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Inspire Veterinary Partners Reports First Quarter 2025 Financial Results

VIRGINIA BEACH, VA / ACCESS Newswire / May 16, 2025 / Inspire Veterinary Partners, Inc. (Nasdaq:IVP) ('Inspire' or the 'Company'), an owner and provider of pet health care services throughout the U.S., today reported financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights Compared to Prior Year Period First Quarter 2025 Operational Highlights Executive Commentary 'During the first quarter of 2025 Inspire continued to be margin minded and reduce our losses despite the challenges with year over year revenues across our industry,' said Kimball Carr, Chairman, President & Chief Executive Officer of Inspire. 'We also turned the corner on the crucial hiring of clinicians with doctor hires already outpacing all of last year. We believe our work in 2024, and the first quarter of this year sets IVP up for growth with our existing portfolio and expansion to new markets through a return to acquisitions.' First Quarter 2025 Financial Overview All comparisons are made versus the same period in 2023 unless otherwise stated. For the first quarter of 2025, total revenue was approximately $3.6 million, a decrease of 25%. Service revenue for first quarter of 2025 decreased $0.8 million or 23%, to $2.7 million. The decrease in service revenue is mainly attributed to the sale of the company's former Kauai location and its exclusion from 2025 results. On a comparable basis, service revenue declined year-over-year, primarily due to reduced DVM capacity and operational disruptions in January. Product revenue for first quarter 2025 decreased $0.4 million, or 30%, to $0.9 million. The overall decrease was a result of customers purchasing less products per visit and the exclusion of the Kauai location from 2025 results. Total operating expenses decreased $2.1 million or 27%. The decrease was primarily due to the sale of the Kauai location and its exclusion from 2025 results and the decreases in IR agency contracts and marketing agreements the Company entered during the first quarter of 2024 following the February 2024 public acquisition. Net loss for the first quarter of 2025 decreased $1.0 million, or 29%, to $2.4 million. The decline in net loss is primarily attributable to the exclusion of the operating expenses associated with a clinic sale, decreases in operating expenses associated with the cost associated with the February 2024 public raise during the period, and the IR agency consulting agreement Balance Sheet As of March 31, 2025, the Company had cash and cash equivalents of approximately $1.7 million. About Inspire Veterinary Partners, Inc. Inspire Veterinary Partners is an owner and provider of pet health care services throughout the US. As the Company expands, it expects to acquire additional veterinary hospitals, including general practice, mixed animal facilities, and critical and emergency care. For more information, please visit: Connect with Inspire Veterinary Partners, Inc. Facebook LinkedIn Forward-Looking Statements This press release contains forward-looking statements regarding the Company's current expectations. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, statements by the Company relating to the completion of the offering, the satisfaction of customary closing conditions related to the offering, the intended use of proceeds from the offering, receipt of Stockholder Approval as well as risks and uncertainties related to the satisfaction of customary closing conditions related to anticipated acquisitions, or factors that result in changes to the Company's anticipated results of operations related to acquisitions. These and other risks and uncertainties are described more fully in the section captioned 'Risk Factors' in the Company's public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law. Investor Contact CoreIR Matt Blazei 516-386-0430 [email protected] General Inquires Morgan Wood [email protected] Inspire Veterinary Partners, Inc. and Subsidiaries Consolidated Balance Sheets Inspire Veterinary Partners, Inc. and Subsidiaries Consolidated Statements of Operation Inspire Veterinary Partners, Inc. and Subsidiaries Consolidated Statements of Cash Flows SOURCE: INSPIRE VETERINARY PARTNERS, INC. press release