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Brakke Consulting’s
Animal Health News & Notes for May 19, 2023
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Brakke Search
Earnings News
ImmuCell
Jaguar
Ourofino Animal Health
Spectrum Brands
Zomedica
Other News
Agronomics
BAIF
Ceva
Charlotte’s Web
Good Dog Food
ISK Animal Health
JAB Holding Company
Nortev
PARI
PetPartners
Phillips Pet Food & Supplies
Pumpkin Insurance Services
Sexing Technologies USA
Siddhi Capital
Vetina
Zoetis
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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
- Ourofino Animal Health reported results for the first quarter of 2023. Revenues were R$167 million (US$34 million), a decline of 17%. Adjusted net loss was R$(3.4) million (US$0.7 million) compared to net income of $R16 million in the prior year quarter. (company website)
- Zomedica reported consolidated financial results for the three months ended March 31, 2023. Revenue for the first quarter of 2023 was $5.5 million, an increase of 45%. Net loss was $(6.4) million compared to a net loss of $(3.9) million in the prior-year quarter. (Yahoo finance)
- ImmuCell Corporation announced its unaudited financial results for the quarter ended March 31, 2023. Product sales decreased by 43% to $3.4 million. Net operating loss was $(2.3) million, in contrast to a net operating income of $571,000 during the three-month period ended March 31, 2022. As previously disclosed, the company made the strategic decision to significantly reduce production output during the quarter to remediate a production contamination event. (company press release)
- Spectrum Brands reported results for its second quarter of fiscal 2023 ended April 2, 2023. Global Pet Care net sales were $297 million, an increase of 0.5% (+3% organic sales). Adjusted EBITDA for the Global Pet Care segment was $46 million, an increase of 14%. (company website)
- Jaguar Health, Inc. reported consolidated first-quarter 2023 financial results. Net revenue for Canalevia-CA1 was approximately $28,000, a year-over-year increase of 17%. Revenues for the non-prescription Neonorm products and Jaguar’s Animal Health business unit were minimal. (Accesswire)
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BRAKKE CONSULTING SEARCH
Veterinarian industry position
Veterinarians! Looking for a career move out of the ordinary, one with leadership in a unique specialty clinic? Sage Veterinary Imaging in Sandy, UT is seeking someone like you to lead their team to help provide human-grade diagnostic imaging services to pets. Check our short video for details and be sure to apply directly by clicking here! We look forward to speaking with you. For questions, please contact Jeff Santosuosso, Executive Recruiter at jeff@brakkeconsulting.com
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COMPANY NEWS RELEASES
- JAB Holding Company announced that its pet insurance platform has acquired a majority interest in Pumpkin Insurance Services Zoetis will maintain a significant minority stake in Pumpkin and continue its commercial partnership with the business. Financial terms were not disclosed. (Businesswire)
- ISK Animal Health and Ceva Animal Health announced the launch of Panoquell-CA1 (fuzapladib sodium for injection), the first and only drug conditionally approved by the FDA to treat acute canine pancreatitis. Panoquell-CA1 will be marketed and distributed in the US by Ceva. (company press release)
- PetPartners announced the launch of OnePack Plan, an employer-based group pet insurance offering. OnePack works like other annual group benefits, meaning the employer is the master policyholder with a single rate for all participants. The plan offers coverage for cats and dogs, provides the option of accident or accident and illness coverage, and allows employers to contribute to premiums. (Vet Advantage)
- Charlotte’s Web announced a distribution partnership with Phillips Pet Food & Supplies, expanding its CBD-based pet product portfolio to 6,000 retailers in over 14,000 locations. (Globalpets)
- INDIA Vetina announced a strategic arrangement with BAIF for making the Sex Sorted Semen (SSS) available to a larger segment of dairy farmers in India using Vetina’s Sales, Marketing and Distribution network. The SSS is produced at BAIF’s state of the art laboratory in collaboration with Sexing Technologies USA using latest patented SexedULTRA Technology. (company announcement)
