- Third quarter GAAP net sales of $1.13 billion, an increase of 11% year-over-year; non-GAAP organic net sales increased 12% year-over-year
- Third quarter GAAP net loss of $35 million; third quarter non-GAAP adjusted net income of $30 million, an increase of 58% year-over-year
- Third quarter non-GAAP adjusted EBITDA of $59 million, an increase of 20% year-over-year
- Ended the third quarter of 2020 with more than $650 million in available liquidity, including $355 million in cash and cash equivalents on the balance sheet
- Full year 2020 non-GAAP adjusted EBITDA guidance increased to a range of $213 million to $218 million
PORTLAND, Maine. November 10, 2020 — Covetrus, Inc. (Nasdaq: CVET), a global leader in animal-health technology and services, today announced financial results for the third quarter of 2020, which ended September 30, 2020.
“Around the globe, the Covetrus team continues to rise to the challenge and, despite the adversity created by COVID-19, we successfully executed and delivered strong results during the third quarter. It is clear that our focused approach, commitment to our team and our customers, and our investment in service and innovation have served us well and enabled us to win new business and drive greater alignment with our partners. We are making strategic investments to support our momentum and are confident in our ability to drive growth in 2021 and beyond,” said Ben Wolin, Covetrus president and chief executive officer. “Our foundation is solid, our industry is growing, our differentiation in the market is evident, and our outlook is bright.”
Read the full press release here: https://ir.covetrus.com/news-releases/news-release-details/covetrus-announces-financial-results-third-quarter-2020