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Business and Economy

International Veterinary Technology And Services Firm Covetrus Had Net Loss Of $1B In 2019

Covetrus veterinary services company, which is headquartered in Portland, has announced $4 billion in net sales for 2019, but also a net loss of $1 billion.

The Portland Press Herald reports that a lawsuit brought by investors last October claims that the company's misleading statements caused its stock to be traded at an artificially high level when it went public a year ago.

Tuesday Covetrus' newly named CEO, Benjamin Wolin, said the company has faced growing pains during the past year, but “will continue to streamline and focus on the core drivers of our business in order to improve effectiveness and efficiency and to seek to deliver a more consistent and profitable performance.”

Covetrus employs 300 people in Portland and 5500 worldwide.