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Inspire Veterinary Partners Inc. (IVP+0.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations, which include owning and operating veterinary hospitals across the United States. Inspire specializes in small animal general practice hospitals and has expanded its services to include equine care.
For the fiscal year, Inspire reported total revenue of $16,592,109, a slight decrease from $16,675,393 in the previous year. Service revenue increased by 3% to $12,188,526, while product revenue decreased by 8% to $4,403,583.
Operating expenses totaled $25,619,147, up from $23,850,304 the previous year. This increase was primarily due to higher general and administrative expenses, which rose by 18% to $11,421,352.
The company reported a net loss of $14,264,261 for the year, a slight improvement from the net loss of $14,792,886 in 2023. The improvement was attributed to a gain on the sale of a business and the absence of a beneficial conversion feature expense.
Inspire's balance sheet shows total assets of $20,195,994 and total liabilities of $18,633,989, resulting in stockholder's equity of $1,562,005 as of December 31, 2024.
The company highlighted its acquisition strategy, focusing on acquiring existing veterinary hospitals with strong financial track records. In 2024, Inspire completed the acquisition of Valley Veterinary Service, Inc., and divested its Kauai Veterinary Clinic.
Inspire continues to face challenges related to liquidity and operating losses, raising substantial doubt about its ability to continue as a going concern. The company plans to seek additional funding through debt or equity financing.
The filing also notes Inspire's compliance with Nasdaq listing rules and its efforts to maintain its Nasdaq Capital Market listing, despite challenges related to its stock price and stockholder's equity.
Inspire's management team includes President and CEO Kimball Carr and CFO Richard Frank, with a board of directors comprising individuals with diverse backgrounds in business and veterinary medicine.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inspire Veterinary Partners Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.