Generates Record Second Quarter 2024 Net Sales and Net Income Record Adjusted EBITDA of $39.0 Million Exceeds Company's Second Quarter 2024 Guidance PetIQ and Bansk Group Sign Definitive Merger Agreement EAGLE, Idaho, Aug. 07, 2024 (GLOBE NEWSWIRE) -- PetIQ, Inc. ("PetIQ" or the "Company") (Nasdaq: PETQ), a leading pet medication, product and wellness company, today reported financial results for the second quarter and six months ended June 30, 2024. Cord Christensen, PetIQ's Founder and CEO, commented, "We ...

EAGLE, Idaho, July 17, 2024 (GLOBE NEWSWIRE) -- PetIQ, Inc. ("PetIQ" or the "Company") (Nasdaq: PETQ), a leading pet medication, health and wellness company, today announced it will report financial results for the second quarter and six months ended June 30, 2024, on Wednesday, August 7, 2024, after the market close. The Company will host a conference call with members of the executive management team to discuss these results. The conference call is scheduled to begin at 4:30 p.m. ET on Wednesday, August 7 ...

PetIQ is a leading pet medication, health and wellness company delivering a smarter way for pet parents to help their pets live their best lives through convenient access to affordable products and veterinary services. The Company's product business engages with pet parents through retail and e-commerce sales channels with its branded and distributed pet medications as well as health and wellness items. PetIQ manufactures and distributes pet products from its world-class facilities in Omaha, Nebraska, Sprin ...

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Core Viewpoint - PetIQ (PETQ) has shown a significant price increase of 22.7% over the past four weeks, with a mean price target of $29 indicating a potential upside of 45.2% from the current trading price of $19.97 [1] Price Targets and Analyst Estimates - The mean estimate consists of four short-term price targets with a standard deviation of $1.15, where the lowest estimate of $28 suggests a 40.2% increase, and the highest estimate of $30 indicates a 50.2% increase [2] - A low standard deviation among price targets suggests a high degree of agreement among analysts regarding the stock's price movement [8] Earnings Estimates and Analyst Consensus - Analysts have shown increasing optimism about PetIQ's earnings prospects, as indicated by a strong consensus in revising EPS estimates higher, which correlates with potential stock price increases [10] - The Zacks Consensus Estimate for the current year has risen by 15.3% over the past month, with two estimates increasing and no negative revisions [11] - PetIQ holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for near-term upside [12]

Core Viewpoint - PetIQ (PETQ) is currently identified as a strong buy stock with attractive valuation metrics, indicating it may be undervalued in the market [4][8]. Valuation Metrics - PETQ has a P/E ratio of 14.49, significantly lower than the industry average of 20.78, suggesting it is undervalued [4]. - The stock's PEG ratio stands at 1.90, compared to the industry average of 2.32, indicating favorable growth expectations relative to its price [5]. - PETQ's P/B ratio is 2.45, which is attractive against the industry's average P/B of 4.74, further supporting the undervaluation thesis [6]. - The P/CF ratio for PETQ is 11.60, well below the industry average of 34.13, highlighting its strong cash flow outlook [7]. Investment Outlook - The combination of PETQ's strong earnings outlook and its favorable valuation metrics positions it as a compelling value stock for investors [8].

First Quarter 2024 Earnings May 8, 2024 2 2. FIRST QUARTER 2024 HIGHLIGHTS 3 Vertically Integrated Pet Health & Wellness Platform Manufacturer & distributer of leading pet healthcare brands into 60,000+ retail and e-commerce points of distribution • EPA/FDA Licensed • 1,500+ PetIQ Manufactured & Animal Health Distributed Medications Community Clinics and Wellness Centers • 2,600+ Veterinarians National Operations & State-of-the-Art Manufacturing & Distribution Largest Portfolio of OTC Pet Health & Wellness ...

