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Brakke Consulting’s
Animal Health News & Notes for November 22, 2024
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Animal Health Jobs
Earnings News
BARK
Jaguar Health
JBS
PetVivo
Spectrum Brands
Other News
Akorn Pharmaceuticals
Blue Rabbit
Dômes Pharma Group
Elanco
FoodScience
Innocan Pharma
L Catterton
Morgan Stanley Capital Partners
MWI
My Compounding Pharmacy
Optiscan
Parnell
Phibro
Royal Canin
SentrX Animal Care
Smithfield Foods
TriRx Speke
The Veterinary Cooperative
WeVets
WH Group
Wind Point Partners
Zomedica
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Animal Health Jobs
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EARNINGS NEWS RELEASES
- Spectrum Brands Holdings, Inc. reported results from continuing operations for the fiscal year ended September 30, 2024. Global Pet Care net sales were $1,152 million, a 1% increase year-over year. (company website)
- PetVivo Holdings, Inc. reported results for the fiscal second quarter ended September 30, 2024. Revenues totaled $201,000, down 3% from the same year ago period. Net loss was $(2.2) million, as compared to a net loss of $(3.7) million in the same year-ago quarter. (globenewswire)
- Jaguar Health, Inc. reported its consolidated third-quarter 2024 financial results. The total net revenue for the Company’s Mytesi and Canalevia-CA1 prescription products and license revenue was approximately $3.1 million, an increase of approximately 14%. Of this, Mytesi was approximately $3.0 million. Revenues for the non-prescription Neonorm products were minimal. Net loss attributable to common shareholders was $(9.9) million compared to a net loss of $(7.8) million in the prior-year quarter. (seekingalpha)
- BARK, Inc. announced its financial results for the fiscal second quarter ended September 30, 2024. Total revenue was $126 million, a 2.5% increase year-over-year. Net loss improved 49% to $(5.3) million, year-over-year. (Pet Business)
- JBS reported results for the third quarter of 2024. Net Revenue was a record $19.9 billion. Net profit was $693 million. (Feedstuffs)
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COMPANY NEWS RELEASES
- The FDA announced it has approved Phibro Animal Health Corp.’s Paqflor (generic florfenicol), the first generic florfenicol drug for controlling mortality in certain species of freshwater-reared fish. (FDA)
- Royal Canin US and the Human Animal Bond Research Institute (HABRI) announced a partnership to create educational content intended to provide dog and cat owners with resources on pet nutrition, healthy treating, the human-animal bond and more. (Pet Age)
- Investment funds managed by Morgan Stanley Capital Partners announced that they have acquired FoodScience from Wind Point Partners. FoodScience offers nutritional supplements including VetriScience and Pet Naturals brands, as well as private label and custom formation offerings. Financial terms were not disclosed. (company press release)
- The FDA announced it has approved Parnell Technologies‘s PropofolVet Multidose, the first generic propofol injectable emulsion for dogs. (FDA)
- Zomedica announced the launch of its third equine-focused assay – Insulin for equine plasma – for the TRUFORMA In-Clinic Biosensor Testing Platform. (yahoo finance)
- Dômes Pharma Group has officially renamed SentrX Animal Care as Dômes Pharma, Inc. in the U.S., strengthening its global brand presence. In addition, Dômes Pharma has acquired the NeoPolyBac ointment Veterinary label – a triple antibiotic ophthalmic product – from Akorn Pharmaceuticals. Financial terms were not disclosed. (prnewswire)
- Innocan Pharma Corporation announced that it will focus its development resources on advancing its Liposome Platform Technology-Cannabidiol (LPT-CBD), a monthly injectable treatment for chronic pain in both animals and humans. Innocan has made strong progress with the FDA’s Center for Veterinary Medicine (CVM) with the issuance of an Investigational New Animal Drug (INAD) designation in July 2024. (prnewswire)
- The Veterinary Cooperative (TVC) announced a partnership with Blue Rabbit, Wedgewood’s prescription management and comprehensive online pharmacy platform. (businesswire)
- Optiscan announced a collaborative research agreement with the University of Minnesota College of Veterinary Medicine to demonstrate its real-time in-vivo imaging capabilities in the veterinary market. The initial focus will be on cancer research in companion animals. (com.au)
- WH Group announced plans for the spin-off of Smithfield Foods, Inc., and a separate listing on either the New York Stock Exchange or Nasdaq Stock Market in the US. The company’s shareholding in Smithfield is expected to decrease to approximately 80%, and Smithfield will remain as a subsidiary of the company. (Feedstuffs)
