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Brakke Consulting’s
Animal Health News & Notes for March 25, 2022
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
2022 Pain Management Products report – pre-order now
Earnings News
General Mills
Neogen
Other News
Animalcare
Apiam Animal Health
Aurora Pharmaceuticals
Breedr
Companion Animal Health
FDB
Fidu
Grey Wolf Animal Health
Hester Biosciences
HT BioImaging
Investbridge Capital
Magen Ventures
Orthros Medical
PetDx
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KC ANIMAL HEALTH CORRIDOR
ANIMAL HEALTH SUMMIT
2022 EMERGING COMPANY APPLICATION DEADLINE IS APRIL 4
The KC Animal Health Corridor is now accepting applications from early-stage companies to present at the 14th annual Animal Health Summit, held in Kansas City on August 29-30, 2022.
The 14th annual Summit is one of the only opportunities in the world for early-stage companies in the animal health and nutrition sectors to present their vision, business plan and technology to potential investors.
The selection committee will consider companies that meet the following criteria:
– Seeking $500,000 – $20 million in funding, or strategic partnerships to advance a company’s technology
– Revenue projections of $20 million within 5-7 years
Applications are due by April 4. To apply to present as an emerging company, visit the Animal Health Summit application page .
For more information, contact Kimberly Young at young@thinkkc.com.
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EARNINGS NEWS RELEASES
- General Mills reported results for the third quarter ended February 27, 2022. Net sales for the Pet segment increased 30% to $568 million, including a 14-point benefit from the pet treats acquisition. Segment operating profit increased 8% to $111 million. (company press release)
- Neogen Corporation announced results for the third quarter of its 2022 fiscal year ended February 28. Revenues were $128 million, a 10% increase compared to the previous year’s third quarter. Net income was $5.4 million compared to $13.4 million in the previous year’s third quarter, adversely impacted by $10.6 million of professional fees incurred in connection with Neogen’s plan to combine 3M’s Food Safety business with the company’s existing operations. Revenues for the company’s Animal Safety segment were $65.5 million, an increase of 12% year-over-year (+9% organic growth). (company website)
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COMPANY NEWS RELEASES
- Animalcare announced agreements with Dutch business Orthros Medical, giving Animalcare an exclusive global license for two preclinical VHH antibody candidates for the treatment of canine osteoarthritis. As part of the collaboration, Orthros could receive over EUR 11.5 million ($12.6 million) from Animalcare, with an initial upfront payment of EUR 500,000 made to Orthros. (IHS Markit Connect)
- Apiam Animal Health announced the US launch of Xtend 21 antimicrobial surface protectant. Designed for use in agriculture, veterinary and animal health, Xtend 21 can be applied across barns, transport and equipment. The product is being distributed by Aurora Pharmaceuticals. (Marketscreener.com)
- PetDx, in collaboration with Fidu, is making internal medicine and oncology consultations available to veterinarians in general practice who are using OncoK9 – The Liquid Biopsy Test for Dogs. Consultations with specialists through Fidu further bolster the vet-to-vet customer support & success services already offered by PetDx. (PRnewswire)
- Companion Animal Health, a division of DJO, announced a strategic agreement, including an equity investment, with HT BioImaging to co-brand and exclusively sell the HTVet product in the US and Canada. HTVet enables a non-invasive, real-time diagnostic of suspicious cutaneous and subcutaneous masses at the point-of-care. HTVet’s innovative technology is Heat Diffusion Imaging (HDI), an AI-based algorithm that recognizes cancerous cells by their unique dynamic heat-flow properties. (Businesswire)
- FDB (First Databank, Inc.) announced that FDB Vela, FDB’s new, cloud-native electronic prescribing network is now available to the veterinary industry. (PRNewswire)
- INDIA Hester Biosciences announced it will launch its new pet care division in April. The initial companion animal portfolio will include products in the dermatology, grooming, anti-infective and specialty categories. (IHS Markit Connect)
- CANADA Grey Wolf Animal Health announced it is merging with Magen Ventures. Grey Wolf and its equine compounding pharmacy Trutina Pharmacy had annualized revenues of C$20 million ($15.9 million) in 2021. Financial terms were not disclosed. (IHS Markit Connect)
