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The Experts in Animal Health
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Southwest Beterinary Symposium - SWVS 2023
San Antonio, Texas – Henry
B. Gonzalez Convention Center
September 21-24, 2023
Join us to celebrate our 20th
Anniversary!
Registration is OPEN! Southwest
Veterinary Symposium — a partnership of the Arkansas, Louisiana, New Mexico,
Oklahoma, and Texas Veterinary Medicine Associations which provides continuing
education for veterinary professionals. Join us this September in Fort Worth,
Texas, where you can learn about the latest innovations and products while
exploring our exhibit hall, network with other veterinary professionals, and
choose from more than 400+ hours of quality CE/RACE-approved sessions.
www.swvs.org
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Company Earnings Releases
- Orion Group reported results for
the second quarter of 2023. Net sales of the Animal Health business division in
were EUR 23.5 million ($25.6 million), a
year-over-year increase of 32%. Sales include the turnover of the animal health
company VMD (Inovet), acquired in June 2022.
(company website)
- Zomedica Corp. reported
consolidated financial results for the quarter ended June 30, 2023. Revenue was
$6.0 million, an increase of 43% compared to the second quarter of 2022,
primarily driven by growth in Therapeutic segment revenue from PulseVet and
Assisi product sales. Net loss was $(5.3) million, unchanged from the three
months ended June 30, 2022. (Seekingalpha)
- ImmuCell Corporation announced
its unaudited financial results for the quarter ended June 30, 2023. Product
sales decreased by 9% to $3.5 million. Net loss was ($1.4) million, in
comparison to net loss of ($684,000) during the three-month period ended June
30, 2022. (company press release)
- Jaguar Health, Inc. reported
consolidated second-quarter 2023 financial results. Net revenue for
Canalevia-CA1 was approximately $39,100, an increase of 40% over the first
quarter of 2023. Revenues for the non-prescription Neonorm products for calves
and foals were minimal. (Marketscreener)
- Spectrum Brands reported results for
its fiscal 2023 third quarter ended July 2, 2023. Global Pet Care net sales
were $272 million, a decline of 6%. Pet Care adjusted EBITDA was $54 million,
an increase of 31%. (company website)
- PetVivo Holdings, Inc. announced
financial results for the first quarter of its fiscal year 2024 ended June 30,
2023. Revenues were $117,183 compared to revenues of $58,174 in the prior-year
quarter. Net loss was $(2.9) million as
compared to a net loss of $(2.0) million in the prior-year quarter. (Menafn.com)
- JBS reported its Q2 2023
financial results. Net revenue for JBS Beef North America was $5.8 billion, an
increase of 5% compared to the same quarter last year. Pilgrim's Pride posted a
net revenue of $4.3 billion Q2, down 7% from Q2 2022. JBS USA Pork posted net
revenue of $1.8 billion for the quarter, 16% lower compared to the second
quarter 2022. The company reported a net
loss of $(53) million for the quarter, down sharply from a net profit of $803
million in Q2 2022. (Feedstuffs -
subscription)
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Animal Heath Jobs
Discover
Your Ideal Candidate with Animal Health Jobs
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Company News Releases - Boehringer Ingelheim announced that the FDA has approved Senvelgo
(velagliflozin oral solution), for treating cats with diabetes. Senvelgo is a
once-daily liquid oral solution that cat owners can give with a small amount of
food or directly into the cat’s mouth. Senvelgo will be available in veterinary
clinics in the U.S. by mid-October. (company press release)
- Neogen Corporation announced the launch of Igenity Enhanced
Dairy, a new and progressive genomic data management tool. (Seekingalpha)
- Revival Animal Health announced the purchase of Breeder’s Choice, a leading distributor of equine reproductive
supplies. Financial terms were not disclosed. (company press release)
- Dômes Pharma announced that it has finalized the acquisition of SentrX Animal Care. SentrX develops and
manufactures ophthalmology products based on its exclusive BioHAnce technology.
Financial terms were not disclosed. (PRNewswire)
- Mixlab announced it has closed a $10 million Series A funding
extension. Vanterra Ventures led the
round and was joined by Lakehouse
Ventures. (techcrunch.com)
- Akston Biosciences Corporation announced that it will focus on inventing,
developing, and manufacturing breakthrough protein therapeutics for Companion
Animal Health, utilizing its versatile Ambifect Fc-fusion platform. Akston is
spinning off its infectious disease vaccine and human Type 1 Diabetes
prevention lines of business into two wholly-owned subsidiaries: Vakston, Inc.
