PetIQ, Inc. (NASDAQ: PETQ) reported financial results for the fourth quarter and full year 2018. Cord Christensen, PetIQ’s Chairman and Chief Executive Officer commented, “2018 was a transformational year for PetIQ with the completion of two strategic acquisitions to help us build a larger and more diversified animal health organization. We have worked diligently to execute on our Follow the Pets strategy by further enhancing our core pet health and wellness capabilities, strengthening new and existing partnerships across all sales channels through complementary veterinarian product and service offerings, and integrating VIP, which together, resulted in the significant growth of our business. We believe these efforts better position us to continue to grow the animal health and wellness category, fulfilling our mission to make pets’ lives better through improved access to affordable pet health care.”
PetIQ reported record fourth quarter net sales of USD 111 Million, a 114% increase from a year prior that represents organic net sales growth of 70%. Gross profit reached USD 16.9 Million, which increased 61% from a year prior. Adjusted EBITDA for the fourth quarter increased 82% to USD 6.5 Million.
For the full year 2018, net sales reached USD 528.6 Million, a 98% increase compared to USD 266.7 Million for the prior year. Product segment net sales increased 68.8% to USD 450.2 Million while operating income rose 70% to USD 48.7 Million.
PetIQ is a leading, rapidly growing pet health and wellness company. Through over 60,000 points of distribution across retail and e-commerce channels, PetIQ and VIP Petcare, a wholly-owned subsidiary, have a mission to make pet lives better by educating pet parents on the importance of offering regular, convenient access and affordable choices for pet preventive and wellness veterinary products and services. PetIQ believes that pets are an important part of the family and deserve the best products and care we can give them. For more information, visit www.PetIQ.com.