Modern Animal membership drives high-margin care

The key economic lever is that Modern Animal uses membership to make vet visits feel free at the point of booking, then earns most of the profit from everything that happens after the exam. In 2024, about 12% of revenue came from the $199 annual membership, while 88% came from services like lab work, procedures, and pharmacy. With roughly $1,660 in average revenue per customer, the membership works less like the main product and more like a trigger for more frequent, higher value care.

• The mechanics are straightforward. All-Access removes the exam fee, but members still pay for diagnostics, medications, and procedures. That lowers the friction to come in for an ear infection, stomach issue, or skin problem, and those visits often turn into paid tests, treatment, and refill revenue.
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• This is structurally different from Small Door, where membership includes one annual exam and discounts on additional exams, not unlimited exams. Modern Animal is using a more aggressive model to drive visit volume, which makes sense because its own clinics, app, triage team, and pharmacy let it capture more of the downstream spend.
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• The revenue mix shows why investors fund the model like a healthcare services platform, not a simple subscription business. At a $100M revenue run rate, membership fees create a recurring base, but the real upside comes from packing more care activity into each clinic and routing prescription demand into owned fulfillment channels.
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Going forward, the winners in modern vet care will be the operators that turn membership into a steady stream of high intent visits and then monetize the full care journey. Modern Animal is positioned to do that by adding clinics in dense markets, extending specialty and urgent care, and capturing more pharmacy and follow on treatment revenue inside one system.