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Brakke Consulting’s
Animal Health News & Notes for June 3, 2022
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Veterinary Home Delivery report – now available
Earnings News
Alivira Animal Health
Chewy
Other News
Avivagen
BetterVet
Firmenich
HydroWorx
Kemin Industries
Neogen
Nong San Viet Co
Nuzoa
Royal DSM
TheraVet
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Southwest Veterinary Symposium – SWVS 2022 Fort Worth!
Fort Worth, Texas – Fort Worth Convention Center
September 22-25, 2022
Early Bird Registration — Now Until July 31st
Steer Your Career – Southwest Veterinary Symposium is 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
- Chewy, announced financial results for the first quarter of fiscal year 2022 ended May 1, 2022. Net sales were $2.43 billion, an improvement of 14% year over year. Net income was $18.5 million compared to net income of $38.7 million in the prior-year quarter. (company press release)
- SeQuent Scientific reported results for the fourth quarter of its fiscal year 2022. Revenues were INR3.83 billion ($46.4 million), an increase of 6% year-on-year. SeQuent is the parent company of Alivira Animal Health. (IHS Markit Connect – subscription)
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Brakke Consulting
2022 VETERINARY HOME DELIVERY REPORT
NOW AVAILABLE
Product sales represent an important component of a veterinary clinic’s revenues. In today’s competitive environment, veterinarians increasingly need to offer innovative, convenient solutions to successfully compete with online pet pharmacies and retail sources.
Developed from the data collected for Brakke’s biannual 2021 Sales Force Effectiveness Study, the Veterinary Home Delivery Report contains key information about companion animal veterinarians’ approach to providing the convenience in purchasing veterinary products demanded by their clients. The 60-page report, based on data from 1,400 companion animal practice respondents, answers questions such as:
- How are veterinarians serving clients who prefer to order products online or by telephone?
- What are the trends in writing prescriptions for online pharmacies?
- How many clinics have online stores, and what is the sales volume through the stores?
- Which online services providers are clinics utilizing, and how do veterinarians rate their performance?
The Veterinary Home Delivery Report is now available; the price of the report is $7,500.
For more information, contact Lynn Fondon at lfondon@brakkeconsulting.com.
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COMPANY NEWS RELEASES
- Neogen Corporation has added a new insect control solution for poultry producers to its Prozap product line. announced the launch of Prozap Gamma-Defense (gamma-cyhalothrin), a micro-encapsulated, slow-release insecticide for use in and around poultry and other livestock housing, buildings and structures for the control of litter beetles, flies, fleas, ticks and other listed pests. (Feedstuffs – subscription)
- Royal DSM announced it is merging with Swiss fragrance and flavor specialist Firmenich. The new business – DSM-Firmenich – will have combined annual revenues of around EUR 11.4 billion ($12.2 billion). The merged company’s animal nutrition and health division will be its largest segment, with annual sales of EUR 3.3 billion representing 29% of DSM-Firmenich’s annual revenues. (IHS Markit Connect – subscription)
- Kemin Industries announced the launch of KeminConnect, a cloud-based data management platform that connects Kemin’s liquid application systems with its Internet of Things (IoT) tool. (Feedstuffs – subscription)
- HydroWorx, a provider of performance and rehabilitative hydrotherapy solutions, announced it has launched a new product line for animal health. The HydroWorx Pet Therapy line debuts with the K900, an underwater treadmill system made with medical grade stainless steel and a walk-through design. (prweb)
- BetterVet, providers of mobile and virtual veterinary care, today announced expansion into two major US markets, Dallas and Baltimore, effective June 1. BetterVet is now available in 20 markets nationwide. (company press release)
- EU TheraVet announced the commercial launch – in Belgium, France, Netherlands, United Kingdom, Ireland, and Spain – of its new line of bone substitutes added over the past few months: Biocera-Vet Bone Surgery Ready-to-Use, Biocera-Vet Granules, Biocera-Vet Smartgraft and Biocera-Vet Osteosarcoma Ready-To-Use. The company also announced the signing of an exclusive distribution agreement with Nuzoa, a leading Spanish company in the distribution of veterinary products and services. Nuzoa will leverage its own sales and marketing force in the veterinary field to promote and distribute the BIOCERA-VET products in Spain. (Businesswire, ACROFAN)
- VIETNAM Avivagen announced that it has signed a new distribution agreement with Nong San Viet Co., Ltd (VIET ACC) to support the company’s continued market expansion for its oxidized carotenoid-based feed additive product in Vietnam. (company press release)
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ANIMAL HEALTH STOCK PRICE TRACKER
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ANIMAL HEALTH NEWS
- US – FDA GRANTS The FDA has opened a new period for applications for grants to support the development and potential approval or conditional approval of new animal drugs intended to treat uncommon diseases (minor uses) in major species (horses, dogs, cats, cattle, pigs, turkeys and chickens) or to treat minor species (MUMS drugs). The due date to submit an optional Letter of Intent to apply for a grant is June 13, 2022, and applications must be submitted by July 29, 2022. For more information click here. (FDA)
- US – AVIAN INFLUENZA The USDA’s Animal and Plant Health Inspection Service announced that Agriculture Secretary Tom Vilsack approved the transfer of $400 million from the Commodity Credit Corporation to APHIS to directly support the unit’s avian influenza response efforts. To date, the virus has been confirmed in 35 states, affecting more than 37.9 million domestic birds. (Feedstuffs – subscription)
- WORLD – OIE The 182-member OIE has launched a new identity and will now be called the World Organisation for Animal Health (WOAH)(OMSA in French and Spanish). (IHS Markit Connect – subscription)
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BRAKKE CONSULTING VIEWPOINT
The Great Resignation has been upon the animal health and nutrition industry for more than a year now. The tight labor market has slowed hiring as indicated from a recent Brakke survey of veterinarians indicates that replacing a veterinarian in a clinic averaged 14 months last year Similar hardships are faced by most companies in our industry.
What should companies do? One way is to reduce turnover by focusing on your company culture, onboarding, and work flexibility, which have been shown to increase team member satisfaction and loyalty, while making them more productive too.
A recent Gallup study showed that a concerted effort to foster and reinforce a positive culture increases sales by 19% and profits by 29%, while reducing attrition by 72%. Another indicates that clear onboarding improves retention by 23%, while poor training accounts for 40% of resignations. A third revealed that nearly half of respondents indicated they’d accept a lower salary if they could work in a hybrid environment. Thirty percent indicated the ideal work environment is 100% remote. (Source: PharmiWeb)
We are reinvigorating the Brakke Consulting recruiting practice and have recently heled several firms fill key managerial and leadership roles. And while the workforce may have changed over the years, what has not changed is how important retaining and hiring people are to the success of any company. We can help.
Jeff Santosuosso
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YOUR VIEW
Last week we asked what you think is the biggest growth opportunity for the Covetrus business. The most common answers were related to e-commerce (home delivery of pet medications – 33%; and home delivery of OTC pet products – 17%). 19% said additional veterinary-focused technology platforms; 14% said geographical expansion; 8% said diagnostics; and 6% said proprietary generic pharmaceuticals.
This week
This week’s question: Which factor has been most important in your talent retention program:
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