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Brakke Consulting’s
Animal Health News & Notes for July 28, 2023
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Animal Health Jobs
Transaction Seminar
Earnings News
Neogen
Other News
Brief Media
Deiko
Hill’s
Invetx
Lowe’s
Petco
QSM Diagnostics
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2023 Animal Health Summit
August 28-29, 2023
Location: Midland Theatre | Kansas City, MO
Registration is now open for the 2023 Animal Health Summit.
Register today! The Animal Health Summit features two days of networking, 1:1 business partnering, industry thought leaders, panel discussions, speakers and emerging company presentations. Learn more.
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EARNINGS NEWS RELEASES
- Neogen Corporation announced the results of the fiscal year ended May 31, 2023. Revenues were $822 million, an increase of 56% compared to the prior year. Core revenue growth was 4.0% and acquisitions contributed 54.5%, while foreign currency was a headwind of 2.5%. Net loss was $(22.9) million, compared to net income of $48.3 million in the prior year; the decrease was driven primarily by costs related to the recently completed merger with the former 3M Food Safety Division. Revenues for the Animal Safety segment were $276 million, an increase of 3%. (Seekingalpha)
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COMPANY NEWS RELEASES
- Hill’s announced its Prescription Diet k/d is now upgraded with its new ActivBiome+ Kidney Defense prebiotic blend to activate the gut microbiome, reducing uremic toxins known to harm kidneys. The dry formulations of k/d also contain Enhanced Appetite Trigger, clinically tested to stimulate appetite & encourage food intake. (company announcement)
- Invetx announced that it has recently completed development of its species-specific, half-life extension technology for dogs and cats, which leads to superior extended duration of activity for the company’s veterinary monoclonal antibodies. Invetx’s technology lengthens the time between doses – to every other month, quarterly or possibly even longer. (company press release)
- Petco announced it is expanding its store-within-a-store partnership with Lowe’s from 15 locations to nearly 300 by year-end. Focusing on rural communities across the country, the expansion will provide access to pet supplies and veterinary care in Lowes stores across the country. (Pet Business)
- Brief Media, owner of Clinician’s Brief and Plumb’s, announced it has become VetMedux. (company announcement)
- LATIN AMERICA QSM Diagnostics announced a distribution agreement with Deiko, a holding company with over 30 years of experience specializing in the distribution of consumables for veterinarians in Mexico and Latin America. (company press release)
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BRAKKE CONSULTING
Transaction Insights: Unlocking the Secrets to Successful Business Deals in Animal Health
New seminar coming August 30-31, 2023 in Kansas City
Are you seeking to navigate the complex landscape of buying and selling businesses in the animal health and nutrition industry? We are excited to announce the relaunch of our educational due diligence seminar, tailored specifically for animal health professionals.
It’s more than just due diligence – we will help you unlock the secrets to successful deals in animal health. Our comprehensive seminar is designed to equip you with the knowledge, tools, and strategies to make informed decisions and to successfully manage a transaction. Presenters include Bob Jones, Jim Kroman, Randy Freides, and Ron Brakke as well as Damian Burke, Main Street Capital and Mark Stoneman, Armstrong, Teasdale, LLP. The preliminary agenda can be found here.
This Seminar will be held after the KCAHC Animal Health Summit in Kansas City on Wednesday and Thursday, August 30-31. Click here to sign up today and receive a discount.
For more information, contact Amanda McDavid at amcdavid@brakkeconsulting.com or 336.396.3916.
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ANIMAL HEALTH STOCK PRICE TRACKER
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ANIMAL HEALTH JOBS
As the scorching summer heat intensifies, so does the competition to find top talent. But fear not, at animal Health Jobs, we have the solution to help you beat the heat and attract high-quality, experienced, and talented candidates seeking meaningful careers in this industry. To help you beat the summer heat – and the competition in talent searching, we would like to introduce our sizzling summer discount. Through August 18th , use the code sizzle25 to save 25% on every job posting and package.
So, while your competitors are melting away, you’ll be one step ahead, embracing the summer spirit and effortlessly discovering the perfect addition to your team!
