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Total revenue was $12.9 million for the nine months of 2023, an increase of 93% compared to total revenue of $6.7 million in the prior year period, driven by an increase in sales in both Service and Product revenue which were significantly positively impacted by acquisitions.
Service revenue for the nine months of 2023 increased 88% to $9.2 million primarily driven by acquisitions of animal hospitals and clinics accumulated since the prior period.
Product revenue of $3.7 million increased 110% compared to the prior year period driven primarily by acquisitions of animal hospitals and clinics in 2023.
The APPA National Pet Owners Survey revealed that 66% of U.S.households own a pet. This translates to about 86.9 million households with pets
Consolidators own approximately 50% of all veterinary hospital revenue in the U.S.
IVP is Currently Operating 14 Locations Across 10 States, Giving it an Impressive Footprint to Expand on
READ THE INVESTOR PRESENTATION HERE
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Hello Everyone,
There is another company that we want to bring to your attention immediately.
The number of U.S. homes with pets has been trending upward for decades, with more than 5 million more pets in the U.S. than before the pandemic. Beyond the pandemic-driven boom, the trends continue, driven by changing social dynamics as well as technological advancements. According to Morgan Stanley, the pet services industry is set to grow at a compound annual growth rate (CAGR) of 8% over 2022-2030, reaching a projected total of $277 billion.
Average annual household spending per pet could grow from $980 in 2020 to $1,292 by 2025 and expand further to $1,909 by 2030, according to Morgan Stanley. This growth would be distributed across various categories, including pet food, veterinary care and a handful of other services. Additionally, there is a booming set of sub-sectors like dog walking, pet-sitting, grooming and training, underscoring the scale and scope of the industry’s growth. Amidst this broad expansion, this upward trend in sales is estimated by some to be a full 50% higher in 2023 at $143.6 billion.
Pull up IVP Immediately.
The U.S. pet industry generated $103B in 2020. In 2017 there were 28,000+ pet hospitals in the U.S.
Inspire is an owner of general practice veterinary clinics in the United States. Inspire acquires practices, and, in many cases real estate, and then works with teams on a long- term basis to improve and maintain hospital operations, grow revenues and maximize earnings. As the Company expands, it is adding new services hospitals, including mixed animal facilities, critical and emergency care, and other specialty services such as equine, in one location.
Inspire Veterinary Partners (NASDAQ: IVP): Empowering Veterinary Professionals Through Its Employee-Oriented Ownership Model
VIRGINIA BEACH, VA / ACCESSWIRE / January 25, 2024 / Inspire Veterinary Partners Inc. (NASDAQ:IVP) introduces a distinctive approach to veterinary practice ownership that is markedly different from traditional investment models. This approach, diverging from the top-down that uses short-term strategies typical in private equity, emphasizes engaged ownership and a commitment to the well-being of both pets and veterinary professionals.
Transitioning Ownership With Inspire
Inspire provides a unique pathway for veterinary practice owners considering a transition. Unlike the traditional top-down models, where changes are often dictated by far-removed executives, Inspire’s process involves a collaborative approach to understanding and enhancing the unique qualities of a practice. This method respects the value of the hospital while empowering employees to engage in self-directed change, ensuring that veterinary practices remain integral parts of their communities and firmly in the hands of those most qualified to run their respective practices: the employees. The Inspire model is also designed around long-term benefits for team members and clients versus the shorter timeframes dictated by ownership structures within Private Equity owned practices.
Employee-Centric Ownership And Benefits
Inspire’s model is built on employee and shareholder ownership, led by experienced veterinary professionals. This structure aims to facilitate significant employee input in decision-making and fosters a culture of resilience, trust and respect. Comprehensive pay, benefits and customizable compensation packages are emphasized right from the beginning of a partnership, aimed at meeting individual needs and aspirations while contributing to a more satisfied and motivated workforce. With equity offerings planned for a large portion of the IVP workforce, the company is decidedly different from other consolidators in the pet care space which typically do not offer ownership, or when offered, the equity is only available to a select few.