Financial Performance - Total net sales for Q1 2024 reached $308.443 million, a 6.5% increase from $290.471 million in Q1 2023[18] - Gross profit for Q1 2024 was $74.543 million, compared to $62.261 million in Q1 2023, reflecting a 19.7% increase[18] - Net income attributable to PetIQ, Inc. for Q1 2024 was $14.907 million, up from $9.699 million in Q1 2023, representing a 53.5% increase[18] - Operating income for Q1 2024 was $24.334 million, compared to $18.935 million in Q1 2023, indicating a 28.4% increase[18] - For the three months ended March 31, 2024, the net income was $15.027 million, compared to $9.781 million for the same period in 2023, representing a year-over-year increase of 53.0%[29] - Basic earnings per share increased to $0.51 for the three months ended March 31, 2024, compared to $0.33 in 2023[57] - Net income for the three months ended March 31, 2024, was $15,027,000, compared to $9,781,000 in the same period of 2023, reflecting a 53.3% increase[75] Balance Sheet and Cash Flow - Cash and cash equivalents decreased to $25.374 million as of March 31, 2024, down from $116.369 million at the end of 2023[16] - Accounts receivable increased to $191.862 million in Q1 2024 from $142.511 million at the end of 2023, a 34.5% increase[16] - Total current liabilities decreased to $183.998 million in Q1 2024 from $189.529 million at the end of 2023[16] - The company reported a net cash used in operating activities of $85.144 million for Q1 2024, compared to $43.327 million in Q1 2023[24] - The company’s total assets increased to $875.236 million as of March 31, 2024, compared to $868.226 million at the end of 2023[16] - The balance of accumulated deficit decreased from $162.733 million on January 1, 2023, to $145.695 million by March 31, 2024, indicating an improvement in the company's financial position[29] - The company reported total equity of $237.850 million as of March 31, 2024, up from $223.149 million a year earlier, reflecting a growth of 6.6%[29] Debt and Interest - The company has a Senior Secured Asset-Based Revolving Credit Facility with a borrowing capacity of $125 million, with no amounts outstanding as of March 31, 2024[42][43] - The interest rate on the Term Loan B was 10.17% as of March 31, 2024, with a principal amount of $300 million and quarterly amortization payments of 0.25%[44][45] - As of March 31, 2024, total long-term debt is $436,423,000, a slight decrease from $437,820,000 as of December 31, 2023[48] - The estimated future maturities of long-term debt include $281,100,000 due in 2028 and $147,324,000 due in 2026[48] - The company had variable rate debt of approximately $291.8 million, with a potential interest expense increase of $0.7 million for a 1% rate hike[119] - Interest expense for Q1 2024 was $9.106 million, slightly up from $8.732 million in Q1 2023[18] Operational Highlights - The company operates over 2,600 community clinic locations and wellness centers across 39 states, providing veterinary services and related product sales[35] - The Products segment distributes pet medication and health products through more than 60,000 points of distribution in the U.S.[34] - The company focuses on innovative, proprietary value-branded products for pets, including Rx medications and wellness products[34] - The company closed 149 underperforming wellness centers during 2023, leaving 133 operational as of March 31, 2024[80] Other Financial Metrics - The effective tax rate from continuing operations was 2.1% for the three months ended March 31, 2024, compared to 4.4% for the same period in 2023[53] - The total unrecognized compensation cost related to unvested RSUs was $28,000,000, expected to vest over a weighted average of 3.1 years[62] - The Company recorded $0.3 million of expense associated with the settlement of a lawsuit during the three months ended March 31, 2024[70] - The Company has two operating segments: Products and Services, with performance evaluated based on Segment Adjusted EBITDA[72] - The Company owned a weighted average of 99.2% of HoldCo for the three months ended March 31, 2024[68] - Product sales increased to $276,891,000 in Q1 2024, up 6.9% from $258,993,000 in Q1 2023[74] - Segment Adjusted EBITDA for Products was $34,605,000, an increase of 7.5% from $32,196,000 in the prior year[75] - The company recorded asset charges of $7.7 million related to the sale of its foreign subsidiary, Mark & Chappell, which was classified as held for sale as of March 31, 2024[41] - The company sold its foreign subsidiary M&C for approximately $4.0 million in net cash proceeds on April 30, 2024, and will incur a loss of about $1.7 million in Q2 2024[87] - The company reported no restructuring expenses for the three months ended March 31, 2024[82] - Total outstanding restructuring liability as of March 31, 2024, was $916,000, down from $2,835,000 at the end of 2023[82] - Annual policy premiums for insurance policies were $7.2 million in 2024, up from $6.9 million in 2023[83]