PetIQ, Inc. Reports Record Third Quarter 2019 Financial Results

Third Quarter 2019 Net Sales Increased 42% Year-Over-Year to $186 Million
Reiterates Full Year 2019 Outlook
On Track to Open 80 Planned Wellness Centers in 2019EAGLE, Idaho, Nov. 07, 2019 (GLOBE NEWSWIRE) -- PetIQ, Inc. (a??PetIQa?? or the a??Companya??) (Nasdaq: PETQ), a leading pet medication and wellness company, today reported financial results for the third quarter and nine months ended September 30, 2019.Third Quarter 2019 Highlights Compared to Prior Year Period

Record third quarter net sales of $186.0 million, an increase of 42%; excluding contribution from Perrigo Animal Health, net sales increased 29%

Net loss of $8.8 million, compared to net income of $3.9 million, including $12.0 million of non-recurring acquisition and integration related costs in the current period and $0.2 million in the prior year period

Adjusted net income $9.3 million compared to $8.2 million, an increase of 14%

Adjusted EBITDA of $19.3 million compared to $13.4 million, an increase of 44%

Cash and cash equivalents of $10.5 million with total liquidity of $102.9 million

On-track to open 80 veterinary wellness centers in 2019: 26 opened year-to-date through October, 34 to open in November, remaining 20 to open in December

Completed Perrigo Animal Health acquisition on July 8, 2019

a??Our record quarterly net sales demonstrates the strength of our diversified pet health and wellness business,a?? commented Cord Christensen, PetIQa??s Chairman and Chief Executive Officer.A  a??The Products segment delivered another quarter of outstanding growth as we benefited from the distribution relationships we have with our animal health pharmaceutical partners, an acceleration in our manufactured brands and an increasing number of pet parents transitioning their pet health care needs to PetIQa??s affordable and convenient offerings.A  In the Services segment, we remain on track with our growth initiatives and our team continues to execute on our plan to open 80 wellness centers in 2019.A  We are experiencing an accelerated ramp to profitability in the pop-up community clinics that we have converted into permanent wellness centers, which further reinforces our conviction that the Services segment can drive sustainable long-term growth.a??Christensen continued, a??Since completing the Perrigo Animal Health acquisition in July, our team has made a tremendous amount of progress on the integration and we remain on-track to achieve our stated synergies with continued growth in this business expected for 2020.A  PetIQ remains uniquely positioned through our complementary veterinarian products and services offering, which is anchored in our mission of providing Smarter Pet Health as we capitalize on the robust consumer and animal health industry tailwinds for many years to come.a??
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