Accelerating Growth in 2Q Veterinary Practice Volume, Revenue: According to our proprietary survey of 75 US companion animal veterinarians, 89% of practices experienced positive volume growth in 2Q (vs. 82% in 1Q), increasing +3.7% on a weighted avg. basis, reflecting an impressive acceleration relative to the previous quarter's robust experience (+2.8%), indicating healthy underlying demand trends, albeit on a somewhat easier comp (+1.6% in 2Q20). Meanwhile, practice revenues increased 3.6% on a weighted avg. basis (vs. +2.7% in 1Q), driven by all-important new patient visits, acute care, and diagnostic testing. Sentiment from respondents was still relatively optimistic on demand trends for the next 12 months (despite lapping 2H20 strength), with 88% (vs. 96% in 1Q) expecting positive growth in patient traffic, an encouraging dynamic. The survey suggests veterinarians have increasingly reverted to pre-pandemic practices (17% curbside-only vs. ~70% in 1Q) while still experiencing underlying strengthening demand, reinforcing our confidence in the resilience of the Animal Health sector with stepped up drivers in an expanded pet population.