fishbone
Clean Harbors, Inc. (NYSE:CLH) Stock Position Lifted by Cerity Partners LLCUnai Emery knows Champions League top-eight spot is possible for Aston Villa
MUMBAI: India's insurance penetration, which is measured as a ratio of annual premium to GDP, dipped in FY24 for the second year in a row after touching a peak of 4.2% in the wake of Covid. According to regulator Irdai's annual report released on Monday, India's insurance penetration was 3.7% in FY24 compared to 4% in 2022-23. The insurance penetration for the life insurance industry marginally declined from 3% in the previous year to 2.8% in 2023-24. The penetration for the non-life insurance industry remained unchanged at 1% during 2023-24, as in 2022-23. While the share of insurance to GDP declined, there was a modest increase in per capita premium (insurance density) from $92 in FY22 to $95 in FY23. India's experience goes against the global trend, where insurance penetration in both life and non-life segments has risen, with the global average at 7% in 2023 versus 6.8% in 2022. During 2023-24, the life insurance industry recorded a premium income of Rs 8.3 lakh crore, registering a 6.1% growth which was slower than the increase in GDP. Private sector life insurers clocked a growth of 15.1% in premium, while the public sector life insurer recorded a growth of 0.2%. The life insurance industry paid total benefits of Rs 5.8 lakh crore in 2023-24, constituting 70.2% of the net premium. Benefits paid on account of surrenders/withdrawals increased by 15.3% to Rs 2.3 lakh crore in 2023-24, of which the public sector life insurer accounted for 58.4%. During 2023-24, the non-life insurance industry underwrote a total direct premium of Rs 2.9 lakh crore in India, registering a growth of 12.8% over the previous year. A significant portion of the increase was because of individuals paying a higher premium for health insurance coupled with growth in motor insurance. During 2023-24, general and health insurers settled 2.7 crore health insurance claims and paid Rs 83,493 crore towards claim settlements. In FY24, general insurers, including specialised ones, paid total claims (excluding health insurance) amounting to Rs 1,01,050 crore. Of this, private general insurers paid 55% (Rs 55,524 crore), PSU general insurers paid 32% (Rs 32,131 crore), and specialised ones paid Rs 13,396 crore (13%). As of March 31, 2024, investments made by the insurance industry stood at Rs 67.6 lakh crore, compared to Rs 60 lakh crore as of March 31, 2023, registering an increase of 12.6%. The share of life insurers stood at 91.1%, while general insurers (including specialised and standalone health insurers) constituted 7%, and reinsurers, including branches of foreign reinsurers, made up 1.9%. The share of PSUs stood at 69.5%, and the private sector constituted 30.5% during the same period. Ready to Master Stock Valuation? ET’s Workshop is just around the corner!Neuer gets sent off for 1st time and Bayern Munich exits German Cup early again
The top 10 highest-paying jobs with the least amount of stress in 2025, according to a new studyScottie Scheffler is Catching up to an Incredible Tiger Woods RecordSyracuse Orange forward Donnie Freeman (1) listens to music while warming up before the game. The Syracuse Orange basketball team take on the Texas Tech Red Raiders in the Legends Classic in Brooklyn, NY, Friday Nov. 22, 2024. Dennis Nett | dnett@syracuse.com dennis nett | dnett@syracuse.com Madison Hricik | Contributing Writer Syracuse, N.Y. — The Syracuse basketball team takes on the Texas Tech Red Raiders at 7 p.m., Friday at Barclays Center in Brooklyn. The game will air on ESPNU . See in-game team and individual stats here . Note: Refresh this page throughout Syracuse’s game vs. Texas Tech to see the latest updates Sign up for more Orange basketball analysis from Donna Ditota in our ‘Posting Up’ newsletter. Try the newsletter for free . Fans can stream the full 2024-25 Syracuse Orange season on fuboTV . Fans can get cheap tickets to see the Orange from SeatGeek . Fanatics has a full collection of Syracuse Orange gear to shop online. Pregame Syracuse basketball (3-1) had less than 24 hours to wash away any leftover sting from its loss against Texas, before turning its attention to another program in the Lone Star State: Texas Tech (4-1). Exactly how much has changed in those 24 hours is yet to be determined. This is the third all-time meeting between the Orange and Red Raiders, and first time since November 2005, when Syracuse won 81-46 at Madison Square Garden during the 2K College Hoop Classic. Syracuse is in a stretch with 4 out of 5 games qualifying as Quad 1 games. Started last night with Texas, continues tonight vs Texas Tech. After a home game vs Cornell, SU is at