- First quarter GAAP net sales of $1.07 billion, an increase of 13% year-over-year; non-GAAP pro forma organic net sales increased 10% year-over-year
- First quarter GAAP net loss of $33 million as compared to a GAAP net loss of $13 million in the prior year period; first quarter non-GAAP adjusted net income of $20 million, an increase of 5% year-over-year on a pro forma basis
- First quarter non-GAAP adjusted EBITDA of $48 million, a decline of 4% year-over-year on a pro forma basis, and at the high-end of the preliminary range released last month
- Subsequent to quarter-end, Covetrus completed the sale of its scil animal care business for $110 million and announced a $250 million investment from Clayton, Dubilier & Rice (CD&R), strengthening the Company’s financial profile and liquidity
PORTLAND, Maine. May 14, 2020 — Covetrus (Nasdaq: CVET), a global leader in animal-health technology and services, today announced financial results for the first quarter of 2020, which ended March 31, 2020.
“I am so proud of our team’s accomplishments and their tireless efforts to support our customers across the globe, as we all navigate and adapt to the COVID-19 pandemic. Our strong first quarter results are evidence of the early progress we have achieved by focusing on the core drivers of our business,” said Ben Wolin, Covetrus president and chief executive officer. “Veterinary care remains an essential service, and while practices experienced significantly lower client visits during late March and early April, we are encouraged by the moderately improving trends we are beginning to see across many of our customers. As the recovery in our end-market continues, I believe the combination of our strengthened financial profile and organizational health position us well to accelerate growth and create long-term shareholder value.”
Read the full release here: https://ir.covetrus.com/news-releases/news-release-details/covetrus-announces-financial-results-first-quarter-2020