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 [1].
Check out the Veterinary Industry Tracker [2] for daily stats.
| +2.9% Revenue YoY (Last Week) |
+1.7% 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.
 -6.4%Heartworm YoY |
-5.5% Flea/Tick YoY |
 +3.7%Services YoY |
+0.8% 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%.
| +4.3% Revenue YoY (Last 12 Months) |
-2.2% Visits YoY (Last 12 Months) |
The rolling 14-day trendline shows sharp declines in revenue and visits since mid-June.
| 5,561 Practices |
2.1M Revenue per Practice (Last 12 Months) |
10.4K 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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