PetIQ, Inc. (NASDAQ: PETQ) announced financial results for the fourth quarter and full year 2019. For the fourth quarter, net sales reached USD 154.3 Million, a 39% year over year as net sales increased 27.9%. The company opened 71 veterinary wellness centers in the fourth quarter as it reported a net loss of USD 13.8 Million.
“Our model of providing affordable and convenient access to veterinary products and services continues to gain momentum, demonstrated by 45% compounded sales growth and 65% compounded adjusted EBITDA growth since our IPO July 2017 through 2020,” commented Cord Christensen, PetIQ’s Chairman and Chief Executive Officer. “In 2019, we were able to deliver another strong year with net sales growth of 34% and adjusted EBITDA growth of 49%. We believe this demonstrates that our mission of providing convenient access to affordable veterinarian products and services is increasingly resonating with pet parents across the country. During 2019, we made another strategic acquisition with the addition of Perrigo Animal Health and most recently in January announced the definitive agreement to acquire the Capstar® portfolio of products to further strengthen and diversify our profitability. We believe that these acquisitions, together with the strength of our existing business will position PetIQ to achieve pro forma adjusted EBITDA of over $100 million, assuming a full year of contribution from Capstar.”
For the full year 2019, net sales amounted to USD 709.4 Million, a 34.2% increase as net sales escalated by 28.8%. PetIQ reported an adjusted EBITDA of USD 60.7 Million.
For full year 2020, the company expect net sales to reach a minimum of USD 800 Million as adjusted EBITDA is expected to reach a minimum of USD 80 Million.