Pet DRx Corporation provides primary and specialty veterinary care services through a network of veterinary hospitals located in California. The company offers general medical treatment as well as preventative care, including services such as vaccinations, examinations, spaying/neutering, and dental care. The company also offers several specialized medical services, such as x-ray, ultra-sound, internal medicine, surgery, cardiology, oncology, neurology, along with several other specialized veterinary services. The company was founded in 2004 by Robert Wallace, and is headquartered in Brentwood, Tennessee.
Pet DRx Corporation’s goal is to become the preferred provider of veterinary services in select markets by assembling dominant clusters of veterinary facilities where it can achieve operating efficiencies and market share leader position, then implement a hub and spoke structure. The “hub” facility will be a very specialized facility offering a wide range of specialized services, and the “spokes” will be various general-purpose hospitals.
The company has a history of successful acquisitions, and appears to have the resources to grow rapidly. The company should be able to implement this strategy. Dutton Associates has given the stock a “Speculative Buy” rating and $7.50 price target.
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