Tennessee and then at Notre Dame. Orange needs to get one or two of these. The Orange’s game against Texas unveiled a better understanding of Syracuse’s defensive capabilities, holding the Longhorns without field goal for at least 2:15 three times in the second half. J.J. Starling led the Orange with 16 points against Texas, with Eddie Lampkin following suit with 14 points and Chris Bell and Jyare Davis both scored 11 against the Longhorns. Syracuse crawled back from a double-digit halftime deficit, tying the game midway through the second half before Texas scored late free throws to win it. The Red Raiders also lost their first game of the season Thursday night, falling to Saint Joseph’s, 78-77. Heading into the Legends Classic tournament, Texas Tech won each of its four games by at least 21 points — including a 47-point win over Wyoming on Nov. 13 and is ranked No. 22 in the USA Today Coaches poll. Texas Tech, similarly to Syracuse, faced an uphill battle against its opponent in the second half. The Red Raiders were down by 10 points against St. Joseph’s at the break, before wiping out the deficit. The two teams changed leads seven times before Texas Tech couldn’t make a handful of shots in the final minute of regulation, and Saint Joseph’s won with free throws. J.T. Toppin led the Red Raiders with 22 points and 18 rebounds, recording his third double-double in as many games. Darrion Williams and Chance McMillian scored a combined 35 points in Thursday’s game. A key element to watch: free throws. It’s almost an unsurprising element to pay attention to. After shooting just 50% from the free throw line against Texas, netting free throws throughout the game has to be an important part of the Orange’s plan. Texas Tech was 7-for-9 against Saint Joseph’s, missing two key free throws in the second half. More Orange Basketball Syracuse basketball and free throws: ‘We just gotta make ‘em’ Next up for Syracuse basketball is Texas Tech, a dangerous 3-point shooting team What time, TV channel is Syracuse basketball-Texas Tech on today? Legends Classic free live stream Axe: Syracuse basketball showed against Texas why #FreeThrowsMatter Syracuse’s comeback no cause for cheer in loss to Texas: ‘There’s no consolation prizes’
After threatened to strip ’s and forced the network into a , the president-elect’s pick to lead the warned its parent company that Americans “no longer trust the national news media to report fully, accurately, and fairly.” In a letter to ’s CEO , Brendan Carr lamented the “erosion in public trust” in news media, and suggested ABC was partially to blame. Carr — who on the — said the agency would be “monitoring” ABC’s negotiations with local television stations that carry its programming. The letter, , appears to be using the issue of network affiliate agreements as a way to target media outlets — signaling how ’s incoming FCC will be going after a press he has long demonized and litigated against. It is unclear whether Carr issued letters to other networks. has requested comment from ABC and Trump’s transition team. Carr suggested ABC is attempting to “extract onerous financial and operational concessions” from local broadcasters under the threat of “terminating” their agreements, “which could result in blackouts and other harms to local consumers of broadcast news and content,” according to Carr. “I want you to know that I will be monitoring the outcome of your ongoing discussions with local broadcast TV stations to ensure that those negotiations enable local broadcast TV stations to meet their federal obligations to serve the needs of their local communities. A fair agreement would do just that,” Carr wrote. The letter dated December 21 was sent days after Trump and ABC against the network and anchor George Stephanopoulos, who was sued for stating that Trump was found “liable for rape by a jury” during a segment that aired in March. The $15 million settlement goes towards Trump’s presidential library. Stephanopoulos mischaracterized the jury’s precise findings in a long-running legal battle involving allegations that Trump sexually assaulted E Jean Carroll in a department store in New York in the 1990s, and then defamed her by saying she was lying about it. A jury found Trump liable for sexual abuse, not “rape” under the definition in New York’s penal law, though the federal judge overseeing the case had . Trump’s s, despite relying on media outlets to elevate his brand and political profile, has while pressuring lawmakers to . He has suggested that journalists and publishers should be jailed for shielding their sources, repeatedly threatened to yank TV broadcast licenses, and filed taking aim at First Amendment protections enshrined by the Supreme Court’s long-standing precedent in . Days