Inspire Veterinary Partners Reports First Quarter 2025 Financial Results

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Inspire Veterinary Partners Reports First Quarter 2025 Financial Results

ECONOMY 16.05.2025

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.

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First Quarter 2025 Financial Highlights Compared to Prior Year Period

Total revenue of approximately $3.6 million, a decrease of 25%
Services revenue of approximately $2.7 million, a decrease of 23%
Product revenue of $0.9 million, a decrease of 30%
Total operating expenses decreased by 27%
Net loss decreased by $1.0 million or 29%

First Quarter 2025 Operational Highlights

Entered an exclusive, non-binding letter of intent to acquire 100% ownership interest in one animal hospital located in central Florida. If completed, the acquisition could potentially add up to approximately $1.8 million in (unaudited) revenue
Oversaw a 400% increase in doctor hires over all of 2024, setting the company up to expand operating days in several clinics
Completed a registered direct offering for aggregate gross proceeds of approximately $2.0 million
Appointed Samatha A. Ciulla as Director of Business Development to oversee Inspire's business development, including the expansion into new markets, formation of partnerships and pursuit of strategic acquisitions
Engaged STNL Advisors, a full-service net lease advisory firm, to review the Company's real estate portfolio and provide strategic guidance on opportunities to expand, update and add new facilities
Registered the trade name 'Family Pet Care' in the state of Maryland as part of a planned expansion in the Mid-Atlantic region. Inspire intends to replicate the design of its Texas based Family Pet Care state-of-the-art facility in new or future upgrades across the Company's platform

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: www.inspirevet.com.

Connect with Inspire Veterinary Partners, Inc.
Facebook
https://www.facebook.com/InspireVeterinaryPartners/

LinkedIn
https://www.linkedin.com/company/inspire-veterinary-partners/

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

	March 31,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	1,738,033	$	523,690
Accounts receivable, net	4,376	40,675
Inventory	475,152	516,650
Prepaid expenses and other current assets	683,687	942,456
Total current assets	2,901,248	2,023,471

Restricted cash - non-current	120,000	200,000
Property and equipment, net	6,280,246	6,382,788
Right-of-use assets	1,802,006	1,879,729
Intangibles assets	1,481,352	1,633,927
Goodwill	8,022,082	8,022,082
Other assets	53,997	53,997
Total assets	$	20,660,931	$	20,195,994

Liabilities and Stockholder's Equity
Current liabilities:
Accounts payable	$	1,769,991	$	1,979,503
Accrued expenses	643,311	285,770
Operating lease liabilities	163,193	183,981
Loans payable, net of discount	1,737,846	2,340,020
Notes payable, net of discount	3,157,641	3,410,465
Total current liabilities	7,471,982	8,199,739

Operating lease liabilities, non-current	1,901,083	1,943,487
Notes payable - noncurrent	8,283,910	8,490,763
Total liabilities	17,656,975	18,633,989

Commitments and Contingencies (Note 15)

Stockholder's Equity
Common stock - Class A, $0.0001 par value, 4 million shares authorized, 2,119,551 and 1,176,059 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.	211	117
Common stock - Class B, $0.0001 par value, 20 million shares authorized, 3,020,750 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.	302	302
Additional paid-in capital	41,768,760	37,911,867
Accumulated deficit	(38,765,317	)	(36,350,281	)
Total stockholder's equity	3,003,956	1,562,005
Total liabilities and stockholder's equity	$	20,660,931	$	20,195,994

Inspire Veterinary Partners, Inc. and Subsidiaries
Consolidated Statements of Operation

	For the Three Months Ended March 31,
	2025		2024
Service revenue	$	2,741,029	$	3,545,599
Product revenue	898,180	1,285,968
Total revenue	3,639,209	4,831,567

