Fountain Report Excerpts Nov 14, 2023

Fountain Report Excerpts
  1. Elanco reported third quarter revenue of $1.07 billion, up 4% on a reported basis. Pet health revenue was $495 million, up 6% on a reported basis. Farm animal revenue was $561 million, up 3%. Net loss for the quarter was $1.1 billion and $2.22 per diluted share on a reported basis, compared with net loss of $65 million and 13 cents per diluted share for the same period last year. On an adjusted basis, net income for the quarter was $90 million, or 18 cents per diluted share, up 6% compared with the same period last year. Adjusted EBITDA was $214 million, up 5%.
  1. Veterinary starting salaries continue to rise and educational debt levels are holding steady, leading to a debt-to-income ratio not seen since 2004, AVMA data shows. Further, this year’s graduates have received offers at near record-high levels. The mean debt-to-income ratio for new veterinarians fell a third straight year to 1.3-to-1, indicating a debt that is 1.3 times the amount of the graduating veterinarian’s income. The change was also helped by tuition freezes during the pandemic and higher rates of family assistance in covering tuition, said Dr. Chris Doherty, the AVMA’s assistant director for strategic business research and outreach. According to the 2023 AVMA Graduating Senior Survey, mean educational debt in 2023 was $154,451 for all 31 U.S. and two Caribbean veterinary college graduates. Among only veterinary graduates with debt in 2023, that figure was $185,486.
  1. Most pet owners believe an in-person examination by a veterinarian leads to the best care for their pet, according to the results of a new survey released by the AVMA. The study indicates 88% of pet owners believe that having a veterinarian physically examine their pet and talk to them in-person is what leads to the best care. Seventy-nine percent of pet owners prefer that a veterinarian oversee their pet’s care. Seventy-six percent put their pet’s health and safety above all else as a top priority for veterinary care. Seventy-two percent prefer to meet a veterinarian in-person before allowing them to care for their pet. And 80% agree it would be dangerous for anyone other than a licensed veterinarian to make recommendations about life-or-death decisions for their pet, according to the AVMA.

Click HERE to subscribe to the full Fountain Report content.