before Election Day, Trump . Last week, he filed a lawsuit accusing a longtime . Kash Patel, Trump’s pick to lead the FBI, has openly fantasized about prosecuting journalists. “Yes, we’re going to come after the people in the media who lied about American citizens, who helped Joe Biden rig presidential elections — we’re going to come after you,” . “Whether it’s criminally or civilly, we’ll figure that out.” Last month, Carr criticized the appearance of Vice President Kamala Harris on NBC’s , “a clear and blatant effort to evade the FCC’s Equal Time rule.” NBC later aired a message from Trump. He also recently to the chief executives of Google, Microsoft, Meta and Apple, accusing the companies of being members of a “censorship cartel” that included “advertising, marketing, and so-called ‘fact-checking’ organizations as well as the Biden-Harris Administration itself.” He has called fact-checking organization NewsGuard “Orwellian.”— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. NOTV (the "Company"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ("Q4 FY 2024") and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Three Months Ended September 30, % change Twelve Months Ended September 30, % change 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) DSA (Discovery & Safety Assessment) $44.6 $50.2 (11.2 )% $180.1 $185.1 (2.7 )% RMS (Research Models & Services) $85.8 $90.5 (5.2 )% $310.6 $387.3 (19.8 )% Total $130.4 $140.7 (7.3 )% $490.7 $572.4 (14.3 )% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, "The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We've grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we're streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 ("Q4 FY 2023"), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services ("RMS") revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the "Resolution Agreement") the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney's Office for the Western District of Virginia ("USAO-WDV") and the Plea Agreement (the "Plea Agreement") Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company's shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to "Note on Non-GAAP Financial Measures" in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company's common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company's 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company's $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company's web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv's web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company's ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission. Company Contact Investor Relations Inotiv, Inc. LifeSci Advisors Beth A. Taylor, Chief Financial Officer Steve Halper (765) 497-8381 (646) 876-6455 btaylor@inotivco.com shalper@lifesciadvisors.com INOTIV, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 Service revenue $ 54,475 $ 58,718 $ 219,663 $ 223,813 Product revenue 75,942 82,022 271,076 348,612 Total revenue $ 130,417 $ 140,740 $ 490,739 $ 572,425 Costs and expenses: Cost of services provided (excluding depreciation and amortization of intangible assets) 40,464 39,460 157,826 147,819 Cost of products sold (excluding depreciation and amortization of intangible assets) 60,014 52,955 221,742 242,664 Selling 5,102 5,030 20,883 19,075 General and administrative 20,529 22,410 77,034 104,706 Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Other operating expense 2,881 3,825 42,542 18,537 Goodwill impairment loss — — — 66,367 Operating (loss) income $ (13,167 ) $ 2,460 $ (86,406 ) $ (81,460 ) Other (expense) income: Interest expense (12,316 ) (11,268 ) (46,884 ) (43,019 ) Other income 1,438 1,582 2,530 237 Loss before income taxes $ (24,045 ) $ (7,226 ) $ (130,760 ) $ (124,242 ) Income tax benefit (provision) 5,154 (1,480 ) 21,875 19,340 Consolidated net loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Less: Net (loss) income attributable to noncontrolling interests — 957 (440 ) 238 Net loss attributable to common shareholders $ (18,891 ) $ (9,663 ) $ (108,445 ) $ (105,140 ) Loss per common share Net loss attributable to common shareholders: Basic $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Diluted $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Weighted-average number of common shares outstanding: Basic 26,001 25,738 25,897 25,641 Diluted 26,001 25,738 25,897 25,641 INOTIV, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) As of September 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 21,432 $ 35,492 Trade receivables and contract assets, net of allowances for credit losses of $6,931 and $7,446, respectively 73,560 87,383 Inventories, net 18,173 56,102 Prepaid expenses and other current assets 50,248 