PetIQ, Inc. Reintroduces Sales Guidance for the First Quarter and Full Year of 2022
March 01, 2022 at 04:05 pm EST
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PetIQ, Inc. reintroduced sales guidance for the first quarter and full year of 2022. For the first quarter of 2022 the Company expects: Net sales of approximately $270 million representing an increase of 6.0% compared to the first quarter of 2021. For comparative purposes, the Company expects net sales to increase approximately 15.3%, excluding $20.2 million of sales related to loss of distribution rights for certain animal health manufacturing products, previously communicated the last few quarters.
For the full year 2022 the Company expects: Net sales of approximately $985 million representing an increase of 5.6% compared to 2021. For comparative purposes, the Company expects net sales to increase approximately 10.0% excluding $36.1 million of sales related to loss of distribution rights for certain animal health manufacturing products, previously communicated the last few quarters. The Company expects 2022 net sales seasonality to be very similar to the net sales cadence in 2021 for the first two quarters of the year. In the second half of 2021, the Company benefited from a strong late flea and tick season and as a result it expects most of the net sales growth in the second half of 2022 will be weighted to the third quarter with the fourth quarter net sales up nominally.
PetIQ, Inc. is a pet medication and wellness company, which provides veterinary products and services. The Company operates through two segments: Products and Services. Products segment manufactures and distributes pet medication and health and wellness products to major United States retail and e-commerce channels through more than 60,000 points of distribution. It is focused its offerings on value-branded products, and third-party branded products for dogs and cats, including pet Rx medications, OTC medications, and wellness products. Services segment provides a comprehensive suite of services at approximately 2,600 community clinic locations and wellness centers hosted at retailers across 39 states. The segmentâs services include diagnostic tests, vaccinations, prescription medications, microchipping, grooming and hygiene and wellness checks. The Rx pet medications products include flea and tick control, heartworm preventatives, arthritis, thyroid, and other specialty medications.