PetIQ, Inc. Provides Update on Wellness Center Reopening Plan
September 08 2020 - 4:05PM
PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq: PETQ), a leading
pet medication and wellness company, today provided an update on
its wellness center and community clinic re-opening plan.
The Company has re-opened approximately 70% of
its wellness centers and 60% of its community clinics. All 37 of
PetIQ’s regional offices supporting the national service network
are now open. PetIQ remains on-track to re-open approximately 95%
of its community clinics and wellness centers by the end of the
third quarter of 2020. In addition, the 27 new wellness
centers under construction prior to the on-set of the pandemic
continue to be expected to have grand openings in the fourth
quarter of 2020. Results from recent re-openings have
demonstrated a quick return in customer traffic and average ticket
to pre COVID-19 rates.
“We are pleased with our team’s agility and
perseverance to execute our Services segment re-opening plan in a
dynamic operating environment,” commented Cord Christensen, PetIQ’s
Chairman and Chief Executive Officer. “In this time of heightened
uncertainty, we are finding that pet parents are seeking out
solutions for affordable veterinary care at increasing rates, and
PetIQ's national network of convenient and affordable clinics are a
great solution to help meet their needs. Going forward, we remain
well-positioned long-term to achieve our strategic and financial
objectives and look forward to enhancing value for all
stakeholders.”
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 and the global economy; 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, our Form 10-Q for the quarter ended June 30, 2020 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.
Contact: Investor.relations@petiq.com or 208.513.1513
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