PetIQ, Inc. (PETQ) Misses Q1 EPS by 18c, Beats on Revenues; Offers FY18 Revenue Mid-Point Outlook Below Consensus

PetIQ, Inc. (NASDAQ: PETQ) reported Q1 EPS of ($0.14), $0.18 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $115.1 million versus the consensus estimate of $108.58 million.

2018 Outlook

PetIQ reiterated the following fiscal 2018 financial outlook:

• Consolidated net sales of $450 million to $500 million, an increase of 69% to 87% year-over-year
• Adjusted EBITDA of $40 million to $45 million, an increase of 79% to 102% year-over-year*

First Quarter 2018 Highlights Compared to Prior Year Period

• Net sales were $115.1 million, an increase of 71.7% year-over-year
• Net loss was $4.0 million
• Adjusted EBITDA was $5.4 million

Cord Christensen, PetIQ’s Chairman and Chief Executive Officer commented, “We are very pleased with our start to the year which illustrates the strength of our diversified business model across products, services, and sales channels. We achieved record quarterly financial results, despite facing an extremely cold start to spring that effected the flea and tick category. This quarter also represented a significant corporate milestone for us with our strategic entrance into the large and rapidly growing veterinary services industry through our acquisition of VIP. We are quickly implementing our “Follow the Pets” growth initiatives and opened two VetIQ wellness center locations during the quarter and remain on-track to open 20 by the end of the second quarter. Our results show that PetIQ has created a differentiated business model, solely focused on the importance of offering regular, convenient access and affordable choice for pet preventive and wellness veterinarian products and services, which provides us with numerous opportunities to drive growth and returns for our shareholders.”

GUIDANCE:

PetIQ, Inc. sees FY2018 revenue of $450-500 million, versus the consensus of $476.42 million.

For earnings history and earnings-related data on PetIQ, Inc. (PETQ) click here.

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