- IRELAND PARI announced the acquisition of Irish company Nortev, which manufactures and sells the equine inhaler Flexineb, an inhaler for respiratory therapy in horses by nebulizing medication or saline solution. Nortev also offers inhalers for small animals. Nortev distributes its products worldwide in over 30 countries in Europe, North America, Australia and the Middle East. Financial terms were not disclosed. (news)
- UK Good Dog Food, a company aiming to advance the development of cultivated meat in pet nutrition, closed its seed funding round with GBP 3.6 million ($4.5 million) in investments. Agronomics, Siddhi Capital, and others participated in the funding round. (Petfood Processing)
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ANIMAL HEALTH STOCK PRICE TRACKER
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ANIMAL HEALTH NEWS
- BRAZIL – AVIAN INFLUENZA Brazil, the world’s top chicken exporter, confirmed two cases of H5N1 subtype of Highly Pathogenic Avian Influenza (HPAI) in wild birds on the coast of Brazil’s southeastern state of Espirito Santo. This is the first time HPAI has been confirmed in the country. (alarabiya.net)
- US – VETERINARY CARE GUIDELINES The American Animal Hospital Association announced the publication of Selected Endocrinopathies of Dogs and Cats Guidelines. The Guidelines are available on the AAHA website. (association press release)
- US – ANIMAL WELFARE The U.S Supreme Court rejected an appeal by the National Pork Producers Council and American Farm Bureau Federation challenging California’s Proposition 12. That law, which passed in 2018, requires pork meat sold in the state to come from pigs born to a sow hosed in at least a 24-square-foot-pen. The NPCP and AFBF had filed a lawsuit seeking to overturn Proposition 12, claiming it violates the U.S. Constitution’s Commerce Clause. (Feedstuffs – subscription)
- US – DRUG REGULATION The US House of Representatives passed the Testing, Rapid Analysis, and Narcotic Quality (TRANQ) Research Act by unanimous vote; a companion bill in the Senate has passed the Senate Science, Commerce, and Transportation Committee and is now headed to the floor of the Senate for a full Senate vote. The measure would require the National Institute of Standards and Technology (NIST) to support research and develop coordinated strategies and voluntary best practices for the safe handling, transport, and analysis of illicit drugs containing xylazine, novel synthetic opioids, or other emerging substances of concern. The bill does not address scheduling xylazine as a controlled substance. (AVMA Smartbrief – Medpagetoday)
- US – GENE EDITING The FDA announced the availability of a pre-recorded webinar for developers who are interested in learning more about the process of requesting an Investigational Food Use Authorization (IFUA) for animals with investigational intentional genomic alterations (IGAs). To watch the webinar, please visit FDA Animal Biotechnology Case Study Webinar for Investigational Food Use Authorizations of Animals with Investigational Intentional Genomic Alterations. Please submit any questions following the webinar to FDA-CVM-Animal-Biotechnology-Feedback@fda.hhs.gov by June 30, 2023. (FDA)
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BRAKKE CONSULTING VIEWPOINT
The Society for Human Resource Management, SHRM, just posted two warnings. For the first time, productivity dropped for five consecutive quarters . Meanwhile, compensation rates reached their highest level since the 2008 financial crisis .
Together, these factors might send finance managers and stockholders swooning. While SHRM makes no connection between them and recent stock market stagnation, they send reassurance.
For inefficiency, SHRM points not to hybrid work itself, but to its poor implementation. They also point to high turnover and adoption of technology.
For compensation, they point to tight labor markets. They add that life sciences has increased compensation at the highest rates. However, they note that 2023 projections look to slow from 2022’s peaks.
For suppliers to our industry, the effect of these trends is not yet clear. We continue to enjoy a robust industry which finds ways to overcome many obstacles. Yet while it’s unclear if veterinary hospitals are less efficient, we’ve seen spikes in compensation. These rising cost are offset by rate increases. Will those efficiency losses and wage pressures catch up with us?
Jeff Santosuosso
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YOUR VIEW
Last week, we asked if your company has experienced a change in leadership in the past 2 years; 59% of you said yes.
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