Core Viewpoint - Wag! Group Co. is pursuing a comprehensive balance sheet restructuring through a voluntary, pre-packaged Chapter 11 process to reduce debt and transition ownership to its primary secured lender, Retriever LLC, aiming for long-term success under private ownership [1][2][3] Group 1: Chapter 11 Process - The pre-packaged plan of reorganization is designed to be implemented on an accelerated basis, with Wag! expecting to emerge from Chapter 11 within approximately 40 days [2] - The plan requires approval from the U.S. Bankruptcy Court for the District of Delaware, and Wag! believes it has a clear path toward confirmation and emergence [4] Group 2: Financial Support and Operations - The company has secured debtor-in-possession (DIP) financing from Retriever LLC, which, along with cash generated from ongoing operations, is expected to provide liquidity during the court-supervised process [3] - Retriever LLC has committed to provide exit financing as part of the reorganization plan, reinforcing the company's path to a stable and well-capitalized emergence [3] Group 3: Company Overview - Wag! Group Co. aims to be the leading platform for the service, product, and wellness needs of modern U.S. pet households, having pioneered on-demand dog walking in 2015 [6] - The company operates several platforms, including Petted, Dog Food Advisor, WoofWoofTV, and maxbone, catering to various pet-related services and products [6]

Core Viewpoint - Wag! Group Co. has sold its Furscription business to MWI Veterinary Supply Co. to strengthen its financial position and focus on core offerings, reflecting ongoing efforts to maximize shareholder value [1][2][3] Group 1: Transaction Details - The Furscription business was sold for cash considerations, including the brand, e-prescribing technology, and related assets [2] - The transaction closed on July 14, 2025, and involved the transfer of four Wag! employees to MWI [2] Group 2: Strategic Implications - The CEO of Wag! expressed confidence in MWI's ability to enhance Furscription's market potential and emphasized the importance of this transaction in streamlining Wag!'s focus on services and wellness [3] - The sale is part of Wag!'s strategic review aimed at enhancing shareholder value and optimizing capital structure [3] Group 3: Company Background - Wag! Group Co. aims to be the leading platform for pet service, product, and wellness needs in the U.S., having pioneered on-demand dog walking in 2015 [4] - The company operates various platforms, including Petted, Dog Food Advisor, WoofWoofTV, and maxbone, catering to a wide range of pet-related services [4] Group 4: Furscription Overview - Furscription is a digital tool designed to streamline the prescription process for veterinarians, offering features like e-prescribing and prescription management [5] Group 5: MWI Veterinary Supply Co. - MWI is a global provider of veterinary products and services, focusing on innovative solutions that support veterinarians and animal healthcare [6]

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Financial Data and Key Metrics Changes - The company reported a revenue of $15.2 million and an adjusted EBITDA loss of $1.2 million for Q1 2025, both showing a slight decline compared to Q4 2024 [11] - Total costs and expenses decreased by 25% year over year, amounting to over $6 million [11] - The company ended Q1 with $11.7 million in cash and cash equivalents and accounts receivable [13] Business Line Data and Key Metrics Changes - Revenue from services was $4.9 million, wellness was $9.2 million, and pet food and treats was $1.1 million in Q1 2025 [11] - Sales and marketing expenses were $10.4 million, which is within the historic range of 60% to 70% of revenue [12] Market Data and Key Metrics Changes - The company had 472,000 platform participants in the WAG ecosystem, reflecting a sequential quarter-over-quarter growth of 6% [11] Company Strategy and Development Direction - The company is focused on disciplined cost management and operational efficiencies, which have led to improved adjusted EBITDA despite a year-over-year decline in revenue [6] - Strategic partnerships with three major distribution partners are expected to enhance marketing positioning and drive growth in the insurance comparison business starting in Q2 [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the momentum seen in early Q2 and emphasized a commitment to disciplined execution while growing efficiently [10] - The company remains focused on evaluating all strategic options to drive shareholder value [13] Other Important Information - The company is investing in AI and other technologies to optimize processes and systems, leading to increased efficiencies [12] - The board is evaluating potential options to improve the balance sheet and reduce debt [13] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without further inquiries [14]

SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) -- Wag! Group Co., (the “Company” or “Wag!”, Nasdaq: PET), which strives to be the number one platform to solve the service, product, and wellness needs of the modern U.S. pet household, today announced that it will report first quarter 2025 financial results before market open on Monday, May 12, 2025. The Company will host a conference call at 8:30 a.m. Eastern Time to discuss the financial results. Investors and analysts interested in participating in the call ...