What happened

After announcing blowout second-quarter results, shares of PetIQ (NASDAQ:PETQ), a provider of pet medication and veterinary services, jumped 22% as of 10:45 a.m. EDT on Wednesday.

So what

Here are the key takeaways from the quarter:

  • Revenue increased 96%, to $171.1 million. For perspective, market watchers had predicted just $148.5 million in revenue, so this was a significant beat.
  • Net income was $5.4 million. Adjusted net income was $10.6 million, or $0.66 per share. This figure was also much higher than the $0.38 in adjusted earnings per share (EPS) that Wall Street was expecting.
  • 17 new wellness centers and three regional offices were opened during the period.
  • An antitrust complaint that was filed against the company by Med Vets Inc. was dismissed. 
  • Full-year revenue guidance was raised to $500 million.
Happy dog lying in grasss

Image source: Getty Images.

It was a solid report all around, so it's no surprise to see shares skyrocketing today in response. 

Now what

PetIQ's results show just how much demand there is for premium pet products and services. The company estimates that its current addressable market opportunity in the U.S. is nearly $41 billion, so there's still ample room left for this company to gobble up market share.

With revenue and profits poised to rapidly increase in the years ahead, PetIQ looks like a great stock for growth-focused investors to get to know.

Brian Feroldi has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.