PetIQ soars as co slightly raises core earnings outlook

PetIQ

10/11/2022 17:35

** Shares of veterinary products maker PetIQ Inc  PETQ.O 
soars ~40% to $10 - biggest one-day pct gain in nearly 3 years
    ** PETQ late Wednesday slightly raised its FY earnings
forecast from core business to $93 mln-$95 mln from $92 mln-$94
mln, helped by sales of co's manufactured products 
    ** PETQ reported quarterly earnings from core business of
$19.2 mln, beating estimates of $16.6 mln - Refinitiv IBES data
    ** Co also reported quarterly sales of $209.73 mln, above
estimates of $204.33 mln as customers returned to its core
product categories
    ** Animal health companies have been hit from a stronger
dollar and lower vet clinic visits
    ** Despite session's gain, stock had fallen ~56% YTD
compared with ~12% decline in Nasdaq Biotechnology index  .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))