The following is a summary of the Wag! Group Co (PET) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Wag! Group Co reported Q1 2024 revenue of $23.2 million, a 13% increase year over year, and a new quarterly record.

• The company's revenue boost was largely due to the success of the wellness business.

• The company showed a positive EBITDA of $0.2 million, a significant increase from a loss reported during the same period in the previous year.

• With an increase of 23%, the company achieved nearly $1.2 million in annualized revenue per employee in Q1 2024.

• Wag! Group Co's B2B revenue represented the majority of its earnings, contributing 78% to the total Q1 2024 revenue.

Business Progress:

• The company recently launched Furscription, a digital tool for veterinary staff to manage prescriptions, and WeCompare, a consumer brand for comparing various insurance products.

• Due to successful AI and automation integrations, Wag! Group Co reduced its employee count by 8%.

• The company made progress by increasing platform participation by 10% to a total of 671,000 participants in the first quarter.

• Their future strategy focuses on reaching a balanced growth, profit and margin ratio, continuing to invest in proprietary customer acquisition, and expanding their premium wellness, service and products to more US households.

• The second half of the year is expected to witness further growth acceleration, driven by the expiration of the prepayment penalty on the company's debt amongst other factors.

More details: Wag! Group IR

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