PetIQ reports Q2 adjusted EBITDA of $15.8M versus $7.6M in Q2 last year
The company reported Q2 gross profit was $26.3M, an increase of 65%, compared to $16M in the same period last year. Gross margin for the quarter was 15.4%. Adjusted gross profit was $28.1M and adjusted gross margin was 16.4% for the second quarter 2018. The GAAP gross margin to adjusted gross margin difference of 100 basis points is a result of the exclusion of non-same-store Service segment revenue contribution of $0.8M and related costs of sales of $1.7M, as well as clinic launch expenses of $0.M. The Company capitalized on opportunities to grow with the Company's animal health partners and drove incremental sales of distributed products. This resulted in a shift of our product sales mix, but had no effect on gross profit earned.Second quarter adjusted EBITDA was $15.8M, representing an adjusted EBITDA margin of 9.2%, compared to $7.6M, representing 8.8%, for the same period in the prior year.