Vetsource Company Profile

Background

Founded in 2008 and headquartered in Portland, Oregon, Vetsource is a healthcare information technology company dedicated to enhancing pet healthcare through innovative pharmacy, technology, and business services. The company's mission is to empower veterinary professionals by streamlining processes, improving client engagement, and delivering comprehensive solutions that support both practices and pet owners. Over the years, Vetsource has evolved from a prescription management and home delivery service into a multifaceted platform offering a suite of services tailored to the veterinary industry.

Key Strategic Focus

Vetsource's strategic objectives encompass:

Platform Expansion: Transitioning from a veterinary pharmacy services provider to a comprehensive pet health ecosystem orchestrator.

Data-Driven Pet Health: Aggregating pet health data to influence pet health decisions, positioning itself as a critical intermediary between pet parents, veterinarians, and pharmaceutical companies.

Direct-to-Consumer Engagement: Launching a pet parent app to own the pet care journey, signaling a strategic shift towards direct consumer interaction.

By integrating pharmacy services, practice management tools, and data analytics, Vetsource aims to become the central platform connecting all stakeholders in the pet health industry.

Financials and Funding

Vetsource has demonstrated significant financial growth:

Annual Revenue: Estimated at $133.1 million.

Total Funding: Raised $60 million, including a $50 million Series D round led by Bain Capital Ventures in June 2018.

The capital has been strategically utilized to expand service offerings, enhance technological capabilities, and support acquisitions that bolster Vetsource's position in the pet healthcare market.

Pipeline Development

Vetsource's development pipeline includes:

Client Engagement Solutions: Integration of Vet2Pet's client engagement system to enhance communication between veterinary practices and pet owners.

Data Analytics Services: Leveraging VetSuccess's data and analytics capabilities to provide veterinary practices with actionable insights for improved decision-making.

These initiatives are designed to create a seamless and comprehensive pet health management experience.

Technological Platform and Innovation

Vetsource distinguishes itself through several proprietary technologies and methodologies:

ScriptRight ePrescribing Tool: A cloud-based solution enabling veterinarians to write, review, and approve prescriptions from any web-enabled device, enhancing workflow efficiency.

SyncVet™ Data Integration: A secure data integration tool that facilitates seamless operation of various veterinary business services, including client communication and online appointment scheduling.

AI-Driven Analytics: Utilizing artificial intelligence to analyze pet health data, providing predictive insights that support proactive care and personalized treatment plans.

These innovations underscore Vetsource's commitment to leveraging technology to improve veterinary practice operations and patient outcomes.

Leadership Team

Vetsource's leadership comprises experienced professionals dedicated to advancing the company's mission:

Kurt Green: President & Chief Executive Officer. A founding team member with over 25 years of management experience in Fortune 500 companies and the veterinary industry.

Andrew Bane, PhD: Chief Operating Officer. Also a founding team member, with extensive experience in operations, logistics, and supply chain management within the veterinary and pharmaceutical sectors.

Steve Henrickson: Chief Financial Officer. Brings over 25 years of financial management experience from manufacturing and e-commerce corporations, including Expedia Group.

Ami Murthy: Chief Product Officer. Over a decade of experience in product management and growth, most recently with New Relic.

Craig Sutter: Chief Technology Officer. More than 20 years managing technology teams across banking, retail, and healthcare operations.

Asa Pogrelis: General Manager, Veterinary Division. Over 27 years of veterinary sales, marketing, and commercial strategy experience.

Sara Barstow: General Manager of Retail. More than 20 years' experience in customer engagement and relationship management.

Howard Werth: Corporate Treasurer. 30 years of financial and senior management experience focusing on financial, operations, and strategic management.

Yili Malech, PharmD, MS: Vice President of Pharmacy Operations. Over 15 years of pharmacy experience in veterinary, hospital, and retail sectors.

Katie McClean: Vice President of Customer Success. More than 18 years managing teams and maximizing growth, with the last 9 in the veterinary industry.

Sheri Gilmartin: Vice President of Sales, Enterprise Solutions. A Certified Veterinary Technician with 30 years in the veterinary industry.

Lisa Hannah: Vice President of Marketing. 25 years of marketing experience across multiple industries and customer segments.

Erin Moloney: Vice President of Finance. 22 years of experience, 14 within the veterinary industry, in various finance roles.

Doug Hayes: Vice President of IT and Procurement. Over 20 years of experience building and leading high-performing IT teams.

Lacey Hall: Vice President of Human Resources. Over 20 years leading HR teams for private and public companies.

Jared Scarbrough: Vice President of Integrations and Analytics. Over 25 years of experience in engineering, analytics, and business leadership.

Aaron Wallace: Vice President of Business Development. A veterinarian with over 20 years in animal health, combining experience as an entrepreneur, operator, and clinician.

Leadership Changes

In October 2022, Vetsource appointed Leatha Lynch as Director of Regulatory Affairs and Pharmacist in Charge, highlighting the company's commitment to compliance and quality control.

Competitor Profile

Market Insights and Dynamics

The veterinary services market is experiencing significant growth, driven by increased pet ownership and a heightened focus on pet health. The integration of technology in veterinary practices is transforming service delivery, with a trend towards comprehensive platforms that offer pharmacy services, practice management, and client engagement tools.

Competitor Analysis

Vetsource operates in a competitive landscape with several key players:

Covetrus: Offers a suite of veterinary practice management software solutions, including Covetrus Pulse and Avimark, providing integrated services for veterinary practices.

Weave: Provides communication tools tailored for veterinary practices, enhancing client engagement and operational efficiency.

IDEXX Laboratories: Offers Cornerstone Practice Management software, focusing on client relationships, patient care, and service management.

ezyVet: A cloud-based veterinary practice management software that integrates with various platforms to streamline operations.

These competitors emphasize integrated solutions that combine practice management, client communication, and data analytics to enhance veterinary practice operations.

Strategic Collaborations and Partnerships

Vetsource has established significant partnerships to strengthen its market position:

Amazon: Collaborated to offer a more convenient shopping experience for pet owners, expanding Vetsource's reach.

QSM Diagnostics: Entered a distribution agreement to enhance diagnostic capabilities within veterinary practices.

Feeders Supply Company: Partnered to expand distribution channels and reach a broader customer base.

These collaborations aim to enhance service offerings, expand market reach, and integrate advanced technologies into Vetsource's platform.

Operational Insights

Vetsource's strategic considerations include:

Market Positioning: Leveraging its comprehensive suite of services to differentiate from competitors focusing solely on practice management or pharmacy services.

Competitive Advantages: The integration of data analytics, client engagement tools, and pharmacy services into a unified platform offers a unique value proposition to veterinary practices.