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covetrus Covetrus Announces Financial Results for First Quarter of 2021 May 6 , 2021 • First quarter GAAP net sales of $ 1.10 billion , an increase of 3 % year - over - year ; non - GAAP organic net sales increased 4 % year - over - year • First quarter GAAP net loss of $ 16 million versus a net loss of $ 33 million in the prior year period ; first quarter non - GAAP adjusted net income of $ 29 million , an increase of 45 % year - over - year • First quarter non - GAAP adjusted EBITDA of $ 57 million , an increase of 19 % year - over - year ; non - GAAP adjusted EBITDA margins increased 70 bp year - over - year to 5.2 % • Full - year 2021 non - GAAP adjusted EBITDA guidance increased by $ 5 million to a new range of $ 245 million to $ 255 million PORTLAND , Maine -- ( BUSINESS WIRE ) -- May 6 , 2021-- Covetrus , Inc. ( Nasdaq : CVET ) , a global leader in animal - health technology and services , today announced financial results for the first quarter of 2021 , which ended March 31 , 2021 . " The team delivered a strong start to 2021 and added strength to our foundation with healthy and profitable growth across each of the Company's segments , " said Ben Wolin , Covetrus president and CEO . " We are driving momentum within the key areas of the business and investing in our team and new capabilities to further accelerate our strategic growth agenda . Covetrus is well positioned to uniquely service the animal health industry and our commitment to driving better care and outcomes for our veterinary practice customers and their clients will continue to benefit all of our stakeholders . " Summary Operating Results ( Unaudited ) ( In millions , except per share data ) Net sales Income ( loss ) before taxes Net income ( loss ) attributable to Covetrus Diluted earnings ( loss ) per share ( EPS ) Non - GAAP Measures : ( a ) Organic year - over - year net sales growth Adjusted EBITDA Three Months Ended March 31 , 2021 First Quarter 2021 Results $ 1,102 $ ( 12 $ ( 16 $ ( 0.11 4 $ 57 Adjusted net income attributable to Covetrus $ 29 ) ) % 2020 $ 1,065 $ ( 35 $ ( 33 TM $ ( 0.30 $ 48 $ 20 ) ) ) ( a ) Non - GAAP financial measures should be considered in addition to , but not as a substitute for , the information provided in accordance with GAAP . Reconciliations for non - GAAP financial items to the most directly comparable GAAP financial items are provided under Reconciliation of Non - GAAP Financial Measures at the end of this release . Net sales for the first quarter of 2021 were $ 1.10 billion , an increase of 3 % compared to the first quarter of 2020. Non - GAAP organic net sales , which