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PETQ

PetIQ

$22.81

-0.12 (-0.52%)

, WMT

Walmart

$88.30

0.23 (0.26%)

18:04
03/13/18
03/13
18:04
03/13/18
18:04

PetIQ rises after adjusted EBITDA jumps 132%, opening locations in Walmart

Shares of PetIQ (PETQ), a pet medication and wellness company, are higher after reporting fourth quarter results. QUARTERLY RESULTS: The company reported that Q4 adjusted EBITDA increased $2M to $3.6M, an increase of 132% year-over-year. Adjusted net income increased $3.7M to $2.6M and gross profit moved up to $10.5M from $7.6M, in the same period last year. The increase in gross profit was primarily due to the growth in net sales which created improved economies of scale as well as improved sales mix of more profitable categories and procurement improvements. Gross margin increased 330 basis points to 20.3% for Q4 from 17% for Q416. Net sales increased 15.6% to $51.9M for Q4 compared to $44.9M for the same period in the prior year. Consensus for Q4 revenue was $51.69M. CEO COMMENTARY: Cord Christensen, PetIQ's Chairman and CEO, said, "We are pleased with our record year of growth and profitability. PetIQ is uniquely positioned for future growth with a business model that is supported by attractive macro trends, and differentiated operational characteristics that are revolutionizing how pet parents obtain their pet healthcare products and services. As we kick off 2018, we are a larger and more diversified pet health and wellness company with the addition of VIP Petcare and we look forward to capitalizing on the strategic value of our combined platform. We have countless opportunities to leverage each other's relationships and we believe this will drive shareholder value over the long-term." CLINIC OPENINGS IN WALMART: PetIQ also announced that it has entered into an agreement to open 20 veterinarian clinics within Walmart (WMT) stores. The clinics will open between March and the end of Q2 of 2018. OUTLOOK: PetIQ reiterated the following fiscal 2018 financial outlook: Consolidated net sales of $450M-$500M, an increase of 69%-87% year-over-year. Analyst consensus estimates for FY18 revenue is $465.54M. The company sees adjusted EBITDA of $40M-$45M, an increase of 79%-102% year-over-year; The VIP acquisition, which was announced on January 17, is expected to further diversify PetIQ's current net sales mix, with the veterinarian products business representing approximately 75% of net sales and the veterinarian services business representing approximately 25% of net sales. PRICE ACTION: Shares of PetIQ are up 8.6% to $24.78 in after-hours trading.

PETQ

PetIQ

$22.81

-0.12 (-0.52%)

WMT

Walmart

$88.30

0.23 (0.26%)

  • 13

    Mar

  • 18

    Mar

PETQ PetIQ
$22.81

-0.12 (-0.52%)

11/20/17
JEFF
11/20/17
UPGRADE
Target $26
JEFF
Buy
PetIQ upgraded to Buy from Hold at Jefferies
Jefferies analyst Kevin Grundy upgraded PetIQ to Buy saying the recent pullback in shares provides an attractive entry point. In a non-deal roadshow, management conveyed a "high degree of confidence" in the company's outlook, Grundy tells investors in a research note. He believes the short thesis that has emerged "brings little new" information.
08/15/17
08/15/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Kratos Defense (KTOS) initiated with a Buy at Drexel Hamilton. 2. PetIQ (PETQ) was initiated with an Outperform at Raymond James, William Blair, and Oppenheimer, while being initiated with a Buy at SunTrust and a Hold at Jefferies. 3. Donnelley Financial Solutions (DFIN) initiated with a Neutral at JPMorgan. 4. Calyxt (CLXT) initiated with a Buy at Citi. 5. Ecolab (ECL) initiated with an Equal Weight at Morgan Stanley. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/15/17
RAJA
08/15/17
INITIATION
Target $26
RAJA
Outperform
PetIQ initiated with an Outperform at Raymond James
Raymond James analyst Joseph Altobello initiated PetIQ with an Outperform and a $26 price target saying the company is poised for double digit net sales and EBITDA growth.
08/15/17
RHCO
08/15/17
INITIATION
Target $28
RHCO
Buy
PetIQ initiated with a Buy at SunTrust
SunTrust analyst William Chappell started PetIQ with a Buy rating and $28 price target. Increased customer penetration should drive "strong" growth over the next few years, the analyst contends.
WMT Walmart
$88.30

0.23 (0.26%)

03/02/18
03/02/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Walmart (WMT) downgraded to Perform from Outperform at Oppenheimer by analysts Rupesh Parikh and Brian Nagel, who said that while they remain "upbeat" on the retailer's strategic direction, they no longer see the case for Walmart outperformance and are "increasingly concerned" that the valuation at which shares trade could prove capped. 2. VMware (VMW) downgraded to Hold from Buy at Stifel by analyst Brad Reback, who sees "too much uncertainty" as parent Dell Technologies (DVMT) evaluates "potential business opportunities." He believes, however, that VMware continues to execute well following its "strong" Q4 results. 3. Ruth's Hospitality (RUTH) downgraded to Hold from Buy at Deutsche Bank by analyst Brett Levy, who said the company's progress and upside are largely priced in given the company's premium multiple, Levy tells investors in a research note. The analyst this morning also upgraded both Bloomin' Brands (BLMN) and Del Frisco's (DFRG) to Buy. 4. Opko Health (OPK) downgraded to Underweight from Neutral at JPMorgan by analyst Eric Joseph, who believes the company's Q4 miss raises "significant doubts" for the core diagnostics/ BRL business. He believes the stock will continue to see pressure going forward. 5. Pure Storage (PSTG) downgraded to Neutral from Positive at Susquehanna by analyst Mehdi Hosseini, who cited the lack of visibility, particularly around FlashBlade, to raise estimates from current levels, which would be necessary for the next leg of appreciation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/02/18
OPCO
03/02/18
DOWNGRADE
Target $93
OPCO
Perform
Oppenheimer 'no longer sees the case' for Walmart outperformance
Oppenheimer analysts Rupesh Parikh and Brian Nagel downgraded Walmart to Perform from Outperform on increasing concerns of dwindling e-commerce sales expansion and a more muted EPS growth view. Though the analysts, who cut their price target on shares to $93 from $110, remain "upbeat" on the retailer's strategic direction, they no longer see the case for Walmart outperformance and are "increasingly concerned" that the valuation at which shares trade could prove capped.
03/02/18
OPCO
03/02/18
DOWNGRADE
OPCO
Perform
Walmart downgraded to Perform from Outperform at Oppenheimer
02/26/18
02/26/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Walmart (WMT) initiated with a Neutral and Target (TGT) initiated with an Outperform at Credit Suisse. 2. Hudson (HUD) initiated with a Buy at Goldman Sachs, a Buy at UBS, an Equal Weight at Morgan Stanley and an Outperform at Credit Suisse. 3. VICI Properties (VICI) initiated with a Buy at Stifel, a Neutral at Goldman Sachs and an Equal Weight at Barclays. 4. Sage Therapeutics (SAGE) initiated with an Overweight at Morgan Stanley. 5. Sol-Gel Technologies (SLGL) initiated with a Buy at Jefferies and an Outperform at BMO Capital. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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