Pet health and wellness company PetIQ (PETQ) reported a 15.5% jump in sales, while net loss widened to $3.39 million. The increased net loss was largely due to the one-time non-cash tax expense of $3.4 million, or $0.16 per diluted share for the revaluation of deferred tax assets, and a provisional tax expense of $0.2 million.
Gross profit for the quarter increased 38.1% year-over-year, driven by improved net sales which created improved sales mix of categories that were more profitable and procurement improvements.
PetIQ also announced that it has reached an agreement to open 20 veterinarian clinics within Walmart stores. These clinics will be opened between March and the end of the second quarter of 2018.
The company expects full year 2018 net sales in the range of $450 million to $500 million, up 69% to 87% year-over-year. Adjusted EBITDA is expected in the range of $40 million to $45 million, up 79% to 102% year-over-year.