Veterinary Industry Summary: August 4–10, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
August 4–10, 2024
As veterinary prices outpace general inflation, two U.S. senators have taken notice.
Last week, Senators Elizabeth Warren (D-Mass) and Richard Blumenthal (D-Conn) sent a letter to JAB Holding Company, a German-owned private equity firm that owns multiple bakery and beverage chains, veterinary practices, and pet insurance companies, expressing their concerns about the “rapid consolidation of veterinary care in the United States.” The senators claim that private equity firms “have spent billions on buying up veterinary practices and then profiteering while reducing quality of care, increasing prices for pet owners, and making working conditions even harder for veterinarians.”
In the letter, the senators ask JAB for a list of the company’s veterinary practice acquisitions since 2019. They also request practice revenue and net income data, pricing for common veterinary services, salary data for veterinarians and veterinary technicians, financial details about their pet insurance companies, and more. They ask for JAB to respond by August 21.
Read the full letter from Senators Warren and Blumenthal.
While higher interest rates have slowed new acquisitions by consolidators, the number of corporately owned veterinary practices continues to increase. Just last week, Mission Veterinary Partners (330+ practices) and Southern Veterinary Partners (400+ practices) announced a planned merger. According to VIN News Service, private equity firm Shore Capital Partners is a major investor in both companies.
Check out the Veterinary Industry Tracker for daily stats.
| +0.3% Revenue YoY (Last Week) |
-4.0% Visits YoY (Last Week) |
Veterinary industry year-over-year revenue and visits declined again last week compared to the week prior. Revenue remained flat at 0.3%, while visits were -4.0%, changes from the previous week’s 0.4% and -3.7% respectively.
 -6.4%Heartworm YoY |
-5.9% Flea/Tick YoY |
 +1.3%Services YoY |
-2.7% Products YoY |
While still in negative territory, year-over-year parasiticide protection gained ground last week compared to the previous week. Heartworm protection improved from -11.6% to -6.4%, while flea/tick protection jumped from -11.5% to -5.9%. Year-over-year revenue from services was 1.3%, a drop from the previous week’s 2.0%, but revenue from products improved to -2.7% from -4.5% the week prior.
| +3.6% Revenue YoY (Last 12 Months) |
-2.5% Visits YoY (Last 12 Months) |
The rolling 14-day trendline showed revenue and visits declining slightly since mid-July.
| 5,508 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.4K Visits per Practice (Last 12 Months) |
New Hampshire saw the highest year-over-year revenue growth last week at 7.0%, with Connecticut trailing closely behind at 6.7%. Minnesota was the only state with positive growth in year-over-year visits (0.1%), while Connecticut and West Virginia came in second at -0.4%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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