Empowerment And Community Engagement
The Inspire organization is equally committed to veterinary care as it is personal development and mentorship, empowering veterinary professionals to positively impact their communities. Inspire’s philosophy extends beyond financial interests, offering a sense of ownership and pride in their work, partners and communities. The future of veterinary care with Inspire is envisioned as one where practices are more than businesses – they are vital community members providing high-quality care to pets and peace of mind to pet owners through a bottom-up employee-driven business model. With experienced veterinary professionals in every department at Inspire and veterinarians in many support and leadership functions, the company prides itself on ensuring decisions are made with the long-term interest of the workforce, veterinary industry and shareholders alike.
Joining Inspire Inspire Veterinary Partners
For potential sellers seeking an acquisition partner for their hospital, joining Inspire involves an in-depth and personalized process. Meetings with Business Development at IVP lead to further conversation and hospital visits with operations and medical leadership and culminate in a visit with CEO Kimball Carr. Each meeting includes discussions about compensation and community goals and the entire. The process aims to foster trust and collaboration from the start, encompassing in-person interactions and town hall Q&A sessions.
Redefining Veterinary Care In The Private Equity Era
By prioritizing employee ownership and involvement alongside comprehensive compensation and benefits packages, Inspire Veterinary Partners aims to align the interests of veterinary professionals, pet owners and their pets. This approach challenges the conventional norms of veterinary practice ownership and offers an alternative model focused on community engagement and personal development. While the long-term impacts of such a model in the broader veterinary industry are yet to be fully realized, Inspire’s strategy presents a novel perspective for those considering the evolving landscape of veterinary healthcare.
THE NEAR FUTURE
The 5-year plan includes a 10 location per year run rate for acquisitions and a public event within that timeframe which allows Inspire to share equity with all associates working in its locations.
DIFFERENTIATORS
Key relationships from the acquisition process through operations and the unique position of a publicly-traded veterinary services organization, provide us advantages in growth capability,
WHAT IS INSPIRE, WHAT IS THE 5 YEAR PLAN?
Key relationships from the acquisition process through operations and the unique position of a publicly-traded veterinary services organization, provide us advantages in growth capability,befficiency and employee retention.
Inspire Veterinary Partners Reports Third Quarter 2023 Financial Results
VIRGINIA BEACH, VA / ACCESSWIRE / November 14, 2023 / 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 its third quarter and nine months ended September 30, 2023.
“We are pleased to report strong third quarter 2023 results as a newly public company with total revenue growing 41 percent year-over-year,” said Kimball Carr, Chairman, President & Chief Executive Officer of Inspire. “The positive momentum in our business has continued through the third quarter making us optimistic about our overall growth prospects in 2023. Looking forward, we believe there is significant opportunity ahead of us in the large, growing, and unconsolidated pet care market.”
Mr. Carr added, “With our successful initial public offering behind us, we are very excited about the opportunity to accelerate the pace of our animal hospital acquisition program. We recently completed the acquisition of our first animal hospital in Pennsylvania, Valley Veterinary Service, whose 2022 gross revenues exceeded $1.7 million.Our team is focused on building a robust pipeline of acquisition targets. With 14 hospitals in 10 states, we believe there is a lot of growth potential ahead of us both organically and through acquisition. We are excited to execute our growth strategy and deliver enhanced value for our shareholders.”
Third Quarter 2023
Total revenue was $4.1 million for the third quarter of 2023, an increase of 42% compared to total revenue of $2.9 million in the prior year period, driven by an increase in sales in both Service and Product revenue which were significantly positively impacted by acquisitions. Service revenue for the third quarter of 2023 increased 30% to $2.9 million, driven primarily by three new animal hospitals and clinics acquired in 2023. Product revenue of $1.2 million increased 76% compared to the prior year period also driven primarily by the acquisition of additional animal hospitals and clinics in 2023.
General and administrative expenses increased $1.8 million or 103%, to $3.6 million for the three months ended September 30, 2023 compared to $1.8 million for the three months ended September 30, 2022. The increase was primarily due to the expenses generated by the Company’s acquired animal hospitals and clinics, the start-up and organizational expenses associated with the acquisitions and the costs associated with the Company’s initial public offering and listing on the Nasdaq Capital Market.
