SAN FRANCISCO - Wag! Group Co. (Nasdaq: PET), known for its on-demand dog walking service, is set to launch Furscription, a digital prescribing tool for veterinary clinics. This new platform, designed to expedite the prescription process, will be available starting May 2024, with select beta testing currently underway.
Furscription is engineered to simplify how veterinarians handle prescription requests, aiming to provide medications to pet owners more efficiently. By integrating with veterinary software and partnering with pharmacies, Furscription eliminates the need for handwritten prescriptions, reducing errors and the risk of fraud.
The new tool offers electronic prescribing directly through its interface and notifies pet owners instantly about their pet's prescription status. Its two-factor authentication system is intended to bolster security and accuracy in the prescription process.
The demand for Furscription has been highlighted by the significant waitlist of veterinary clinics ahead of its launch. The company has an LOI to integrate with a platform that supports thousands of clinics and anticipates that Furscription will address the need for better prescription management solutions.
Wag! Group Co. has expanded its portfolio since pioneering on-demand dog walking in 2016, including platforms like Petted, Dog Food Advisor, WoofWoofTV, maxbone, and Furmacy. Furscription is the latest addition, aiming to close the loop between veterinarians and pet parents within the Wag! ecosystem.
The information in this article is based on a press release statement from Wag! Group Co.
InvestingPro Insights
As Wag! Group Co. (Nasdaq: PET) gears up for the launch of its innovative Furscription platform, investors and industry watchers are closely observing the company's financial health and market performance. With a market capitalization of $85.13 million, the company has demonstrated a notable revenue growth of 52.95% over the last twelve months as of Q4 2023, signaling strong sales momentum that could potentially be bolstered by the new digital prescribing tool.
InvestingPro Tips highlight Wag! Group Co.'s impressive gross profit margins, which stood at 76.47% in the same period, reflecting the company's ability to maintain profitability on its services despite not being profitable over the last twelve months. Analysts are optimistic about the company's sales growth in the current year, which could be an indicator of Wag!'s potential to leverage Furscription and its existing service offerings to improve its financial standing.
However, potential investors should be aware of the company's volatility, as the stock price movements have been quite erratic. Moreover, while the company operates with a moderate level of debt and liquid assets exceed short-term obligations, analysts do not anticipate the company will be profitable this year. It's also important to note that Wag! Group Co. does not pay a dividend to shareholders and is trading at a high Price/Book multiple of 51.72, which could affect investor sentiment.
For those looking to delve deeper into Wag! Group Co.'s financials and future outlook, there are additional InvestingPro Tips available at InvestingPro. By using the coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of investment insights and analysis.
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