#1ZI NH HN OH NH₂ OH November 2023 Investor Presentation -HQ#2Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements can often be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements may include, but are 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) our ability to develop or acquire new services and products; (v) our ability to source animal research models and our ability to continue to ship the inventory of remaining Cambodian NHPs; (vi) our ability to make capital expenditures and finance operations; (vii) global economic conditions, especially as they impact our markets; (viii) our cash position; (ix) our ability to successfully integrate the operations and personnel related to recent acquisitions; (x) our ability to effectively manage current expansion efforts or any future expansion or acquisition initiatives undertaken by us; (xi) our ability to develop and build infrastructure and teams to manage growth and projects; (xii) our ability to continue to retain and hire key talent; (xiii) our ability to market our services and products under our corporate name and relevant brand names; (xiv) our ability to service our outstanding indebtedness; (xv) our expectations and/or guidance regarding revenues, cost savings, the volume of new bookings, pricing, margins, long term targets and liquidity; (xvi) our ability to manage recurring and non-recurring costs, including our ability to reduce legal and third party fees; (xvii) our ability to execute on our restructuring, assets sales and site optimization plans; and (xviii) the impact of public health emergencies, including COVID-19, on the economy, demand for our services and products and our operations, including the measures taken by governmental authorities to address such public health emergencies, which may precipitate or exacerbate other risks and/or uncertainties, and additional risks set forth in our filings with the Securities and Exchange Commission (the "SEC"). Forward-looking statements are subject to significant risks, uncertainties and changes in circumstances and actual outcomes, and results may differ materially from those in the forward-looking statements as a result of various factors, including but not limited to the risk factors disclosed in our reports with the SEC, many of which are beyond our control. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. In light of the uncertainties inherent in any forward-looking statement, the inclusion of a forward-looking statement herein should not be regarded as a representation by us that our plans and objectives will be achieved. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. 2 | CORPORATE PRESENTATION inōtiv analyze, answer. advance.#3Who We Are Since new leadership joined in 2018, Inotiv, Inc. has become a global CRO (contract research organization), offering a comprehensive suite of research science, models and services in the discovery and development of novel therapeutics, comprised of two segments: DSA RMS Discovery and Safety Assessment Research Models and Services Our transformation into a midsized CRO has included 14 completed acquisitions across both segments and the organic launches of 8 new services within our DSA segment. Inotiv now serves over ~3,500 clients globally, quickly emerging as a leader in the CRO space. 3 | Annual Revenue ($ millions) CAGR +109% $89.6 $60.5 $43.6 $547.7 FY'19 FY'20 FY'21 FY'22 CORPORATE PRESENTATION inōtiv analyze, answer. advance.#4Investment Highlights Opportunities for improvements in cash position with anticipated higher EBITDA margins as site optimization savings are realized and start-up costs fall-off, and from proceeds of small asset sales when completed 阖 44 Sil A leading midsized CRO, our client base has expanded to more than 3,500 leading pharma, biotech and academic institutions since committing to a fast growth strategy and corporate reorganization starting in 2018 Investments in facilities and the consolidation of overlapping facilities completed in 2023 and one consolidation to be completed in 2024, and are expected to generate up to $20M in efficiencies; long-term adjusted EBITDA margin targets are projected to be in the range of 18% - 22% Through organic growth and acquisitions from 2018 to present, Inotiv has transformed into a leading full service CRO provider, offering clients nimble solutions and custom capabilities from discovery services to clinical development in addition to large and small animal research science models. Future organic growth and improved operating leverage provides opportunity for enhanced margins Inotiv is a major provider of animal models in the U.S. and at present, is working to address the shortage of research models including NHPS M We stress sustainable practices as the market for research models have tightened, while continuing to focus on maintaining our gross margins 4 | Note: Adjusted EBITDA margin targets are provided on a non-GAAP basis. The Company cannot reconcile this guidance to target net income/loss margin without unreasonable effort because certain items that impact net income/loss margin are out of the Company's control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company's GAAP financial results. CORPORATE PRESENTATION inōtiv analyze, answer. advance.