Ann: Half Yearly Commentary, page-3

The human healthcare side has pleasantly surprised on the upside with an impressive $900K profit. Medivet is very flat and has been for a couple of years now.

The high point for Medivet was CY 2012 with revenue of $4.48M and EBIT of $381K. There has been a drop away in revenue in the wake the 2012 Incell article, which was clearly distracting for the company. Incidentally the legal action that followed against Vet-Stem not only resulted in settlement in Medivet’s favour, but served to highlight the company’s superior cell counting technology too.

Medivet has a lot of potential, but it’s clearly not going to happen in autopilot mode. The investments they’ve made in research and sales staff will take some time to bear fruit, but should pay off in the medium to long term with the right execution. Hopefully the FY2015 full-year report will show some evidence of a turnaround and FY2016 will see Medivet eclipsing it’s 2012 result.

The spending on the Medivet studies are costing around USD $330K -
Atopic Dermatitis: http://www.lib.k-state.edu/awards/grant.php?grantNumber=30951
K9-ACV: http://www.research.uky.edu/numbers/Feb15AwardDetails.pdf
Nanofibre (OA and Cartilage Regeneration): http://fred.ovpr.uga.edu/Summary.do?faculty=13363   (expand on Sponsored Projects)

Following completion of the Nanofibre study later this year we’ll hopefully see this technology promoted and used more often.