COVETRUS, INC.

covetrus.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 4, 2022. Its latest SEC filing is a 15-12G from Oct 24, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Distributes animal-health products and sells veterinary software and prescription-management services to veterinary practices, animal-health providers and producers, and pet specialty retailers.

How Did They Make Money?

FY2021 revenue

Who Were Their Customers?

Veterinary-practice customers range from small, privately owned businesses to corporate-owned practices.

Did Revenues Turn Into Profits?

Not on paper. It lost $54M in FY2021, but brought in more cash than it spent: $42M of free cash flow.

Operating income, FY2021

−1% of revenue

▼ −67% (Loss) vs FY2020 (−$69M, −2%)

Net income, FY2021

−1% of revenue

▲ +184% (Loss) vs FY2020 (−$19M, 0%)

Free cash flow, FY2021

1% of revenue

▲ Now profitable vs FY2020 (−$5M, 0%)

How Were They Changing?

Since the FY2021 annual report

Latest quarter: Q2 FY2022, the three months to Jun 30, 2022

Revenue: ▲ +2%; vs $1.2B in Q2 FY2021
Net income: ▼ −87% (Loss); vs −$31M in Q2 FY2021

Oct 13, 2022 CD&R and TPG completed the acquisition; Covetrus became private Its stock was no longer publicly listed or traded on NASDAQ.

Grew. Revenue grew 28% in 4 years, from $3.6B in FY2017 to $4.6B in FY2021, about 6% a year.

Who Did They Compete With?

Competes with AmerisourceBergen, IDEXX Laboratories, Amazon.com, zooplus, Chewy, PetMed Express, and Strategic Pharmaceutical Solutions

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