PetIQ, Inc. Announces Business Update Related to COVID-19
March 20 2020 - 9:00AM
PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq: PETQ), a leading
pet medication and wellness company, today announced that out of an
abundance of caution for its employees and customers in response to
COVID-19 all veterinary community clinics and wellness centers will
temporarily close effective Friday, March 20, 2020. The Company is
continuously monitoring this situation and will reopen its
veterinary service locations as soon as practical. PetIQ’s
veterinarian products business continues to perform well with full
availability of its pet health and wellness items at its retail and
e-commerce partners.
“The coronavirus has created an unprecedented
situation that requires PetIQ to take action,” commented Cord
Christensen, PetIQ’s Chairman and Chief Executive Officer. “We are
prioritizing the health and safety of our veterinarians,
associates, customers, and retail partners by temporarily closing
our veterinary community clinics and wellness centers to reduce the
risk of spreading the virus further. For the immediate
future, those employees displaced during this time will be paid to
help them support their needs. PetIQ is fortunate that its
100% USA-based manufacturing and distribution centers supporting
its veterinarian products business are performing in-line with our
budgeted forecasts. Pet parents can provide their pets with
preventive wellness with access to our over 2,000 health and
wellness items through our retail and e-commerce partners, although
near-term they will experience a gap in our veterinary wellness
services.”
The Company has also proactively drawn against
its Revolving Credit Facility as a precautionary measure to provide
financial flexibility given the uncertainties in the marketplace as
a result of COVID-19. With this draw the Company has
liquidity in excess of $50 million with no meaningful maturities
due until July of 2024.
About PetIQ
PetIQ is a leading pet medication and wellness
company delivering a smarter way for pet parents to help their pets
live their best lives through convenient access to affordable
veterinary products and services. The company engages with
customers through more than 60,000 points of distribution across
retail and e-commerce channels with its branded distributed
medications, which is further supported by its own world-class
medications manufacturing facility in Omaha, Nebraska. The
company’s national service platform, VIP Petcare, operates in over
3,400 retail partner locations in 41 states providing cost
effective and convenient veterinary wellness services. PetIQ
believes that pets are an important part of the family and deserve
the best products and care we can give them.
Forward Looking Statements
This press release contains forward-looking
statements that involve risks and uncertainties, such as statements
about our plans, objectives, expectations, assumptions or future
events. In some cases, you can identify forward-looking statements
by terminology such as "anticipate," "estimate," "plan," "project,"
"continuing," "ongoing," "expect," "believe," "intend," "may,"
"will," "should," "could" and similar expressions.
Forward-looking statements involve estimates, assumptions, known
and unknown risks, uncertainties and other factors that could cause
actual results to differ materially from any future results,
performances, or achievements expressed or implied by the
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results, and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved. Forward-looking
statements are based on information available at the time those
statements are made or management's good faith belief as of that
time with respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Important factors that could cause such
differences include, but are not limited to, the impact of COVID-19
on our business, our ability to successfully grow our business
through acquisitions; our dependency on a limited number of
customers; our ability to implement our growth strategy
effectively; disruptions in our manufacturing and distribution
chains; competition from veterinarians and others in our industry;
reputational damage to our brands; economic trends and spending on
pets; the effectiveness of our marketing and trade promotion
programs; recalls or withdrawals of our products or product
liability claims; our ability to manage our manufacturing and
supply chain effectively; disruptions in our manufacturing and
distribution chains; our ability to introduce new products and
improve existing products; our failure to protect our intellectual
property; costs associated with governmental regulation; our
ability to keep and retain key employees; our ability to sustain
profitability; and the risks set forth under the “Risk Factors” of
our Annual Report on Form 10-K for the year ended December 31, 2019
and other reports filed time to time with the Securities and
Exchange Commission.
Additional risks and uncertainties not currently
known to us or that we currently deem to be immaterial also may
materially adversely affect our business, financial condition or
operating results. The forward-looking statements speak only
as of the date on which they are made, and, except as required by
law, we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of
unanticipated events. In addition, we cannot assess the impact of
each factor on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Consequently, you should not place undue reliance on
forward-looking statements.
Investor Relations Contact:ICRJeff
Sonnek646-277-1263jeff.sonnek@icrinc.com |
Media Relations Contact: ICRCory
Ziskind646-277-1232cory.ziskind@icrinc.com |
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