Core Thesis - Zoetis Inc. is positioned as a dominant player in the growing animal health industry, benefiting from the trend of pet humanization as households increasingly prioritize pet care over traditional child-rearing [2][5] Financial Performance - The company has demonstrated strong financial performance with high single-digit revenue growth, margin expansion, and a double-digit EPS CAGR over the past six years [3] - Zoetis maintains a robust balance sheet characterized by solid liquidity, low leverage, and steadily growing retained earnings, alongside consistent free cash flow generation [3] Market Segments - While growth has moderated in the OA Pain franchise, both the companion animal and livestock segments continue to perform well, with management indicating stabilization in the OA Pain business [4] - Short-term headwinds, such as slowing vet visits, are not expected to significantly impact long-term demand for pet care products [4] Valuation and Investment Case - Projecting operating cash flow growth at 5% and CAPEX growth at 7% leads to a five-year free cash flow to the firm CAGR of approximately 4% [4] - Applying a 30x exit FCF multiple suggests a five-year IRR of around 14%, indicating an attractive risk/reward profile for investors [5] - The combination of resilient growth, industry leadership, and strong financial health supports a compelling long-term investment case for Zoetis [5] Recent Developments - Despite a 22.17% depreciation in stock price since previous coverage, the bullish thesis remains intact due to the company's strong financials and emphasis on pet humanization [6]

Core Viewpoint - A class action lawsuit has been filed against Petco Health and Wellness Company, Inc. for alleged violations of federal securities laws during the Class Period from January 14, 2021, to June 5, 2025, claiming damages for misleading statements regarding the company's business and financial performance [1][7]. Company Overview - Petco is a specialty retailer offering a variety of pet products and services, including consumable and non-consumable products, in-store veterinary, and grooming services [3]. - The company emphasizes comparable sales as a key business metric, measuring period-over-period net sales changes from physical and digital locations [3]. Financial Performance and Misrepresentation - Petco claimed to benefit from pandemic-related tailwinds, citing increased pet adoption rates and a transformation into a health-focused pet company, capitalizing on trends of "pet humanization" and "premiumization" [4]. - However, as these pandemic-related benefits waned, Petco's sales and profitability began to decline significantly, with notable financial performance deterioration starting in mid-2023 [5]. - Despite worsening financial conditions, Petco's management continued to assert the viability of its business model centered on premium pet products, issuing optimistic financial guidance for FY 2023 [6]. Class Action Allegations - The lawsuit alleges that Petco's executives made materially false and misleading statements about the sustainability of its business model and the strength of its product strategy, downplaying the severity of issues affecting the company [7]. - Specific allegations include the unsustainability of pandemic-related growth, overstated product strategy strength, and failure to disclose the true scope of financial challenges [7]. Stock Price Impact - Following a negative revision of FY 2023 financial guidance on August 24, 2023, Petco's stock price fell by $1.35 per share, or 20.64%, closing at $5.19 [9]. - A further revision on November 29, 2023, led to a stock price drop of $1.11 per share, or 28.91%, closing at $2.73 [11]. - After disclosing a GAAP net loss of $1.3 billion and acknowledging the unsustainability of its premium product focus on March 12, 2024, Petco's stock fell by $0.50 per share, or 19.53%, to $2.06 [12][13]. Recent Developments - On June 5, 2025, Petco reported a 1.3% year-over-year decline in comparable sales, which was worse than Wall Street's expectations, resulting in a stock price drop of $0.84 per share, or 23.2%, to $2.78 [16][17].

Core Viewpoint - Better Choice Company, Inc. has regained full compliance with NYSE American's continued listing standards, marking a significant step in strengthening its financial foundation and commitment to long-term value creation for shareholders [1][2][3] Company Compliance - The company received formal notice from NYSE American confirming compliance after resolving a continued listing deficiency related to specific sections of the Company Guide [1][2] - Compliance was achieved by demonstrating adherence to applicable listing standards for two consecutive quarters [2] Company Overview - Better Choice Company is a rapidly growing pet health and wellness company focused on providing nutrition-based products for pets, aiming to lead the industry shift towards healthier pet products [3] - The company emphasizes a portfolio of brands that align with trends in pet humanization and consumer health consciousness [3] - The majority of its products, including dog food, cat food, and treats, are sold under the Halo brand, which focuses on sustainably sourced ingredients and minimally processed diets [3]

Financial Data and Key Metrics Changes - The company reported annual net revenues of $35 million, down 9% year-over-year due to strategic exits from non-core sales channels [16] - Gross profit margin increased to 37%, up over 600 basis points from the previous year [7][18] - Adjusted EBITDA loss improved by 78% year-over-year to approximately $1.9 million, compared to $8.4 million in 2023 [24] Business Line Data and Key Metrics Changes - The Halo brand achieved a fourth quarter revenue growth of 26% year-over-year, driven by a 32% increase in sales across Amazon and Chewy [8][9] - The company successfully launched Halo on Chewy Canada, contributing to increased consumer demand [10] - SG&A expenses were reduced by 22% year-over-year, reflecting operational improvements [11][20] Market Data and Key Metrics Changes - International revenue grew by 18%, with significant growth in the Asia Pacific region [17] - The company noted a shift in consumer buying habits towards e-commerce, with a focus on key digital platforms [12][17] Company Strategy and Development Direction - The company is focused on a turnaround strategy to improve profitability and lay the foundation for sustained growth [7] - A definitive agreement was signed to sell Halo in Asia for $6.5 million in cash and a 3% royalty on sales over the next five years [13][14] - The Board approved a royalty distribution plan of up to 55% of annual royalties to shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's momentum entering 2025, with a focus on profitable revenue growth and expanding margins [27] - The acquisition of SRx Health is expected to yield operational efficiencies and growth opportunities [30][31] Other Important Information - The company achieved a significant reduction in operating expenses, with a 43% decrease in total operating expenses year-over-year [22] - Cash and cash equivalents as of December 31, 2024, were $3 million, with a net working capital position of $7.9 million [25][26] Q&A Session Summary - The Q&A session was concluded without any recorded questions or answers [33]

As filed with the U.S. Securities and Exchange Commission on July 5, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 BETTER CHOICE COMPANY INC. (Exact name of registrant as specified in its charter) DELAWARE 5961 83-4284557 (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) (PRIMARY STANDARD INDUSTRIAL CLASSIFICATION CODE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NUMBER) 12400 Race T ...