Animal Health News & Notes for August 19, 2022

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Brakke Consulting’s
Animal Health News & Notes for August 19, 2022
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:

Brakke Consulting News
Cancer in Dogs and Cats – last week to pre-order  

Earnings News
Boehringer Ingelheim
Cargill
Cryoport
Evonik Industries
Freshpet
Hester Biosciences
ImmuCell
MWI
Novozymes
Ourofino Saúde Animal
Pet Valu
PetVivo
Spectrum Brands
Zomedica

Other News
3M
AFB International
Afrivet
Bimeda
Biogénesis Bagó
BSM Partners
Calm & Cozy Vet Products
Cogent Solutions Group
Dechra
Dômes Pharma
Dyadic
Elanco (AgNext)
Elanco (Biogénesis Bagó)
Equine MediRecord
Eruvaka
Furkin
Genvax Technologies
Intervacc AB
KineticVet
Lemonade
LexaGene
Merit Holdings
Movora medtech
Neogen
Nestle
New Generation Devices
Nutreco
PepiPets
Phibro Animal Health
Revo Squared
Siemens Healthineers
Vetster
Vimian Group
W.F. Young
Zoetis
Zomedica

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Southwest Veterinary Symposium – SWVS 2022 in Fort Worth
Fort Worth, Texas – Fort Worth  Convention Center
September 22-25, 2022

Steer Your Career  – 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.

www.swvs.org
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EARNINGS NEWS RELEASES

• Boehringer Ingelheim reported results for the first half of 2022. Animal Health revenues were EUR 2.4 billion ($2.45 billion), an increase of 4% (+1% currency adjusted). (IHS Markit Connect – subscription)
• AmerisourceBergen reported results for third quarter of its 2022 fiscal year. The MWI Animal Health division reported sales of $1.22 billion, a 2% year-on-year improvement. (IHS Markit Connect – subscription)
• Ourofino Saúde Animal reported results for the second quarter of 2022. Revenues were R$235.3 million ($45.3 million), a year-on-year increase of 2%. (IHS Markit Connect – subscription)
• Hester Biosciences reported results for the first quarter of its fiscal year 2023 ended June 2022. Revenues were INR506.9 million ($6.4 million), a 16% decline from the prior-year period. (IHS Markit Connect – subscription)
• ImmuCell Corporation announced its unaudited financial results for the quarter ended June 30, 2022. Total sales were $3.9 million, a 15% decline compared to the year-ago period. Net loss was $(684,000) in contrast to a net income of $141,000 during the quarter ended June 30, 2021. (company press release)
• Zomedica reported financial results for the second quarter of 2022. Total revenue was $4.2 million, compared to $16,000 in the second quarter of 2021, and up 51% over the combined revenues of Zomedica and PulseVet as a standalone company. Truforma product revenue was $92,000. Net loss was $(5.3) million, compared to a net loss of $($4.7) million, for the three months ended June 30, 2021. (Yahoo finance)
• Freshpet reported results for the second quarter of 2022. Net sales were $146 million, an increase of 34% over the prior-year period. Net loss was $(20.6) million compared to a net loss of $(7.5) million in the prior-year period. (Petfood Industry)
• Spectrum Brands Holdings, Inc. reported results from continuing operations for the third quarter of fiscal 2022 ended July 3, 2022. Global Pet Care net sales were $290 million, an increase of 13% from the prior-year period. Segment adjusted EBITDA was $40.9 million, a decline of 17%. (company website)
• Novozymes reported results for the second quarter of 2022. The company’s agriculture, animal health and nutrition unit reported revenues were DKK501 million ($69.5 million), an increase of 17% in the quarter. (IHS Markit Connect – subscription)
• Evonik Industries reported results for the second quarter of 2022. Revenues from the animal nutrition business were EUR 543 million ($556.4 million), an increase of 30%. (IHS Markit Connect – subscription)
• Cargill reported results for its full fiscal year 2022 ended May 31. Revenues were $165 billion, a year-over-year increase of 23%. (Feedstuffs – subscription)
• PetVivo Holdings, Inc. announced financial results for the first quarter of fiscal 2023. Revenues of $58,174 in the first quarter of fiscal 2023, compared to revenues of $4,145 in the first quarter of fiscal 2022. Operating loss was $(1,966,093) and $(518,519) for the three months ended June 30, 2022 and 2021, respectively. (globenewswire)
• Pet Valu reported results for the second quarter of 2022. Revenue was C$228 million (US$292 million), an increase of 25% compared to the prior-year quarter, including C$2.5 million (US$ 3.2 million) from the acquisition of pet specialty retailer Chico earlier in the year. Gross profit reached C$85.4 million (US$109.4 million) in the period, an increase of 27%. (Globalpets)
• Cryoport reported results for the second quarter of 2022. Cryoport’s animal health revenues grew 14% to $9.6 million in the quarter. (IHS Markit Connect – subscription)

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BRAKKE CONSULTING
2022 CANCER IN DOGS AND CATS REPORT – COMING IN SEPTEMBER
EARLY ORDER DISCOUNT ENDS AUGUST 26

Did you know that cancer is the #1 cause of death in adult dogs?  It’s also a leading health concern of dog owners.  So how is cancer addressed by the veterinary profession, and what kind of market is there for veterinary cancer therapies?

