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Brakke Consulting’s
Animal Health News & Notes for August 18, 2023
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Animal Health Jobs
Earning News
ImmuCell
Jaguar Health
JBS
Orion
PetVivo Holdings
Spectrum Brands
Zomedica
Other News
Akston Biosciences
Boehringer Ingelheim
Breeder’s Choice
Canidae
Dômes Pharma
DoorDash
Ethos Pet Brands
Go Digit General Insurance
Lakehouse Ventures
Mars
Mixlab
myBalto
Natural Balance
Neogen
Ollie
Petco (DoorDash)
Petco (Ollie)
Revival Animal Health
SentrX Animal Care
SYNLAB Vet
Vanterra Ventures
Vetalia
Vetina Healthcare
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Southwest Veterinary Symposium – SWVS 2023
San Antonio, Texas – Henry B. Gonzalez Convention Center
September 21-24, 2023
Join us to celebrate our 20th Anniversary!
Registration is OPEN! Southwest Veterinary Symposium — a partnership of the Arkansas, Louisiana, New Mexico, Oklahoma, and Texas Veterinary Medicine Associations which provides continuing education for veterinary professionals. Join us this September in Fort Worth, Texas, where you can learn about the latest innovations and products while exploring our exhibit hall, network with other veterinary professionals, and choose from more than 400+ hours of quality CE/RACE-approved sessions.
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EARNINGS NEWS RELEASES
- Orion Group reported results for the second quarter of 2023. Net sales of the Animal Health business division in were EUR 23.5 million ($25.6 million), a year-over-year increase of 32%. Sales include the turnover of the animal health company VMD (Inovet), acquired in June 2022. (company website)
- Zomedica reported consolidated financial results for the quarter ended June 30, 2023. Revenue was $6.0 million, an increase of 43% compared to the second quarter of 2022, primarily driven by growth in Therapeutic segment revenue from PulseVet and Assisi product sales. Net loss was $(5.3) million, unchanged from the three months ended June 30, 2022. (Seekingalpha)
- ImmuCell Corporation announced its unaudited financial results for the quarter ended June 30, 2023. Product sales decreased by 9% to $3.5 million. Net loss was ($1.4) million, in comparison to net loss of ($684,000) during the three-month period ended June 30, 2022. (company press release)
- Jaguar Health, Inc. reported consolidated second-quarter 2023 financial results. Net revenue for Canalevia-CA1 was approximately $39,100, an increase of 40% over the first quarter of 2023. Revenues for the non-prescription Neonorm products for calves and foals were minimal. (Marketscreener)
- Spectrum Brands reported results for its fiscal 2023 third quarter ended July 2, 2023. Global Pet Care net sales were $272 million, a decline of 6%. Pet Care adjusted EBITDA was $54 million, an increase of 31%. (company website)
- PetVivo Holdings, Inc. announced financial results for the first quarter of its fiscal year 2024 ended June 30, 2023. Revenues were $117,183 compared to revenues of $58,174 in the prior-year quarter. Net loss was $(2.9) million as compared to a net loss of $(2.0) million in the prior-year quarter. (com)
- JBS reported its Q2 2023 financial results. Net revenue for JBS Beef North America was $5.8 billion, an increase of 5% compared to the same quarter last year. Pilgrim’s Pride posted a net revenue of $4.3 billion Q2, down 7% from Q2 2022. JBS USA Pork posted net revenue of $1.8 billion for the quarter, 16% lower compared to the second quarter 2022. The company reported a net loss of $(53) million for the quarter, down sharply from a net profit of $803 million in Q2 2022. (Feedstuffs – subscription)
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ANIMAL HEALTH JOBS
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COMPANY NEWS RELEASES
- Boehringer Ingelheim announced that the FDA has approved Senvelgo (velagliflozin oral solution), for treating cats with diabetes. Senvelgo is a once-daily liquid oral solution that cat owners can give with a small amount of food or directly into the cat’s mouth. Senvelgo will be available in veterinary clinics in the U.S. by mid-October. (company press release)
- Neogen Corporation announced the launch of Igenity Enhanced Dairy, a new and progressive genomic data management tool. (Seekingalpha)
- Revival Animal Health announced the purchase of Breeder’s Choice, a leading distributor of equine reproductive supplies. Financial terms were not disclosed. (company press release)
- Dômes Pharma announced that it has finalized the acquisition of SentrX Animal Care. SentrX develops and manufactures ophthalmology products based on its exclusive BioHAnce technology. Financial terms were not disclosed. (PRNewswire)
- Mixlab announced it has closed a $10 million Series A funding extension. Vanterra Ventures led the round and was joined by Lakehouse Ventures. (com)
- Akston Biosciences Corporation announced that it will focus on inventing, developing, and manufacturing breakthrough protein therapeutics for Companion Animal Health, utilizing its versatile Ambifect Fc-fusion platform. Akston is spinning off its infectious disease vaccine and human Type 1 Diabetes prevention lines of business into two wholly-owned subsidiaries: Vakston, Inc. and Diamune Therapeutics, Inc. (Biospace)
- Natural Balance and Canidae announced the companies have merged under the corporate name Ethos Pet Brands. Both brands will maintain their individual identities. (Petfood Industry)
