CVET - CVET STOCK NEWS

Covetrus has appointed Ajoy Karna as the new executive vice president and chief financial officer, succeeding Matthew Foulston, who is retiring. Karna brings over a decade of experience from Sysco Corporation and more than 20 years from PepsiCo, where he led financial strategies and operations. His expertise will enhance Covetrus's finance, accounting, and IT functions as the company aims to support veterinary practices and improve animal care. Covetrus, headquartered in Portland, Maine, serves over 100,000 veterinary customers worldwide.

Covetrus (NASDAQ: CVET) has appointed Michelle Bonfilio as Chief People Officer. She will manage human resources and communications, aiming to enhance the company's culture and align workforce efforts with its mission to support veterinarians worldwide. Bonfilio previously served as Chief Human Resources Officer at Petco, contributing to its digital transformation. She holds a degree from the University of California, Davis and is a certified executive coach.

Covetrus (NASDAQ: CVET) appointed Margie B. Pritchard as General Counsel and Corporate Secretary, effective immediately. Pritchard previously served as Vice President, Deputy Counsel and has been Interim General Counsel since December 2021. With over 30 years of experience, she will report to Ben Wolin, CEO, and is expected to drive the company’s growth through her expertise in corporate governance and legal matters. Covetrus is focused on enhancing veterinary practices globally, headquartered in Portland, Maine.

Covetrus (NASDAQ: CVET) announced the retirement of Matthew Foulston, Executive Vice President and CFO, effective December 31, 2022. Foulston, who joined the company in 2020, has significantly contributed to its financial strategies and employee advocacy. CEO Ben Wolin highlighted his impact on the organization. A search for Foulston's successor is currently underway. Covetrus is dedicated to improving animal health through technology and services, serving over 100,000 customers globally from its headquarters in Portland, Maine.

Covetrus (Nasdaq: CVET) reported Q2 2022 net sales of $1.22 billion, up 2% YoY, with a GAAP net loss of $(4) million. Non-GAAP organic net sales growth was 5%. First half net sales reached $2.37 billion, a 3% increase YoY, with a net loss of $(6) million. Non-GAAP adjusted EBITDA remained flat at $66 million for Q2. The North America segment saw a 10% sales increase, while Europe and APAC faced challenges with declines. The company ended Q2 with $87 million in cash, but reported a negative cash flow from operations of $(6) million.

Covetrus (NASDAQ: CVET) will release its second quarter 2022 results on August 4, 2022, before the market opens. Due to its acquisition agreement with Clayton, Dubilier & Rice and TPG, the company will not hold a quarterly earnings call to discuss these results. Headquartered in Portland, Maine, Covetrus is dedicated to enhancing veterinary practices with innovative technology and services.

Covetrus has released findings from a survey indicating that their cloud-based veterinary operating system, Covetrus Pulse, significantly saves time and enhances efficiency for veterinary practices. Respondents reported time savings averaging 3 hours weekly, with practice managers saving approximately 45 minutes daily. The survey covered 2,500 practices in North America since January 2022. Nearly two-thirds found Pulse easy to implement and train staff on, addressing the pressing workforce challenges in the veterinary sector.

Covetrus shareholders will receive $21.00 per share in cash as part of a definitive agreement with Clayton, Dubilier & Rice and TPG Capital. This acquisition represents a 39% premium over Covetrus’ 30-day average stock price before the announcement.

The transaction is valued at approximately $4 billion and has been unanimously approved by Covetrus' Board of Directors. The acquisition will make Covetrus a private company and is expected to close in the second half of 2022, pending regulatory approvals.

Covetrus (Nasdaq: CVET) reported net sales of $1.15 billion for Q1 2022, a 4% increase year-over-year. The company incurred a net loss of $(2) million, improving from $(16) million in Q1 2021. Non-GAAP organic net sales growth reached 6%, driven by strong performance in North America, particularly in prescription management, which grew 24%. Non-GAAP adjusted EBITDA increased 11% to $63 million. Full-year guidance remains stable, with organic net sales growth projected at 7% to 8% and adjusted EBITDA between $270 million and $280 million.