The addition of ZNLabs expands Zoetis’
reference laboratory capabilities in the U.S.
Zoetis Inc. (NYSE:ZTS) today announced the acquisition of
ZNLabs, a full-service veterinary clinical reference laboratory
company with a network of labs across the U.S. This follows Zoetis’
recent acquisition of Phoenix Lab as its entry into reference
laboratory services and builds on a strategy to develop a more
comprehensive diagnostics offering with enhanced value for
veterinarians in the U.S. Financial terms of the transaction are
not being disclosed.
Founded by veterinarians seeking to revolutionize reference
laboratory services for companion animals, ZNLabs is guided by its
mission to be “Simple. Friendly. Fair.” The company has
differentiated itself by offering a simple test menu and fast
results with friendly service and no contracts. ZNLabs operates a
“hub” laboratory in Louisville, adjacent to a major logistics
provider for fast sample turnaround times, with its “spoke”
laboratories in Boise, Chicago, Cincinnati, Dallas, New Orleans and
Salt Lake City providing local service in key U.S. markets.
Acquisition Strengthens Zoetis’ Position in Reference
Labs
“The addition of ZNLabs strengthens our portfolio, expands our
diagnostics footprint and enhances our value proposition to
veterinary customers. Together with ZNLabs – and the recently added
team from Phoenix Lab with over 30 years of trusted reference lab
experience – we will focus on integrated solutions across the
continuum of animal care,” said Kristin Peck, Executive Vice
President and Group President, U.S. Operations, Business
Development and Strategy for Zoetis. “We plan to grow further in
this space through a mixture of small, business development
activities combined with organic expansions in key markets in the
coming years.”
“We built ZNLabs with the dream of providing a national
reference lab that truly partners with clients and makes testing
more accessible for pet owners with our simple, fair pricing
model,” said David W. Gardiner, DVM, DACVP, co-founder, co-Chief
Medical Officer and Chief Pathology Officer, ZNLabs. “Now with
Zoetis, we will be able to rapidly continue to build our innovative
reference lab model and provide an expanded diagnostic testing
solution to more clients than we ever could have done by ourselves.
In my entire career, I’ve never been more excited about the future
of veterinary diagnostics.”
“Thanks to the extraordinary efforts of our small team – our
‘Zennies’ – we have in a relatively short time provided the
veterinary community with a friendly, high-quality and trusted
alternative to existing commercial laboratory services,” said
Andrew Loar, DVM, DACVIM (IM & Oncology), co-founder and
co-Chief Medical Officer, ZNLabs. “For our next phase, we are
pleased to join Zoetis as they fuel ZNLabs’ humble, ambitious
beginnings into a formidable presence in the veterinary laboratory
space.”
“For me as a clinician, and speaking for ZNLabs’ founders,
clinical veterinary medicine will thrive so long as the tools we
use – particularly laboratory testing – remain accessible to us and
appealing to pet owners,” continued Dr. Loar. “As part of Zoetis,
we can scale our ‘simple, friendly and fair’ model and grow a
nationwide network of excellent laboratory facilities.”
Reference Labs Complement Point-of-Care Diagnostics
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. In 2018, through the acquisition of Abaxis, Inc., and its
world-class portfolio of VetScan® diagnostic instruments and rapid
tests, Zoetis became a leader in the development, manufacture, and
marketing of veterinary point-of-care diagnostic instruments and
consumables.
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.
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 ZNLabs
ZNLabs is an innovative, full-service national veterinary
diagnostic reference laboratory focused on revolutionizing the
reference laboratory space for companion animals. With its team of
friendly, motivated and highly collaborative business and
veterinary professionals, ZNLabs stands for “Simple. Friendly.
Fair.” ZNLabs has its hub laboratory in Louisville and regional
laboratories in Boise, Chicago, Cincinnati, Dallas, New Orleans and
Salt Lake City, with key management activities based in Tampa, Fla.
For more information, visit www.znlabs.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, 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/20191122005045/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
ZNLabs: Dana Paris 1-813-819-0444
(o) dana@znlabs.com
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