Operating expenses
Cost of service revenue (exclusive of depreciation and amortization, shown separately below)	2,139,278	2,709,147
Cost of product revenue (exclusive of depreciation and amortization, shown separately below)	785,409	1,016,107
General and administrative expenses	2,446,438	2,873,343
Depreciation and amortization	275,392	367,197
Debt extinguishment loss	-	728,278
Total operating expenses	5,646,517	7,694,072

Loss from operations	(2,007,308	)	(2,862,505	)

Other income (expenses):
Interest income	8	2
Interest expense	(407,736	)	(559,289	)
Total other expenses	(407,728	)	(559,287	)

Loss before income taxes	(2,415,036	)	(3,421,792	)

Benefit for income taxes	-	-

Net loss	(2,415,036	)	(3,421,792	)

Net loss per Class A and B common shares:
Basic and diluted	$	(0.43	)	$	(0.88	)
Weighted average shares outstanding per Class A and B common shares:
Basic and diluted	5,555,588	3,894,331

Inspire Veterinary Partners, Inc. and Subsidiaries
Consolidated Statements of Cash Flows

	For the Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net loss	$	(2,415,036	)	$	(3,421,792	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	275,392	347,382
Amortization of debt issuance costs	4,455	-
Amortization of debt discount	261,766	379,313
Amortization of operating right of use assets	77,723	53,831
Amortization of issuance costs	-	15,825
Issuance of class A common stock for services	-	286,696
Loss on debt modification	-	728,278
Issuance of class A common stock in connection with general release agreement	-	20,000
Issuance of Class A common stock and pre-funded warrants in connection with commitment shares	-	600,000
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	36,299	(312,915	)
Due from former owners	-	32,519
Inventory	41,498	25,852
Prepaid expenses and other current assets	258,769	(1,642,552	)
Accounts payable	(209,512	)	315,165
Accrued expenses	357,541	(403,107	)
Cumulative Series A preferred stock dividends payable	-	(92,322	)
Other assets, net	-	(61,094	)
Operating lease liabilities	(63,192	)	(40,108	)
Net cash used in operating activities	(1,374,297	)	(3,169,029	)

Cash flows from investing activities:
Purchase of property and equipment	(20,275	)	(156,945	)
Net cash used in investing activities	(20,275	)	(156,945	)

Cash flows from financing activities:
Proceeds from issuance of class A common stock and warrants, net of issuance costs	2,145,521	-
Proceeds from issuance of class A common stock and pre-funded warrants, net of issuance costs	1,711,466	3,375,458
Net proceeds from loans payable	-	549,185
Payments on loans payable	(863,940	)	(1,032,540	)
Proceeds from issuance of convertible series A preferred stock	-	200,000
Proceeds from convertible note payable	-	500,000
Repayment of note payable	(464,132	)	(276,013	)
Repayment of convertible debentures	-	(100,000	)
Net cash provided by financing activities	2,528,915	3,216,090

Net increase (decrease) in Cash, cash equivalents and restricted cash	1,134,343	(109,884	)
Cash, cash equivalents and restricted cash, beginning of period	723,690	378,961
Cash, cash equivalents and restricted cash, end of period	$	1,858,033	$	269,077

Supplemental Disclosure of Cash Flow Information
Interest payments during the year	$	1,552,313	$	188,952
Income tax refund	$	151,796	$	-

Noncash investing and financing activity
Series A Preferred Stock Dividend	$	-	$	271,245
Acquisition of assets through operating leases	$	-	$	1,031,523
Issuance of common stock in connection with business acquisition	$	-	$	400,000
Issuance of convertible series A preferred stock due to conversion of bridge note	$	-	$	4,440,688
Issuance of class A common stock due to conversion of convertible debentures	$	-	$	4,414,317

SOURCE: INSPIRE VETERINARY PARTNERS, INC.

View the original press release on ACCESS Newswire

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Arizona Tribune - Inspire Veterinary Partners Reports First Quarter 2025 Financial Results

Inspire Veterinary Partners Reports First Quarter 2025 Financial Results

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