Shares of pet medication and wellness products provider PetIQ (NASDAQ:PETQ) are rising today on the back of the company’s better-than-expected third-quarter performance.
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Revenue declined marginally by 0.4% year-over-year to $209.7 million but came in ahead of expectations by ~$5.4 million. EPS at $0.15 too was better than analysts’ expectations by $0.09.
During the quarter, PETQ saw growth in five of its seven manufactured product categories, and consumption in its flea and tick brands remained positive as compared to last year.
Further, its gross margin expanded by 420 basis points to 24.2%. The company had a cash pile of $56.7 million at the end of the period.
For the full-year 2022, PETQ sees net sales landing between $920 million and $940 million. Adjusted EBITDA is expected between $93 million and $95 million.
PETQ shares have declined 57.1% year-to-date.
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