VCA Antech, Inc. ( WOOF)

Stephens Fall Investment Conference Call Transcript

November 16, 2011 9:30 AM ET

Executives

Tomas Fuller – Chief Financial Officer

Presentation

Operator

We are pleased to have with us today VCA Antech, a leading animal healthcare company offering vet and diagnostics services throughout their North American Hospital and laboratory network. Today with us we have got Tom Fuller who is the company’s Chief Financial Officer and then with that I will turning it over to Tom.

Tomas Fuller

Thank you. So first time here at Stephens, so delighted to be here. Thank you all for joining us. Coming in, I have really bad (inaudible) I apologise. So I will stop to give you guys a chance to cruise the safe harbour statement I will reflect on.

What a terrific company we have. We have a great industry, terrific management team, we are actually coming up on our 25 th Anniversary and the three founders and myself and our Chief Medical Officer are still with the company for 25 years, let me talk a lot about the business we are in and how much we love it.

Great cash flow, being down a little bit last couple of years of the economy, but we still have terrific cash flow, self-funded acquisitions, continue to grow through acquisition, and we are the market leader.

In the industry, most employees, 14,000 employees; 540 hospitals just scratching the surface of the hospital market 2% to 3% market share in laboratory services in all 50 states and Canada, not only – and then our hospitals 6.6 million visits per year from the 4.1 million pets we served. Antech Diagnostic services 16,000 hospital clients; recent acquisition of Vetstreet 4,500 subscribers. So, on every measure, we are the leader in the industry and the profession, very proud of what we have dealt over the past 20 years, employed more doctors and more specialists. All the specialists you see in human medicine dermatology, radiology, oncology, surgery you see in veterinary now, which has been a growth driver for many, many years, as we get more customers here, more medicine.

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