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Article: US veterinary clinics continue to display robust sales bounce back
29 July 2020
US investment bank William Blair has highlighted a continued
improvement in veterinary clinic sales, as the sector recovers from
the consequences of COVID-19.
The firm previously suggested a V-shaped recovery is occurring
in the US veterinary practice market, with the latest data adhering
to this trajectory.
William Blair said information provided by VetSuccess shows a
continued rebound in veterinary clinic sales at the strongest
growth level since the pandemic began (excluding increases during
the week of the July 4 holiday).
US vet practice sales were up by 13.4% year-on-year on during
the week ended July 18, compared to the prior week's increase of
9.8%. At the beginning of the pandemic, year-on-year sales were
down by about 17%.
William Blair analyst Ryan Daniels said: "In our view, this
continues to support the V-shaped recovery scenario in the
companion animal industry as stay-at-home orders, and other similar
restrictions, are lifted across the country."
The investment bank used data from VetSuccess' Veterinary
Industry Impact Tracker, which follows the performance of vet
clinics across 31 US states. According to this information, vet
practice revenues have been trending upward since the week ended
March 28.
Mr Daniels added: "Moreover, invoices (a proxy for volumes) also
experienced healthy growth, with this week coming in at slightly
more than 4% growth, compared with the prior week's year-over-year
change of just above 1%."
VetSuccess also suggested product-only visits to veterinary
clinics appear to have been least affected by the pandemic. Mr
Daniels suggested this may have been "enabled by curbside pick-ups
or demand for recurring product needs such as pet medications".
William Blair also noted wellness visits increased by 21% in the
week ended July 18.