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A Maine-based animal health technology and services company has fallen short of financial expectations in its first full quarter of operations.
The Portland Press Herald reports Covetrus Inc. lost nearly 40 percent of its value amid an investor sell-off during pre-market trading Tuesday.
Covetrus, which is the state’s largest publicly traded company in terms of annual sales, reported quarterly revenue of $1.01 billion, about $50 million less than analysts’ expectations.
The loss follows the veterinary services company’s release of a discouraging second-quarter earnings report after it became available for trading on the Nasdaq Stock Market on Feb. 8.
Company executives blame the poor performance on unexpected costs and a slowdown in North American and United Kingdom sales.
Covetrus provides software and technology services that helps veterinary practices and pharmacies administer their operations.