PetIQ, Inc. - PETQ STOCK NEWS

PetIQ reported record net sales of $271.0 million for Q2 2021, up 1.5% year-over-year, with a 15.8% increase in net sales for the first half, totaling $525.4 million. The Products segment saw a decrease of 8.1% in sales, impacted by shifts in flea and tick product timing, while the Services segment grew significantly to $28.2 million. Adjusted EBITDA rose 21.4% to $34.4 million. Net income improved to $4.0 million, compared to a loss last year. The company anticipates strong performance in the second half, aiming to open 130 to 170 new wellness centers in 2021.

PetIQ, Inc. (NASDAQ: PETQ) announced the retirement of John Newland as Chief Financial Officer, effective March 31, 2022, after over seven years with the company. Newland played a key role in transitioning PetIQ from private to public and integrating four strategic acquisitions. The company has initiated a search for his successor. Newland expressed confidence in PetIQ's prospects within the pet health and wellness industry. PetIQ continues to operate a national service platform through VIP Petcare, serving over 3,400 retail partner locations.

PetIQ, a leading pet medication and wellness company, will report its Q2 2021 results on August 4, 2021, after market close. The executive management team will host a conference call at 4:30 p.m. ET that same day to discuss the financial results. Investors can access the call by dialing specific numbers or streaming it live on the company's website, with playback available until August 18, 2021. PetIQ operates over 60,000 distribution points and provides veterinary wellness services through its VIP Petcare platform across 41 states, emphasizing affordable care for pets.

EAGLE, Idaho, May 26, 2021 – PetIQ, a leading pet medication and wellness company, announced its management team will participate in two upcoming virtual investor conferences.

• On June 1, 2021, at 5:40 p.m. ET, during William Blair’s 39th Annual Growth Stock Conference.
• On June 2, 2021, at 12:00 p.m. ET, at Stifel’s 2021 Jaws & Paws conference.

Both events will be webcast live, accessible on the Company's website, PetIQ.com. The company offers affordable veterinary products and wellness services through over 60,000 distribution points nationwide.

PetIQ reported a substantial 36.2% increase in net sales for Q1 2021, totaling $254.3 million, up from $186.8 million in Q1 2020. The Product segment saw an impressive 38.3% growth, reaching $230 million. Adjusted EBITDA rose 85.8% to $26.9 million, with an adjusted EBITDA margin of 10.6%. Notably, the Services segment generated $24.3 million, an 18.6% increase. PetIQ also secured new credit facilities worth $425 million, enhancing liquidity and financial flexibility. The outlook remains strong, aiming for 130 to 170 new wellness centers in 2021.

PetIQ will announce its first quarter results for 2021 on May 5, 2021, after market close. Following the announcement, a conference call will occur at 4:30 p.m. ET to discuss the results. Participants can join by dialing 800-909-4795 for North America or 312-281-2972 for international listeners. The call will also be available via live broadcast on the PetIQ website. A playback will be accessible until May 19, 2021. PetIQ is a leading provider of pet medications and wellness services, operating over 60,000 distribution points nationally.

PetIQ, Inc. (Nasdaq: PETQ) has announced a new $300 million term loan and a $125 million asset-based revolving line of credit, increasing borrowing capacity by approximately $109 million. The refinancing significantly reduces the interest rate, with a 125-basis point decrease on the term loan, and extends maturity to April 2028 for the term loan and April 2026 for the ABL. This move enhances operational flexibility and includes improved debt covenants, offering better support for future growth. A portion of funds will be used to repay $27.5 million in high-interest notes.

PetIQ reported a 4Q 2020 net sales of $164.2 million, a 6.4% increase year-over-year, driven by a 7.5% rise in the Products segment, totaling $145.1 million. Full year 2020 net sales reached $780.1 million, a 10% increase. However, the Services segment faced challenges, with revenues declining by 41.1% to $54.3 million. Despite a net loss of $81 million driven by acquisition expenses, adjusted EBITDA rose 11.7% to $67.8 million. The company expects to continue growth in 2021, anticipating new wellness centers and increased sales.

PetIQ announced the appointment of Sheryl Oloughlin and Kim Lefko as independent directors, effective March 2, 2021. This expands the Board from five to seven members. Oloughlin will serve as a Class I director on the Compensation Committee, while Lefko will serve as a Class III director on the Audit Committee. CEO Cord Christensen expressed excitement about their experience in consumer goods, retail, and marketing, which is expected to enhance the company’s strategic growth initiatives in the pet health and wellness sector.