Veterinary technology company stumbles in first full quarter
PORTLAND, Maine (AP) — A Maine-based animal health technology and services company has fallen short of financial expectations in its first full quarter of operations.
The Portland Press Herald reports Covetrus Inc. lost nearly 40% of its value amid an investor sell-off during pre-market trading Tuesday.
Covetrus, which is the state’s largest publicly traded company in terms of annual sales, reported quarterly revenue of $1.01 billion, about $50 million less than analysts’ expectations.
The loss follows the veterinary services company’s release of a discouraging second-quarter earnings report after it become available for trading on the Nasdaq Stock Market on Feb. 8.
Company executives blame the poor performance on unexpected costs and a slowdown in North American and U.K. sales.
Covetrus provides software and technology services that helps veterinary practices and pharmacies administer their operations.
Information from: Portland Press Herald, http://www.pressherald.com