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Brakke Consulting’s
Animal Health News & Notes for February 16, 2024
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Industry Overview at WVC – last weekend to register!
Complimentary WVC seminars: Recruiting and Expanding into the Japanese Market
Earnings News
PetMed Express
PetVivo
Spectrum Brands
Wag!
Zoetis
Other News
Aimia Pet Healthco
Better Choice
Blacksmith Medicines
Boehringer Ingelheim
Cattler
ComTag
Covetrus
DSM-Firmenich
Elanco
Herdwatch
IDEXX
Lilac Technology
Petsense by Tractor Supply
Petsource
Petszel
Rejuvenate Bio
Remilk
Zoetis
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Brakke Consulting
2024 Industry Overview
Presented at WVC: Monday, February 19th, 2-4 pm, Four Seasons Hotel
How did the top animal health companies perform in 2023? And what critical issues will impact industry performance in 2024? Answers to these questions and more will be covered at Brakke Consulting’s annual Industry Overview at the 2024 WVC conference. Key topics and presenters include:
- Industry and top global company performance, presented by Bob Jones
- What 2023 looked like in vet practices and with pets, presented by John Volk
- An overview of the post-COVID home delivery channel for pet medications including results from the new Pet Medicines Home Delivery Study, presented by Rich Hayworth
- With recent advancements in technology-related products in livestock production and pet care, where is the value and what are the risks? presented by Lourens Havenga
Also, you will be able to hear directly from a panel of top leaders in the animal health industry. Moderated by Paul Casady, the topic for the panel will be “Opportunities and Challenges in 2024.” The panel for WVC will be:
- Dr. Dan Markwalder, Chief Veterinary Officer, Mission Veterinary Partners.
- Christine Royal, Vice President, US Companion Animal and Equine Business, Merck Animal Health.
This information-packed 2-hour session will be especially valuable for executive leadership, sales and marketing, strategy, and finance managers and for decision makers in the animal health industry.
Click here to register for WVC
You can also email Amanda McDavid or call at 336-396-3916. Registration cost is $399; there are discounts for multiple attendees from the same company. We look forward to seeing you there!
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EARNINGS NEWS RELEASES
- Zoetis reported financial results for the full year 2023. Revenue was $8.5 billion, an increase of 6% compared with full year 2022 (+7% on an operational basis, excluding the impact of foreign currency). Net income was $2.3 billion, an increase of 11%. (company press release)
- PetMed Express, Inc. announced selected preliminary financial results for its third quarter ended December 31, 2023. Net sales for the quarter ended December 31, 2023, are expected to be $65.3 million, an increase of 11% year over year. Gross profit is expected to be $17.9 million, compared to $15.2 million in the prior year period. (company press release)
- Spectrum Brands Holdings, Inc. reported results from continuing operations for the first quarter of fiscal 2024 ended December 31, 2023. Net sales for Global Pet Care were $277 million, unchanged from the prior-year quarter. Segment operating income was $43.9 million, a 93% increase. (company website)
- PetVivo Holdings, Inc. announced financial results for the third quarter of fiscal 2024 ended December 31, 2023. Revenues were $595,891, a year-over-year increase of 17%. Net loss was $(1.75) million, compared to a net loss of $(2.31) million in the prior-year quarter. (globenewswire)
- Wag! Group announced financial results for the full year 2023. Revenues increased 53% to $83.9 million. Net loss was $13.3 million, compared to net loss of $38.6 million in 2022, primarily due to one-time transaction costs of going public in 2022. (company website)
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Brakke Consulting
Complimentary 1-hour seminars
Monday, February 19, 2024 at WVC
Four Seasons Hotel, Acacia Room
Stepping into the Japanese Animal Health Market
9:30 – 10:30 am
Would you like to grow your companion animal business outside the US but are not sure where and now? How about in one of the most valuable markets in the world, Japan? Brakke Consulting can help.
For the first time, Brakke Consulting will be presenting a seminar on taking the first step in Japan at the Western Veterinary Conference on Monday, February 19th from 9:30-10:30 am in the Acacia 1 room at the Four Seasons Hotel. This seminar will be presented by Yuki Ujimasa, DVM, MS, a Brakke senior consultant based in Tokyo, who has broad experience in the Japanese market. Yuki will focus on the steps needed to get your product approved by the regulatory authorities in Japan. This will be a great seminar for companies looking to expand their global business but need some help to get started. There is no cost, but please RSVP here to secure your seat.
