- Operationally, all of the company’s distribution centers and pharmacies currently remain open, as veterinary medicine has been deemed an essential service in most geographies around the globe
- Preliminary first quarter net sales of approximately $1.07 billion, an increase of 13% year-over-year; preliminary year-over-year non-GAAP pro forma organic net sales growth of 10%
- Preliminary first quarter loss before taxes and equity in earnings of affiliates in the range of $35 million to $36 million; preliminary first quarter non-GAAP adjusted EBITDA in the range of $47 million to $48 million
- Withdraws full-year 2020 financial guidance amidst uncertainty tied to COVID-19
PORTLAND, Maine (April 22, 2020) — Covetrus (NASDAQ: CVET), a global leader in animal-health technology and services, today released select preliminary first quarter ended March 31, 2020 financial results and provided an update on its operations, the Company’s financial position and actions that the Company is taking in response to the COVID-19 pandemic.
“Our entire team has rallied together to help animal-health practitioners across the globe continue to operate and deliver excellent patient care in these unprecedented times of COVID-19. I am extremely proud of the team’s hard work in the face of this challenge, and our solid preliminary first quarter results, even when excluding stocking benefits that occurred in March, reflect our renewed focus on the core drivers of our business and the strength of our customer relationships,” said Ben Wolin, Covetrus president and chief executive officer. “While COVID-19 will create short-term challenges for Covetrus and our community, we are confident in the pillars of our strategic plan, the animal-health market and the vital role we serve in helping our customers all around the globe continue to grow over the long-term.”
Read the full press release here: https://ir.covetrus.com/news-releases/news-release-details/covetrus-previews-preliminary-financial-results-first-quarter