Hill’s surpasses $1 billion in revenue in Q3

Colgate-Palmolive subsidiary Hill’s Pet Nutrition reported $1.12 billion in revenue for Q3 2024, up from $1.05 billion in Q3 2023, comprising 22% of the company’s total company sales. The segment’s sales grew 6.3% year-over-year, with organic sales rising 6.5% during the quarter. Operating profits showed a 28% increase, reaching $258 million compared to $201 million during the same quarter last year.

Boehringer Ingelheim expands R&D in Georgia facility

Boehringer Ingelheim announced the grand opening of its newly expanded research and development facility in Athens, Georgia. The expansion includes the addition of 63,000 square feet of administrative space and over 28,000 square feet of laboratory space in Athens-Clarke County.

IDEXX 3Q growth driven by Companion Animal Group

IDEXX Laboratories announced third quarter revenue growth of 7% as reported and 6% organic, supported by Companion Animal Group Diagnostics recurring revenue growth of 7% as reported and organic. At the same time, IDEXX reduced its 2024 revenue guidance, citing expectations “for near-term negative impacts … related to macro and sector conditions constraining pet owner visits and demand at U.S. veterinary clinics.”

Synchrony research finds pet owners equally concerned about cost and outcomes

According to Synchrony Financial‘s new “Veterinary Specialty Care Study,” 72% of pet parents are very/extremely concerned about the cost of their pet’s specialty care as they are the potential outcome. Half would be stressed by a specialty care bill of up to $1,000, with 81% being stressed if the bill increased towards $2,500.

Merck animal health division sales up in Q3

Merck’s animal health division, which develops vaccines and medicines for dogs, cats and cattle, posted $1.49 billion in sales for the third quarter. That is up 6% from the year-earlier period and slightly above what analysts surveyed by StreetAccountwere expecting.

UPS makes progress on right-sizing

UPS continues to right-size its US network’s processing capacity, a push that began during a demand slump featuring a marketwide capacity glut worth 12 million in average daily package volume. CEO Carol Tomé reported during a Q3 earnings call Oct. 24, the result of 45 operational closures, including nine full buildings that were shut down under the company’s “Network of the Future” plan.

AI grades heart murmurs in dogs

Researchers at the University of Cambridge have developed a machine learning algorithm to accurately detect heart murmurs in dogs, one of the main indicators of cardiac disease, which affects a large proportion of some smaller breeds such as King Charles Spaniels. In tests, the algorithm detected heart murmurs with a sensitivity of 90%, a similar accuracy to expert cardiologists.

Pet population increases, but spending not so much

Pet dogs have reached their highest numbers yet after taking a dip last year while the number of cats continues to increase incrementally, according to preliminary data from the American Veterinary Medical Association 2024 Pet Ownership and Demographic Sourcebook. The results also show dog owners spent less overall on their pets this year compared to 2023, while cat owners spent slightly more.

Weekly Companion Animal News: November 4, 2024