33,408 Assets held for sale — 1,418 Total current assets 163,413 213,803 Property and equipment, net 188,328 191,068 Operating lease right-of-use assets, net 49,165 38,866 Goodwill 94,286 94,286 Other intangible assets, net 274,396 308,428 Other assets 11,773 10,079 Total assets $ 781,361 $ 856,530 Liabilities, shareholders' equity and noncontrolling interest Current liabilities: Accounts payable $ 33,526 $ 32,564 Accrued expenses and other liabilities 28,218 25,776 Fees invoiced in advance 41,986 55,622 Current portion of long-term operating lease 11,774 10,282 Current portion of long-term debt 3,538 7,950 Total current liabilities 119,042 132,194 Long-term operating leases, net 40,010 29,614 Long-term debt, less current portion, net of debt issuance costs 389,801 369,795 Other long-term liabilities 34,963 6,373 Deferred tax liabilities, net 27,041 50,064 Total liabilities 610,857 588,040 Shareholders' equity and noncontrolling interest: Common shares, no par value: Authorized 74,000,000 shares at September 30, 2024 and September 30, 2023; 26,015,129 issued and outstanding at September 30, 2024 and 25,777,169 at September 30, 2023 6,466 6,406 Additional paid-in capital 724,789 715,696 Accumulated deficit (562,163 ) (453,278 ) Accumulated other comprehensive income 1,412 330 Total equity attributable to common shareholders 170,504 269,154 Noncontrolling interest — (664 ) Total shareholders' equity and noncontrolling interest 170,504 268,490 Total liabilities and shareholders' equity and noncontrolling interest $ 781,361 $ 856,530 INOTIV, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Fiscal Years Ended September 30 2024 2023 Operating activities: Consolidated net loss $ (108,885 ) $ (104,902 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisitions: Depreciation and amortization 57,118 54,717 Employee stock compensation expense 6,740 7,844 Changes in deferred taxes (23,251 ) (25,810 ) Provision for expected credit losses 58 1,273 Amortization of debt issuance costs and original issue discount 3,745 3,182 Noncash interest and accretion expense 7,378 6,284 Other non-cash operating activities (452 ) 1,972 Gain on debt extinguishment (1,860 ) — Goodwill impairment loss — 66,367 Changes in operating assets and liabilities: Trade receivables and contract assets 14,168 9,550 Inventories 38,210 14,011 Prepaid expenses and other current assets (16,357 ) 11,249 Operating lease right-of-use assets and liabilities, net 1,589 884 Accounts payable 613 5,963 Accrued expenses and other liabilities 2,158 (8,339 ) Fees invoiced in advance (14,339 ) (12,907 ) Other asset and liabilities, net 26,562 (3,455 ) Net cash (used in) provided by operating activities (6,805 ) 27,883 Investing activities: Capital expenditures (22,310 ) (27,503 ) Proceeds from sale of property and equipment 5,478 1,115 Cash paid for other investing activities — (2,367 ) Net cash used in investing activities (16,832 ) (28,755 ) Financing activities: Payments on revolving credit facility (12,000 ) (21,000 ) Payments on senior term notes and delayed draw term loans (3,454 ) (2,070 ) Borrowings on revolving loan facility 12,000 6,000 Issuance of second lien notes 17,000 — Borrowings on delayed draw term loans — 35,000 Other financing activities, net (3,871 ) (2,058 ) Net cash provided by financing activities 9,675 15,872 Effect of exchange rate changes on cash and cash equivalents (98 ) 1,512 Net (decrease) increase in cash and cash equivalents (14,060 ) 16,512 Cash, cash equivalents, and restricted cash at beginning of period 35,492 18,980 Cash, cash equivalents, and restricted cash at end of period $ 21,432 $ 35,492 Noncash financing activity: Non-cash debt issuance costs $ 3,512 $ 1,363 Supplemental disclosure of cash flow information: Cash paid for interest $ 36,138 $ 35,459 Income taxes paid, net $ 1,843 $ 7,146 INOTIV, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECT BUSINESS SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 DSA Revenue 44,568 50,216 180,116 185,090 Operating income 1,928 6,768 8,699 15,246 Operating income as a % of total revenue 1.5 % 4.8 % 1.8 % 2.7 % Add back: Depreciation and amortization of intangible assets 4,605 4,545 17,865 16,371 Restructuring costs 124 — 465 97 Startup costs 709 1,291 3,278 6,858 Total non-GAAP adjustments to operating income 5,438 5,836 21,608 23,326 Non-GAAP operating income 7,366 12,604 30,307 38,572 Non-GAAP operating income as a % of DSA revenue 16.5 % 25.1 % 16.8 % 20.8 % Non-GAAP operating income as a % of total revenue 5.6 % 9.0 % 6.2 % 6.7 % RMS Revenue 85,849 90,524 310,623 387,335 Operating income (loss) 1,044 11,757 (31,929 ) (24,904 ) Operating income (loss) as a % of total revenue 0.8 % 8.4 % (6.5 %) (4.4 %) Add back: Depreciation and amortization of intangible assets 