EAGLE, Idaho, March 13, 2018 (GLOBE NEWSWIRE) — PetIQ, Inc. (“PetIQ” or the “Company”) (Nasdaq:PETQ), a leading pet medication and wellness company, today announced the opening of 20 veterinary services clinics in Walmart locations. This marks the beginning of PetIQ’s plan to expand veterinary services to leading retailers following the acquisition of VIP Petcare in January of this year.
“We are excited to announce this partnership with Walmart to open 20 veterinary clinics. The first two locations will open next week with all 20 locations to open over the next 90 days,” stated Cord Christensen, PetIQ’s Chairman and CEO. “I am incredibly proud of our team who in a very short period of time has leveraged our cross-functional capabilities to introduce our first VetIQ Petcare clinics. We are excited to provide pet parents and their pets a unique experience in conjunction with our retail partners.”
PetIQ has plans to open more than one thousand additional veterinary services clinics, in retail-partner locations, through 2023. In conjunction with the Company’s core veterinary product lines, it believes that the veterinary services clinics will help drive total company net sales and adjusted EBITDA margin to more than $1 billion and 15%, respectively, by 2023. Today, PetIQ and VIP serve more than 40 retail partners representing more than 60,000 locations. The Company’s plan would require opening veterinary clinics in fewer than 2% of its current retail locations.
Christensen added, “We believe the combined company retail locations we serve represent a significant opportunity for us to grow our veterinary services offering. This will enable us to further achieve our mission of providing access to convenient and affordable veterinarian care for all pet owners, including those who currently cannot afford the care they need. We are very excited to participate in this high-growth and high-potential veterinary services segment.”
In 2017, Packaged Facts reported that pet owners spent $27 billion on veterinary services and products and project spending to reach $34 billion by 2021 – a market that PetIQ believes can be accessed through the VetIQ clinic model.
About PetIQ PetIQ is a leading, rapidly growing pet health and wellness company. Through over 60,000 points of distribution across retail and e-commerce channels, PetIQ and VIP Petcare, a wholly-owned subsidiary, have a mission to make pet lives better by educating pet parents on the importance of offering regular, convenient access and affordable choices for pet preventive and wellness veterinary products and services. PetIQ believes that pets are an important part of the family and deserve the best products and care we can give them. For more information, visit www.PetIQ.com.