Latest news with #pethealthcare
Associated Press
16-05-2025
- Business
- Associated Press
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
Associated Press
07-05-2025
- Business
- Associated Press
PetMed Express, Inc. and Dutch Announce Partnership to Provide Accessible Telehealth Services for Pets
DELRAY BEACH, Fla. and OAKLAND, Calif., May 07, 2025 (GLOBE NEWSWIRE) -- PetMed Express, Inc., parent company of PetMeds and PetCareRx (Nasdaq: PETS), today announced a new strategic partnership with virtual veterinary care provider Dutch . The collaboration marks PetMeds' latest move to expand its provider ecosystem with affordable, accessible pet healthcare options. The new partnership will enable pet parents to leverage Dutch's convenient technology and veterinary team to secure prescriptions for PetMeds' broad selection of medications in a timely manner. 'This partnership expands the accessibility of pet telemedicine, which can help fill gaps in care, as the nationwide vet shortage has left more than 129 million Americans without easy access to pet care,' said Joe Spector, Founder and CEO of Dutch. 'Through this collaboration, we are looking forward to reaching a broader audience of pet parents in need of care and medications.' 'At PetMeds, we believe the veterinarian is—and will always be—at the center of a pet's healthcare journey,' said Sandra Campos, President and CEO of PetMeds. 'By integrating Dutch's virtual care platform into our growing pet health ecosystem, we're expanding access to timely, professional care, particularly when in-person visits aren't possible due to geography, timing or cost. This partnership is designed to support the 200 veterinarians who are employed by Dutch and aid continuity of care while helping ensure pet parents receive expert guidance, whenever and wherever it's needed.' Under the partnership, pet parents will be able to sign up for a monthly Dutch membership and be connected virtually with veterinarians for 24/7 appointments in 34 states. Since launched, Dutch has completed almost 700,000 visits and offers treatment options for over 150 conditions, including flea and tick medication and treatments for allergies and joint pain. Consumer awareness and adoption of veterinary telehealth options are accelerating as pet parents look for more affordable, accessible ways to keep their beloved pets healthy and happy. Dutch's recently released 2025 State of Veterinary Care Report found that 129 million Americans, or roughly 38% of the population, live in vet-care 'deserts'—underscoring the significant need for more accessible pet care options. About PetMed Express, Inc. Founded in 1996, PetMeds is a leader in the consumer pet healthcare sector. As a national online retailer with expert pharmacists and licenses across fifty states, and deliver top branded pharmaceuticals, generics, compounded prescription medications and OTC supplements and vitamins that help pets live longer, healthier lives. The Company strives to offer unparalleled value and convenience that enhance wellness and longevity for dogs, cats, and horses. PetMeds and PetCareRx provide essential pet health offerings through their websites, and . About Dutch Launched in July 2021, Dutch is the first and only veterinary telehealth company connecting licensed, independent veterinarians directly with pets and their parents nationwide. At its inception, Dutch primarily addressed common chronic ailments, such as anxiety and allergies, but has grown to treat over 150 conditions and serve over 40,000 customers. In 2022, Dutch introduced Rx services, which allow the company's licensed veterinarians to prescribe and ship OTC and prescription medications to patients in 34 states. Dutch memberships, excluding insurance, begin at just $15/month, and include unlimited access to virtual veterinary care through video and chat models. In a country experiencing a critical vet shortage of just one veterinarian for every 6,000 pet households, Dutch is creating a more accessible means of dependable, quality vet care that can address the modern pet parents' needs in a timely manner and at a fraction of the cost. Media Contacts For PetMeds: Danielle Poggi [email protected] Reed Anderson [email protected] For Dutch: Melissa Stavenhagen [email protected]
Forbes
07-05-2025
- Business
- Forbes
PetMeds And Dutch Team Up For Veterinary Care And Prescriptions
PetMeds and Dutch are bringing telemedicine to pets. Courtesy of Dutch PetMed Express Inc., the parent company of PetMeds and PetCareRx has entered a strategic partnership with virtual veterinary care provider Dutch to expand its provider ecosystem with affordable, accessible pet healthcare options. The new partnership will enable pet owners to leverage Dutch's technology and veterinary team to secure prescriptions for PetMeds' medications. Pet owners, through the partnership, can sign up for a monthly Dutch membership,which will allow them to connect virtually for appointments, which are available 24/7, with veterinarians in 34 states. Since its launch four years ago, Dutch has completed almost 700,000 visits and offers treatment options for more than 150 conditions, including providing flea and tick medication and treatments for allergies and joint pain. 'Because they're technologically advanced, because they're able to cover the majority of the country and because they have over 200 veterinarians of their own made us feel very comfortable with them,' Sandra Campos, CEO of PedMeds, said of Dutch. 'Technology has evolved and in this case Dutch has proven that they continue to improve the technologies and are able to implement them within our own web site, which will make it much more seamless for the customer where they don't have to go and log onto a whole new platform,' Campos added. Today, customers and pet owners can go to Dutch and get same-day care and talk to a veterinarian for less than $10 a month, less than the cost of a carton of eggs. The veterinarian is able to write a prescription, create a treatment plan and save consumers pain, time and money by getting them care right away. 'Dutch is a membership model,' said Joe Spector, founder and CEO. 'Think of it as Costco where you pay $120 for an annual membership and you get up to five pets covered, so up to five pets can be seen by the veterinarian at any time. We make money on the membership and the product partnership. In this case we would fulfill and make a margin on any products being purchased.' Consumer awareness and adoption of veterinary telehealth options have been accelerating as pet owners look for more affordable and accessible ways to keep their pets healthy and happy. Dutch's recently released '2025 State of Veterinary Care Report' found that 129 million Americans, or roughly 38% of the population, live in vet-care 'deserts'—underscoring the need for more accessible pet care options. Spector said the partnership could see tens of thousands of customers. There's almost 150 million pets in the U.S. and almost half get no care at all, according to Spector. 'We're talking about 75 million pets who could get help from a more affordable option,' he said. 'There's a lot of demand for pet telemedicine because it either can bring you peace of mind at the very least by speaking to a professional, not Dr. Google, and at the most, it saves you thousands of dollars of going to urgent care,' Spector said. And the veterinarians in the Dutch network are seasoned and experienced. The average vet has over 15 years on the job. 'This isn't someone who couldn't find a job or just got out of school,' Spector said. 'This is someone who has been seeing pets for years and has decided to practice telemedicine. Veterinarians have come to believe they can provide better care when they see a pet in the comfort of their own home. We see a lot of anxious dogs. They're not better served in person and neither are cats because they become a different animal.' Telehealth for people has continued to evolve and improve and grow as more consumers become accustomed to Zoom calls and telehealth. The same is true on the pet side where telehealth for peets is going to increase year-over-year and the popularity of pet insurance continues to grow, Campos said. She added that PetMeds and Dutch wanted to provide a one-stop shop of solutions for pet owners whether they need a prescription and don't have access to a veterinarian or can't get to a vet or they need something after hours or on weekends. 'We give them that option without having to leave our site,' she said. 'We know that pets are better off when you're providing them with preventative solutions and you're taking care of their health,' Campos said. 'Rather than all of a sudden being hit with a disease or being hit with a critical condition, and then you have much greater costs as well, it's going to be much better to sustain their care and their maintenance over time.'
