Animal Health News & Notes for March 15, 2024

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Brakke Consulting’s
Animal Health News & Notes for March 15, 2024
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Animal Health Jobs

Earnings News
CryoPort
Petco

Other News
BluePearl
Chewy
Devenish Nutrition
EASY BIO
Fear Free
HawkCell
Meadowlake Pet Resort and Training Center
MIG Capital
Pet Resort Hospitality Group
PET|VET M&A, Sales & Advisory
Phibro
Playtime Pet Resort
Trivest Partners
Vetstream
Williamsburg Pet Hotel and Suites

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Brakke Consulting

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EARNINGS NEWS RELEASES

• Petco Health and Wellness Company, Inc. announced its full year 2023 financial results. Net revenue was $6.3 billion, up 3.6% versus prior year, inclusive of a 53rd week. Net loss was $(1.3) billion (inclusive of a goodwill impairment of $1.2 billion), compared to net income of $89.9 million in the prior 52-week year. (company press release)
• CryoPort, Inc. announced financial results for the year ended December 31, 2023. Animal Health revenues were $30.4 million, a decline of 9% from the prior year. (com)

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K-STATE OLATHE
Professional Development and Academic Webinars

The Statistician in R&D: A Vital Team Member, Not an Inconvenience | Apr. 24, 11:45 a.m. to 1:00 p.m.
Statistics is a critical part of regulatory submissions and working with statisticians can be overwhelming for scientists and professionals. People who are adept at working with statisticians are more effective and successful. Register today!

The Science of Communication: Setting Yourself Up for Success | May 22, 1:30 to 4:30 p.m.
Come learn about animal health and communication with Haley Larson, Ph.D., who is a teaching assistant professor of animal health at Kansas State University’s Olathe campus. Register today!

You may also visit our website to view our complete list of upcoming events.

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COMPANY NEWS RELEASES

• Phibro Animal Health Corp. announced it is expanding its manufacturing facility to support Animate, a patented anionic mineral supplement for pre-partum dairy cattle, which may help to reduce the incidence of clinical and subclinical hypocalcemia. (Feed Strategy)
• Chewy‘s management announced recently that the company is launching an operating-system software for vets called Rhapsody. This cloud-based software allows vets to manage their businesses with features such as scheduling, messaging, expenses tracking, task management, and more. Rhapsody also integrates with Chewy’s Practice Hub e-commerce portal for vets. (motley fool)
• BluePearl, in partnership with the U.S. Army Office of the Surgeon General and U.S. Army Veterinary Corps, announced the Veterinary Trauma Readiness and Operational Medicine Agility (Vet-TROMA) program. BluePearl specialists will provide specialty and emergency veterinary care training to U.S. Army veterinarians to enhance their abilities to treat Military Working Dogs (MWDs) combat casualties. Vet-TROMA is currently offered at two BluePearl hospitals near U.S. Army facilities, with plans to expand to additional locations. (prnewswire)
• Vetstream and Fear Free LLC announced a strategic alliance. Fear Free certified veterinary practices will have access to Vetstream’s library of educational materials as well discounts to Vetstream’s premier service, Vetlexicon. In return, Fear Free will be endorsing Vetstream’s behavioral content and working with Vetstream to add additional behavioral content to Vetstream’s comprehensive library. (com.au)
• Trivest PartnersP., and its pet services platform, Pet Resort Hospitality Group, announced it has acquired three pet care brands from PET|VET M&A, Sales & Advisory. The companies featured in the bundled asset transaction include: Meadowlake Pet Resort and Training Center, a two-location resort; Playtime Pet Resort, with two locations; and Williamsburg Pet Hotel and Suites. Financial terms were not disclosed. (Pet Business)
• EASY BIO, South Korea’s leading animal nutrition company, announced the acquisition of a 100% stake in Devenish Nutrition LLC, a U.S. corporation specializing in feed additives, from its parent company, Ireland-based Devenish Holdings Limited. Devenish Nutrition develops and sells feed additives and premixes. Financial terms were not disclosed. (Feedstuffs)
• FRANCE Germany-based MIG Capital announced the closing of a EUR 5 million ($5.5 million) Series A financing for HawkCell, a France-based healthtech start-up developing a unique plug-and-play solution turning human MRI into the first animal-dedicated imaging enhanced with AI algorithms. (EQS-news.com)