#5Eight Pillars to Building Market Share and Cashflow Right Size the Infrastructure Strategic Capital Investments >>> Sales and Market Share Growth >>> Client-Focused Service Provider >>> Drive operating leverage through optimizing our global footprint. Investments in additional internal capabilities and capacity to meet client needs and reduce our reliance on third parties for external services. Leveraging our scientific strength and providing a high touch, consultative approach, Inotiv is developing a strong recurring client base. Systems and teams have been designed to enhance speed to respond to clients' requests and needs. Rebranding Animal Welfare Workplace Satisfaction Supply Chain Synergies >>> 5 | Continuing to rebrand businesses under Inotiv driven by our philosophy of "expect more." Continued commitment to high standards for animal welfare, focused on retaining experienced and caring staff, appropriate training and investments to our facilities. Fostering a positive and entrepreneurial work environment around our shared purpose of helping clients bring life-saving therapies to people around the world. Leveraging recent growth to improve quality of our supply chain and generate cost savings. CORPORATE PRESENTATION inōtiv analyze, answer. advance.#6Product Offerings At a Glance Our focus is on driving innovation and discovery for the world's leading biopharmaceutical and medical research organizations Discovery and Safety Assessment We support the needs of researchers and clinicians for small molecule drug candidates, biotherapeutics, and medical devices, from Discovery to Preclinical Development and through phased clinical assessments Segment Revenues (YTD June 2023 Revenues) Key service offerings include pharmacology, toxicology, DMPK, histopathology and associated bioanalytical support, plus centers of expertise in surgical models and medical device testing, and experienced consulting teams 6 | DMPK - Drug metabolism and pharmacokinetics. $134.9M (31%) $296.8M (69%) DSA ■RMS Research Models and Services • . Key offerings include large and small research models, Teklad diets, bedding, genetic modification services and other support services Supports CRO, academic, pharma, and government clients through delivery of genetically consistent, high-health status research models Relationships with critical NHP suppliers across an international logistics network High customer retention rate Incredibly durable client relationships (18 of top 20 clients have been repeat clients for 10+ years) CORPORATE PRESENTATION inōtiv analyze, answer. advance..#7Revenue Breakdown (TTM ending 6/30/23) 7 | Product and Services Geography Client Services 36% Large Animal 40% North America 84% EMEA 15% Small Animal Teklad 13% Other 2% 9% Commercial Biopharma 23% CRO, 39% Pre- Commercial Biopharma Academic 13% 14% Pacific Rim 1% Other 6% Gov't 3% CORPORATE PRESENTATION inōtiv analyze, answer. advance.#8Inotiv is Filling a Gap as a Middle Market CRO Small Independent Service Providers inōtiv analyze. answer. advance. Annual Revenue < $20 MM per entity Service Orientation One-off preclinical services $548 MM¹ Large CROS $ in billions Comprehensive preclinical services, research models, and some clinical services Primarily clinical services; some preclinical services Client Base Profile Emerging biopharma and specialty support of large pharma Competitive Differentiation Client service Market Fragmented Characteristics Emerging biopharma, small and medium pharma, Universities, other CRO's, Governmental Entities We provide "white glove" client service; agility to execute comprehensive offerings from discovery through pre- clinical with strong scientific acumen Leader amongst middle-market CROs in North America and Western Europe; no other provider with same breadth of services and fewer than 10,000 people; agile and responsive Primarily large pharma Breadth of services; cost plus; room rate per hour Consolidated at the top: Charles River, Labcorp, ICON, IQVIA, Medpace, PPD 8 | 1. FY 2022 revenue. CORPORATE PRESENTATION inōtiv analyze, answer. advance.