Veterinary Industry Summary: June 30–July 6, 2024


Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA

June 30–July 6, 2024


A Q1 2024 summary of the animal health industry written by Scott Brown and published in the Fountain Report revealed an industry lagging behind the broader market.

According to the article:

  • The CTA Animal Health Index (CAHI) was up approximately 3% during the first quarter of the year, while the S&P 500 was up about 11%.
  • Two notable M&A (mergers and acquisitions) transactions during Q1 were Elanco’s divestiture of its aqua business to Merck Animal Health for approximately $1.3B and Virbac’s acquisition of Sasaeah Holdings for approximately $300M.
  • Q1 median revenue growth was 4.4%, a drop from 2023’s Q4 revenue growth of 5.1%.
  • EV/Rev (enterprise value-to-revenue) multiples increased to 2.1x from the previous quarter’s 2.0x.
  • EBIT margins improved slightly from 9.9% in Q4 2023 to 10% in Q1 2024.
  • Multiples improved from 4.1x to 4.8x for companies outperforming their peers.

“With the headwinds the industry is facing and the market valuing profitability over growth, companies with a focus on profitability will likely have more financial options and have better control of their future,” Brown noted.

Read the full Fountain Report article.


Check out the Veterinary Industry Tracker for daily stats.

Revenue per Practice

A bar graph showing revenue per practice for last week, compared to the previous year.



Revenue YoY (Last Week)
Visits YoY (Last Week)



Year-over-year veterinary industry revenue was up 2.9% last week, a jump from -0.5% the previous week. Year-over-year visits also improved, up 1.7% compared to -7.2% the week prior.

Months of Parasiticide Protection Dispensed


Heartworm YoY
Flea/Tick YoY


Service vs Product Revenue Breakdown


Services YoY
Products YoY



While still in negative territory, year-over-year parasiticide protection improved last week compared to the previous week. Heartworm protection was -6.4% and flea/tick protection was -5.5%, jumps from -10.8% and -11.6% respectively the week prior. Year-over-year services revenue climbed from 1.7% to 3.7%, and, while product revenue was fairly flat at 0.8%, it improved from the previous week’s -6.7%.

Growth in Revenue and Visits

A line graph showing revenue and visits per practice, for a 14 day rolling period.



Revenue YoY (Last 12 Months)
Visits YoY (Last 12 Months)



The rolling 14-day trendline shows sharp declines in revenue and visits since mid-June.

Revenue Growth by State

A U.S. map, using color shades to show revenue growth by state.


Patient Demographics


Revenue per Practice
(Last 12 Months)
Visits per Practice
(Last 12 Months)



New Mexico once again enjoyed the highest growth in year-over-year revenue, coming in at 9.6%. West Virginia and Minnesota topped every other state in year-over-year visits at 0.0% and -0.1% respectively.

*Numbers are subject to change based on data availability and PIMS adjustments.

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