9,833 9,997 38,614 38,288 Restructuring costs 391 1,317 2,909 4,529 Amortization of inventory step up 142 116 351 679 Other unusual, third party costs 1,258 806 5,886 3,958 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating income (loss) 11,624 12,236 76,260 113,821 Non-GAAP operating income 12,668 23,993 44,331 88,917 Non-GAAP operating income as a % of RMS revenue 14.8 % 26.5 % 14.3 % 23.0 % Non-GAAP operating income as a % of total revenue 9.7 % 17.0 % 9.0 % 15.5 % Unallocated Corporate Operating Loss (16,139 ) (16,065 ) (63,176 ) (71,802 ) Unallocated corporate operating expenses as a % of total revenue (12.4 )% (11.4 )% (12.9 )% (12.5 )% Add back: Depreciation and amortization of intangible assets 156 58 639 58 Stock option expense 1,622 1,988 6,740 7,844 Acquisition and integration costs — 35 70 1,228 Other unusual, third party costs — — — 572 Total non-GAAP adjustments to operating loss 1,778 2,081 7,449 9,702 Non-GAAP operating loss (14,361 ) (13,984 ) (55,727 ) (62,100 ) Non-GAAP operating loss as a % of total revenue (11.0 )% (9.9 )% (11.4 )% (10.8 )% Total Revenue 130,417 140,740 490,739 572,425 Operating (loss) income (13,167 ) 2,460 (86,406 ) (81,460 ) Operating (loss) income as a % of total revenue (10.1 )% 1.7 % (17.6 )% (14.2 %) Add back: Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Restructuring costs 515 1,317 3,374 4,626 Acquisition and integration costs — 35 70 1,228 Amortization of inventory step up 142 116 351 679 Startup costs 709 1,291 3,278 6,858 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating (loss) income 18,840 20,153 105,317 146,849 Non-GAAP operating income 5,673 22,613 18,911 65,389 Non-GAAP operating income as a % of total revenue 4.3 % 16.1 % 3.9 % 11.4 % INOTIV, INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 GAAP Consolidated Net Loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Adjustments (a) Interest expense 12,316 11,268 46,884 43,019 Income tax (benefit) provision (5,154 ) 1,480 (21,875 ) (19,340 ) Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Acquisition and integration costs (1) — (145 ) 70 1,449 Startup costs 709 1,291 3,278 6,858 Restructuring costs (2) 515 1,317 3,374 4,626 Unrealized foreign exchange (gain) loss (744 ) 956 (1,320 ) 950 Amortization of inventory step up 142 116 351 679 (Gain) loss on disposition of assets 862 84 (76 ) 403 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement (3) — — 28,500 — Gain on sale of subsidiary — (1,377 ) — (1,377 ) Gain on debt extinguishment (1,860 ) — (1,860 ) — Goodwill impairment loss (4) — — — 66,367 Adjusted EBITDA (b) $ 5,369 $ 23,678 $ 18,185 $ 65,823 GAAP consolidated net loss as a percent of total revenue (14.5 )% (6.2 )% (22.2 )% (18.3 )% Adjustments as a percent of total revenue 18.6 % 23.0 % 25.9 % 29.8 % Adjusted EBITDA as a percent of total revenue 4.1 % 16.8 % 3.7 % 11.5 % (a) Adjustments to certain GAAP reported measures for the three and twelve months ended September 30, 2024 and 2023 include, but are not limited to, the following: (1) For the three and twelve months ended September 30, 2024 and 2023, represents charges for legal services, accounting services, travel and other related activities in connection with various acquisitions and the related integration of those acquisitions. (2) For the three and twelve months ended September 30, 2024, primarily represents costs incurred in connection with the exit of multiple sites and the enablement of the in-house integration of Inotiv's North American transportation operations as previously disclosed. For the three and twelve months ended September 30, 2023, primarily represents costs incurred in connection with the exit of multiple sites as previously disclosed. (3) For the twelve months ended September 30, 2024, represents a charge related to the Resolution Agreement and the Plea Agreement as it relates to the matter in which the U.S. Department of Justice, together with federal and state law enforcement agents, executed a search and seizure warrant on the Cumberland facility on May 18, 2022. (4) For the twelve months ended September 30, 2023, represents a non-cash goodwill impairment charge of $66.4 million related to the RMS segment. (b) Adjusted EBITDA - Consolidated net loss before interest expense, income tax benefit/provision, depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution Agreement and the Plea Agreement, gain on sale of subsidiary, gain on debt extinguishment and goodwill impairment loss. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
