Covetrus: Q1 2020 financial results, and completion of board service

By David Shaw

On May 14, Covetrus announced financial results for the first quarter of 2020, including net sales of $1.07 billion, and non-GAAP adjusted EBITDA of $48 million.

As a founder and chair emeritus of the company, I’m proud of what we have accomplished on this journey to create an enduring great company serving critically important and evolving needs of the global veterinary community.  Our team of more than 5500 members now serves more than 100,000 customers around the world.  Revenue expansion in Q1 reflects a gratifying level of customer satisfaction with our broad and distinctive range of technology enabled products and services within the Covetrus platform.  

The CVET earnings release speaks to the strengthening of our team, our balance sheet and our operating performance a year after the creation of Covetrus via the compelling, and complex, combination of Vets First Choice and Henry Schein Animal Health. 

As previously announced, I have worked with the company to carry out a thoughtful succession plan for my role, and I completed 10 years of board service at the company’s annual meeting on May 13.  Our collective efforts have placed the company in good hands and in good health for the next chapter of its journey.  Entrepreneurs and company founders can benefit from this statement by noted polar explorer Admiral Richard Byrd: “A man doesn’t begin to attain wisdom until he recognizes that he is no longer indispensable.”

The Covetrus Q1 2020 earnings release can be read HERE