TORONTO, May 23, 2024 /CNW/ - Grey Wolf Animal Health Corp. (TSXV:WOLF) ("Grey Wolf" or the "Company"), a Canadian diversified animal health company, today announced financial results for the three months ended March 31, 2024. Highlights Revenue for the quarter of $6.0 million was flat year over year. Gross profit remained consistent at $3.1 million for the quarter compared to $3.2 million for the same period in 2023. Adjusted EBITDA1 remained consistent at $0.9 million for the quarter compared to $0.9 million for the same period in 2023. "During the first quarter of 2024, the Animal Health business saw solid sell-through of our pharmaceutical, nutraceutical and consumable products to veterinary clinics with double digit sales growth year over year. However, sales of these products to buying groups were flat as our customers tightened inventory levels, which when combined with a decrease in commission and other revenue resulted in a 4.3% decrease in our Animal Health business revenue in the first quarter compared to the same period in 2023. Our Pharmacy business continued to deliver growth year over year with revenues up 4.5% to $3.1 million in the first quarter. To support the long-term growth of Grey Wolf, we have been investing in our sales and marketing team to drive sales force effectiveness and strategy. As part of this initiative, we incurred a one-time employee settlement cost of $0.2 million in the first quarter. Excluding these costs, our total expenses decreased 3.1% to $2.6 million over the same period in 2023 as we continue to balance spend to ensure continued growth over the long-term. We remain optimistic on the value of our product portfolio for the health and wellbeing of patients while we experience a softening in the market as a result of inflationary pressures across the broader economy" said Angela Cechetto, Chief Executive Officer. Key Financial Data and Comparative Results Grey Wolf Animal Health Inc. Results of Operations Y/E December 31, 2024 Three months ended Mar 31, 2024 Mar 31, 2023 Revenue $6,046,505 $6,044,596 Gross profit 3,112,159 3,175,782 Gross profit % 51.5 % 52.5 % Total operating expenses 2,821,010 2,656,388 Operating income for the period 291,149 519,394 Income tax expense (recovery) 53,771 (29,893) Net income for the period 126,072 410,463