What ails the Democratic Party? Since Kamala Harris’ defeat, several Democrats and center-left commentators have pointed the finger at one culprit: “the groups.” Specifically, they claim, progressive interest and activist groups have both moved too far left and grown far too influential in the Democratic coalition, pushing the party to adopt stances out of step with the median voter on a range of different issues. This, they say, has backfired electorally and will ultimately hurt the people the groups claim to want to help. Yet this critique has been met with an impassioned backlash from progressives and leftists. Some argue the blame is misplaced and the supposed power of these progressive groups has been exaggerated. Others argue that inflation — a global phenomenon — was the main reason for Harris' defeat, so a groups-focused diagnosis misses the point. And yet others argue that progressive groups represent morally righteous causes that Democrats should not abandon — for instance, that moderation would amount to throwing marginalized groups “under the bus.” This debate is now in full swing. In some ways, it’s a continuation of the debate over social justice politics and “wokeness” that has been raging for years. But it extends well beyond that — on climate change, economic policy, immigration, voting reforms, reproductive rights, child care, and many others, the influence of such nonprofit groups on Democrats’ strategic decision-making has been immense in recent years. And yet there’s more to the story than just the groups. The bigger picture is that Democrats are reckoning with the apparent end of a years-long trend in which liberal college graduates’ opinions kept moving further left, a trend that influenced all actors in the party. The debate now is over whether and how Democrats should respond to electoral defeat — by moving to the center and trying to moderate their positions, sticking to their guns, or moving even further left. What does seem clear is that, for the time being at least, the leftward shift has stopped since Biden took office. A backlash to progressive activists’ preferred policies on several issues, including criminal justice and immigration, is in full swing. And, of course, Harris lost. How much blame, if any, “the groups” should get for that has become a matter of intense debate. Progressive group defenders point out that Harris tried to pivot to the center and that the Biden administration’s record on inflation and immigration were her two biggest vulnerabilities. The groups’ critics say Harris' group-influenced positions from the 2020 primary weighed her down, and Democrats ran into political trouble on inflation and immigration in part because of the groups’ bad advice. How the Democratic world — its groups, donors, activists, media outlets, staffers, and politicians — responds to all this is yet to be seen. There are past models. In the 1980s, after the landslide defeats of three successive Democratic presidential nominees, various reform factions tried to moderate the party, arguing that they’d gotten out of touch with the median voter and were too beholden to “special interests.” Bill Clinton became affiliated with these reformers, and won the presidency in 1992. In contrast, the model of Democrats between 2004 (when John Kerry lost) to 2008 (when Obama won big) may suggest a sweeping overhaul of the party’s positions isn’t necessary. After all, Harris came pretty close to winning. Perhaps Trump will govern poorly and Democrats will return to power having changed little. And perhaps the apparent end of the leftward opinion shift among liberal college graduates will be enough to effectively weaken the power of the groups. Another model, oddly enough, is Trump. Before his rise, the Republican Party was tethered to an unpopular “free market” economic agenda involving Medicare cuts and free trade pushed by donor-financed advocacy groups. In 2016, Trump distanced himself from that agenda, and in doing so revealed those groups had little actual power. Then, in 2024, it was the anti-abortion groups that looked to be a political millstone for Trump — so he distanced himself from them. For Democrats now, there are some nascent attempts to challenge the group-dominated status quo. Yet others are skeptical of how much Democrats will — and should – change. “Democrats declaring independence from liberal and progressive interest groups can’t and likely won’t happen,” the commentator Michael A. Cohen (not Trump’s former lawyer) wrote on Substack. “For better or worse, these groups are the modern Democratic Party. If Democrats hope to retake political power in Washington, they must ensure that these groups are enthusiastic, mobilized, and remain firmly ensconced in the Democrats’ corner.” Indeed, the politics of the war in Gaza may be a cautionary tale in this regard. Biden and Harris ignored progressive groups by remaining supportive of Israel — but as a result, Harris faced regular criticism from activists and