Covetrus Announces Financial Results for Second Quarter of 2019
Covetrus, Inc. (CVET)
Last covetrus, inc. earnings: 3/3 04:05 pm
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Source: GlobeNewswire
Net sales of $1,009 million, relatively flat year-over-year, non-GAAP pro forma organic net sales declined 1% year-over-yearIn North America, net sales of $552 million, or a 6% increase year-over-year; prescription management platform net sales growth of 46% year-over-year and 22% sequentially; ended Q2 with more than 8,700 practices on the prescription management platform Gross margin of 19.8%, 160 basis points year-over-year improvement on a GAAP basis, reflecting increased sales contribution from our higher margin technology platform Net loss of $10 million, non-GAAP pro forma adjusted net income of $14 million, down 28% year-over-year, and non-GAAP pro forma adjusted EBITDA of $53 million, down 15% year-over-year Non-GAAP 2019 pro forma adjusted EBITDA guidance revised to at least $200 million on certain end-market softness and the inclusion and timing of infrastructure investments; still anticipates more than 3,000 new prescription management practice enrollments in 2019 PORTLAN
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