Recruiting Seminar
11:00 – 12:00 Noon
Hiring managers and talent professionals, join us for an informative and practical seminar at VMX hosted by Executive Recruiter Jeff Santosuosso. We’ll review and discuss the latest ways of breaking through the clutter to attract and hire top talent in today’s increasingly challenging global marketplace. Specific topics will include: attracting Millennials and Gen Z, using video, how to avoid pitfalls in recruiting, and more. If you’re in the market for talent, we know you’ll leave our seminar better equipped and more confident about hiring those stars for your team. There is no cost, but please RSVP here to secure your seat.
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COMPANY NEWS RELEASES
- The FDA announced the approval of Boehringer Ingelheim’s Vetmedin Solution (pimobendan oral solution) for the management of signs of congestive heart failure in dogs. Pimobendan is already approved as Vetmedin chewable tablets for the same indication. (FDA)
- Blacksmith Medicines, Inc., a company developing medicines targeting metal-dependent enzymes, and Zoetis announced a collaboration to discover and develop novel antibiotics for animal health. (prnewswire)
- Cattler announced the launch of its interface with Elanco Animal Health Incorporated to provide data collaboration for customers participating in Elanco Knowledge Solutions (EKS) services that include (but are not limited to) Benchmark and Experior Data Services. (yahoo.com)
- IDEXX Laboratories, Inc. announced the launch of Vello, a software solution that seamlessly connects veterinary practices and clients through modern, digital tools. Vello is purpose-built for IDEXX practice management software and enables veterinary practices using ezyVet, Neo, and Cornerstone software to communicate efficiently with pet owners in a single system. (company press release)
- The FDA announced that Covetrus North America LLC pled guilty to causing the introduction and delivery of misbranded veterinary prescription drugs into interstate commerce. According to court documents, from March 2019 to December 2021, Covetrus shipped over $20 million in prescription drugs from their non-pharmacy locations throughout the United States to end-users that were not authorized to receive prescription drugs. As part of the agreement, Covetrus will pay over $23 million in criminal fines and forfeitures. (FDA)
- DSM-Firmenich has announced the initiation of a process to separate its Animal Nutrition & Health (ANH) business from the rest of the group, although its animal health brands Bovaer and Verameris would likely remain part of the group. DSM-Firmenich believes that the ANH business’ full potential could be realized through a different ownership structure, for which all potential separation options will be considered. (com)
- Rejuvenate Bio announced a partnership with a leading animal health company for the development and commercialization of its novel one-dose gene therapy technology for the treatment of canine osteoarthritis. (Businesswire)
- Better Choice Company announced its acquisition of Aimia Pet Healthco The transaction follows a partnership established by the two companies in 2023 to develop a GLP1 supplement benefitting pets with obesity and related health issues. Financial terms were not disclosed. (Petfood Processing)
- Petszel LLC announced the recent launch of its platform dedicated to revolutionizing the post-adoption experience for shelters and pet parents. Petszel’s primary focus is to enhance the preparation of new pet parents for their caregiving journey facilitating an the connection between shelters, new pet parents, and nearby pet/vet services. (prnewswire)
- Petsource by Scoular has completed a $75 million expansion of its Seward, Nebraska facility that provides an additional 70,000 square feet of freeze-dried pet food ingredient manufacturing space. (Feedstuffs)
- Petsense by Tractor Supply celebrated the opening of its 200th store in Phenix City, Alabama. (Pet Business)
- UK Herdwatch announced the acquisition of ComTag and Lilac Technology. ComTag supplies TB and blood testing software solutions for veterinary practices across the island of Ireland; Lilac Technology offering its own TB and blood testing software, TB Master, to customers in England and Wales. Financial terms were not disclosed. (ie)
- CANADA Remilk announced it is the first company to receive Health Canada’s “Letter of No Objection” for the use and sale of animal-free milk protein in Canada. Remilk’s animal-free BLG milk protein is produced via precision fermentation. (Feedstuffs)
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ANIMAL HEALTH STOCK PRICE TRACKER
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ANIMAL HEALTH NEWS
- US – AVIAN INFLUENZA The USDA Animal and Plant Health Inspection Service (APHIS) has confirmed highly pathogenic avian influenza (HPAI) on two additional commercial poultry operations—one in Colorado and one in North Carolina; both were the first in the state in over a year. The two operations bring the total number of birds affected by HPAI in the US since February 2022 to 81.9 million birds, although detections in commercial poultry operations have dwindled over the past month. (Feedstuffs)