negative coverage throughout the campaign. The groups might not be so effective at winning Democrats votes — but they still might be able to drive some away. Andrew Prokop is a senior politics correspondent at Vox. His columns are syndicated by Tribune Content Agency. Get local news delivered to your inbox!WWE is a company defined by "eras." The premier wrestling brand experienced its biggest period of growth during "The Attitude Era," where megastars such as Stone Cold Steve Austin, The Rock and Triple H became household names around the world. That era is widely seen as the golden period within professional wrestling. Any millennial that is still a fan of the sport, will have fond memories of those years, and the breathtaking matches that occurred through that time. Now, WWE is firmly in a new era. And with it has come another wave of substantial growth, bringing a new, younger wave of fans. Cody Rhodes is one of the stars being taken to new heights this time. He is seen as the quarterback of the company, tirelessly working, making appearances around the globe and putting on incredible matches and promotions. However, this new era still needs a name. During a recent appearance on "The Tonight Show With Jimmy Fallon," Rhodes provided his own suggestion. “We’re in this period of time where — there was the 'Attitude Era,' there was the 'Ruthless Aggression' era. And now, we don’t even know what to call this era of WWE,” said Rhodes. “I feel like we should call it the Record Era, because we’re just breaking records left and right...The new management team — Triple H, Nick Khan, Dwayne ‘The Rock’ Johnson — they’ve made it so easy for me,” Rhodes said. “I’ve been dubbed the quarterback because they just call the plays, I run the play, and everyone, hopefully, we all look good. So it’s a blessed time. Thank all of you [fans] so much.” It's not bad, but it's not great, either. For someone who is so electric with a microphone in his hand, you would hope Rhodes could come up with something more original and thought-provoking than 'the records era.' It sounds like something out of the 60s or 70s when vinyl music was at its peak. Naming an era isn't about reminding everyone why that moment in time was so good. It's about creating a nostalgia that lives on for decades to come. WWE failed with the "Ruthless Aggression" era. And now, they're coming dangerously close to fumbling the ball again. For a company with an entire creative department, it's about time they put a name to this run. Not only for marketing purposes but also so fans can look back in 20 years and reminisce about one of the greatest periods in sports history.
Kaskade to Open New Jacksonville, Fla., Venue Decca LiveStoli Group's U.S. companies have filed for bankruptcy following an August ransomware attack and Russian authorities seizing the company's remaining distilleries in the country. As Chris Caldwell, the President and Global Chief Executive Officer of Stoli USA and Kentucky Owl, the two Stoli Group subsidiaries, said in a Friday filing , this comes after the August attack severely disrupted its IT systems, including its enterprise resource planning (ERP) platform. The cyberattack also forced manual operations across the group, affecting key processes such as accounting, with full recovery not expected until early 2025. "In August 2024, the Stoli Group's IT infrastructure suffered severe disruption in the wake of a data breach and ransomware attack," said Caldwell. "The attack caused substantial operational issues throughout all companies within the Stoli Group, including Stoli USA and KO, due to the Stoli Group's enterprise resource planning (ERP) system being disabled and most of the Stoli Group's internal processes (including accounting functions) being forced into a manual entry mode." Caldwell added that the incident also prevented the Stoli U.S. subsidiaries from providing financial reports to lenders who claimed the two companies had defaulted on a $78 million debt. One month earlier, in July 2024, two distilleries valued at $100 million, the group's last remaining assets in Russia, were also confiscated in connection with the designation of the Stoli Group and its founder, Yuri Shefler, as "extremists." This designation was related to their humanitarian aid efforts and marketing campaigns supporting Ukrainian refugees during the ongoing war in Ukraine. The Stoli Group has also spent dozens of millions of dollars as part of a long-term court battle spanning over 23 years and multiple jurisdictions, including the United States, with Russian state enterprise FKP Sojuzplodoimport over rights to the Stolichnaya and Moskovskaya vodka trademarks. This legal struggle stemmed from a March 2000 executive order by President Vladimir Putin to "reinstate and protect the state's rights" in vodka trademarks whose rights were bought by private companies in the 1990s. Shefler, the company's founder, was also forced to flee Russia in 2002 due to politically motivated and "fabricated" charges linked to his criticism of the Putin regime. Since then, Shefler was later granted asylum in Switzerland and UK citizenship after Russia's extradition requests in the 2010s were denied.Companies tighten security after a health care CEO's killing leads to a surge of threats
