Financial News Briefs - December 2009



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VCA Same-Store Revenue Drops 4.9%

VCA Antech Inc.’s animal hospital division reported revenue of $257.4 million in the third quarter ended Sept. 30, compared to $253.3 million in the year-ago period. The 1.6 percent increase was driven by acquisitions made in the past 12 months.

Same-store revenue dropped by 4.9 percent during the quarter. However, the company noted that same-store gross profit margin improved by 40 basis points, to 20.5 percent. Four acquisitions made during the quarter had combined annual revenue of $8.4 million.

Year to date, the division reported revenue of $757 million, compared to $730.4 million in the year-ago period.

VCA Antech’s laboratory division reported third-quarter revenue of $77.5 million, compared to $77.1 million in the year-ago period. Year to date, the division’s revenue was $237.8 million, up from $235.6 million.

VCA Antech’s medical technology division reported third-quarter revenue of $13.7 million, compared to $12.5 million in the year-ago period. Year to date, the revenue was $33.5 million, down from $38.2 million.

Overall, the Los Angeles-based company reported third-quarter net income of $37.5 million on revenue of $338.6 million, compared to $36.9 million and $332 million, respectively, in the year-ago period.

Year to date, VCA Antech reported net income of $109.3 million on revenue of $999.3 million, compared to $110.4 million and $974.3 million, respectively, in the year-ago period.


Putney’s Series B Funding to Double R&D Pipeline

Putney Inc., a Portland, Maine, pharmaceutical company focusing on generic drugs for companion animals, received $6.7 million in Series B funding.

The money will allow the company to double the number of products under development for dogs and cats, double revenue and double the size of its management team, including 10 hires in sales, marketing, business development and research and development.

The Series B funding round was led by investor Peter Werth and other financial investors such as a Pritzker family trust. Series A investors also participated.

“We found Putney’s strategy and business plan to develop generic drugs for pets a compelling investment opportunity,” said Werth, chairman and president of Chemwerth Inc. “Putney’s excellent growth prospects are evidenced by its established customer alliances and nationwide reach in the veterinary channel.”

William Blair & Co., a global investment firm, acted as adviser to Putney on the Series B capital raise.


Intervet/Schering-Plough Animal Health’s Q3 Dips 12%

Intervet/Schering-Plough Animal Health reported revenue of $669 million in the third quarter ended Sept. 30, a 12 percent decrease from $759 million a year earlier.

The sales decline was primarily due to the economic environment, to the difficult comparisons against the 2008 launch of bluetongue vaccine and to back orders on certain products, according to the company. The back orders were tied to the ongoing integration of animal health manufacturing practices and quality standards.

Year to date, Intervet/Schering-Plough Animal Health reported revenue of $2 billion, a 14 percent decrease from $2.3 billion in the year-ago period.

Intervet/Schering-Plough Animal Health’s parent company, Schering-Plough, reported third-quarter net income of $515 million on revenue of $4.5 billion, compared to $614 million and $4.6 billion, respectively, in the year-ago period.

Year to date, the Kenilworth, N.J., company had net income of $2 billion on revenue of $13.5 billion, compared to $1.4 billion and $14.2 billion, respectively.


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