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  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-04-30 00:00:00",
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      "kind": "callout",
      "text": "Do PetIQ shares really deserve such a lofty multiple if most of its projected sales growth is slated to come from a new and unproven business line for which management is issuing aggressive guidance?",
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      "text": "Management and the Street are looking for PetIQ sales to grow by 15% annually over the next two years. Much of that growth, however, is driven by projected sales growth from new health and wellness centers.",
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      "text": "1. Consensus assumes wellness center roll-out schedule and unit economics as given on slide 14 of Apr 2, 2018 modeling presentation. Assumes 2% annual growth for legacy services business.",
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      "kind": "title",
      "text": "What's Left To Support Sales Growth If The Wellness Centers Underperform?",
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