們從創新角度出發所做的工作之一。而且，我必須說，我們一直在進行一些研發工作。我們的預算中必須預留研發經費。我們一直在努力發展這些關係，我認為這種創新以及我們正在做的事情，將是我們未來和我們行業的關鍵組成部分。

And we've got -- we don't want to become and we want to avoid becoming a commodity. And to do that, we've got to be able to lead with innovation. And I think we have some things that are going to be transformative as I said, in the future, and I think some of our customers see that. And I think that's really benefiting right now our brand and is benefiting where we're seeing some increased volume. But I'll let John, do you want to add anything more to that.

我們不想成為，也想避免成為一種商品。要做到這一點，我們必須能夠以創新引領未來。正如我所說，我認為我們有一些技術在未來將具有變革性意義，而且我認為我們的一些客戶也看到了這一點。我認為這確實對我們的品牌有利，也使我們的銷售量有所成長。但我還是讓約翰來吧，你還有什麼要補充的嗎？

We've been somewhat careful. And maybe, Matt, I would tell you, we may have an Investor Day in the future here where we can talk a little bit more about it. But right now, John, is there anything else you'd want to add to that?

我們一直比較謹慎。或許，馬特，我會告訴你，我們將來可能會舉辦一次投資者日活動，屆時我們可以更詳細地談談這件事。但是約翰，你現在還有什麼要補充的嗎？

Just that the announcements that we've made over the past couple of months have given us access to technologies and tools that allow us really to pursue a program to matching human or matching animal models to human disease through the ability to look at data differently in a big way. And as Bob mentioned, we've got some internal initiatives that are using specific therapeutic areas to integrate those technologies and really validate the overall approach, but we needed to have access to tools that weren't currently robust within our existing footprint, and that was the basis for the announced collaborations.

只是我們在過去幾個月發布的公告讓我們獲得了相關的技術和工具，使我們能夠真正開展一項計劃，透過以不同的方式看待數據，將人類或動物模型與人類疾病相匹配。正如鮑伯所提到的，我們有一些內部舉措，利用特定的治療領域來整合這些技術，並真正驗證整體方法，但我們需要獲得一些在我們現有體系內還不強大的工具，這就是宣布合作的基礎。

And then you touched on this a little bit, but with the weather that impacted shipping and whatnot later in January, maybe does that also impact your costs? I mean the cold temperatures, in particular, reached your facilities, I would think, in Texas. Does that translate into some higher cost to maintain proper heating and all of that for the NHPs in particular? Or how does that impact you?

然後您也稍微提到了這一點，但是一月份下旬的天氣影響了航運等等，這會不會也影響到您的成本呢？我的意思是，尤其是寒冷的氣溫，我想應該已經影響你們在德州的設施了。這是否意味著對於自然暖氣設備而言，維持適當的暖氣等各項設施的成本會更高？或者，這會對你產生什麼影響？

Well, this last couple of weeks -- by the way, we also had that last year. Some cold weather comes through. But we're not transporting like we do. I should say, if the roads are going to have ice and the roads, and it's going to be dangerous. We're not transporting some of our research models and animals.

嗯，過去兩週——順便說一句，去年我們也經歷過這種情況。寒流來襲。但我們現在的運輸方式和以往不同。我應該說，如果道路結冰，道路狀況會很危險。我們不運送部分研究模型和動物。

So we're going to be very careful about that. And so that may -- and some of our customers are also going to be impacted and some of the universities are going to close and not be able to take orders. So that's one part of it.

所以我們會非常謹慎對待這件事。因此，這可能會——我們的一些客戶也會受到影響，一些大學將會關閉，無法接受訂單。這是其中一部分。

The second part is, yes, -- we have some great people that if it's going to be extra cold and we're concerned and you could have ice, where you could have electricity issue, we have generators, of course. But we're going to -- then we have people that volunteer and they stay at the facilities 24/7 to make sure that they're -- they can provide all the care that's needed and they do an extraordinary job. I wouldn't say it's a lot of -- it's not going to change the needle that much in terms of cost.

第二部分是，是的，——我們有一些很棒的人，如果天氣格外寒冷，我們擔心可能會結冰，可能會出現電力問題，我們當然有發電機。但是我們會——然後我們會有志工全天候待在設施裡，以確保——他們能夠提供所有需要的護理，他們做得非常出色。我不會說這影響很大——就成本而言，這不會帶來太大的變化。

But it is quite impressive to see the care and the culture that these people have throughout the organization. And this last cold spell went from, obviously, from Texas all the way all through the East. And there were some just extraordinary efforts in volunteering -- people volunteering their time and spending weekends and the week just 24/7, taking care of the facilities and the animals. And it's quite impressive. So to extent anybody listening, thank you once again for what you do and for caring for everything we do.

但令人印象深刻的是，這家機構的每個人都展現了高度的關懷和文化。很顯然，這最後這股寒流從德州一直蔓延到整個東部。志工們做出了一些非常了不起的努力——他們抽出時間，週末和工作日 24 小時全天候照顧設施和動物。這真是令人印象深刻。所以，對於所有正在收聽的人，再次感謝你們所做的一切，感謝你們對我們工作的關心。

With no further questions in queue at this time. I'd like to turn the floor back over to Bob Leasure for any additional or closing comments.

目前沒有其他問題需要提問。我想把發言權交還給鮑伯·萊瑟，讓他補充一些內容或作總結發言。

Thank you. As I said, we are pleased with the recent growth in the DSA revenue quoting awards and continued focus on customer satisfaction, integration and efficiency and the cost reductions in the RMS business. We believe this progress has been made possible by our focus on execution and we'll maintain our commitment to client satisfaction and continued innovation. We're making progress on financial goals outlined last year. We're continuing to prioritize our strategic review of our capital structure and improving our balance sheet.

謝謝。正如我所說，我們對DSA收入報價獎勵的近期成長感到滿意，並持續關注客戶滿意度、整合和效率以及RMS業務的成本降低。我們相信，這項進展得益於我們對執行力的重視，我們將持續致力於客戶滿意度和持續創新。我們在實現去年制定的財務目標方面取得了進展。我們將繼續優先進行資本結構的策略審查，並改善資產負債表。

I appreciate the support of our lenders and what they've provided to our management team and the company and for the shareholders who continue to support us. I continue to believe that we are a stronger company today, and I'm confident in our plan for continued improvement in the future. Thank you for joining us today.

我感謝貸款方的支持，感謝他們為我們的管理團隊和公司提供的一切，也感謝一直以來支持我們的股東們。我仍然相信，如今我們是一家更強大的公司，並且我對我們未來持續改進的計劃充滿信心。感謝您今天蒞臨。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。