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Benzinga
Benzinga
Business
Vandana Singh

PetIQ's Q4 Sales, FY22 Outlook Surpass Wall Street Expectations

PetIQ Inc's (NASDAQ:PETQQ4 sales increased 19.7% Y/Y to $196.6 million, beating the consensus of $169.68 million, driven by growth in the Product and Services segments. 

  • The Product segment sales increased 17.8% to $170.9 million, benefiting from a robust and stronger than normal end to the flea and tick season with broad-based growth across all categories. 
  • The Services segment sales expanded 34.1% to $25.7 million, led by the reopening of wellness centers and mobile clinics compared to the prior year, despite the continued labor-related headwinds experienced in Q4 of 2021. 
  • Adjusted gross margin increased 130 basis points to 21.3%, reflecting a favorable product mix.
  • The company reported an adjusted net loss of $(0.29) million compared to an adjusted net loss of $(1.0) million, an improvement of $0.7 million.
  • Adjusted EBITDA was $15.3 million compared to $13.0 million, an increase of 17.6%.
  • The company had 26 new wellness center openings in the fourth quarter of 2021.
  • Guidance: For FY22, PetIQ expects sales of approximately $985 million, compared to the consensus of $981.82 million.
  • The company forecasts adjusted EBITDA of roughly $100 million, +7.6% Y/Y.
  • For Q1 FY22, the company expects sales of approximately $270 million, above the consensus of $261.51 million.
  • It expects an adjusted EBITDA of about $28 million, representing a Y/Y increase of 4.1%.
  • Price Action: PETQ shares closed 7.71% lower at $18.31 on Tuesday.
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