Veterinary Industry Summary: November 10–16, 2024
Stats from the Veterinary Industry Tracker powered by Vetsource and AVMA
November 10–16, 2024
As the consolidation of veterinary practices continues, investors are seeing a new opportunity in the veterinary industry: real estate.
Northmarq, a full-service capital markets resource for commercial real estate investors, has helped many clients with sale-leaseback deals. According to Chris Lomuto, associate vice president in Northmarq’s San Francisco region, industry consolidation is a leading indicator of sale-leaseback activity within an industry. And, consolidation is booming in vet med.
Northmarq data reveals that, over the past five years, about 50 triple-net-lease (NNN) veterinary practices have sold per year. An NNN is a lease agreement where, in addition to rent and utilities, the tenant pays all operating expenses, including real estate taxes, building insurance, and maintenance costs, creating an attractive option for businesses looking to invest in the veterinary space.
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| +0.7% Revenue YoY (Last Week) |
-4.4% Visits YoY (Last Week) |
Year-over-year veterinary industry revenue remained flat last week at 0.7%, a 0.1% improvement from the previous week. Visits dropped 1.0%, falling from -3.4% to -4.4%.
 -7.6%Heartworm YoY |
-5.6% Flea/Tick YoY |
 +2.0%Services YoY |
-3.5% Products YoY |
Parasiticide purchases continued to decline last week. Year-over-year heartworm was -7.6% and flea/tick was -5.6%, down from -6.0% and -2.3% respectively the week prior. Year-over-year service revenue was 2.0%, a slight improvement from the previous week’s 1.2%, but product revenue dipped from -1.5% to -3.5%.
| +3.2% Revenue YoY (Last 12 Months) |
-2.4% Visits YoY (Last 12 Months) |
The rolling 14-day trendline showed declines in revenue and visits since late October.
| 5,594 Practices |
2.2M Revenue per Practice (Last 12 Months) |
10.4K Visits per Practice (Last 12 Months) |
Colorado and Minnesota again topped every other state in year-over-year revenue and visits respectively last week. Colorado’s year-over-year revenue was 7.2%, with Connecticut coming in second at 5.8%. Minnesota’s year-over-year visits were 0.4%, with Michigan trailing behind at -0.2%.
*Numbers are subject to change based on data availability and PIMS adjustments.
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