Inspire Veterinary Partners, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. The company generated total revenue of $4.05 million for the three months ended September 30, 2024, a decrease of 2% from $4.12 million in the same period of 2023. For the nine months, total revenue increased by 3% to $13.27 million, up from $12.89 million in the prior year. The service revenue for the third quarter was $2.97 million, reflecting a slight increase of 1% year-over-year, while product revenue fell by 9% to $1.08 million.

The company reported a net loss of $3.49 million for the third quarter of 2024, a significant improvement from a net loss of $7.88 million in the same quarter of 2023. For the nine-month period, the net loss decreased to $10.30 million from $10.65 million in the previous year. The loss per share for the third quarter was $(0.38), compared to $(1.86) in the prior year, indicating a reduction in losses relative to the increased number of shares outstanding.

Operating expenses for the third quarter decreased to $6.28 million from $6.95 million, primarily due to reduced payroll costs following a decrease in headcount and lower costs associated with the initial public offering (IPO) completed in August 2023. The company’s total assets as of September 30, 2024, were $22.40 million, up from $21.79 million at the end of 2023, while total current assets rose significantly to $4.45 million from $1.35 million.

Strategically, Inspire Veterinary Partners has been active in acquisitions, having acquired Valley Veterinary Service, Inc. in November 2023 for $1.79 million, which included cash and restricted shares. The company also divested Kauai Veterinary Clinic in September 2024 for $2 million in notes payable, resulting in a gain of $467,049. The company continues to focus on expanding its footprint through acquisitions, with plans to enter emergency care and mixed animal services.

As of September 30, 2024, the company reported an accumulated deficit of $31.73 million and negative working capital of $2.58 million. The company is actively seeking additional financing to support its operations and growth initiatives.