Several companies reporting results in the last few weeks have commented on the “softness” of the companion animal market. It’s true that visits to veterinary practices are down a bit compared to the prior year. However, I’m not hearing about any “softness” from veterinarians. Revenues are up for most, and many practices are still finding it extremely difficult to fill openings both for veterinarians and staff members.
Veterinarians are working more hours than they prefer. According to AVMA, the median hours worked has climbed from 40 to 45 hours per week over the last couple of years. Keep in mind that visits increased pretty dramatically during the pandemic, and we’re still dealing with the tail end of above-normal comps.
What’s more, veterinarians continue to be quite bullish about revenue growth in 2023 and beyond, according to recent surveys and conversations with veterinarians. It’s probably also safe to assume that pets are still getting the preventives, medications, food and supplements they need, even if visits to veterinarians have backed off slightly. I think we can expect another solid year in animal health and nutrition.
John Volk
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