Pure Storage Announces Third Quarter Fiscal 2025 Financial Results
While many people might have never used a device with a flexible display, Apple is trying to go one step further by spending its R&D on making flexible speakers. A new Apple patent discusses a flexible speaker technology Apple is developing to fit inside head-mounted displays (HMD) and other wearables. In the patent, Apple talks about a speaker housing with flexible walls, magnets, and a diaphragm designed to deform together under bending stress. However, the speaker's design will ensure it continues producing sound in undeformed and deformed states. The speaker will have a sensor to detect the curvature of the flexible wall and the level of deformation that has occurred in the flexible wall, magnets, and diaphragm. This information will be used to adjust the speakers' working so that the sound continues as intended. Flexibility and the ability to deform can be improved by adding sections (coupled with hinges) to the walls of the speaker, according to the patent. One or more speakers can be fitted inside the head support of an HMD or integrated into its display, which is made of glass, polymer, or liquid crystal. The patent further explains: The speakers can include housings that are flexible, deformable, bendable, or otherwise malleable in a manner consistent with a change in shape of the head support of the head-mounted display. For example, in one configuration, the shape of the head support may be suitable for a user with a smaller, shorter, or narrower head. In another configuration, the shape of the head support may be suitable for another user with a larger, wider, or longer head. Besides HMDs, the flexible speaker can fit various use cases and products with "designed folding portions" or "constraints on packaging space or goals to increase comfort for the user in a wearable product." Speaking of which, the flexible speaker could find a home inside clothing, backpacks, laptops, and smartwatches.
AP Sports SummaryBrief at 6:06 p.m. EST
Rajouri/Jammu, Dec 24 (PTI) Five doctors of the Government Medical College (GMC) Rajouri were suspended following the death of a pregnant woman that sparked concerns about alleged medical negligence, officials said on Tuesday. Razim Akhter (35) of Badhaal Kotranka died at the GMC Rajouri on Sunday afternoon. She was five-and-a-half months pregnant and had been admitted with complications. Initially treated at a hospital in Kandi, she was later referred to GMC Rajouri for specialised care. Also Read | Election Commission Rejects Congress Claims on Voter Turnout Discrepancies, Clarifies Data Process; Stands by Transparency in Maharashtra Assembly Elections. Officials said that five doctors have been suspended and attached to the office of the Medical Superintendent of Associated Hospital while two doctors and eight other staff members, including paramedics and support staff, have been issued show-cause notices. The suspended doctors have been identified as Dr Veenu Bharti and Dr Neetu (Department of Obstetrics & Gynaecology) Dr Shakir Ahmed Parray, Dr Shafkat Ulla, and Dr Anif Saleem Rather (Department of Casualty), the officials said. Also Read | Dog Attack in Kerala: 88-Year-Old Woman Mauled to Death by Stray Dog in Thiruvananthapuram. These doctors were on night duty in the Emergency Ward when the woman was under treatment. The show-cause notices were issued to two doctors -- one from the Department of Obstetrics & Gynaecology and another from the Department of Surgery -- along with eight other staff members. They have been directed to provide explanations to the Principal of GMC Rajouri regarding the alleged negligence, they added. The incident has drawn criticism from political leaders. Budhal MLA Javed Iqbal Choudhary expressed concern over the woman's death, while former Rajouri MLA Choudhary Qamar Hussain held a press conference on Tuesday, demanding accountability. Before she died, the woman had suffered a tragic loss, losing three of her children to a mysterious illness just last week. The GMC Rajouri administration has assured that a thorough investigation is underway, and appropriate action will be taken based on the findings. (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)