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  "documentTitle": "PetIQ, Inc. (PETQ)",
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  "notes": "Includes a quote from a UK peer (Pets at Home) to illustrate the difficulty of scaling veterinary practices.",
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      "text": "We believe that industry competitiveness will hit PetIQ particularly hard as it attempts to roll-out 1,000 fixed-location wellness centers with traditional hours.",
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      "text": "The veterinary care space has become increasingly competitive through the last several years, as well-recognized companies such as Petco have launched a number of in-store veterinary concepts since 2017.",
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      "kind": "quote",
      "text": "But life has changed. It's changed dramatically in the last few years. And our model needs to change to reflect that. The supply of vets is super challenging.",
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      "kind": "quote",
      "text": "\"But life has changed. It's changed dramatically in the last few years. And our model needs to change to reflect that. The supply of vets is super challenging. And that's led to salary growth not just in vets, but in nurses and in practice managers. And if your already a young practice, that solid growth hits you disproportionately harder than it does in mature practices. That path to profitability of younger practices has lengthened and has delayed returns to our JVPs. It's also increasing that cash support that we've had to put into those businesses. We've been too focused on practice rollout rather than driving cash from our invested practices. And given the recent high number of openings, we have so many startup practices and we expect them to be loss-making in their early years. Typically, a practice becomes cash-generative around year five, and we expect that revenue to build as the customer base builds, remembering that our practices start off with no clients whatsoever. People don't easily change their vet.\" — PETS:LN Earnings Call, Nov 27 2018",
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      "kind": "title",
      "text": "Veterinary Clinic Competition Heating Up Just As PetIQ Enters The Space",
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