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PetIQ
PetIQ (PETQ) investor relations material
PetIQ has been acquired
PetIQ Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary7 Aug, 2024
Executive summary
Q2 2024 net sales increased 4.6% to $328.9 million, driven by strong demand in the Products segment and growth in mobile community clinics within Services.
Net income attributable to PetIQ, Inc. was $15.3 million for Q2 2024, up 51.1% year-over-year; diluted EPS was $0.49 compared to $0.32.
Adjusted EBITDA reached $39.0 million, up 19% year-over-year and exceeding guidance.
Entered a definitive merger agreement with Bansk Group affiliates for $31.00 per share in cash; closing expected in Q4 2024.
Financial highlights
Q2 2024 net sales: $328.9 million (+4.6% year-over-year); Products: $291.2 million (+4.7%), Services: $37.7 million (+3.7%).
Gross profit: $88.3 million (+19.5% year-over-year); gross margin: 26.8% (up 330 bps).
Operating income: $25.6 million (Q2 2024) vs. $18.7 million (Q2 2023).
Adjusted net income for Q2 was $22.7 million (adjusted EPS $0.70), up 52.2% year-over-year.
Adjusted EBITDA for Q2 2024: $39.0 million, up from $32.9 million in Q2 2023.
Outlook and guidance
Merger with Bansk Group expected to close in Q4 2024, subject to regulatory and shareholder approvals.
Company plans to close 46 wellness centers in Q3 2024 and convert 87 centers to community clinics in Q4 2024, incurring ~$10 million in restructuring charges.
2024 financial outlook suspended due to pending acquisition; no further earnings calls planned.
What are the closing conditions for the Bansk Group deal?
Drivers of gross margin expansion in Q2?
What was the impact of the Mark & Chappell sale?
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Frequently asked questions
PetIQ Inc., is a pet medication and wellness company, working to make pet health easy by bringing high quality and affordable options to the vital care provided by veterinarians. The company develops, produces, distributes, markets, and sells non-prescription pet medications, health and nutritional supplements, and other products for dogs and cats.
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