and Diamune Therapeutics, Inc. (Biospace)
- Natural Balance and Canidae
announced the companies have merged under the corporate name Ethos Pet Brands. Both brands will
maintain their individual identities. (Petfood Industry)
- Petco Health and
Wellness Company, Inc. and dog
nutrition brand Ollie announced an
exclusive partnership to bring Ollie's human-grade fresh and baked food, treats
and supplements for dogs to Petco customers. Ollie was previously only
available direct-to-consumer through an online subscription. (company press release)
- Petco Health and
Wellness Company, Inc. announced an
expanded partnership with DoorDash –
one of its existing fulfillment partners – to make Petco's assortment of
products available nationally via the DoorDash Marketplace. More than 10,000
products from Petco are now available on DoorDash Marketplace. (company press release)
- myBalto announced it has launched the myBalto Foundation, a
501(c)(3) nonprofit organization dedicated to alleviating the financial burden
associated with pet care for both owners and veterinarians. The platform offers
veterinarians the opportunity to create their own charity account exclusively
for their hospital, making the cost of care for more manageable for pet owners
without placing a financial burden on clinics. (Veterinary Practice
News)
- EU
Mars Incorporated announced that it has
entered into an agreement to acquire the assets of SYNLAB Vet, a European provider of specialist veterinary laboratory
diagnostics, from SYNLAB Group. Upon transaction close, SYNLAB Vet will join
Mars Petcare. Financial terms were not disclosed. (Businesswire)
- MEXICO Mexican veterinary clinic startup Vetalia announced it has secured a $10
million investment. The funds will be used to expand its services to Latin
America, and to launch an online platform that functions as a one-stop service
for pet parents. (GlobalPets)
- INDIA Go
Digit General Insurance announced it has partnered with Vetina Healthcare LLP to extend
comprehensive pet insurance coverage for dogs to members of Vetina Family. (company press release)
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Animal Health Stock Price Tracker
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Animal Health News
- US - VETERINARY LEGISLATION The U.S. Senate has established a Veterinary
Medicine Caucus for the first time in its history. The caucus will focus on
increasing awareness toward veterinary-related matters in Congress, educating
lawmakers and their staffs about the challenges facing the profession, and
advancing legislation that benefits the veterinary community. The new Caucus
will join the existing House Veterinary Medicine Caucus in introducing key
legislation that impacts veterinary medicine while also helping secure
important funding for veterinary-related federal programs. (Feedstuffs - subscription)
- SPAIN - VETERINARY PRODUCT REGULATION The Spanish Government has approved a new
Royal Decree 666/2023, completing the regulatory framework for veterinary
medicinal products. This decree seeks to update the regulations governing
veterinary medicinal products in accordance with current scientific advances
and economic conditions. (Globalcompliancenews.com)
- US - VETERINARY SCHOOLS Lincoln Memorial University’s veterinary
school has plans to open a second location in Orange Park, Florida, near
Jacksonville. The new program at LMU, slated to open with 150 seats per class,
is one of at least 10 new programs emerging in the United States. (Veterinary Advantage - VIN)
- US - VETERINARY SCHOOLS West Virginia has shelved plans to launch a
veterinary school in the state due to the projected need for an initial
investment of $321 million, which it deemed unaffordable. Consequently, the
state is exploring alternative methods to bring veterinarians to the region. (VIN News)
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Brakke Consulting Viewpoint
A
topic of much discussion in the veterinary market is the labor shortage. Many are advocating for more veterinary
schools in the US (as many as 8 are
under consideration or already underway), and some are advocating for a new
mid-level professional equivalent to a physician’s assistant in human
medicine. In addressing this issue, I
think it’s important to take the long view.
In 2012, in response to low and stagnant incomes, the profession
commissioned a workforce study that estimated the profession would have excess
capacity for the next 25 years. Yet less
than10 years later the profession was perceived as being in a “severe
shortage.” The 2012 study was no doubt
heavily influenced by the impact of the Great Recession, at a time when
household discretionary income was as at a modern low. Likewise the 2021 “severe shortage” was no
doubt influenced by the tremendous amount of money poured into the economy
during the COVID-19 pandemic. Discretionary
income, especially in middle to upscale households, was robust.
The
point is, there will always be ebbs and
flows in demand for veterinary services
(i.e. labor) based on the availability of discretionary income (given
that companion animal practice employs the majority of veterinarians). But there are more fundamental drivers of
demand for the amount and type of veterinary services. These can best be viewed from a much longer
perspective, say 25 to 50 years. In
making decisions about opening up more vet schools or creating new practitioner
levels, the long view is the most prudent perspective.
John Volk
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Your View
Last
week we asked your thoughts about a “mid-level” practitioner. 43% are in favor; 35% are opposed; 22%
undecided.
This week
Many
organizations are in the throes of planning for 2024. So please tell us what time horizon you use
for developing business or strategic plans.
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For more information about Brakke Consulting's services and
syndicated studies, visit our website at www.brakkeconsulting.com.
Brakke
Consulting
806
Green Valley Rd
Suite 200
Greensboro, NC 27408
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