- US – VETERINARY EDUCATION Puerto Rico’s Ana G. Méndez University-Gurabo (UAGM-Gurabo) School of Veterinary Medicine received a letter of reasonable assurance from the AVMA’s Council on Education (AVMA COE), indicating that the UAGM-Gurabo veterinary school may gain accreditation in the future if the program completes all the plans it presented to the AVMA COE. UAGM will offer a four-year curriculum, with the final year dedicated to clinical studies to be undertaken at established stateside veterinary schools. The veterinary school will accept its first class this fall. (AVMA)
- US – DAIRY HERD The USDA’s semiannual estimate of cattle inventories indicates the number of dairy cows to start 2024 is the lowest in four years. As of January 1, U.S. dairy herds contained about 9.357 million dairy cows that calved in 2023. (Vet Advantage – Ag Proud)
- US – FEED REGULATION FDA’s Center for Veterinary Medicine (CVM) announced that it intends to withdraw Policy & Procedures Manual (PPM) 1240.3605, Regulating Animal Foods with Drug Claims. It is doing this to facilitate animal and veterinary product advancement, and to encourage the development of safe, novel products and products for unmet human and animal needs. Additionally, FDA is working with Congress in seeking new legislative authority for a clear regulatory pathway for substances added to animal food or drinking water that function in the gut of an animal in one of three ways: affecting the microbiome of the animal, affecting the byproducts of the digestive process, or reducing pathogens in food products made from the animal. (FDA)
- US – BVD RESEARCH USDA researchers, in cooperation with the University of Nebraska, have completed an extensive study that produced a calf proven to have reduced susceptibility to BVDV via gene editing. The researchers used CRISPR/Cas9 gene editing technology to replace 6 amino acids in the CD46 gene, the site within the cell to which the BVD virus cleaves and gains entry to infect and replicate in a new host animal. Overall, the study showed that the gene editing measure did not make the calf entirely immune to BVDV, but did significantly improve the calf’s ability to withstand the viral challenge. (com)
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BRAKKE CONSULTING VIEWPOINT
Reading Animal Health News and Notes this week brings seminars to my mind. If you haven’t already done so, by all means sign up today for the Brakke 2024 Animal Health Industry Overview that will be conducted at the Western Vet Conference on Monday, Feb. 19 from 2:00pm to 4:00pm. If you attended the Overview at VMX last month, you know that it was a standing room only audience, so please reach out today to Amanda McDavid to reserve your seat! The space is filling fast, but there are still places available.
Two additional seminars will be conducted on Monday morning, in the same room as the Overview later that day. At 9:30 am to 10:30 am, Yuki Ujimasa, DVM, MS will present an overview of the process to be followed in registering veterinary products in Japan. For anyone considering starting the process of bringing products to Japan, you’ll find Yuki’s presentation to be invaluable in describing the steps to be followed and some background on working with the regulatory agencies in Japan. Yuki is a great resource for you if you are interested to pursue this important market.
At 11:00 am Jeff Santosuosso will present a very informative, practical overview on strategies to identify talent as you compete to hire the best. Jeff has a wealth of knowledge about recruiting top talent and can help you break through the clutter. You’ll get some solid information from Jeff and have the benefit of useful discussion among the participants. I attended this seminar at VMX and I found it very informative and extremely well done.
Both morning seminars are available to you at no cost, but they do require that you RSVP to secure a spot. See the links earlier in the Newsletter to sign up!
Recently we’ve also had several inquiries about our Transaction Insights seminar that was last conducted in Kansas City in August 2023. Currently, we are setting up plans to conduct this seminar again at the conclusion of the Kansas City Animal Health Corridor in August. More details will be available in coming weeks.
Jim Kroman
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YOUR VIEW
Last week we asked about your personal history taking pets to a veterinary clinic, specifically how involved have the veterinary technicians been in discussing dental care. Almost 40% or our respondents say that the vet techs were somewhat or very involved in discussing home care products including dental care. The surprise for me was that 30% said “I don’t recall anyone discussing dental care with me.” It appears that there is room for some improvement.
This week
Since we’re still in February – National Pet Dental Month – let’s have one more question about pet dental care. Assuming that the readers of Animal Health News and Notes are well educated about caring for their pets’ teeth, let’s find out how well we actually do this ourselves.
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