#9Our Strategic Imperatives for Profitability 9 | Enhancing sales and marketing efforts in order to support growth and improve market share Growth which allows us to achieve scale and leverage existing direct fixed costs and infrastructure Develop in-house capabilities to reduce reliance on third parties for external services Leverage cross-selling opportunities and lower client- acquisition costs as a percentage of revenue Completion of rigorous site optimization plan Reduce corporate overhead as a percentage of revenue CORPORATE PRESENTATION inōtiv analyze, answer. advance..#10Site Optimization of Regional Network In Progress Rebranded as Inotiv, we are reestablishing market presence with clients and building a strong base of recurring revenues Right-sizing operational footprint: 11 announced site closures/consolidations completed in fiscal 2023 and expected in 2024, while we also made investments to maintain and add capacity for future growth DSA • 2 facilities in Virginia - both facilities closed, one sold and the other held for sale • 10 | ° Boyertown, PA - facility closed and sold • Haslett, Michigan - held for sale • . • Indianapolis, IN - closure and consolidation of two facilities St. Louis, MO - closure and consolidation of leased site into existing facility Gannat, France consolidated to updated operations in Horst, NL - held for sale Spain facility closed and sold in Q1'24 - Everett, WA consolidated into Ft. Collins, CO (Q1'24) RMS In consolidation Blackthorn, UK operations to be consolidated into Hillcrest, UK (Q2'24) CORPORATE PRESENTATION inōtiv analyze, answer. advance.#11Transformational Internal Investments Drive Organic Growth / Improved Animal Welfare Capital Allocation 2018-2022: ~$78 million invested ~$65 million in additional aggregate annual revenue run rate capacity added Infrastructure upgraded and expanded Evansville, IN and St. Louis, MO June 2023 YTD: ~$21.3 million invested Buildout of newly leased 48,000 sq foot Maryland facility to support biotherapeutics and genetic toxicology growth (substantially completed by end of Q2 FY 2023) Colorado facilities (Boulder and Ft. Collins) expanded by approximately 50% revenue run rate capacity (substantially completed by end of FY 2023) Trends Future investments expected to be less than 5% of annual revenue (vs. 5-year average of 14%) Expect lower G&A spend, which totaled $84.6 million over the first three quarters of FY 2023 11 | Expanded Evansville Facility New St. Louis Laboratories CORPORATE PRESENTATION MACS Quant inōtiv analyze, answer. advance..#1212 Successful Launch of New Services 8 Internally Developed Services and New Capabilities over past 2 years, enabling improved client experience, accelerating speed of development and testing, reducing outsourcing, and generating internal growth MP&T Juvenile Toxicology SEND Reporting Clinical Pathology Biotherapeutics Genetic Toxicology Safety Pharmacology Archiving Mechanistic Pharmacology and Toxicology Enhanced learning and memory behaviors Databases for regulatory review Expert interpretation of clinical pharmacology and toxicology data Support of large molecule biotherapeutics, biomarkers, and cell-based analysis and therapeutics Building capabilities to evaluate mutagenicity and clastogenicity in support of first-in- human dosing Large animal respiratory and cardiovascular safety pharmacology Centralized archival services for the presentative and management of regulated and non- regulated records and specimens to be launched Q2 FY2024 CORPORATE PRESENTATION inōtiv analyze, answer. advance.#13Recent Investments will Allow Reduction in Future Capital Expenditures Trend CAPEX Spend as a Percentage of Revenue Recent investments in infrastructure, site optimization and capacity expansions sets foundation for future revenue and margin growth 18% 15.8% 16% CAPEX expected to be less than 5% of revenue moving forward 14% 2018-2022: $78 million invested $65 million in additional revenue run rate capacity added June 2023 YTD: $21.3 million invested Build-out of 48,000 sq. foot leased facility in Maryland to support biotherapeutics and genetic toxicology 50% revenue run rate capacity added to Colorado facility 13 | 12% 10.3% 10% 8.7% 8% 6% 6.6% 4.9% 4% 2% 0% 2019 2020 2021 2022 Jun 2023 YTD CORPORATE PRESENTATION inōtiv analyze, answer. advance.