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Inspire Veterinary Partners Issues Corporate Update Letter to Shareholders

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Inspire Veterinary Partners, Inc. (Nasdaq:IVP) ("Inspire" or the "Company"), an owner and provider of pet health care services throughout the U.S.,today issued a letter to stockholders from Kimball Carr, the Chief Executive Officer of Inspire.

Dear Shareholders,

As 2024 has drawn to a close and Inspire Veterinary Partners pursues its growth plans for 2025 and beyond, I'd like to share some detail on how the team at Inspire has been engaged toward achieving our goals.

The opportunity to become a publicly traded veterinary company provided us with additional capabilities to fuel growth and to attract and retain talented employees. It also brings a new set of obligations and responsibilities that must be navigated, often requiring adjustment and reassessment of strategy and processes. In 2024, market forces, the challenges of lending and capital markets and the trends within our veterinary medicine industry were all factors that impacted our performance and tested our management team. This set of circumstances required us to look internally and devise and implement initiatives that would enable us to prosper in this environment and position us better for future growth.

The result of our collective work has made us stronger - with systems, tools and teams built for growth. We invested over this past year while we also paying down debt and addressing excess costs. We brought new levels of efficiency to our operations at every level, and we upgraded leadership on a wide variety of fronts. In doing all the above, we've remained acutely aware that our performance as a public company in 2024 was disappointing. Market conditions were not ideal for small and microcap listed companies, but despite the outside factors which IVP faced, we take full accountability for growing our company in ways which provide benefit for our clients and team as well as value for our shareholders. That said, as of February 2025, we are informed by Nasdaq that we have also regained our bid price compliance, adding that to the shareholder equity compliance which we regained in late 2024. The resolution of these issues makes us fully compliant with Nasdaq.

While this past year has had its share of frustrations, our team and I have been engaged every single day on improvements, advancements and the right investments which we believe will bring the growth we all desire.

Operations Excellence

  • IVP has built our framework with an immense focus on the balance between the belief that we ‘can't save our way to success' - meaning, we must grow to succeed - and, avoiding fallacy that all problems go away by ‘throwing money at them'. To achieve this balance, we have scrutinized our labor spend at all levels, been cautious in headcount adds and managing costs closely by eliminating dependance on unnecessary facilities or offices.

  • Within the veterinary channel, the decades-long growth of our industry exploded further during the pandemic era. In the period afterward, we have seen a variety of dynamics. These conditions impacted worker engagement, the costs of supplies and services and the climate within which we seek to purchase existing businesses to add to our portfolio. Related to our core/comp business and our business development arm, we have:

    • Implemented new strategies and tools that are bringing in new clients, filling our schedules more effectively and bringing our clinics to better productivity.

    • Completed companywide integrations across accounting platforms, practice management software and key performance indicator (KPI) reporting systems. This work over the last year has made IVP a fully integrated company with remote view and cloud-based management of every system we use. These rollouts allow decentralized management and provide a framework for all our clinics to work under the same systems and reporting tools so that we have consistency in the growth measures we implement across our portfolio. We believe the result of all of this will be faster improvement and easier integration of each new business unit we acquire.

    • We invested in improved unit managers and built new job leveling programs which allow our leaders to progress in their careers with IVP.

    • We've added experienced clinical recruiting leadership and, as a result, rebuilt our entire talent selection process, resulting in measurable gains in our onboarding of much-needed clinical talent when compared to one year ago.

    • We've onboarded experienced business development leadership and re-engineered our M&A workflow to evaluate new acquisition targets more efficiently and with far more market data than previously available.

    • Finally, we enhanced our relationships with major suppliers and service providers in the veterinary space, providing IVP the ability to begin to use its size toward economies that come with our growing scale.

  • All these innovations and workstreams have been a benefit to our costs, revenue and overall operations. They also represent only a portion of the agility IVP has demonstrated in the past year - a year in which we believe our company faired far better than some other providers in the veterinary space which had their own challenges.