Animal Health News & Notes for September 13, 2024

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Brakke Consulting’s
Animal Health News & Notes for September 13, 2024
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Hiring Manager Survey

Earnings News
Petco

Other News
Better Choice
Ceva
iM3
Medgene
Mixlab
SRx Health Solutions
ThaMa-Vet
Trupanion
Vimian Group
Virbac
Zomedica

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Brakke Consulting
US Hiring Managers – we want to hear from you!

 Is finding the right talent becoming harder for your company? Brakke Search and Animal Health Jobs want your input on the hiring market. Help us gather insights by taking a short survey on hiring trends in the Animal Health Industry. The results will be shared for free in November with all participants, and your responses will remain anonymous.

The first 50 qualified respondents who complete the survey will be entered to win a free job posting or admission to the Brakke Consulting Industry Overview at VMX or WVC 2025. Please take the survey only if you are the hiring manager for a US animal health company.

CLICK HERE to take the survey! Thank you for your time! 

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EARNINGS NEWS RELEASES

• Petco Health and Wellness Company, Inc. announced its second quarter 2024 financial results. Net revenue was $1.52 billion, a decrease of 0.5% year over year; comparable sales increased 0.3% year over year. GAAP net loss was $(24.8) million, compared to GAAP net loss of $(14.6) million in the prior year. (company press release)

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K- State Olathe
Professional Development Webinars 

Animal Health Regulatory Affairs: Working Successfully with USDA and FDA | Sept. 17-19
This year, K-State Olathe has refreshed their annual animal health regulatory affairs programming to include a three-day conference. Join us on campus for presentations on navigating the USDA and FDA, and updates on the EPA. Participants will have an opportunity to network with subject matter experts, attend a professionals skills course, and practice what they learn through a case study workshop. | Learn more and register  

Artificial Intelligence in Animal Health Diagnostics | Oct. 9
AI is unlocking the future of diagnostics in all industries. It is vital to identify and communicate how AI empowers the next wave of diagnostic innovation in animal health. Holding a basic understanding of AI is vital for the new era of animal health professionals so they can better understand and utilize new animal health diagnostic technologies. | Learn more and register

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

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COMPANY NEWS RELEASES

• Virbac announced its partnership with the Association for Pet Obesity Prevention (APOP) to help address the growing issue of pet obesity throughout the United States. APOP and Virbac will collaborate to create educational resources and tools for pet owners and veterinarians, detailing the importance of more tailored nutrition to help maintain pets’ metabolic health following spaying or neutering. (Petfood Processing)
• Ceva Animal Health announced it has begun antigen production for an experimental autogenous vaccine to fight the emerging Avian Metapneumovirus (aMPV) disease, with a finished product expected to be available in about 8 weeks (pending the passing of quality control checks). Ceva received authorization from the Center for Veterinary Biologics to ship a Type B isolate to its autogenous production facility in July 2024; there are currently no commercially licensed vaccines available in the US. (com)
• Vimian Group AB announced an agreement to acquire 100% of iM3 Dental Limited in Ireland and 80% of iM3 Pty Ltd in Australia, a global provider of veterinary dental products and equipment, for EUR 84 million ($93 million). An additional possible amount of maximum EUR 60 million may be vested over a five-year period, subject to ambitious EBITDA hurdles. iM3 has consolidated annual revenues of around EUR 35.9 million. (company website)
• Medgene announced it has responded to notice from the USDA Center for Veterinary Biologics (CVB) on testing of vaccines to address H5N1 incidence in dairy cattle, and will test its rapid-response vaccine technology in a dairy cattle study. Separately, Medgene announced a partnership with Iowa State University to develop sheep and goat vaccines, funded by a two-year grant from the USDA Animal & Plant Health Inspection Service (APHIS) National Animal Disease Preparedness Response Program. (company press release)
• Trupanion, announced the official launch of its Trupanion product in Germany and Switzerland. The launch follows the Company’s expansion to Continental Europe in 2022 with the acquisition of pet insurance companies with expertise in the region. Trupanion policies in Germany and Switzerland will be administered and managed by Trupanion’s local team in Europe, and the policies will be underwritten locally by third parties. (company press release)
• Zomedica announced it has secured the CE Mark for its TRUVIEW digital microscopy and telepathology platform. The CE Mark certification enables Zomedica to commercialize the TRUVIEW microscope across the European Economic Area (EEA). (acceswire.com)
• Mixlab announced the release of a new client portal that provides animal owners with 24/7 order management capabilities. (businesswire)
• ThaMa-Vet announced it has developed two new automatic syringes to address the specific needs of the fish industry. The all-metal, single barrel, ThaMa 405, is a fixed dosage syringe for the mass treatment of fish with all the features needed for wet environment vaccinations. The all-metal, double-barreled ThaMa 422 is a fixed dosage syringe enabling the administration of two different vaccines in two different dosages at once in one shot using one needle. (com)
• CANADA Better Choice, maker of Halo pet foods and treats, announced it will acquire human healthcare service provider SRx Health Solutions for $125 million. SRx Health operates 35 specialty pharmacy locations, 40 health clinics, 4 clinical trial sites and 2 distribution facilities in Canada. (company press release)

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ANIMAL HEALTH STOCK PRICE TRACKER

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ANIMAL HEALTH NEWS

• US – VETERINARY SPENDING A bipartisan bill — the People and Animals Well-being (PAW) Act — that would expand the use of tax-advantaged health care spending accounts to include veterinary care expenses has been introduced in Congress. The legislation seeks to amend Internal Revenue Code Section 213(d), and would increase animal health eligibility in programs that include Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). (DVM360)

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BRAKKE CONSULTING VIEWPOINT
The U.S. veterinary workforce situation is a complex blend of challenges, combining both shortage and retention issues. Recent studies indicate that while there isn’t a widespread, across-the-board shortage of veterinarians, there are clear gaps in certain sectors including food animal, production, and rural practices.

Additionally, the workforce is facing high turnover rates and burnout, especially among new vets with less than 5 years in practice, vet techs and other supporting staff roles. One real world example is the practice who cares for my dog and has been a long-standing pillar of the local vet community since 1968.  The practice manager says there’s been no shortage of veterinarians, however, finding reliable and committed support staff is an ongoing challenge.

Graduation rates from veterinary schools remain relatively steady, with around 3,000 to 4,000 new veterinarians entering the workforce annually. However, the demand for veterinary services continues to grow faster than the available supply, particularly in companion animal medicine, where a significant portion of new veterinarians are employed.

One key factor contributing to the workforce issues is retention. Many veterinarians experience burnout due to significant stressors including student debt, hectic caseloads and poor work-life balance, which leads to early exits from the profession. This can exacerbate the shortage, as the industry struggles not only to fill new roles but also to retain the veterinarians already in practice.

In conclusion, while there seems to be no immediate shortage of new veterinarians entering the field, retention issues among vets and supporting staff will compound the problem. These challenges can be addressed by offering better emotional support, flexible work environments, and decreasing heavy caseloads to keep more professionals in the field.

Rich Hayworth

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YOUR VIEW
Last week, we asked how you expect your business to finish the year. 35% of you said your sales will be right on target, and 27% expect to be ahead of your sales target. But 29% expect to be below target, and 10% think they will be below target as well as below 2023.

This week
What do you believe is the biggest factor contributing to the current veterinary workforce shortage?