The Experts in Animal Health

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Brakke Consulting’s
Animal Health News & Notes for March 31, 2023
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:

Brakke Consulting News
Richard Hayworth joins Brakke Consulting

Earnings News
Animalcare Group
Better Choice Company
Boehringer Ingelheim
Cal-Maine Foods
Jaguar Health
JBS
Neogen

Other News
Canidae
General Mills
L Catterton
Mars
National Veterinary Associates
Natural Balance
Nexus Capital Management
Norbrook Laboratories
Provetica
Smalls
Virbac

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BRAKKE CONSULTING
Richard Hayworth Joins Brakke Team

Brakke Consulting is pleased to announce Richard Hayworth has joined the Brakke Consulting team as a Senior Consultant.

Prior to joining the Brakke Consulting team, Rich worked as a successful independent sales consultant for the past four years. Before that, he held various companion animal  sales roles including national account management experience for Novartis, Virbac, and KindredBio, where his experience spanned work with independent veterinarians and distributors to key accounts and corporate clinics. Rich has stayed on the leading edge of sales trends and specializes in “selling to and pulling through” evolving animal health channels like online retailers, big box retailers, specialty pet stores and international export channels.

Rich can be reached at 214-422-2025 or rhayworth@brakkeconsulting.com.

www.BrakkeConsulting.com

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EARNINGS NEWS RELEASES

  • Boehringer Ingelheim reported financial results for the year 2022. Animal Health net sales were EUR 4.56 billion ($4.94 billion), a 6% year-over-year increase (-0.5% currency-adjusted). US Animal Health sales were EUR 2.0 billion ($2.2 billion), an increase of 11% (-1.2% currency-adjusted). (company website)
  • Neogen Corporation announced the results of the third quarter ended February 28, 2023. Revenues were $218 million, an increase of 70% compared to the prior year. Core revenue growth, which excludes the impacts of foreign currency translation and acquisitions completed in the last 12 months, was 4.0%. Net income was $8.2 million compared to $5.4 million in the prior-year period. Revenues for the Animal Safety segment were $66.7 million in the third quarter, an increase of 1.9%. (company press release)
  • Animalcare Group plc announced its preliminary unaudited results for the year 2022. Revenues were GBP 71.6 million ($88 million), a decline of 3%. Reported profit before tax was GBP 2.5 million ($3.1 million), compared to GBP 0.9 million in 2021. (company website)
  • Jaguar Health, Inc. reported consolidated financial results for the year 2022. Net Canalevia-CA1 revenue (launched in April 2022) was approximately $167,000. Neonorm revenues were minimal for the fourth quarters of 2022 and 2021. (seekingalpha)
  • JBS S.A. announced its 2022 results. Net revenue was R$375 billion ($73 billion), an increase of 7% year-over-year. Net income was R$15.5 billion ($3.0 billion), a decline of 24%. JBS Beef North America’s net revenue was R$114.0 billion ($22.3 billion), a decline of 1.4% year-over year; EBITDA was R$10.7 billion ($2.1 billion), a decline of 56%. (company website)
  • Better Choice Company reported its financial results for the year 2022. Net sales were $55 million, a 19% year-over-year increase. Net loss was $(39.3) million compared to net income of $3.4 million in 2021. (company website)
  • Cal-Maine Foods, Inc. reported results for the third quarter of fiscal 2023 ended February 25, 2023. Net sales were $998 million compared with $478 million for the same period last year. Net income was $323.2 million compared with $39.5 million for the third quarter of fiscal 2022. (Businesswire)

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COMPANY NEWS RELEASES

  • Virbac announced the appointment of Giovanni Abruzzini as the new President and CEO of Virbac North America, effective from March 27, 2023. (com)
  • The FDA announced it has approved Norbrook Laboratories‘ Tauramox, the first generic moxidectin injectable solution indicated for beef and nonlactating dairy cattle for the treatment and control of internal and external parasites in cattle. (FDA)
  • The FDA announced it has approved Provetica‘s Modulis for Cats, the first generic cyclosporine oral solution indicated for the control of certain skin conditions resulting from feline allergic dermatitis. (FDA)
  • National Veterinary Associates (NVA) announced that it will form two distinct businesses – Ethos Veterinary Health, which will consist of 145 world-class specialty veterinary hospitals, and NVA, which will continue to oversee approximately 1,400 locations consisting primarily of general practice veterinary hospitals in addition to equine hospitals and pet resorts. The formation of the two businesses will allow NVA and Ethos to focus on their distinct strategic growth priorities and prepare for eventual IPOs of each in the next two to three years. (Businesswire)
  • Natural Balance and Canidae announced that they have entered into a definitive merger agreement under which the companies will combine. As part of the transaction, L Catterton, majority shareholder of Canidae, and Nexus Capital Management, majority shareholder of Natural Balance, are each contributing new growth capital to support the successful integration and strategic long-term expansion. Terms of the transaction were not disclosed. (Pet Business)
  • Smalls, a six-year-old direct-to-consumer startup that makes human-grade food for cats, announced that it has raised $19 million in a new funding round to help it expand. The round includes investment by venture funds affiliated with Mars, Inc, and General Mills. (Forbes)

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ANIMAL HEALTH STOCK PRICE TRACKER

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ANIMAL HEALTH NEWS

  • US – HORSE RACING New and enhanced anti-doping regulations took effect in US Thoroughbred horse racing this week following the Federal Trade Commission’s (FTC) approval of the Horseracing Integrity and Safety Authority’s (HISA) Anti-Doping and Medication Control (ADMC) Program. For the first time in the sport’s history, the vast majority of racetracks that operate Thoroughbred horse races will now adhere to uniform testing and enforcement standards. (PRNewswire)
  • US – VETERINARY SPECIALTY The American Board of Veterinary Specialties has fully recognized shelter medicine practice as a specialty under the American Board of Veterinary Practitioners. (Todays Veterinary Business)
  • BRAZIL – ZOONOSES Centers for Disease Control and Prevention has warned that cat-transmitted sporotrichosis has emerged as a zoonotic epidemic and major public health threat in Brazil with the potential of spreading to the US. Sporotrichosis is caused by a group of fungi from the Sporothrix genus, which has a worldwide distribution, particularly in tropical and subtropical regions. Cats carry high loads of Sporothrix brasiliensis that are easily transmitted to other cats and to humans and dogs. (AVMA)

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BRAKKE CONSULTING VIEWPOINT
Developing team members has always been a desirable goal, both for those in the veterinary hospital environment and those who serve it. These days, with low unemployment and changing workforce demographics, upskilling and development are more important than ever. Consider how COVID, hybrid/remote work, technological advances, globalization, etc. affect your team.

After all the dedication of creating a great team, how do we build and retain it, particularly through skills development? Sending staff to conferences for CE, skills enhancement, networking, and some diversion is a classic means. Self-teach options abound, particularly online at little or no cost. Manpower reports that 57% of workers are “currently pursuing training outside of work.” Key gaps in company-provided training include: relevant skills, career advancement, and staying competitive in the job market.

Surprisingly, SHRM suggests that the largest companies are doing a poor job. Maybe this is because far too often, training doesn’t work and we think this is primarily due to the person not having the natural talents needed for this skill.

We recommend that you work closely with team members to uncover their individual training and development desires based upon their natural talents. How can you facilitate this pursuit? How can you partner? We can help.

Jeff Santosuosso
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YOUR VIEW
Last week, we asked your thoughts on the availability of livestock and companion animal market data in animal health industry. 73% felt that we could do with more options; 15% think it’s about right, and 12% think we could benefit from more consolidation.

This week
Describe your recent personal training and development history:

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