PetIQ, Inc. Provides Update on Wellness Center Reopening Plan

Rhea-AI Summary

PetIQ has successfully re-opened approximately 70% of its wellness centers and 60% of its community clinics, with all 37 regional offices now operational. The company aims to re-open 95% of its clinics by the end of Q3 2020. Additionally, 27 new wellness centers under construction are expected to debut in Q4 2020. Recent openings have shown a quick recovery in customer traffic, returning to pre-COVID-19 levels. CEO Cord Christensen expressed optimism about PetIQ’s ability to meet the increasing demand for affordable veterinary care.

Positive

• 70% of wellness centers and 60% of community clinics re-opened.
• All 37 regional offices supporting the national service network are open.
• Projected re-opening of 95% of community clinics and wellness centers by Q3 2020.
• 27 new wellness centers anticipated to open in Q4 2020.
• Customer traffic at re-opened locations has returned to pre-COVID-19 levels.

Negative

• None.

EAGLE, Idaho, Sept. 08, 2020 (GLOBE NEWSWIRE) -- PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq: PETQ), a leading pet medication and wellness company, today provided an update on its wellness center and community clinic re-opening plan. 

The Company has re-opened approximately 70% of its wellness centers and 60% of its community clinics. All 37 of PetIQ’s regional offices supporting the national service network are now open. PetIQ remains on-track to re-open approximately 95% of its community clinics and wellness centers by the end of the third quarter of 2020.  In addition, the 27 new wellness centers under construction prior to the on-set of the pandemic continue to be expected to have grand openings in the fourth quarter of 2020.  Results from recent re-openings have demonstrated a quick return in customer traffic and average ticket to pre COVID-19 rates.

“We are pleased with our team’s agility and perseverance to execute our Services segment re-opening plan in a dynamic operating environment,” commented Cord Christensen, PetIQ’s Chairman and Chief Executive Officer. “In this time of heightened uncertainty, we are finding that pet parents are seeking out solutions for affordable veterinary care at increasing rates, and PetIQ's national network of convenient and affordable clinics are a great solution to help meet their needs. Going forward, we remain well-positioned long-term to achieve our strategic and financial objectives and look forward to enhancing value for all stakeholders.”

About PetIQ

PetIQ is a leading pet medication and wellness company delivering a smarter way for pet parents to help their pets live their best lives through convenient access to affordable veterinary products and services.  The company engages with customers through more than 60,000 points of distribution across retail and e-commerce channels with its branded distributed medications, which is further supported by its own world-class medications manufacturing facility in Omaha, Nebraska. The company’s national service platform, VIP Petcare, operates in over 3,400 retail partner locations in 41 states providing cost effective and convenient veterinary wellness services.  PetIQ believes that pets are an important part of the family and deserve the best products and care we can give them.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, such as statements about our plans, objectives, expectations, assumptions or future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could" and similar expressions.  Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from any future results, performances, or achievements expressed or implied by the forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, the impact of COVID-19 on our business and the global economy; our ability to successfully grow our business through acquisitions; our dependency on a limited number of customers; our ability to implement our growth strategy effectively; disruptions in our manufacturing and distribution chains; competition from veterinarians and others in our industry; reputational damage to our brands; economic trends and spending on pets; the effectiveness of our marketing and trade promotion programs; recalls or withdrawals of our products or product liability claims; our ability to manage our manufacturing and supply chain effectively; disruptions in our manufacturing and distribution chains; our ability to introduce new products and improve existing products; our failure to protect our intellectual property; costs associated with governmental regulation; our ability to keep and retain key employees; our ability to sustain profitability; and the risks set forth under the “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019, our Form 10-Q for the quarter ended June 30, 2020 and other reports filed time to time with the Securities and Exchange Commission.

Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or operating results.  The forward-looking statements speak only as of the date on which they are made, and, except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Consequently, you should not place undue reliance on forward-looking statements.

Investor.relations@petiq.com or 208.513.1513

FAQ

What percentage of PetIQ's wellness centers are currently open?

Approximately 70% of PetIQ's wellness centers are currently open.

What is PetIQ's plan for community clinics by the end of Q3 2020?

PetIQ aims to have approximately 95% of its community clinics re-opened by the end of Q3 2020.

When are the new wellness centers expected to open?

The 27 new wellness centers under construction are expected to have grand openings in Q4 2020.

How has customer traffic changed since PetIQ's re-openings?

Customer traffic has demonstrated a quick return to pre-COVID-19 rates since PetIQ's re-openings.

Who is the CEO of PetIQ and what did he say about the company's outlook?

CEO Cord Christensen expressed optimism about meeting the demand for affordable veterinary care.