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Covetrus, inc (CVET) Q2 2021 Earnings Call Transcript

Covetrus, inc (CVET) Q2 2021 Earnings Call Transcript
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Covetrus, inc (CVET) Q2 2021 Earnings Call Transcript

Covetrus, inc (CVET) Q2 2021 Earnings Call Transcript
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Covetrus names new chief accounting officer to succeed Laura Phillips

Covetrus names new chief accounting officer to succeed Laura Phillips
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Covetrus, Inc. (CVET) Q1 2021 Earnings Call Transcript

Operator
Good afternoon. My name is Yan, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Covetrus First Quarter 2021 Earnings Conference Call.
I would now like to turn the call over to Mr. Nicholas Jansen, Vice President, Strategy and Corporate Development. Please go ahead.
Nicholas Jansen
Vice President, Strategy and Corporate Development
Thank you, Yan. Good afternoon, and thank you for joining us for Covetrus Q1 2021 earnings conference call.
Joining me on this afternoon s call are Ben Wolin, our President and Chief Executive Officer, and Matthew Foulston, our Executive Vice President and Chief Financial Officer. Ben and Matthew will begin with prepared remarks, and then we ll be happy to take your questions. ....

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Covetrus Announces Financial Results for First Quarter of 2021

(a) Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information provided in accordance with GAAP. Reconciliations for non-GAAP financial items to the most directly comparable GAAP financial items are provided under Reconciliation of Non-GAAP Financial Measures at the end of this release.
First Quarter 2021 Results
Net sales for the first quarter of 2021 were $1.10 billion, an increase of 3% compared to the first quarter of 2020. Non-GAAP organic net sales, which adjusts for changes in foreign exchange and the impact from mergers, acquisitions and divestiture activity, increased 4% year-over-year, reflecting a healthy companion animal end-market, strong sales execution and strength in prescription management. These positive trends were partially offset by a difficult comparison from the prior year as a result of inventory stocking by some of the Company’s customers in many of its international markets during the ons ....

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