Brakke Consulting’s new 2022 Cancer in Dogs and Cats report includes information on the incidence, diagnosis, and treatment of the common veterinary cancers.  It covers currently approved veterinary therapies and those in development, as well as estimates of the numbers of pets treated.

The study includes a survey of 300 general veterinary practitioners about incidence of cancer and frequency of treatment; as well as a survey of 1,000 pet owners to determine what they are willing to pay to treat a pet with cancer.

The report is available for pre-order for $7,995 until August 26, and will be published in September; after August 26 the price will be $8,500. For more information, please contact Dr. Lynn Fondon at lfondon@brakkeconsulting.com.

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COMPANY NEWS RELEASES

• Zoetis announced it has received approvals for the new chewable version of Apoquel (oclacitinib) in Mexico and New Zealand. It was previously authorized in the EU and UK at the start of 2022. (IHS Markit Connect – subscription)
• Elanco announced a collaboration with Colorado State University’s AgNext research program, which is focused on researching and developing sustainable solutions for animal agriculture. (IHS Markit Connect – subscription)
• Phibro Animal Health announced it has extended an existing license agreement with Dyadic to develop an additional veterinary vaccine. The two companies originally entered an exclusive pact in February 2022 for development and commercialization of a poultry vaccine for an unspecified disease; the license expansion adds development of another animal vaccine for livestock. (IHS Markit Connect – subscription)
• Neogen announced that its shareholders have approved all the proposals required to finalize the firm’s pending combination with 3M’s food safety division. The deal – which will see 3M carve out its food safety assets and retain a 50.1% ownership stake in the combined company – is expected to be completed on September 1. (IHS Markit Connect – subscription)
• The FDA announced the approval of KineticVet Re-Covr (tripelennamine hydrochloride injection), an injectable antihistamine indicated for use in cattle (beef and dairy) and horses. (Bovinevetonline)
• French firm Dômes Pharma announced it has formed a US subsidiary to manage the introduction of the company’s Anti-Tox range for companion animals in North America. (IHS Markit Connect – subscription)
• Zomedica announced it has signed a definitive agreement to acquire substantially all of the assets of Revo Squared LLC. Revo’s innovative MicroView digital cytology platform offers best-in-class image quality while providing the first in-clinic automated slide preparation system. Financial terms were not disclosed. (Marketscreener)
• Vimian Group announced it has acquired New Generation Devices (NGD), a US veterinary orthopedic implants company. NGD, which has annual revenues of around $4.5 million, will sit within the Movora medtech division of Vimian. Financial details were not disclosed. (IHS Markit Connect – subscription)
• W.F. Young announced a three-year collaboration with BSM Partners to develop an ongoing innovation pipeline in the pet care segment. (Pet Age)
• Cogent Solutions Group announced the launch of Trixsyn Canine Performance, a liquid, oral product that supports joint, hip and cartilage health utilizing patented and proven MHB3 Hyaluronan. (company press release)
• LexaGene announced it has significantly shortened the time its MiQLab System takes to report a result, from 120 minutes to 80 minutes. (IHS Markit Connect – subscription)
• Siemens Healthineers announced the addition of the Immulite Veterinary Cortisol assay to its portfolio of veterinary diagnostics. (IHS Markit Connect – subscription)
• Genvax Technologies announced it has garnered $6.5 million in series seed funding. Genvax’s saRNA platform enables the rapid development of herd or flock-specific vaccines that are 100% matched to the target variant strain, using a specific matched transgene or gene of interest. The finance will help the firm advance its vaccines toward USDA and international regulatory approval. (IHS Markit Connect – subscription)
• Pet food palatant supplier AFB International announced plans to build a $79 million facility in Georgia, its third facility in North America. (Globalpets)
• Lemonade announced the expansion of its pet insurance into the state of Florida, marking the 38th state it is available in across the US. (pet business)
• Furkin, a year-old Canadian pet health insurance company, announced it will expand into the United States and offer more coverage options. The Toronto-based insurer also will sell policies in Quebec for the first time, giving it a presence in all provinces. (Todays Veterinary Business)
• Calm & Cozy Vet Products, LLC, announced that the U.S. Patent & Trademark Office (USPTO) has issued a new patent, No. 11,344,396, on the Calm & Cozy Cat Wrap product. The unique, swaddle-like product aids in feline care by gently utilizing pressure to calm anxious cats and keep those treating them safe, without the use of sedatives. (company press release)
• PepiPets announced it has launched a mobile diagnostic service for companion animals that provides the same tests and quality as traditional diagnostic testing in a veterinary clinic, but from the comfort of a pet’s own home. Pet owners book an appointment online, then a PepiPets veterinarian technician will come to their home and collect the necessary samples for testing. Appointments are booked with oversight of a veterinarian where required. (IHS Markit Connect – subscription)
• INDONESIA Biogénesis Bagó announced it is partnering with Elanco to supply FMD vaccines to Indonesia. Biogénesis will export millions of doses of its Aftogen Oleo monovalent vaccine between August and September in a bid to quell outbreaks. (IHS Markit Connect – subscription)
• SOUTH AFRICA Bimeda announced it has acquired South Africa’s leading animal health distributor, Afrivet Southern Africa Proprietary Limited. Afrivet had 2021 revenues of over EUR 25 million ($25 million). The company also has operating divisions in Zambia and Mozambique, which are included in the acquisition. The acquisition will provide Bimeda with the largest footprint of any animal health company on the African continent.  Financial terms were not disclosed. (company press release)
• UK Dechra announced the UK launch of Strangvac, the first intramuscular strangles vaccine (Streptococcus equi) for horses and ponies. Strangvac was developed by Intervacc AB. (Marketscreener)
• INDIA Nestle announced that Nestle India is acquiring the Purina Petcare dog and cat food business, with an integration cost of INR1,253 million ($15.95 million). When Nestle launched the Indian arm of its dog and cat food business in late 2017, parent-company Nestle kept it separate from Nestle India. Nestle S.A. currently owns Purina Petcare India and 62.76% of Nestle India.  For the financial year ended March 31, 2022, Purina Petcare India reported turnover of INR360 million ($4.58 million). (Petfood Industry)
• INDIA Nutreco announced plans to increase its ownership in Indian firm Eruvaka to 93.7%, compared to an original 25.45% stake in 2018. Eruvaka develops cloud-based aquaculture pond management solutions.  (IHS Markit Connect – subscription)
• UK Vetster, a veterinary telehealth service, announced it is launching in the UK following expansion in the US. (Techcrunch)
• IRELAND Equine MediRecord announced it has received a EUR 10 million ($10.2 million) investment from Merit Holdings to drive adoption of its digital records platform in Europe, North America and the Middle East. The company’s platform – which digitally records medicines and vaccinations administered to horses – is already approved by regulators in several countries.  (IHS Markit Connect – subscription)

