Fountain Report Excerpts November 08, 2022

Fountain Report Excerpts
  1. AmeriVet Veterinary Partners has acquired 14 new practices from Northeast Veterinary Partners in a buyout, the first time AmeriVet has purchased another veterinary consolidator. This transaction brings the company’s total number of clinics to 186, with new additions in New Hampshire, Massachusetts, Vermont, Maine and California. AmeriVet expects to have more than 200 veterinary practices in its network by the end of the year, with projected 2022 revenue of $375 million, “a significant year-over-year spike as the company continues to expand its clinic partnerships,” according to the announcement.
  1. Idexx reported third quarter revenue of $842 million, a 4% increase as reported and 8% organic. Growth was driven by an increase in companion animal diagnostics recurring revenue of 5% reported and 9% organic. Earnings per diluted share in the quarter were $2.15, a 6% increase reported and 13% on a comparable basis.
  1. Zoetis reported third quarter revenue of $2 billion, up 1%. Net income of $529 million was down 4%, with earnings per share of $1.13 down 3%. Adjusted net income of $566 million was down 5%, and adjusted earnings per share of $1.21 were down 3%. The company is lowering its full year guidance to reflect lower than expected sales due to continued supply constraints, veterinary workforce challenges and the negative impact of recent changes to foreign exchange rates. Revenue this year is now expected to be between $8 billion and $8.075 billion, with expected reported diluted earnings per share between $4.51 and $4.59 and expected adjusted diluted EPS of $4.83 to $4.90.

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