Chewy's push into pet telehealth runs into regulatory hurdles and skeptical veterinarians
Under Singh's leadership as CEO, Chewy's annual revenue soared from $3.53 billion in fiscal 2018 to $8.9 billion in fiscal 2021, but the company has been stymied by repeated annual net losses and slim margins.
Chewy aims to make health care about 30% of its overall business in the coming years, according to Singh. The company wouldn't say how much pet health care accounts for in its current revenue stream, but less than 5% of Chewy's customer base buys their health products from the company. A dog hi-fives it's owner in front of the New York Stock Exchange during Chewy Inc.'s initial public offering in New York, U.S., on Friday, June 14, 2019.Chewy said the program was created to make vet care more affordable and accessible to everyone. The service is designed to help clients access some form of care when they can't book an immediate appointment, can't afford one or don't live close to an in-person clinic, the company said.
Isaacson no longer offers the virtual service. And she is concerned new pet parents might consider Chewy's service and others like it a replacement for traditional, industry standard veterinary care.
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