Fountain Report Excerpts June 07, 2022

Fountain Report Excerpts
  1. The AVMA has named Latonia Craig as its first chief diversity, equity and inclusion officer. Craig, who holds a doctorate in education, is currently assistant dean for inclusive excellence at Purdue University’s College of Veterinary Medicine. She will enter her new role at the AVMA at the beginning of September. She’ll be part of the AVMA’s senior leadership team, with key responsibilities including the ongoing implementation and promotion of DEI-related strategy; supporting efforts to attract and retain diverse talent in the veterinary profession; and “enhancing the understanding and appreciation for DEI and cultural awareness throughout veterinary medicine,” according to the AVMA.
  1. Officials in Vietnam last week announced they’ve successfully developed a vaccine to administer to pigs against African swine fever, with the goal of becoming the first country to commercially produce and export it. “With immunity lasting six months, the vaccine will be a shield for hog-raising industry and pig production globally,” said Vietnam’s deputy agriculture minister, Phung Duc Tien. The vaccine has been in development since November 2019 in partnership with experts in the United States, with five clinical trials held. Tien said its safety and efficacy was confirmed by USDA’s Agricultural Research Service. He didn’t provide a timeframe for when the vaccine could be exported or estimate Vietnam’s production capacity.
  1. Chewy reported first quarter net sales of $2.43 billion, up 13.7% from last year. Net income was $18.5 million, including share-based compensation expense of $27.2 million. Net income was down 52% from last year’s $38.7 million. Adjusted EBITDA of $60.5 million declined 21.8% from last year. “Fiscal year 2022 is off to a good start as we drove solid 14% top-line growth and delivered sequential improvements in gross margin and profitability,” said CEO Sumit Singh. “Our first quarter results are a testament to the resiliency of the pet category and clearly demonstrate our ability to execute against our strategic priorities. Moving forward, Chewy’s value proposition is as compelling as ever and we continue to innovate robustly, attract customers with high lifetime values, drive engagement and capture greater shares of wallet.”

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