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1、16July2018Americas/UnitedStatesEquityResearchHealthcareTechnology&DistributionAnimalTracksCHANNELCHECKSurveysays–2Qvetdemandheatsup■2QVetpracticevolume,revenuegrowthgainmomentum:Accordingtoourproprietarysurveyof78UScompanionanimalveterinarians,80%ofpracticesexperiencedpositiverevenuegrowthin
2、2Q(vs.79%in1Q18),rising2.4%onaweightedavg.basis,anaccelerationrelativetothe1Qexperience(+2.2%).Newpatienttraffic(+1.9%)wasthemostmeaningfuldriverofpracticerevenues,followedbydiagnostictesting(+1.7%),price(+1.5%),andacutevisits(+1.2%).RespondentsalsoremainoptimisticonNTMpracticevolume/revenue
3、trends,consistentwithourrecentsurveys,whichbodeswellforallofouranimalhealthnames.■AnimalPharm–TopPickZoetis(ZTS):ThesurveyresultsenhanceourconvictioninZTS’UScompanionanimalbusiness(25%ofrevenues),whereweforecast+8.5%segmentsalesgrowthin2Q.FeedbackonZTS'satopicdermatitisportfolio(Apoquel,Cyto
4、point)wasencouraging,withresoundingenthusiasmforCytopoint(usedby81%ofrespondents,vs.68%in1Q).Notably,65%seeameaningfulopportunitytotreatmoreacutecaseswithApoquel(vs.60%in1Q).ZTSremainsourtoppickinAH,givenitsdiverse,durableportfolio,R&Dpipeline,marginexpansionopportunities,andcapitaldeploymen
5、toptionality.Focusintothe2Qprintwillbeonbasegrowthtrends,guidancerevisions(FX,expeditedABAXISdealclose),andR&Dpipelineupdate(i.e.SimparicaTrio,wherewecontinuetoestimatemoremeaningfulcontributionsin2020withpotentialapprovalin2H19).■Dog'nosticsdynamics(IDXX,ABAX):Thevastmajorityofrespondents(8
6、7%)expectdiagnostictestingvolumetoincreaseovertheNTM.OnlytworespondentsswitcheddiagnosticequipmentvendorsovertheLTM(vs.fivein1Q),underscoringthesustainabilityofIDXX's(Outperform)dominantUSin-clinicmarketsharepositioning,withitsbuildingsalesforcerampingandpotentialintegrationdisruptionwithABA
7、X/ZTSrepresentinganincrementalopportunitytotakeshare.UtilizationofIDXX’sSediVue(19%vs.17%in1Q)isencouraging,withadoptionofthenewinstrumentadriverofhighlyprofitableconsumablesvolume,alongwithSDMAontheslide.OnlythreerespondentsreportedusingVetScanSA,