Net loss was $7.9 million for the third quarter of 2023 compared to net loss of $1.4 million for the prior year period. The increase in net loss was primarily attributable to the additional operating expenses, the non-cash beneficial conversion feature of $4.1 million on the convertible debenture and series A preferred stock recognized upon the completion of the IPO and the acquisition costs associated with the Company’s recently acquired animal hospitals and clinics. The Company also incurred additional costs associated with the initial public offering that closed on August 31, 2023.
First Nine Months of 2023
Total revenue was $12.9 million for the nine months of 2023, an increase of 93% compared to total revenue of $6.7 million in the prior year period, driven by an increase in sales in both Service and Product revenue which were significantly positively impacted by acquisitions. Service revenue for the nine months of 2023 increased 88% to $9.2 million primarily driven by acquisitions of animal hospitals and clinics accumulated since the prior period. Product revenue of $3.7 million increased 110% compared to the prior year period driven primarily by acquisitions of animal hospitals and clinics in 2023.
General and administrative expenses were $7.2 million for the first nine months of 2023 compared to $3.7 million in the prior year period. The increase was primarily due to the expenses generated by the Company’s animal hospitals and clinics acquired, the start-up and organizational expenses associated with acquisitions and the costs associated with the Company’s initial public offering and Nasdaq listing.
Net loss was $10.6 million for the first nine months of 2023 compared to a net loss of $3.0 million for the prior year period. The increase in net loss was primarily attributable to the additional operating expenses, the non-cash beneficial conversion feature of $4.1 million on the convertible debenture and series A preferred stock recognized upon the completion of the IPO and the acquisition costs associated with the Company’s recently acquired animal hospitals and clinics. The Company also incurred additional costs associated with its initial public offering.
Balance Sheet
As of September 30, 2023, the Company had cash and cash equivalents of approximately $1.9 million.
About Inspire Veterinary Partners, Inc.
Inspire Veterinary Partners is an owner/operator of veterinary hospitals in 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.
https://www.facebook.com/InspireVeterinaryPartners/
https://www.facebook.com/InspireVeterinaryPartners/
Inspire Veterinary Partners Announces Opening of Newly Relocated and Expanded Family Pet Care Animal Hospital in Sugarland, Texas
- New hospital design represents model for future upgrades across the IVP platform
- State-of-the-art facility has been designed to elevate service to customers while creating an efficient and attractive workplace environment for employees
VIRGINIA BEACH, VA / ACCESSWIRE / January 3, 2024 / Inspire Veterinary Partners, Inc. (NASDAQ:IVP) (“Inspire” or the “Company”), an owner and provider of pet health care services throughout the U.S., today announced the opening of a its Sugarland, Texas animal hospital, in a new location and larger facility that incorporates state-of-the art design to better serve its customer and support its staff.
Rendering of IVP’s New and Expanded Sugarland, TX Animal Hospital
Opening in January 2024, Inspire is excited to make it possible for more Sugarland Texas area pet lovers to provide veterinary care for their animals at its newly relocated and expanded local hospital. Purpose built around the needs of IVP’s care team and clients, this modern, customized facility incorporates the veterinary teams’ guidance into the design, materials, floor plan and tools deemed necessary to provide world class care for pets. Family Pet Care in Sugarland also represents the model for future newly built practices as the Company strategically expands existing clinics to optimize pet care in the communities it serves.
“From initial concept through construction. this hospital has been built with the needs of our team and clients in mind,” said Dr. Alexandra Quarti, Vice President of Medical Operations of Inspire. “The design makes this hospital a great place to work with every modern tool necessary for high quality care while providing comfort and efficiency for our team.”
Inspire collaborated with its facilities team at Synergy PMC led by John Grimes and architectural and design experts Nour Architecture, to create a model hospital that it believes can be replicated at existing or newly acquired facilities. “This location was months in the designing and building, providing our Sugarland area team a best-in-class hospital from which to care for pets, with a design scheme that can be used across our entire platform,” stated Kimball Carr, Chairman, President & Chief Executive Officer of Inspire. “We believe Family Pet Care of Sugarland Texas will be the first of more to come for Inspire.”
Inspire Veterinary Partners Announces Acquisition of Valley Veterinary Service Animal Hospital
- Latest acquisition brings the total number of Inspire locations to 14.
