Fountain Report Excerpts November 15, 2022

Fountain Report Excerpts
  1. Elanco reported third quarter revenue of $1 billion, down 9% from last year. Net loss was $49 million compared to a loss of $104 million last year. Loss per share was 10 cents compared to a loss of 21 cents per share last year. Pet health revenue of $471 million was down 11%. Farm animal revenue of $545 million was down 7%. “While we continued to face topline pressure in the third quarter, we delivered 5% adjusted [earnings per share] growth, expanded adjusted EBITDA margin by 120 basis points and reduced gross debt by nearly $170 million,” said President and CEO Jeff Simmons. The company now expects lower revenue and higher loss for the year than it did in August.
  1. Phibro Animal Health Corporation reported first quarter net sales of $232.5 million, up 8%. Net income of $3.9 million, or diluted earnings per share of 10 cents, was down 41%. “We continue to be encouraged by the company’s sales performance as it reflects continued growth in the demand for our products, particularly in our largest regions, the United States and Latin America & Canada. Overall, our financial performance reflects typical seasonality trends and was in line with our internal expectations,” said Jack Bendheim, chairman, president and CEO of Phibro.
  1. The mean debt-to-income ratio for new veterinarians is down to 1.4:1, a figure not seen since 2005 as educational debt decreases and starting salaries increase, the AVMA reports. The mean debt from earning a veterinary degree was $147,258 for 2022 graduates of U.S. veterinary colleges, and the mean starting salary was $111,242 for those who secured full-time employment, according to the AVMA.

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