Covetrus answers bell as new public company
90 percent of U.S. veterinary practices are customers.
Covetrus, formed in the merger of Henry Schein Animal Health and Vets First Choice, began regular trading Feb. 8 on the Nasdaq Stock Market.
The new public company does business with 90 percent of U.S. veterinary practices, acting as a distributor and provider of veterinary products and services. Henry Schein Animal Health and Vets First Choice combined for $4 billion in global revenue in 2018.
“Today marks an important new chapter in the world of veterinary medicine, as we launch Covetrus as a new company listed on Nasdaq,” President and CEO Ben Shaw said about the start of trading, which came one day after the merger closed. “We look forward to strengthening our customer relationships and expanding our veterinary practice partnerships worldwide as we bring more comprehensive and powerful solutions to market to meet their evolving needs and improve health and financial outcomes.”
The company is headquartered in Portland, Maine.
According to a company fact sheet, Covetrus:
- Employs 5,000 people worldwide, including 1,200 sales representatives.
- Serves 100,000 customers in 100 countries.
- Has 16,000 practice information management system (PIMS) customers in North America.
- Is looking to Brazil and China for further growth.
Covetrus stock, using the symbol CVET, traded for $41.01 at the closing bell Feb. 8, down 4.7 percent.