The US Veterinary Health Market 8304（8304年美国兽医卫生市场）.pdf

One Corporate Center August 3, 2004 Rye, NY 10580-1422 Tel (914) 921-8436 Fax (914) 921-5098 Gabelli Company, Inc. The US Veterinary Health Market Source: - Real Pals Companies Highlighted Petmed Express, Inc. (NASD: PETS - $4.28) Heska Corp. (NASD: HSKA - $1.35) Idexx Laboratories, Inc. (NASD: IDXX - $49.64) Neogen Corp. (NASD: NEOG - $18.70) Jennie Tsai Research Analyst 914-921-8436 - Please Refer to Important Disclosures At the End of This Report - Gabelli Company, Inc. INTRODUCTION The United States population is experiencing several demographic/ lifestyle trends that are projected to continue over the next two decades, including the aging demographics and the obesity trend. Both of these factors are causing healthcare costs to increase annually. Another trend that is gaining increased awareness is healthcare spending not on humans, but on companion pets. In this report, we lay out some statistics on the overall pet market in the US and more specifically, the pet healthcare market, and finally, highlight a few stocks that stand to benefit from these trends. The growth in the dog and cat population has increased at a higher rate than the growth rate of US households as shown below: (millions) 1996 2001 CAGR