PETQ - PetIQ stock soars ~32% on Q3 results beat raised FY 2022 adj. EBITDA guidance

Class A shares of micro-cap pet medication and wellness company PetIQ ( NASDAQ: PETQ ) jumped 32.2% to $9.46 in Thursday morning trading, after it reported a Q3 results beat and raised its FY 2022 adj. EBITDA guidance.

It is worth noting that PETQ stock had already been on a weak run, having posted losses in six of its last eight sessions . The stock shed more than 10% the previous day ahead of the earnings announcement.

PETQ after hours on Wednesday posted Q3 non-GAAP EPS of $0.15 which beat estimates by 9 cents . Revenue fell slightly by 0.4% Y/Y to $209.7M, which beat expectations by $5.37M .

"Consumption of our higher-margin PetIQ manufactured brands fueled our results," PETQ CEO McCord Christensen said on the earnings conference call .

"Parents returned to our core flee and tick and health and wellness product categories and we benefited from consumers trading down from more expensive treatments into our PetIQ manufactured brands," Christensen added.

PETQ reaffirmed its FY 2022 sales guidance of $920M-$940M vs. consensus revenue estimate of $929.85M.

The company also raised its FY 2022 adj. EBITDA guidance to $93M-$95M compared to a prior outlook of $92M-$94M.

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