- Fourth quarter 2020 net sales of $1.1 billion, an increase of 11% year-over-year, and reported GAAP net loss of $4 million
- Non-GAAP organic net sales increased 12% year-over-year
- Non-GAAP adjusted EBITDA increased 19% year-over-year to $56 million
- Non-GAAP adjusted net income increased 40% year-over-year to $28 million
- Full-year 2020 net sales of $4.3 billion, an increase of 9% year-over-year, and reported GAAP net loss of $19 million
- Non-GAAP pro forma organic net sales increased 10% year-over-year
- Non-GAAP adjusted EBITDA increased 13% year-over-year to $226 million
- Non-GAAP adjusted net income increased 35% year-over-year on a pro forma basis to $108 million
- Ended December 31, 2020 with approximately $590 million in available liquidity, including $290 million in cash and cash equivalents on the balance sheet
- Reiterates 2021 non-GAAP adjusted EBITDA guidance in the range of $240 million to $250 million
PORTLAND, Maine. March 1, 2021 — Covetrus (Nasdaq: CVET), a global leader in animal-health technology and services, today reported financial results for the fourth quarter and full-year 2020, which ended December 31, 2020.
“Throughout 2020, veterinarians and animal healthcare providers did not skip a beat despite the uncertainty and impact created by COVID-19, and neither did Covetrus. As an essential business, we worked to meet and support our customers’ increased volumes and changing needs, including supporting them with our innovative online pharmacy service and the introduction of our telehealth capability in order to enable uninterrupted patient care. We have responded and exceeded expectations across all elements of our strategic plan, and we enter 2021 energized by our customers’ growth, increased opportunities to drive better health outcomes, and the momentum we have created for ourselves in the market.”
Ben Wolin, Covetrus president and chief executive officer
Read the full press release here: https://ir.covetrus.com/news-releases/news-release-details/covetrus-reports-fourth-quarter-and-full-year-2020-financial