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UK Livestock data analytics firm Breedr announced it has closed a series A funding round with GBP 12 million ($15.8 million led by asset management firm Investbridge Capital. Breedr will use the completed series A funding to develop new financial services and products, and invest in its expansion in Australia and the US. (IHS Markit Connect)
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Brakke Consulting
2022 PAIN MANAGEMENT PRODUCTS FOR DOGS AND CATS
PRE-ORDER BY APRIL 15 FOR DISCOUNT
Pain management is one of the leading topics in veterinary medicine today. Brakke Consulting’s annual report on Pain Management Products for Dogs and Cats includes such valuable information as:
- estimates of US sales and prices of leading products
- new and upcoming pain management products, including ZORBIUM and monoclonal antibody products LIBRELA and SOLENSIA
- discussion of the use of cannabinoids in veterinary pain management
- 2022 survey of 359 small animal veterinarians regarding use of pain management products
NEW THIS YEAR! The report will feature trended, aggregated practice-level dispensing data provided by VetSuccess, including chronic vs. acute use of analgesics, comparisons of analgesic revenue per patient by brand, and data on brand-switching at the patient level.
Pain Management Products for Dogs and Cats 2022 can be purchased for $8,750 if ordered by April 15, 2022, and $9,495 thereafter. The report will be completed in late April. Questions about the study can be answered by project manager Lynn Fondon, DVM, MBA at Lfondon@brakkeconsulting.com.
www.BrakkeConsulting.com
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ANIMAL HEALTH STOCK PRICE TRACKER
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ANIMAL HEALTH NEWS
- US – INDUSTRY ASSOCIATIONS The Pet Industry Joint Advisory Council (PIJAC) announced it has rebranded as the Pet Advocacy Network, to reflect its evolution over the past 50 years as the legislative and regulatory voice of the responsible pet care community. The organization also unveiled its new website at org. (Pet Product News)
- US – TELEHEALTH The Michigan House approved legislation that would allow veterinarians more freedom to schedule telehealth visits, recommend alternative treatments such as acupuncture and delegate their tasks to others in certain situations. The bills would codify in law veterinary telehealth rules that were expanded during the COVID-19 pandemic allowing veterinarians to hold a telehealth visit with an animal without a primary, in-person visit currently required under law to establish a veterinarian-client-patient relationship. West Virginia also recently passed a bill that would allow vets from other states to offer telehealth services for patients in West Virginia. (Detroitnews.com, Farmanddairy.com)
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BRAKKE CONSULTING VIEWPOINT
In a recent viewpoint, John Volk wrote about the Western Vet Conference in Las Vegas and how attendance was nearly back to pre-pandemic levels. I too was pleasantly surprised at the turnout. As I walked the convention floor, the largest companies were prominent with their mega-booths. What amazed me was the number of small and mid-sized companies displaying their products and services to support the animal health industry.
There were numerous instrument, diagnostic, exam room equipment and clinic supply companies displaying their products. However, what struck me the most was the number of companies promoting services and technologies to help drive efficiencies in the clinic and to assist with a clinic’s financial needs. Technologies to drive efficiency have become more and more critical as the industry continues to suffer from labor shortages both in terms of veterinarians and for support staff including vet techs. Stress levels appear to be at all-time highs in the industry both with vets and vet techs. In the absence of a wave of quality labor supply, clinics will continue to turn to technology to help handle the surging patient volumes.
I hope the efficiency tools help deliver the benefits that were promoted to ease some of the stress the industry is facing. The need is now.
Randy Freides
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YOUR VIEW
Last week we asked about R&D budgets. Results were fairly evenly split: 31% said their company’s R&D budget was less than 5% of animal health revenues, 38% said 5-10%, and 31% said more than 10%.
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