Company’s entry into reference lab space adds
to its increasing capabilities in diagnostics, a category of the
animal health industry with approximately 10% compound annual
revenue growth over the last three years1
Zoetis Inc. (NYSE:ZTS) today announced the completion of the
acquisition of Phoenix Central Laboratory for Veterinarians, Inc.
(Phoenix Lab), a full service veterinary reference laboratory
company, after fulfilling all closing requirements. With the
addition of reference laboratory services, Zoetis now can provide
more comprehensive diagnostics products and services as an enhanced
value to veterinarians in the U.S. Financial terms of the
transaction are not being disclosed.
Reference laboratories and point-of-care diagnostic testing are
highly synergistic, offering veterinarians a single source for a
full spectrum of tests, as well as access to the expertise of
Board-certified specialists and pathologists to support test
results. Phoenix Lab, founded in 1989 and headquartered near
Seattle, serves veterinary clinics in 20 states, primarily in the
Pacific Northwest, with complete clinical and anatomic pathology
testing as well as microbiology, serology, hematology, chemistry,
urinalysis and other diagnostic tests for canine, feline, avian and
equine health needs.
Acquisition Complements Existing Diagnostics
Capabilities
“Phoenix Lab brings Zoetis a reference laboratory highly valued
by veterinarians for quality assurance and customer care,” said
Kristin Peck, Executive Vice President and Group President, U.S.
Operations, Business Development and Strategy for Zoetis. “This
acquisition is a strong complement to other diagnostic testing
capabilities at Zoetis, including VetScan®, WITNESS®, SERELISA® and
AlphaTRAK®, and it will help us offer our customers even more
comprehensive solutions across the continuum of care to predict,
prevent, detect and treat disease in animals.”
“Zoetis and Phoenix Lab share a mutual commitment to support and
advance the veterinary profession. I especially appreciate that
Phoenix Lab was founded by veterinarians, for veterinarians, and I
look forward to building on their 30 years of success to serve
veterinarians’ complete diagnostics laboratory needs,” said
Peck.
“At Phoenix Lab, we are extremely proud of our consistent track
record in serving veterinarians’ diagnostic needs and the trusted
relationships we have built with our customers,” said John Evans,
Chief Executive Officer and President, Phoenix Lab. “Going forward,
we are thrilled to join with Zoetis to offer our customers even
more for their animal health needs.”
Veterinary Diagnostics: A Growing and Vital Category of
Animal Health
The global veterinary diagnostics category, which includes
reference laboratory and point-of-care diagnostics, is estimated to
be $4 billion1, with compound annual growth of approximately 10%
over the past three years1. Zoetis expects the diagnostics category
to continue to grow faster than the animal health industry, with
growth in the mid to high single digits; this growth is driven by
international adoption of point-of-care diagnostic instruments due
to pet owners’ increasing interest in pet wellness trends, rising
medicalization rates, increasing standards of veterinary care and
the convenience of in-clinic testing1.
In 2018, Zoetis acquired Abaxis, Inc. and its world-class
portfolio of VetScan diagnostic instruments and rapid tests.
Through this acquisition, Zoetis became a leader in the
development, manufacture, and marketing of veterinary point of care
diagnostic instruments and consumables.
About Zoetis
Zoetis is the leading animal health company, dedicated to
supporting its customers and their businesses. Building on more
than 65 years of experience in animal health, Zoetis discovers,
develops, manufactures and commercializes medicines, vaccines and
diagnostic products, which are complemented by biodevices, genetic
tests and a range of services. Zoetis serves veterinarians,
livestock producers and people who raise and care for farm and
companion animals with sales of its products in more than 100
countries. In 2018, the company generated annual revenue of $5.8
billion with approximately 10,000 employees. For more information,
visit www.zoetis.com.
About Phoenix Lab
Phoenix Lab provides veterinary diagnostic services based out of
Mukilteo, Wash., with a test menu and service offering including
complete clinical and anatomic pathology testing as well as
microbiology, serology, hematology, chemistry, and many other
miscellaneous tests. For more information, visit
www.PhoenixLab.com.
Forward-Looking Information
This press release contains forward-looking statements, which
reflect the current views of Zoetis with respect to business plans
or prospects, future operating or financial performance, future
guidance, future operating models, expectations regarding products,
expectations regarding the performance of acquired companies and
our ability to integrate new businesses, expectations regarding the
financial impact of acquisitions, future use of cash and dividend
payments, tax rate and tax regimes, changes in the tax regimes and
laws in other jurisdictions, and other future events.
These statements are not guarantees of future performance or
actions. Forward-looking statements are subject to risks and
uncertainties. If one or more of these risks or uncertainties
materialize, or if management's underlying assumptions prove to be
incorrect, actual results may differ materially from those
contemplated by a forward-looking statement. Forward-looking
statements speak only as of the date on which they are made. Zoetis
expressly disclaims any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. A further list and description of
risks, uncertainties and other matters can be found in our Annual
Report on Form 10-K for the fiscal year ended December 31, 2018,
including in the sections thereof captioned “Forward-Looking
Statements and Factors That May Affect Future Results” and “Item
1A. Risk Factors,” in our Quarterly Reports on Form 10-Q and in our
Current Reports on Form 8-K. These filings and subsequent filings
are available online at www.sec.gov, www.zoetis.com, or on request
from Zoetis.
1 Based on internal estimates and publicly available
information.
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version on businesswire.com: https://www.businesswire.com/news/home/20191031005825/en/
Zoetis Media: Bill Price
1-973-443-2742 (o) william.price@zoetis.com
Christina Lood 1-973-822-7249 (o) christina.lood@zoetis.com
Zoetis Investors: Steve Frank
1-973-822-7141 (o) steve.frank@zoetis.com
Phoenix Lab: John Evans
1-425-249-2220 (o) jevans@phoenixlab.com
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