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Covetrus (CVET) reported Q3 2021 net sales of $1.16 billion, up 3% year-over-year. The GAAP net loss improved to $(4) million from $(35) million in the prior year. Non-GAAP adjusted net income increased to $31 million, while non-GAAP adjusted EBITDA was $58 million, down 2% year-over-year. Guidance for full-year organic net sales growth remains at 5% to 6%, and adjusted EBITDA guidance is unchanged at $245 million to $255 million. The company continues to face challenges in its U.K. and German businesses, impacting overall growth.
Henry Schein reported record third-quarter net sales of $3.2 billion, marking an 11.9% increase year-over-year. GAAP diluted EPS rose to $1.15 from $0.99, while non-GAAP diluted EPS reached $1.10, up from $1.03. The company raised its 2021 non-GAAP diluted EPS guidance to between $4.27 and $4.35, reflecting a growth of 44% to 46% compared to 2020. Preliminary guidance for 2022 indicates mid to high single-digit growth over the 2021 guidance. Strong sales growth was seen across Global Dental and Medical segments.
Covetrus (NASDAQ: CVET) will announce its third quarter 2021 results after market close on November 4, 2021. The announcement will be followed by a conference call at 4:30 PM ET featuring CEO Ben Wolin and CFO Matthew Foulston. Investors can access the live webcast through Covetrus' Investor Relations site. Additionally, a replay will be available until November 18, 2021. Covetrus is focused on enhancing veterinary practices through technology and services.
Covetrus (CVET) reported its second quarter 2021 financial results, showing net sales of $1.19 billion, a 16% increase from the same quarter in 2020. Despite this growth, the company posted a net loss of $31 million or $0.23 per diluted share, compared to a net income of $54 million in Q2 2020. Non-GAAP adjusted EBITDA was $66 million, reflecting a 5% increase year-over-year. Covetrus anticipates ongoing momentum into the second half of 2021, despite headwinds in its European markets.
Covetrus (NASDAQ: CVET) has announced the release of its second quarter 2021 results, scheduled for August 5, 2021, after market closure. A conference call will follow at 4:30 PM ET, featuring CEO Ben Wolin and CFO Matthew Foulston discussing the results.
Investors can access the live webcast on the Investor Relations site, and a recorded version will be available for a year after the event. Covetrus is focused on connecting veterinary practices with technology to enhance health outcomes, serving over 100,000 customers globally.
Covetrus (NASDAQ: CVET) announced the appointment of Drew Coxhead as vice president, corporate controller, and chief accounting officer, effective August 16, 2021. He will succeed Laura Phillips, who is retiring. Coxhead has extensive experience in financial management and leadership, having previously served at RR Donnelly and LSC Communications. His expertise is expected to enhance Covetrus’ financial capabilities and support its growth initiatives. The company aims to drive transformation and strategic growth with his leadership.
Covetrus (NASDAQ: CVET) has announced a definitive agreement to acquire VCP, a leading platform in veterinary wellness plan administration, serving around 1,000 practices and over 350,000 pets. The acquisition aims to enhance Covetrus’ service offerings by integrating VCP's technology with its existing management systems, enabling tailored wellness plans for pet owners. The transaction is anticipated to close in Q3, subject to customary conditions. VCP's solutions reportedly support significant revenue growth for practices, aligning with the expanding $50 billion U.S. pet wellness market.
Covetrus (NASDAQ: CVET) has appointed Bekki Kidd as head of North America Operations & Global Operational Excellence and András Bolcskei as president of International. These newly created roles align with Covetrus' strategic plan for improved synchronization and optimization of operations. Kidd, with ten years at Cardinal Health, will oversee domestic operations, while Bolcskei, a veterinarian with over 25 years in animal health, will unify global commercial teams. The retirements of Mike Ellis and David Hinton facilitate this organizational shift.
Covetrus (NASDAQ: CVET) has announced enhancements to its practice management software, including AVImark and eVetPractice, to help veterinary clinics compete online and improve patient care. The updates integrate the Covetrus Prescription Management Platform, allowing streamlined prescribing and empowering veterinary teams with efficient workflows. This integration is designed to reduce the burden of reviewing online prescription requests, directing clients to the practice's online pharmacy. Covetrus aims to advance animal health through powerful technology that supports veterinary practices.
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