Financial Newswire 02-05-2008

Quick financial updates from the veterinary field in February 2008.

PetMed Express

Mail order pet pharmacy PetMed Express of Pompano Beach, Fla., reported a 60 percent increase in net income and a 19 percent increase in revenues for its third quarter ended Dec. 31 ,  driven in part by growth in its reorders and Internet sales.

For the quarter, the company posted net income of $4.4 million on sales of $37.3 million, compared to net income of $2.8 million on sales of $31.4 million in the year-ago period.

Year-to-date, the company posted net income of $15.1 million on sales of $147.9 million, compared to net income of $10.8 million on sales of $125.8 million in the year-ago period.

Reorder sales grew 28 percent for the quarter to $28.4 million and 23 percent to $103.4 million for the nine-month period. Internet sales, which accounted for about 65 percent of PetMed’s revenues in the third quarter of 2007 compared to 63 percent in 2006, grew 23 percent to $24.4 million for the quarter and 24 percent to $96 million for the nine-month period.

Internet and reorder sales boost the company’s profit margins as they allow the company to leverage operating costs.

PetMed sales prescription and non-prescription pet medications and other health products for dogs, cats and horses directly to consumers.


Eli Lilly and Co.

Indianapolis-based Eli Lilly and Co. reported $329.4 million in worldwide sales on animal health products for its fourth quarter ended Dec. 31, an increase of 27 percent compared to the year-ago period. U.S. sales grew 37 percent to $179.7 million, driven by increase demand, the acquisition of Ivy Animal Health Inc. and new companion animal product launches. 

Sales outside the United States grew 16 percent to $149.7 million, driven by increase demand, the favorable impact of exchange rates and higher prices.

Year to date, worldwide sales of animal health products increased 14 percent to $995.8 million. U.S. sales were $480.9 million, an 18 percent increase compared to the year-ago period. Sales outside the United States grew 10 percent to $514.9 million.

Overall, Eli Lilly reported net income of $854.4 million on sales of $5.2 billion for its fourth quarter, compared to net income of $132.3 million on sales of $4.2 billion in the year-ago period.

Year to date, the company reported net income of $3 billion on revenue of $18.6 billion, compared to net income of $2.7 billion on revenue of $15.7 billion in the year-ago period.


Idexx Laboratories Inc.

Idexx Laboratories Inc.’s companion animal division reported revenue of $197.5 million for its fourth quarter ended Dec. 31, compared to revenue of $157 million in the year-ago period.

Year to date, the division reported revenue of $752.5 million, compared to revenue of $606.3 million in the year-ago period.

Overall, Idexx reported net income of $25.5 million on revenue of $245 million for its fourth quarter, compared to net income of $24.7 million on revenue of $192.2 million in the year-ago period.

Year to date, the company reported net income of $94 million on revenue of $922.6 million, compared to net income of $93.7 million on revenue of $739.1 million in the year-ago period.

Idexx’s revised guidance for the full 2008: revenue is expected to be $1.05 billion to $1.07 billion, which represents revenue growth of 14 percent to 16 percent.

Idexx is based in Westbrook, Maine.


Biopure Corp.

Biopure Corp. of Cambridge, Mass., reported net loss of $16.7 million on revenue of $793,000 for its fourth quarter ended Oct. 31, compared to net loss of $6.3 million on revenue of $431,000 in the year-ago period.

The company reported $718,000 in Oxyglobin sales for its fourth quarter, compared to $288,000 in the year-ago period.

The Oxyglobin revenue increase is attributed to the company’s new arrangement with its European distributor. The distributor now buys shipment of product outright where prior Biopure accounted for European sales on a consignment basis.

Year to date, the company reported net loss of $36.3 million on revenue of $2.6 million, compared to net loss of $26.5 million on revenue of $1.7 million.

The company reported $2.1 million in Oxyglobin sales, compared to $1.3 million in the year-ago period.

Overall, Biopure has sold about 190,000 units of Oxyglobin.


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