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ANIMAL HEALTH STOCK PRICE TRACKER

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ANIMAL HEALTH NEWS

• US – DRUG LABELING The FDA is proposing new regulations to provide animal drug sponsors with predictable requirements for the labeling of prescription and over-the-counter new animal drugs, as well as new animal drugs for use in animal feeds. The FDA is accepting public comments on the proposed rule for 90 days from the date of publication in the Federal Register. The public should submit either electronic or written comments on the proposed rule by June 10, 2024. Comments can be submitted electronically via the Federal eRulemaking Portal, or in writing to Dockets Management Staff (HFA-305), Food and Drug Administration, 5630 Fishers Lane, Rm 1061, Rockville, MD 20852. (FDA)
• UK – VET COMPETITION The UK’s Competition and Markets Authority, an antitrust regulator, plans to open a full investigation into the competitiveness of pricing and access to pet medicines after receiving more than 56,000 responses from the public and veterinary industry. The primary concern is over the ability of pet owners to find “basic information like price lists and prescription costs – and potentially overpaying for medicines.” The CMA is also concerned about weak competition in some areas, driven in part by sector consolidation. (ca)

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BRAKKE CONSULTING VIEWPOINT

Telemedicine in Veterinary Practice: What’s the Future?
Technology continues to reshape our lives, it’s no surprise that the veterinary industry is also embracing digital solutions, and as the sun sets on pandemic-era telemedicine regulations, a new dawn emerges for veterinary medicine. With California, Colorado, and Florida lifting restrictions, we stand at a crossroads—a moment to ponder the trajectory of telemedicine in our industry.

In general, telemedicine refers to the use of technology to remotely deliver health information, education, or care, and the COVID crisis increased focus and accelerated demand – especially in human health. However, the animal health industry, has been slow to embrace it’s use, and the jury seems to still be out on its future.

So, what are the overall upsides and hurdles?

The Upside

• Accessibility – Telehealth bridges geographical gaps, allowing rural pet owners to access expert advice.
• Convenience – No more stressful car rides for anxious pets—consultations happen from the comfort of home.
• Efficiency – Faster diagnoses mean quicker treatment decisions, better follow-up after in-clinic visits.
• Client Education – Telehealth educates pet parents in preventive care and behavior management.

The Hurdles

• Vet to pet owner relationship is critical – Telehealth must complement, not replace, in-person visits.
• Regulations – State laws vary and navigating them can be complex.
• Privacy and Security – Protecting sensitive data is paramount

As the industry adapts, collaboration between veterinarians, telehealth providers, and regulators will be key. We must tread carefully, ensuring technology enhances, not replaces, our connections. Will telehealth help enhance the care delivered by veterinarians?  Will it help bring more pets into veterinary care?  We will see soon in a few States.

Richard Hayworth

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YOUR VIEW
Last week, we asked you about your thoughts on funding and investments in animal health companies in 202 compared to last year.  About 35% of respondents said it would be about the same, while almost the same number (33%) said it would be slightly better.  About the same  thought investment would be much better and much worse (8 and 9%).  All-in-all, our respondents really don’t see it getting worse.  Hope that is good,

This week let’s see what you think about Daylight Savings Time.  I was under the impression it was started to help farmers, but it turns out they were one of the strongest opponents to DST when in started in the US in 1918 and then was repealed in 1919.  But, to save energy during WW II, DST was reinstated.  But it has ben criticized for health reasons and disrupting sleep patterns.  So, now it’s 2024…what do you think, should we keep Daylight Savings Time?