#14Results Site Optimization and Synergies Additional capacity and new services expected to drive potential opportunities over the next few years: 40-50% annualized increase in DSA revenue • 14 companies (35 total facilities) acquired in 48 months; 11 facilities to be consolidated, and work transferred • 9 new service offerings developed internally compared to FY 2022 Increase in DSA gross margin to high 30's% compared to mid 30's% in FY 2022 RMS gross margin growing to low 30's% compared to mid 20's% in FY 2022 Expect -$20 million of annualized cost savings compared to FY 2022 . • Focused on people and infrastructure investments and processes to enhance animal welfare at RMS sites. Well positioned to cross-sell larger breadth of services Sale of 6 closed facilities in process and anticipate proceeds over the next 2-3 quarters; Israeli businesses sold in Q4 14 | CORPORATE PRESENTATION inōtiv analyze, answer. advance.#15NHP Supply Update 01 T0 We are continuing to identify, import, and sell NHPs from sources other than Cambodia suppliers, including Vietnam and Mauritius 02 We believe that we have an adequate supply of NHPs to meet our internal DSA client demands 03 Pricing environment remains strong due to constrained supply of NHPs and inelastic demand Biologic drugs generally require NHPs by the FDA to progress into human clinical trials 04 15 | We remain committed to selling only purpose-bred NHPs and thoroughly assessing all supply sources CORPORATE PRESENTATION inōtiv analyze, answer. advance.#16Balance Sheet Summary as of June 30, 2023 Cash Balance¹ $22.2M Secured Term Loan (11/26 maturity, @ 6.75% + adj SOFR) $272.8M Convertible Debt (10/27 maturity, @3.25% coupon, $46.05 Conversion Price) $109.2M Net Working Capital $81.9M 1 Unrestricted cash. 16 | CORPORATE PRESENTATION inōtiv analyze, answer. advance.#17Experienced Management Team Robert Leasure, Jr. CEO, President and Director Greg Beattie COO, DSA Past Experience 17 | Beth Taylor SVP, CFO John Sagartz, DVM, PhD CSO and Director Jeff Krupp CHRO Lizanne Muller President, RMS Adrian Hardy, PhD EVP, Global Marketing MONSANTO ++++ ENVIGO SEVENTHWAVE harlan Pfizer + PHARMACIA x U charles river dishman NOVARTIS Mike Garrett CCO Glenn Washer President, DSA Andrea Castetter SVP, GC & Corporate Secretary FRONTAGE YOUR DRUG DEVELOPMENT PARTNER labcorp a MPI® RESEARCH BioReliance ENDOCYTE CORPORATE PRESENTATION Lilly inōtiv analyze, answer. advance.#18Investment Highlights 18 | Experienced team is leading efforts for integration and synergies, efforts to be realized in the near term, with measurable improvements in profitability expected Collaborative scientific engagement with clients drives future base of new revenues Full service CRO from Discovery to FDA approval Worldwide knowledge of NHP services and opportunities. Ability to audit, transport, quarantine, board, and breed NHPs, should provide reliable supply for safety assessment studies for DSA clients DSA business has demonstrated the ability to grow and gain market share We think the current environment requires agility and we believe our size, team, and recent investments, site consolidations and integration activities provide opportunity for improved margins and cash flow over next few years CORPORATE PRESENTATION inōtiv analyze, answer. advance.#19Long-Term Targets Low- to Mid- Double Digits Mid-to-High- Single Digits High-Single Digit to Low- Double Digits 2x-3x 18% -22% Preclinical Revenue Growth Research Models Revenue Growth Combined Organic Revenue Growth Adjusted EBITDA Margin 19 | Note: Adjusted EBITDA margin guidance is provided on a non-GAAP basis. The Company cannot reconcile this guidance to target net income/loss margin without unreasonable effort because certain items that impact net income/loss margin are out of the Company's control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company's GAAP financial results. Long-Term Net Leverage Multiple CORPORATE PRESENTATION inōtiv analyze, answer. advance.#2020 20 Appendix CORPORATE PRESENTATION inōtiv analyze, answer. advance.#21Financial Results and Growth Overview ($ in thousands other than percentages, number of sites and employees) 0000 Revenues Net income (loss) attributable to common shareholders Adjusted EBITDA Adjusted EBITDA as a % of Revenue (3) % Revenue Growth Period over Period Number of Facilities Number of Employees at end of Period Full Year Ended September 30, Three Months Ended 30-Jun Nine Months Ended 30-Jun 2022 2021 2020 2023 2022 $ 547,656 $89,605 60,469 $ 157,468 172,666 2023 $ 431,685 2022 397,190 (1) (2) $ (337,018) $ 10,895 $ 4,685 $ $ 90,496 $ 9,318 $ 2,881 16.5% 10.4% 4.8% 1,840 $ $ 30,525 $ 36,978 19.4% 21.4% (3,728) $ (95,477) $ (92,862) $ 42,145 $ 72,238 9.8% 18.2% 511% 48% 39% -9% 654% 9% 568% 35 6 5 26 34 26 34 ~2,200 ~580 ~420 ~2,200 ~2,100 ~2,200 ~2,100 (1) Includes acquisition and integration costs all periods shown. (2) Includes non-cash goodwill impairment charge of $236,000 in FY 2022 and $66,367 in nine months ended June 30, 2023. 