Animal Health News & Notes for September 22, 2023

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Brakke Consulting’s
Animal Health News & Notes for September 22, 2023
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Animal Health Jobs

Earnings News
General Mills

Other News
ACT VC
adivo
Atlantic Bridge
Creative Science
Felix
Independence Pet Group
MI:RNA
Micron Agritech
Pet Valu Holdings
PetIQ
Revival Animal Health
The Vets
VistaMilk
Walmart
Yield Lab Europe
Zoetis
Zomedica

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Animal Health Jobs
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EARNINGS NEWS RELEASES

• General Mills, Inc. reported results for the first quarter ended August 27, 2023. Net sales for the Pet segment were $580 million, unchanged from year-ago levels; organic net sales were also flat. Segment operating profit of $111 million was down 10%. (company press release)

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COMPANY NEWS RELEASES

• Revival Animal Health announced the purchase of Creative Science, a company that provides innovative animal health product solutions to veterinarians, producers, and pet owners. Financial terms were not disclosed. (company press release)
• Zomedica announced the commercial launch of its newest assay – endogenous ACTH (eACTH) for equine plasma – for the TRUFORMA In-Clinic Biosensor Testing Platform. (Marketscreener)
• Walmart announced the opening of a dedicated pet services center in a suburb of Atlanta, Georgia, offering veterinarian visits and dog grooming appointments. The first-of-its-kind center will have its own dedicated entrance next to a store and will carry the Walmart name; but will be staffed by employees of PetIQ, which rents space for vet clinics inside more than 65 Walmart stores. The Georgia location will serve as a pilot, but Walmart plans to open more locations. (CNBC)
• The Vets, a mobile veterinary service, has debuted its Total Wellness membership with 2 separate plans: one for adult pets and one for puppies and kittens. Each plan features full medical exams, an array of core and lifestyle vaccinations, comprehensive lab work, and a 1-year supply of monthly preventative medications. (DVM360)
• Independence Pet Group (IPG), a full-stack pet insurance platform, announced the completion of its acquisition of Felix, the only pet insurance brand just for cats in the US. Financial terms were not disclosed. (Pet Business)
• GERMANY Zoetis announced it has acquired 100% of the shares of German biotech company adivo GmbH. adivo, which spun off from MorphoSys AG in 2018, develops animal-specific therapeutic antibodies using two patent-protected technology platforms. Financial terms were not disclosed. (Biopharmadive.com)
• IRELAND VistaMilk announced it has developed chipless, electronics-free cow health monitors that do not need battery power to send data to computers or mobile devices.  The developers say the devices will allow for ear tags or skin patches to transmit data read by scanners. (ie)
• UK Diagnostics testing company MI:RNA has developed a new AI-empowered testing method for early disease detection of Johne’s disease, using microRNA assay technology. The company has received GBP 500,000 of second-round funding from Innovate UK to help further product and technology development and pave a final route to market the product. (com)
• IRELAND Irish start-up Micron Agritech has secured EUR 2.7 million in funding co-led by ACT VC, Atlantic Bridge and Yield Lab Europe. It has developed a parasite testing kit for animals that allows veterinarians to conduct on-site testing using their mobile phones. Its latest invention, the Rapid Liver Fluke Test, allows farmers to easily test livestock for liver fluke through an app that uses AI to deliver results within minutes. (com)
• CANADA Pet Valu Holdings announced it has opened a state-of-the-art 670,000-square-foot distribution center in Brampton, Ontario, Canada. The distribution center is the country’s largest distribution center and robotics automation installation dedicated to serving the pet specialty industry. Pet Valu expects the distribution center to be fully operational by the first half of 2024, following a phased transition period. (Pet Product News)

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ANIMAL HEALTH STOCK PRICE TRACKER

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ANIMAL HEALTH NEWS

• US – ANIMAL HEALTH INNOVATION The FDA announced it is taking new steps to further modernize its approach to evaluating and supporting the development of innovative animal and veterinary products. The Animal and Veterinary Innovation Agenda lists four objectives and details the supporting actions by the agency’s Center for Veterinary Medicine (CVM) to foster product development and implement smart, risk-based approaches to regulating modern animal and veterinary products. As part of this agenda, the agency is expanding the  Veterinary Innovation Program (VIP) to include additional features for developers of ACTPs and IGAs in their interactions with the FDA.  (FDA)
• US – VETERINARY TELEHEALTH California lawmakers passed a bill allowing the formation of a veterinarian-client-patient relationship through remote methods. If Assembly Bill 1399 is signed into law by Governor Gavin Newsom, California will be the sixth state in the nation to eliminate the requirement that a VCPR only be established after a veterinarian conducts an in-person exam. The other states are Arizona, Idaho, New Jersey, Vermont and Virginia. (Vet Advantage – VIN)
• NETHERLANDS – AVIAN INFLUENZA VACCINATION The Netherlands has begun a field trial on avian flu vaccination on behalf of the Ministry of Agriculture, Nature and Food Quality (LNV), with 1,800 day-old chicks receiving a vaccination against highly pathogenic avian influenza (HPAI) H5N1. This field trial is a scientific study, and the products of the vaccinated chickens will not be marketed; first results are expected in the second quarter of 2024.  (Feedstuffs)
• US – VETERINARY COLLECTIVE BARGAINING The National Veterinary Professionals Union reported ratification of the first collective bargaining agreement at All Creatures Animal Hospital in Bremerton, Washington (owned by Cara Veterinary Corp.). The two-year agreement includes more paid time off and a policy regarding abusive clients, as well as a tiered wage system, with clear processes for how workers can increase their pay. The workers also are represented by the International Longshore and Warehouse Union. (Todays Veterinary Business)

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BRAKKE CONSULTING VIEWPOINT
Some surprises in the talent world these days. Employers are casting wider nets to keep up with increasingly competitive talent demand and rethinking traditional guidelines, even rules. SHRM has posted articles describing these burgeoning workforce trends.

1. Loosening requirements for college degrees – greater focus on training, skill sets, and personality traits
2. More willingness to hire job-hoppers – this appears to be more common among GenZ and Millennials
3. Increase in annual pay raise percentages – now averaging a budget of around 4.4%
4. Increased interest in fractional C-Suite roles – I’ve personally come across two in our industry in the past month.

We’ve come a long way from the mandatory 9-5, 40-hour workweek with lifetime employment and pensions! These developments may be due to the shifts in talent and labor supply and demand. They may also reflect generational shifts, Covid-related changes in priorities and lifestyle, recent hikes in inflation and interest rates, etc. Perhaps the pendulum will swing back, but these are at least current trends.

While our industry continues to hold closer to tradition, we can see and feel these trends creeping into our hiring practices. How can we take advantage of these trends?

Jeff Santosuosso
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YOUR VIEW

Last week we asked about recent airline travel experiences. While the skies may remain friendly, it seems the terminals are not. While nearly 40% indicated no recent travel disruptions, nearly 2/3 cited a recent delay and nearly ¼ a recent flight cancellation. Almost 10% mentioned that a checked bag did not arrive with the flight. Let’s hope things improve!

This week
Which of these directly affects your organization? (Check all that apply.)

Loosening requirements for college degrees
More willingness to hire “job-hoppers”
Increase in annual pay raise percentages
Increased interest in fractional C-Suite roles
None