PetIQ, Inc. (PETQ) Misses Q2 EPS by 22c, Revenues Beat; Offers FY18 Revenue Outlook Above Consensus
PetIQ, Inc. (NASDAQ: PETQ) reported Q2 EPS of $0.16, $0.22 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $171 million versus the consensus estimate of $148.44 million.
- Net sales of $171.1 million, an increase of 96%
- Net income of $5.4 million
- Adjusted EBITDA of $15.8 million compared to $7.6 million
- Opened 17 wellness centers and three regional offices during the quarter, for a total of 29 wellness centers and 34 regional offices in operation as of quarter-end with all 20 VetIQ wellness centers currently open
- Liquidity of $63 million at quarter end giving pro forma effect to $25 million accordion feature on revolving credit facility
- Antitrust complaint filed against PetIQ by Med Vets Inc. dismissed
Cord Christensen, PetIQ’s Chairman and Chief Executive Officer commented, “Our strong, broad-based growth continued during the second quarter resulting in record net sales. Our team expanded PetIQ’s pet preventative and wellness veterinarian products and services offerings to further our mission to make pets’ lives better with more affordable and accessible veterinarian services and products. We are very pleased with the progress of our “Follow the Pets” growth initiatives including the opening of 17 wellness center locations in the second quarter, with all 20 VetIQ wellness centers completed. Based on these strong operational and financial results as well as our outlook for the remainder of the year, we are raising our annual net sales guidance to $500 million. We believe our category leadership, broad product portfolio, compelling service offerings, value proposition and strong customer relationships will continue to fuel our future growth and value for our shareholders.”
GUIDANCE:
PetIQ, Inc. sees FY2018 revenue of $500 million, versus the consensus of $481.45 million.
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