- Petco Health and Wellness Company, Inc. and dog nutrition brand Ollie announced an exclusive partnership to bring Ollie’s human-grade fresh and baked food, treats and supplements for dogs to Petco customers. Ollie was previously only available direct-to-consumer through an online subscription. (company press release)
- Petco Health and Wellness Company, Inc. announced an expanded partnership with DoorDash – one of its existing fulfillment partners – to make Petco’s assortment of products available nationally via the DoorDash Marketplace. More than 10,000 products from Petco are now available on DoorDash Marketplace. (company press release)
- myBalto announced it has launched the myBalto Foundation, a 501(c)(3) nonprofit organization dedicated to alleviating the financial burden associated with pet care for both owners and veterinarians. The platform offers veterinarians the opportunity to create their own charity account exclusively for their hospital, making the cost of care for more manageable for pet owners without placing a financial burden on clinics. (Veterinary Practice News)
- EU Mars Incorporated announced that it has entered into an agreement to acquire the assets of SYNLAB Vet, a European provider of specialist veterinary laboratory diagnostics, from SYNLAB Group. Upon transaction close, SYNLAB Vet will join Mars Petcare. Financial terms were not disclosed. (Businesswire)
- MEXICO MexIcan veterinary clinic startup Vetalia announced it has secured a $10 million investment. The funds will be used to expand its services to Latin America, and to launch an online platform that functions as a one-stop service for pet parents. (GlobalPets)
- INDIA Go Digit General Insurance announced it has partnered with Vetina Healthcare LLP to extend comprehensive pet insurance coverage for dogs to members of Vetina Family. (company press release)
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BRAKKE CONSULTING
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ANIMAL HEALTH NEWS
- US – VETERINARY LEGISLATION The U.S. Senate has established a Veterinary Medicine Caucus for the first time in its history. The caucus will focus on increasing awareness toward veterinary-related matters in Congress, educating lawmakers and their staffs about the challenges facing the profession, and advancing legislation that benefits the veterinary community. The new Caucus will join the existing House Veterinary Medicine Caucus in introducing key legislation that impacts veterinary medicine while also helping secure important funding for veterinary-related federal programs. (Feedstuffs – subscription)
- SPAIN – VETERINARY PRODUCT REGULATION The Spanish Government has approved a new Royal Decree 666/2023, completing the regulatory framework for veterinary medicinal products. This decree seeks to update the regulations governing veterinary medicinal products in accordance with current scientific advances and economic conditions. (com)
- US – VETERINARY SCHOOLS Lincoln Memorial University’s veterinary school has plans to open a second location in Orange Park, Florida, near Jacksonville. The new program at LMU, slated to open with 150 seats per class, is one of at least 10 new programs emerging in the United States. (Veterinary Advantage – VIN)
- US – VETERINARY SCHOOLS West Virginia has shelved plans to launch a veterinary school in the state due to the projected need for an initial investment of $321 million, which it deemed unaffordable. Consequently, the state is exploring alternative methods to bring veterinarians to the region. (VIN News)
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BRAKKE CONSULTING VIEWPOINT
A topic of much discussion in the veterinary market is the labor shortage. Many are advocating for more veterinary schools in the US (as many as 8 are under consideration or already underway), and some are advocating for a new mid-level professional equivalent to a physician’s assistant in human medicine. In addressing this issue, I think it’s important to take the long view. In 2012, in response to low and stagnant incomes, the profession commissioned a workforce study that estimated the profession would have excess capacity for the next 25 years. Yet less than10 years later the profession was perceived as being in a “severe shortage.” The 2012 study was no doubt heavily influenced by the impact of the Great Recession, at a time when household discretionary income was as at a modern low. Likewise the 2021 “severe shortage” was no doubt influenced by the tremendous amount of money poured into the economy during the COVID-19 pandemic. Discretionary income, especially in middle to upscale households, was robust.
The point is, there will always be ebbs and flows in demand for veterinary services (i.e. labor) based on the availability of discretionary income (given that companion animal practice employs the majority of veterinarians). But there are more fundamental drivers of demand for the amount and type of veterinary services. These can best be viewed from a much longer perspective, say 25 to 50 years. In making decisions about opening up more vet schools or creating new practitioner levels, the long view is the most prudent perspective.
John Volk
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YOUR VIEW
Last week we asked your thoughts about a “mid-level” practitioner. 43% are in favor; 35% are opposed; 22% undecided.
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