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Covetrus (NASDAQ: CVET) announced its participation in the 39th Annual J.P. Morgan Healthcare Conference on January 13, 2021. President and CEO Benjamin Wolin, along with CFO Matthew Foulston, will present virtually at 8:20 a.m. ET and take questions from analysts. A live audio webcast will be accessible on the Company’s Investor website, with a replay available for 90 days afterward.
Founded in Portland, Maine, Covetrus is a leading animal-health technology and services company serving over 100,000 customers globally, focusing on enhancing veterinary practice outcomes.
Covetrus (Nasdaq: CVET) has successfully exited all 72 transitional services agreements with former parent Henry Schein, Inc., ahead of schedule. This marks a pivotal step as Covetrus enhances coordination within its operations, aligning with its three-year strategic plan. Additionally, the company is consolidating its North American commercial teams to streamline account management and bolster technology investments. Covetrus also announced a transfer of its French distribution business, which reduces severance obligations, while continuing to serve the French market with technology solutions.
Covetrus reported third quarter 2020 GAAP net sales of $1.13 billion, up 11% year-over-year, with non-GAAP organic net sales up 12%. The net loss narrowed to $35 million from a loss of $959 million in 2019. Non-GAAP adjusted EBITDA rose 20% to $59 million. The company ended the quarter with $650 million in liquidity. Full year non-GAAP adjusted EBITDA guidance increased to $213 million to $218 million. CEO Ben Wolin emphasized ongoing strategic investments to support growth through 2021 and beyond.
Covetrus (NASDAQ: CVET) will release its third quarter 2020 financial results on November 10, 2020, after market close. A conference call for investors will follow at 4:30 PM ET, featuring CEO Benjamin Wolin and CFO Matthew Foulston who will discuss the results. Investors can access the call via the Covetrus Investor Relations page or by phone. A replay of the call will be available for two weeks. Covetrus is focused on enhancing animal-health outcomes globally.
Covetrus (NASDAQ: CVET) has made a strategic investment in Veterinary Study Groups, Inc. (VSG), which enhances its commitment to veterinary practices. VSG, managing over 50 Veterinary Management Groups with 1,100 members across the U.S. and Canada, will operate independently under Covetrus. This partnership aims to improve member benefits and foster customer alignment, enhancing overall patient care. The financial terms were not disclosed, and the transaction is not expected to impact Covetrus's financial guidance for 2020.
Covetrus announced its upcoming virtual VetSummit conference, scheduled for October 16-18, focusing on strategies and innovations in animal healthcare. The event features keynote speakers like Dr. Frances Frei from Harvard Business School and Dr. Temple Grandin, a leading expert in animal welfare. Attendees can participate live or access recorded sessions for up to a year. Covetrus continues to empower veterinary practices with technology and resources while overcoming challenges posed by the pandemic, serving over 100,000 customers globally.
Covetrus reported Q2 2020 GAAP net sales of $1.03 billion, a 2% year-over-year increase, with non-GAAP organic net sales up 5%. GAAP net income reached $54 million, compared to a $10 million loss in Q2 2019, primarily due to a $70 million after-tax gain from the sale of scil animal care. Non-GAAP adjusted EBITDA rose 19% to $63 million. The company ended Q2 with $414 million in cash and expects full-year adjusted EBITDA guidance of $200 million to $210 million, contingent on economic factors.
Covetrus (NASDAQ: CVET) will announce its second quarter 2020 results on August 11, 2020, after the market closes. A conference call will follow at 4:30 PM EDT featuring president Benjamin Wolin and CFO Matthew Foulston discussing the results. The call can be accessed via the Covetrus Investor Relations website and will also have a replay available for two weeks post-call. Covetrus, headquartered in Portland, Maine, focuses on animal health technology and services, serving over 100,000 customers globally.
Covetrus (NASDAQ: CVET) declared a quarterly cash dividend of $8.653846 per share on its 7.50% Series A Convertible Preferred Stock. This dividend is payable on June 30, 2020, to shareholders recorded as of June 19, 2020. The company, based in Portland, Maine, focuses on animal health technology and services, serving over 100,000 customers globally with a workforce of more than 5,500 employees.
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