Don’t let the heat hinder your search for top talent. Embrace the summer vibes and join the ranks of industry leaders who have harnessed the power of our services to elevate their teams. At checkout, use the code sizzle25 to receive your discount. Don’t have a job to post right now? Use the code to purchase future credits, all credits are good for six months. If you have questions, call us at 1-252-203-0033 or email us at info@animalhealthjobs.com. But don’t wait too long, the sizzle only last until August 18, 2023.
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ANIMAL HEALTH NEWS
- VIETNAM – ASF Vietnam has approved domestic commercial use of two African swine fever vaccines: NAVET-ASFVAC, which was developed by scientists in the US and Navetco Central Veterinary Medicine; and AVAC ASF LIVE, which was developed by AVAC Vietnam JSC. The vaccines had 95% efficacy in test on swine herds in 40 provinces, according to the government. (AVMA SmartBrief – Reuters)
- CANADA – FMD The government of Canada announced it has committed $57.5 million over 5 years, with $5.6 million ongoing, to the Canadian Food Inspection Agency (CFIA) to establish an FMD Vaccine Bank for Canada, and to develop FMD response plans. Canada’s new FMD Vaccine Bank will consist of concentrated FMD vaccines that can be rapidly transformed into usable vaccines in a timely and cost-effective manner. (ca)
- According to Similarweb, pet supplies reached sales of $300 million during Amazon Prime Day on July 11 and 12. Pet supplies were the 12th most popular category. (GlobalPets)
- US – DAIRY COW WELFARE Colorado State University researchers have received a $1 million grant from the USDA’s National Institute of Food and Agriculture to study end-of-life decision-making for the culling of dairy cattle. In an effort to identify the most influential factors impacting end-of-life decisions and develop practical interventions, researchers will use a Social Ecological Model to analyze the complex interplay between a range of factors and decision makers throughout the supply chain. After collecting and summarizing the data, researchers will host workshops to bring together the stakeholders across the country and the industry – from dairy owners to processors to veterinarians – to look at co-creating an intervention that will improve the process for both the humans working in these fields and the animals they’re caring for. (Feedstuffs – subscription)
- SWEDEN – HORSE HEALTH Researchers from the Swedish University of Agricultural Sciences and the University of Gothenburg tested the use of a new drug combination – ldenafil (Viagra), anesthetic mepivacaine and glucose – to treat horses with osteoarthritis-associated lameness, and the use of joint biomarkers that reflect the articular cartilage and bone remodeling to evaluate treatment efficacy. The research was published in the medical journal Osteoarthritis and Cartilage Open Journal. (Horse and Hound – subscription)
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BRAKKE CONSULTING VIEWPOINT
News out of Vietnam this week brings word of the first ever commercial sale of vaccine for African Swine Fever (ASF). Two new vaccines have been approved for use against this dreadful pathogen that was responsible for the deaths of as much as 25% of the global pig population during the most recent outbreak in 2018/19.
Although ASF has been known since the early 1900’s, these appear to be the first ever commercial vaccines made available to producers. There are at least 24 genotypes of ASF virus based on sequencing in Africa and there is limited cross-protection between different strains of the virus. Introduction of an effective broad-spectrum vaccine would be an absolute game-changer for global swine production organizations. Current strategy to contain an ASF outbreak is to either quarantine the pig population (if possible) or slaughter them.
The world will be watching for evidence of real-world efficacy on the part of these vaccines. This is an example of what our industry contributes to the good of mankind through animals that we raise for food; and it serves to remind us that there can still be new solutions to old, intractable problems. ASF reminded us that old problems, until solved, always have the potential to become new and potent challenges.
Jim Kroman
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YOUR VIEW
Last week’s question asked “Recently, how long is it taking you to hire qualified individuals for your open positions?” 15% said that timing has improved, 26% say it’s about the same, and 45% say it’s taking noticeably longer. The other 14% have not hired anyone recently.
This week
This week, you’ve seen in the Newsletter that we’re getting into mid-year earnings season. So put on your forecasting hats and goggles and tell us how the rest of the year looks: will overall animal health industry results in the 2nd half be better than the first half, about the same, or weaker than the first half? Let’s see how you do!
How will the financial results for the rest of the year look for the animal health industry?
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