Fountain Report Excerpts Sep 6, 2023

Fountain Report Excerpts
  1. Chewy reported second quarter net sales of $2.78 billion, up 14.3%. Net income of $18.9 million was down 15%. Adjusted net income of $63.3 million was up 2%. Adjusted basic and diluted earnings per share of 15 cents were flat. “Chewy once again gained share as our customers recognize the power of our personalized Autoship service, best-in-class health care experience and overall value proposition as key differentiators, resulting in robust ordering behavior, which in turn is driving our strong performance,” said CEO Sumit Singh.
  1. Patterson Companies reported first quarter net sales of $1.6 billion, up 3.5%. Net income of $31.1 million was up 28%. Diluted earnings per share of 32 cents were up 28%. In the animal health segment, net sales were $1.01 billion. Internal sales growth of 4% year-over-year in the segment was driven by growth in both the companion animal and production animal businesses. Within the animal health segment, internal sales of consumables grew 3.5%, equipment and software decreased 3.7%, and value-added services increased 72.3%.
  1. Akston Biosciences was selected as the award winner at the 2023 Animal Health Summit Emerging Companies presentations. The event allowed entrepreneurs to share their visions of how they would impact the future of animal health. Akston Biosciences is using a proprietary monoclonal antibody production platform to develop long-acting insulin drugs for dogs and cats that would allow for once-a-week injections. Other highlights from the conference included the presentation of the Iron Paw Award to Dr. Fabian Kausche and discussion on the importance of mental health in the veterinary profession.

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