- UK Elanco Animal Health Incorporated announced it has acquired a contract manufacturing facility and related assets in Speke, UK. The facility, previously owned by TriRx Speke, was under trading administration, a formal insolvency process in the United Kingdom. The Company provided certain interim funding during the administration and paid $25 million in cash at closing to acquire the facility and related assets. (company press release)
- UK MWI Animal Health UK announced the launch of Vet Sphere Academy, a continuous professional development (CPD) platform designed to help veterinary practices and their staff meet CPD training requirements. (company press release)
- BRAZIL L Catterton announced that it has made a strategic investment in WeVets, a leading independent veterinary hospital group in Brazil operating 24-hour centers and diagnostic labs. Founded in 2020, WeVets has 15 hospitals and two labs in São Paulo and Rio Grande do Sul. (com)
- AUSTRALIA Sydney-based My Compounding Pharmacy announced the expansion of its services to include bespoke veterinary compounding across Australia. (com)
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ANIMAL HEALTH STOCK PRICE TRACKER
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ANIMAL HEALTH NEWS
- US – AVIAN INFLUENZA AT DAIRIES Western United Dairies, which oversees over 90% of dairies in California, says they’ve seen just under 280 dairy farms with positive cases in cows since this summer. More dairies are currently undergoing testing; the company believes there are approximately 100 more that are presumed positive. Dairies who are under quarantine are testing their employees; the state has seen 22 confirmed cases of avian influenza in humans since the first positive test this summer. In addition, nearly 794,000 broiler chickens and 189,000 turkeys in California have been affected by highly pathogenic avian influenza (HPAI) over the past week. (AVMA SmartBrief – com, Feedstuffs)
- US – ANTIMICROBIAL SURVEILLANCE The USDA’s Animal and Plant Health Inspection Service has announced eight awards totaling nearly $5 million to maintain, expand and utilize previously developed antimicrobial resistance dashboard tools. These awards will help advance scientific knowledge around AMR through partnerships several universities as well as the National Association of State Departments of Agriculture. (Feedstuffs)
- US – FELINE HEARTWORM The American Heartworm Society has updated its Feline Heartworm Guidelines regarding screening, mosquito control and treatment options. Revisions include changes to testing recommendations; the importance of vector control in the cat’s environment; and advice for treating heartworm-positive cats, including specific medication dosages and surgical removal techniques. The guidelines and a summary may be downloaded at org/guidelines. (Todays Veterinary Business)
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BRAKKE CONSULTING VIEWPOINT
Home Delivery as a Drop-Ship Business: A Growing Opportunity for Veterinary Practices
Home delivery is much more than a convenient service for pet owners—it’s an opportunity for veterinary practices to drive in-house pharmacy revenue while streamlining operations. Adopting a drop-ship model (and mindset) for pet medications, diets, and wellness products provides several immediate benefits including better compliance, reduced inventory management burdens and improved staff efficiency.
The drop-ship model allows practices better manage valuable pharmacy and clinic space, reduces the risk of expired or overstocked items and helps prevent theft. Products shipped directly from suppliers to clients simplifies the logistics and allows staff to focus more on patient care.
From a business standpoint, analysts suggest aiming for profit margins between 20-30% to ensure a healthy return. While these margins may seem considerably lower than those from in-clinic sales, the reduced labor and operational costs associated with drop-shipping make it an attractive option.
As with nearly all personal interactions in life, clear communication with clients is key to making this successful. Promote auto-ship option to lock-in repeat purchases, offer bundled wellness packages, and implement loyalty incentives to encourage repeat replenishment purchases.
For practices looking to stay competitive and meet client expectations, managing home delivery through a drop-ship model is a smart move. It combines convenience for pet owners with profitability for the practice—offering benefits for everyone involved.
Richard Hayworth
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YOUR VIEW
Last week, we asked how many different employers you have worked for in the animal health industry. 18% have only worked for one employer; 37% have worked for two or three; 32% have worked for four to six; and 13% have worked for more than six.
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