Petiq Inc Stock Price, News & Analysis

PetIQ, a leading pet medication and wellness company, announced the appointment of John Pearson as Senior Vice President, Head of Services Division, effective immediately. Pearson, with a strong retail operations background from Good2Go Stores and Walmart, aims to enhance revenue and profitability in PetIQ's Services segment. CEO Cord Christensen emphasized the importance of this role as the company seeks to improve access to pet health products and services for more pet parents. PetIQ operates over 60,000 distribution points and offers veterinary wellness services through VIP Petcare.

PetIQ announces a leadership transition with Susan Sholtis stepping down as President on May 27, 2022, to focus on family. Michael Smith, previously Executive Vice President of Products, will take on the newly created role of President and Chief Operating Officer effective June 1, 2022. Smith has driven significant growth, adding $200 million in product sales since 2019, with a compound annual growth rate exceeding 17%. Both leaders express confidence in the company’s future, with Smith set to enhance sales and profitability.

PetIQ reported a record net sales of $275.7 million for Q1 2022, up 8.4% from $254.3 million in Q1 2021. Excluding a $20.2 million loss from distribution rights, sales increased 17.8%. The Products segment generated $247.8 million, a 7.7% increase, while the Services segment rose 14.9% to $27.9 million. Net income climbed 32.4% to $3.2 million, with adjusted EBITDA at $31.6 million, up 17.6%. The company maintained its full-year outlook, projecting approximately $985 million in sales for 2022, a 5.6% increase.

PetIQ, a premier pet medication and wellness company, has announced it will disclose its first-quarter financial results for 2022 on May 4, 2022, after market close. A conference call with management will take place at 4:30 p.m. ET on the same day to discuss these results in detail. Investors can access the call via telephone or through the PetIQ website. The company specializes in providing affordable veterinary products and services, operating more than 60,000 distribution points across North America.

PetIQ reported record fourth quarter net sales of $196.6 million, up 19.7% from the previous year, driven by strong flea and tick product sales. Full year net sales reached $932.5 million, a 19.5% increase. While gross margins improved, the company faced a net loss of $14.5 million, wider than last year's loss of $10.1 million. PetIQ anticipates 2022 net sales of approximately $985 million, a 5.6% increase. A direct-to-consumer initiative and new product launches are planned to enhance growth.

PetIQ, a leading pet medication and wellness company, announced it will report its fourth quarter and full year results for 2021 on March 1, 2022, after market close. A conference call will follow at 4:30 p.m. ET, allowing stakeholders to discuss the results. Participants can join the call via telephone or through a live internet broadcast. PetIQ operates over 60,000 distribution points and provides veterinary wellness services through its VIP Petcare platform across 3,400 locations in 42 states, emphasizing affordable access to pet healthcare.

PetIQ, Inc. has appointed Kenneth Walker as an independent director to its Board, effective January 3, 2022. Walker brings 24 years of financial expertise from consumer and retail sectors, notably as CFO at Cornerstone Brands and previous roles at Macys, Inc. and Procter & Gamble. His extensive financial background is expected to enhance PetIQ's strategic growth initiatives in the pet health market. The company's diversified operations cater to over 60,000 distribution points and a national service platform, VIP Petcare, offering accessible veterinary services.

PetIQ has appointed Zvi Glasman as its new Chief Financial Officer (CFO), effective January 3, 2022. Glasman brings over 20 years of experience, having previously served as CFO at Fox Factory Holdings and contributed to its transition to a publicly traded company. His expertise includes overseeing strategic mergers and enhancing profitability. He succeeds John Newland, who is retiring but will assist during the transition until March 2022. The leadership change aims to support PetIQ's growth strategy, enhancing operational efficiency and profitability.

PetIQ reports record third quarter net sales of $210.5 million, a 29.9% year-over-year increase. Strong sales were driven by a 51% growth in e-commerce and improvements in core product categories like flea and tick. The product segment net sales rose 21.0% to $181.6 million, while services net revenues reached $29.0 million, up by $17.0 million. Adjusted EBITDA also increased 36.3%, reaching $16.4 million. Despite a net loss of $8.3 million, significant operational improvements were noted, including 12 new wellness centers opened during the quarter.