TICKERS: WOLF

Canadian Veterinary Company Saw Revenue Increase by 8.8%

View Important Disclosures for this Article

Source: Streetwise Reports (8/28/23)

Grey Wolf Animal Health Corp. has announced the financial results of the last quarter. Read on to see why this company is looking up.

Grey Wolf Animal Health Corp. (WOLF.TSX) has announced the financial results from the quarter and six months that ended with June 30, 2023. The highlights of these results included that revenue for the quarter increased year over year by 8.8% to CA$6.7 million, and revenue increased by 12.6% to CA$12.7 million for the first six months of the year. Gross profit increased year over year by 5.5% to CA$3.4 million for the quarter, and 12.9% to CA$6.5 million for the first six months of the year. The adjusted EBITDA1 was CA$1 million for the quarter compared to CA$1.1 million for the same period in 2022. The adjusted EBITDA1 for the first six months of the year was CA$2.0 million compared to CA$2.0 million in the prior year.

According to Angela Cechetto, CEO of Grey Wolf, "the second quarter of 2022 was a continuation of what we experienced in the first quarter. We saw revenue grow by 8.8% to $6.7 million driven by organic growth within our product portfolio as well as new products launched in 2022. Gross margins have remained consistent with previous quarters due to the product mix sold in our Animal Health and Pharmacy businesses during the first six months of 2023. In addition, even as we absorb the additional costs associated with operating a public entity our Adjusted EBITDA1 has remained steady."

Trending Up

Technical analyst Clive Maund said of the company that it is "worth taking a quick look at Grey Wolf Animal Health Corp here as it looks like a low risk play at this juncture as its stock appears to be just starting higher out of a base pattern as the company's business and earnings grow." Maund rated Grey Wolf as a speculative buy, and not unduly speculative at this juncture. The company's stock broke out from a double bottom base pattern in June following a bear market. Following the breakout, the price retreated and has started higher again in August.

A Company With Big Achievements

Grey Wolf recently launched a couple of new pharmaceutical drugs in the Canadian veterinary market. SEDAJECT (dexmedetomidine hydrochloride injection, 0.5mg/ml) is a sedative and an analgesic intended for dogs and cats to facilitate clinical examinations, clinical procedures, minor surgical operations, and minor dental operations. ATAJECT (atipamezole hydrochloride injection, 5.0mg/ml) is intended to reverse the clinical effects of SEDAJECT in cats and dogs.

Grey Wolf also ran a community building give away event during the pandemic called #communitygreaterthancovid19. Members of the community were asked to submit stories about acts of kindness, which would be entered into a draw for a $100 Amazon gift card.

Ownership and Share Structure

Streetwise Ownership Overview*

Grey Wolf Animal Health (WOLF:TSX)

^*Share Structure as of 8/28/2023

Management and insiders own 14.02% of the company. Ian Sandler owns 10.03% with 3.11 million shares, Shawn Douglas Aspden owns 2.92% with 0.91 million shares, Robert Paul Harris owns 0.75% with 0.23 million shares, and Jill Terilee Angevine owns 0.32% with 0.10 million shares.

As for institutions, Bloom Burton & Co. Inc. owns 11.63% with 3.61 million shares.

There are 31.03 million shares outstanding, and 26.68 million free float traded shares. The company has a market cap of CA$17.14 million. It trades in the 52 week period between CA$0.68 and CA$1.40.

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Important Disclosures:

As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Grey Wolf Animal Health Corp.
Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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