21 CORPORATE PRESENTATION (3) Period over period growth for FY 2022 and three and nine months ended 6/30/2022 driven by acquisition of Envigo in Q1 FY 2022. inōtiv analyze, answer. advance.#22Non-GAAP to GAAP Reconciliation This presentation 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 nine months ended June 30, 2023 and 2022 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net income (loss) statement of operations line items interest expense and income tax (benefit) expense, as well as non-cash charges for depreciation and amortization, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs incurred in connection with the exit of multiple facilities, unrealized foreign exchange gain/ loss, loss on debt extinguishment, amortization of inventory step up, loss/gain on disposition of assets, loss on fair value remeasurement of convertible notes, other non-recurring third-party costs and goodwill impairment loss. The adjusted business segment information excludes from operating income and unallocated corporate G&A these same expenses. 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 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. 22 | CORPORATE PRESENTATION inōtiv analyze, answer. advance.#23GAAP to Adjusted EBITDA Reconciliation for the three and nine months ended June 30, 2023 and 2022 (in $ thousands) Nine Months Ended 23 | Three Months Ended June 30. June 30. 2023 2022 2023 GAAP Consolidated net income/(loss) $ 365 S (3,556) $ (96,196) $ 2022 (93,631) Adjustments (a): Interest expense 10,786 8,441 31,751 20,816 Income tax (benefit) expense (2,380) 342 (20,820) (5,597) Depreciation and amortization 13,864 16,001 40,117 31,867 Stock compensation expense (1) 2,029 1,987 5,856 27,057 Acquisition and integration costs (2) 506 3,682 1,594 14,575 Startup costs 1,781 1,731 5,567 4,162 Restructuring costs (3) 1,303 4,861 3,309 4,861 Unrealized foreign exchange (gain)/loss (517) (641) (581) Loss on debt extinguishment 877 Amortization of inventory step up 136 3,762 563 10,039 Loss (gain) on disposition of assets 68 4 319 (231) Loss on fair value remeasurement of convertible notes (4) 56,714 Other non-recurring, third party costs Goodwill impairment loss (5) 2,584 364 Adjusted EBITDA (b) S 30,525 S 36,978 $ 3,724 66,367 42,145 $ 1,310 72,238 (a) Adjustments to certain GAAP reported measures for the three and nine months ended June 30, 2023 and 2022 include, but are not limited to, the following: (1) For the nine months ended June 30, 2022, $23.0 million relates to post combination non-cash stock compensation expense relating to the adoption of the Envigo Equity Plan recognized in connection with the Envigo acquisition. (2) For the three and nine months ended June 30, 2023 and 2022, represents charges for legal services, accounting services, travel and other related activities in connection with various acquisitions and the related integration of those acquisitions. (3) For the three and nine months ended June 30, 2023 and 2022, represents costs incurred in connection with the exit of multiple sites as previously disclosed. (4) For the nine months ended June 30, 2022, represents loss of $56.7 million resulting from the fair value remeasurement of the embedded derivative component of the convertible notes. (5) For the nine months ended June 30, 2023, represents a non-cash goodwill impairment charge of $66.4 million related to the RMS segment. (b) Adjusted EBITDA - Consolidated net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange gain/loss, loss on debt extinguishment, amortization of inventory step up, gain/loss on disposition of assets, loss on fair value remeasurement of the embedded derivative component of the convertible notes, other non-recurring third party costs and goodwill impairment loss. CORPORATE PRESENTATION inōtiv analyze, answer. advance..#24Calculation of Net Working Capital as of June 30, 2023 (in $ thousands) 24 | GAAP Consolidated Total current assts Total current liabilities Net Working Capital $ 203.1 (121.2) $ 81.9 CORPORATE PRESENTATION inōtiv analyze, answer. advance.#25HN IZ NH OH Company Contact: Inotiv, Inc. Beth A. Taylor, CFO [email protected] Investor Contact: LifeSci Advisors Bob Yedid 516-428-8577 [email protected] November 2023 Inotiv, Inc. For more information, please visit us at https://www.inotivco.com/