Americans are spending more on pets than ever, sending the entire industry to new highs

NEW YORK, June 15, 2021 /PRNewswire/ — Dogs have always been man’s best friend, but the amount of money pet owners spend on their four-legged friends has increased significantly over the years. In fact, over the past 10 years, the amount Americans spend on their pets has more than doubled to a whopping figure $103.6 billion in 2020. Millennials, who make up the largest group in the US, are spending significantly more on their pets than previous generations on pet food, grooming, veterinary care, pet insurance and even monthly gift boxes, taking the entire industry to new highs. The boom in pet spending has buoyed businesses across the industry, including LexaGene Holdings Inc. (TSXV:LXG) (OTCQB:LXXGF) (FRA:5XS2), The Original Bark Co. (NYSE:BARK), Petmed Express Inc. (NASDAQ: PETS), Zoetis Inc. (NYSE:ZTS) and Aon SPS (NYSE:AON).

As pet care costs increase, there are several factors to consider for your furry friend. This includes the basics such as food, housing, nutritional supplements, hygiene and routine check-ups at the vet. LexaGene Holdings Inc. (TSXV:LXG) (OTCQB:LXXGF) (FRA: 5XS2) is a molecular diagnostics company that develops molecular diagnostic systems for the detection of pathogens and genetic tests for other molecular markers for rapid on-site testing in various fields, including veterinary diagnostics. LexaGene‘s MiQLab for Veterinary Diagnostics is a genetic analyzer designed to perform real-time veterinary diagnostic testing at the point-of-care, allowing veterinarians to quickly diagnose and determine what caused your pet’s illness compared to traditional tedious practices. Equipped with a bacteria and AMR test, the MiQLab looks for the seven most common bacterial pathogens as well as 13 different antimicrobial factors and provides results in around two hours.

In May, LexaGene hired several experienced veterinary sales representatives to support the launch of their MiQLab in this lucrative market where there is virtually no competition for in-hospital pathogen detection. Within a month of expanding the sales team LexaGene announced two purchase orders for its MiQLab system and could add more after the company generated “several MiQLab sales leads from the ACVIM forum” the company attended last week. The first order came from Denver Animal Emergency, which has been using the system for several months as part of its Early Access program.

“We compared the accuracy of the MiQLab to results generated by culture and there was such a high level of agreement that we found that we run MiQLab more often than we send samples for culture.” said dr. Andrew Pierce, owner and medical director of Denver Animal Emergency. “The MiQLab not only identifies the most common pathogens, but also many common antimicrobial resistance factors. Knowing this information shortly after seeing the animal has boosted our confidence that our prescribed therapies will treat the infection effectively, even if it turns out to be resistant to some antibiotics. Our vets have enjoyed using it so much and our customers benefit from better care, so purchasing the system was an easy decision.”

One week later, LexaGene announced the completion of a sale to the Alpine Veterinary Hospital, which offers a wide range of services including emergency and orthopedic surgeries in the Bay Area of California.

“We are pleased that the Alpine Veterinary Hospital sees that the future of animal care begins with the MiQLab system,” said LexaGene CEO and founder, Dr. Jack Regan. “We continue to gain momentum in veterinary medicine as we generated several MiQLab sales leads through the ACVIM Forum we attended last week and through the hard work of our dedicated sales team.”

Besides that, LexaGene recently announced that it has partnered with Ethos Discovery to expand the range of test menus that can be run on the MiQLab™ system. Ethos Discovery, which was an early adopter of the MiQLab technology due to the coverage of tests in LexaGene’s first validated panel, is now interested in expanding the use cases for the MiQLab to help diagnose other disease states.

Pet stocks continue to drive sales revenue

The Original Bark Co (NYSE:BARK) is a company known for its subscription service that includes dog food, toys, and other miscellaneous dog products. The Leading Dog Brand is a merger of Northern Star Acquisition Corp. and Barkbox Inc. With their subscription service bark served over 1 million dogs monthly and has an approximate value $1.6 billion. Continuing the trend of advanced pet care, the subscription service is another example of an innovative venture among turn-of-the-century pet owners.

Petmed Express Inc. (NASDAQ:PETS) recently announced Fourth quarter and full year results show an 18.4% increase in net income and a 9.7% increase in back order sales. Commenting on the company’s unexpected success earlier this year, the President and CEO noted that increased e-commerce demand is partly due to the global health crisis, but also forecasting the need for large-scale pet supplies.

global animal health company, Zoetis Inc. (NYSE:ZTS), builds on its history of supporting zoo keepers. The enterprise also reported its 2020 Sustainability Report and announced its commitment $35 million over the last 5 years about its creation, the Zoetis Foundation. The aim of the foundation is to improve opportunities for veterinarians and farmers.

Pet insurance can be expensive for a pet owner, but it’s also vital as it ensures the pet is healthy and cared for. Aon PLC (NYSE:AON), the world’s largest global insurance broker with over 30 billion dollars of assets, is the majority owner of Healthy Paws, a leading US insurer, which was recently chosen number one in America.

As the animal health industry continues to boom, experts are forecasting unprecedented growth. The market value is expected to double the current value in the next few years. In addition, companies like LexaGene stocks manufacture innovative devices that also become part of the daily routine of a veterinarian.

More information about LexaGene stocks, click here.

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