Covetrus Announces Financial Results for First Quarter of 2019

  • The launch of Covetrus creates a new global market leader in technology and services in animal health to drive new health and financial outcomes for veterinarians and their clients 
  • Revenue of $941 million down 1% year-over-year, non-GAAP pro forma revenue of $965 million up 3% year-over-year on an organic basis normalizing for foreign exchange fluctuations and revenue recognition adjustments for manufacturer switches from direct to agency sales 
  • In North America, revenue of $497 million up 4%; on a non-GAAP pro forma basis and adjusted for business day variances, Vets First Choice prescription management revenue in North America up 51% year-over-year and we ended the quarter with more than 8,000 practices on the Vets First Choice platform 
  • Net loss attributable to Covetrus of $(13) million, non-GAAP pro forma adjusted net income of $13 million and non-GAAP pro forma adjusted EBITDA of $50 million 
  • Non-GAAP 2019 pro forma adjusted EBITDA guidance range of $235 to $250 million and more than 3,000 new Vets First Choice enrollments expected for the year

PORTLAND, Maine, May 15, 2019 (GLOBE NEWSWIRE) — Covetrus (Nasdaq: CVET), a global leader in animal-health technology and services, today announced financial results for the first quarter of 2019, which ended March 31, 2019.  On February 7, 2019, Covetrus became an independent company through the consummation of the spin-off by Henry Schein of its Animal Health business and the completion of its merger with Vets First Choice.  On February 8, 2019, Covetrus began trading on the Nasdaq Stock Market under the ticker symbol “CVET.”

“We had a strong launch of Covetrus during the first quarter, accomplishing a significant amount of work in just three months since our formation,” said Benjamin Shaw, Covetrus’ president and chief executive officer. “At Covetrus, we put the veterinarian at the center of everything we do, offering a compelling value proposition for our more than 100,000 veterinary practice customers across the globe. While we are early in our journey, we are excited about our platform of capabilities, strong global market position, passionate and complementary teams and the progress we have made on delivering on our core long-term strategic growth drivers.”

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Contacts

Nicholas Jansen
Vice President, Investor Relations
207-550-8106
nicholas.jansen@covetrus.com

Kiní Schoop
Director, Public Relations
207-550-8018
kini.schoop@covetrus.com

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Source: Covetrus