Business Booming at Pethealth Pethealth, insurance, microchip, business, profit, revenue, PetPoint, petGrowth in its pet insurance and microchip identification businesses helped Pethealth Inc. achieve record revenue in 2012 and a 47 percent jump in profit. Pethealth is North America's second largest provider of medical insurance for dogs and cats. newsline Profit Jumps 47% at Pethealth as 2012 Revenue Sets Record Posted: March 7, 2013, 6:05 p.m. EST Growth in its pet insurance and microchip identification businesses helped Pethealth Inc. achieve record revenue in 2012 and a 47 percent jump in profit, the Canadian company reported Wednesday.
Pethealth, North America's second largest provider of medical insurance for dogs and cats, sells policies in the United States, Canada and United Kingdom. The Oakville, Ontario-based company also licenses its cloud-based PetPoint animal management software system and sells RFID microchips and pet recovery services.
"Our noninsurance business continues to grow, and this growth looks set to continue," said president and CEO Mark Warren.
For the year, Pethealth reported record revenue of $37.4 million, a gain of 13 percent over 2011 numbers. Its profit rose to $4.15 million.
The company credited growth in its noninsurance business to the sale of 1.5 million microchips across the United States, Canada and the United Kingdom, a 14 percent increase; higher microchip prices; greater cross-selling of products and services related to its 24PetWatch database; and a jump in sales on its pet supplies website, PetangoStore.com.
Registrations in the 24PetWatch database exceeded 6.6 million in 2012, a spike of 1.3 million registered cats and dogs in one year.
PetPoint, the company's Web-based animal management program designed for shelters and rescues, was licensed to 1,955 organizations as of Dec. 31, a one-year increase of 10 percent.