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ANIMAL HEALTH STOCK PRICE TRACKER

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ANIMAL HEALTH NEWS

• NORTH AMERICA – ASF The governments of US, Mexico, Haiti and the Dominican Republic have entered a joint strategy to combat African swine fever (ASF) outbreaks. The agreement will see technical expertise shared between the countries to strengthen veterinary services in the Caribbean countries. While ASF has never been detected in the US, it has been confirmed in nearby countries such as the Dominican Republic and Haiti. (IHS Markit Connect – subscription)
• US – LYME DISEASE Scientists at Rutgers University have created an ultra-sensitive DNA test to detect Lyme disease in horses. The team’s “genomic hybrid capture assay,” a highly sensitive test the team has been developing, identified the pathogen in a sample of the horse’s spinal fluid. They describe the method as having a special, specific ‘fishhook’ that only grabs Borrelia DNA and not the DNA of other microbes, nor the DNA of the host. An antibody test and a PCR test of the infected mare had not indicated an infection. The research was published in the Journal of Veterinary Diagnostic Investigation. (org)
• US – ASF RESEARCH Research conducted by the Swine Health Information Center (SHIC) determined the stability of the Georgia 2007 virus strain of African Swine Fever in three different feed matrices: complete feed, soybean meal and ground corncob particles. The results demonstrated a high stability of ASF virus DNA in feed, with detection by PCR in “almost all feed matrices throughout the conclusion of each study, including 365 days after ASF virus inoculation when stored at 40°F and 68°F.” (IHS Markit Connect – subscription)

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BRAKKE CONSULTING VIEWPOINT

When our two daughters went to university, we encouraged them to participate in study abroad programs.  We also travelled internationally occasionally on family vacations because we felt it was important to gain on-the-ground understanding of other cultures and traditions.  This week’s newsletter really highlights the value of approaching life and work from a global perspective. Several items report on cross-border registrations, transactions and initiatives.  Today even small companies need executives familiar with the way pets and food animals are cared for in other parts of the world, and how business is conducted.  Given the investment required to develop and market innovative products, there’s no room for provincialism any more.  Success will go to those prepared to learn and adapt to more cultures.

John Volk

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YOUR VIEW

Last week, we asked, “With the fall season approaching and given the previous peaks of the virus, do you plan to get vaccinated or boosted against COVID this fall?  Just over half, 54%, said yes, 35% no and the remainder are undecided.

This week
Sticking with our international theme, this week we’d like to know:

(1) Does your organization operate in more than one country?
(2) How many countries (other than your home country) have you visited in your lifetime?