- Expansion into a new state, Pennsylvania.
- Pipeline of attractive potential acquisitions of animal hospitals remains active.
VIRGINIA BEACH, VA / ACCESSWIRE / November 8, 2023 / Inspire Veterinary Partners, Inc. (NASDAQ:IVP) (“Inspire” or the “Company”), an owner and provider of pet health care services throughout the U.S., today announced that it has completed the acquisition of Valley Veterinary Service, Inc. animal hospital located in Pennsylvania, Inspire’s first entry in that state.
Valley Veterinary Service’s 2022 gross revenues were in excess of $1.7 million. As part of the transaction, Inspire acquired certain real estate assets related to Valley Veterinary hospital.
Kimball Carr, Chairman, President & Chief Executive Officer of Inspire, stated, “We are very excited to enter Pennsylvania and to collaborate with this remarkably committed and talented team who have been serving their community for years. The Valley team is expected to continue to operate the hospital and provide the same incredible care and service they have to so many clients and pets, while IVP leverages our expertise and infrastructure to enable the team at Valley to continue to be their best. Inspire looks forward to future nationwide growth opportunities.”
NEWS
PUBLISHED
FEB 13, 2024
Inspire Veterinary Partners Announces Closing of $4.0 Million Public Offering
PUBLISHED
FEB 9, 2024
Inspire Veterinary Partners Announces Pricing of $4.0 Million Public Offering
PUBLISHED
JAN 31, 2024
Paws And Prosperity: Exploring U.S. Pet Services Growth And The Anticipated Surge In Annual Pet Spending From $980 To $1,292 By 2025
PUBLISHED
JAN 25, 2024
Inspire Veterinary Partners (NASDAQ: IVP): Empowering Veterinary Professionals Through Its Employee-Oriented Ownership Model
PUBLISHED
JAN 9, 2024
Inspire Veterinary Partners to Present at Sidoti Virtual Investor Conference January 17
PUBLISHED
JAN 9, 2024
Prioritizing The Health Of Vets And Pets: Inspire Veterinary Partners’ Fresh Take On Veterinary Practices
PUBLISHED
JAN 3, 2024
Inspire Veterinary Partners Announces Opening of Newly Relocated and Expanded Family Pet Care Animal Hospital in Sugarland, Texas
PUBLISHED
DEC 21, 2023
How Inspire Veterinary Partners Is Making Its Mark Through Its Approach To Strategic Leadership
DEC 20, 2023
How Inspire Veterinary Partners’ Management System Is Helping Reinvent Veterinary Practice Management
PUBLISHED
DEC 1, 2023
Inspire Veterinary Partners Announces Participation in NobleCon19 – Noble Capital Markets’ 19th Annual Emerging Growth Equity Conference
PUBLISHED
NOV 14, 2023
Inspire Veterinary Partners Reports Third Quarter 2023 Financial Results
PUBLISHED
SEP 26, 2023
Inspire Veterinary Partners, Inc. to Present at the Emerging Growth Conference, Thursday, October 5, 2023
PUBLISHED
SEP 21, 2023
Inspire Veterinary Partners, Inc. Announces Non-Binding Letter of Intent to Acquire Animal Hospital and Enter the State of Pennsylvania
PUBLISHED
SEP 13, 2023
Inspire Veterinary Partners, Inc. Announces Leadership Appointments Enhancing Operational and Financial Talent to Support Future Growth
PUBLISHED
SEP 1, 2023
Inspire Veterinary Partners, Inc. Announces Non-Binding Letter of Intent to Acquire Two Animal Hospitals and Enter the State of Oregon
PUBLISHED
AUG 31, 2023
Inspire Veterinary Partners, Inc. Announces Closing of $6.4 Million Initial Public Offering
MANAGEMENT TEAM
Kimball Carr
Chairman, President & CEO
Stith Keiser
Vice Chairman, Chief Operating Officer
Richard Frank
Chief Financial Officer
Dr. Alexandra Quatri
Vice President of Medical Operations
Zander Carraway
Director of Acquisitions
Lynley Kees
Director of Human Resources
Julie Keel
Director of Hospital and Office Support
Lauren Silva
Manager of Hospital Transitions and Support
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