Veterinary Industry Summary: April 21–27, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
April 21–27, 2024
More than a year after proposing the Non-Compete Clause Rule, the Federal Trade Commission (FTC) voted to approve the rule on April 23. The final rule, which bans noncompete clauses nationwide, will go into effect 120 days after publication in the Federal Register.
After a “careful review and consideration of the entire rulemaking record — including empirical research on how noncompetes affect competition and over 26,000 public comments…” the FTC ruled that noncompete clauses are an “unfair method of competition — and therefore a violation of section 5 — for employers to, inter alia, enter into noncompete clauses with workers on or after the final rule’s effective date.”
Under the rule, new noncompetes with all workers are banned, and most existing noncompetes will no longer be enforceable after the final rule’s effective date.
The rule allows for three exceptions:
- Existing noncompetes with senior executives — defined in the rule as those workers earning more than $151,164 annually and who are in policy-making positions — can remain in force.
- Noncompete clauses entered into as part of a bona fide sale of business are not affected by the rule.
- Existing causes of action under worker noncompetes that accrued before the final rule was issued are not affected.
The U.S. Chamber of Commerce and other groups have sued the FTC in an attempt to block the rule, claiming that the FTC does not have the power to adopt the rule. They also argue that the rule undermines the ability of American businesses to remain competitive.
As lawsuits play out and the rule’s effective date nears, many in the veterinary industry will be watching the situation closely and assessing how it may affect their careers and businesses.
Check out the Veterinary Industry Tracker for daily stats.
| +2.4% Revenue YoY (Last Week) |
-3.3% Visits YoY (Last Week) |
Year-over-year revenue and visits declined slightly last week compared to the week prior. Revenue dropped to 2.4% from 2.7%, and visits fell to -3.3% from -2.3% the previous week.
 -9.2%Heartworm YoY |
-8.3% Flea/Tick YoY |
 +4.4%Services YoY |
-3.0% Products YoY |
Year-over-year parasiticide protection was also down last week. Heartworm protection was -9.2% and flea/tick protection was -8.3%, decreases from -6.7% and -6.9% respectively the previous week. Year-over-year revenue from services increased slightly from 4.3% the week prior to 4.4% last week, and revenue from products fell from -2.3% to -3.0% last week.
| +5.0% Revenue YoY (Last 12 Months) |
-2.0% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows revenue and visits continuing on a downward trajectory since mid-March.
| 5,400 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.4K Visits per Practice (Last 12 Months) |
Last week, New Hampshire and Iowa remained on top for the highest growth in year-over-year revenue and visits respectively. New Hampshire’s year-over-year revenue growth was 9.5%, while Iowa’s year-over-year visits growth was 0.6%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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