Fountain Report Excerpts May 8, 2024

Fountain Report Excerpts
  1. Zoetis reported first quarter revenue of $2.2 billion, up 10% from last year’s first quarter. Net income for the quarter was $599 million, or $1.31 per diluted share, up 9% and 10% respectively on a reported basis. The company updated its 2024 financial guidance. Zoetis expects revenue in 2024 to be between $9.050 billion and $9.2 billion, compared to a range of $9.075 billion to $9.225 billion previously. Reported net income is expected to be between $2.450 billion and $2.495 billion, compared to a range of $2.468 billion to $2.513 billion previously.
  1. IDEXX reported first quarter revenue of $964 million, up 7% as reported and organic, driven by companion animal group growth of 7% reported and organic, and water revenue growth of 11% reported and organic. Companion animal group diagnostics recurring revenue growth of 7% as reported and organic was supported by sustained benefits from IDEXX execution drivers. Livestock, poultry and dairy revenue was down 3% reported and organic. Earnings per diluted share were $2.81, up 10% as reported and 9% on a comparable basis, including about 7% negative EPS growth impact from the first quarter 2023 customer contract resolution payment.
  1. California veterinary regulators are opposing a bill that would allow registered veterinary technicians to neuter male cats, the VIN News Service reports. The bill would allow RVTs who have obtained training in cat neuter surgery to castrate cats following written protocols established by a supervising veterinarian who must be on the premises when the procedure is done. The California Veterinary Medical Board would be in charge of approving the training curriculum. The VMB’s vote on April 17 against the bill is not binding on legislators, but it represented the bill’s first public vetting by the regulators who would be charged with enforcing its provisions.

Click HERE to subscribe to the full Fountain Report content.