(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 onset of COVID-
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Covetrus Reports Fourth Quarter and Full-Year 2020 Financial Results
March 1, 2021 GMT
PORTLAND, Maine (BUSINESS WIRE) Mar 1, 2021
Covetrus (Nasdaq: CVET), a global leader in animal-health technology and services, today reported financial results for the fourth quarter and full-year 2020, which ended December 31, 2020.
“Throughout 2020, veterinarians and animal healthcare providers did not skip a beat despite the uncertainty and impact created by COVID-19, and neither did Covetrus. As an essential business, we worked to meet and support our customers’ increased volumes and changing needs, including supporting them with our innovative online pharmacy service and the introduction of our telehealth capability in order to enable uninterrupted patient care,” said Ben Wolin, Covetrus president and chief executive officer. “We have responded and exceeded expectations across all elemen