- Second quarter GAAP net sales of $1.03 billion, an increase of 2% year-over-year; non-GAAP organic net sales increased 5% year-over-year
- Second quarter GAAP net income of $54 million, including a $70 million after-tax gain on sale of scil animal care, as compared to a GAAP net loss of $10 million in the prior year period; second quarter non-GAAP adjusted net income of $30 million, an increase of 25% year-over-year
- Second quarter non-GAAP adjusted EBITDA of $63 million, an increase of 19% year-over-year
- Ended the second quarter of 2020 with $414 million in cash and cash equivalents on the balance sheet and more than $700 million in available liquidity
- Full year 2020 non-GAAP adjusted EBITDA guidance in the range of $200 million to $210 million, which assumes no significant additional supply chain disruption or economic impact related to COVID-19 in the second half of the year
PORTLAND, Maine. August 11, 2020 — Covetrus (Nasdaq: CVET), a global leader in animal-health technology and services, today announced financial results for the second quarter of 2020, which ended June 30, 2020.
“I am extremely proud of our team’s exceptional efforts and accomplishments during the second quarter to support our customers around the globe during COVID-19. Our strong second quarter financial results demonstrate our progress, and our 2020 guidance showcases the confidence we have in our business,” said Ben Wolin, Covetrus president and chief executive officer. “While uncertainties tied to the global pandemic and the pace and recovery of our end-market remain, continued investments in our organizational health, innovation and customer success puts us in a strong position to capitalize on our strategic opportunities and to deliver shareholder value in the quarters and years ahead.”
Read the full press release here: https://ir.covetrus.com/news-releases/news-release-details/covetrus-announces-financial-results-second-quarter-2020