Market Overview

Chewy's Stock Gains On Launch Of Nationwide Telehealth Service For Pets

Chewy's Stock Gains On Launch Of Nationwide Telehealth Service For Pets

Shares of online pet store Chewy Inc (NYSE: CHWY) gained more than 5% after announcing a nationwide expansion of a new telehealth service for pets.

What Happened: Chewy launched "Connect With a vet," a service that connects pet owners with veterinarians through a proprietary tele-triage platform, the company said. Pet owners can connect directly with a licensed vet to ask questions, get advice, and receive referrals to emergency clinics.

The vets won't be able to diagnose medical conditions, offer treatments, and prescribe medication.

Chewy's new initiative is the first of its kind and received encouraging feedback during a trial period in Florida and Massachusetts.

Related Link: Why The PAWZ ETF Is The Perfect Pandemic Play

Why It's Important: Chewy's nationwide launch offers pet owners free access to veterinarian care and support amid the COVID-19 pandemic, the company said. The only catch is the service is available exclusively to customers who are subscribed to Chewy's Autoship program.

"We are always looking to enhance our customers' experience," Chewy CEO Sumit Singh said in the press release. "Visiting a local vet continues to be a challenge for many pet parents during this time. Similarly, the vet community has also been impacted via clinic shutdowns or reduced clinic hours. So, we thought, why not come up with a solution that can help both communities, our customers and veterinarians, in this time of greatest need."

The stock was up 5.8% on a down day for the overall market.


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