Inspire Veterinary ‘positioned to benefit’ from megatrends in vet business

CEO Kimball Carr said, in part, “We remain positioned to benefit from the long-term megatrends in the veterinary business, as pets have become an integral part of the family and owners are demanding high-quality healthcare…Among the 2024 focus areas for our teams are improvements to leadership at all levels, targets focused on clinic productivity and coaching on efficiency as we increase our flow through in all of our locations. The first quarter of 2024 provided some early indicators of improvement and we achieved improved YOY earnings at hospital level. Cost of goods and labor metrics have shown improvement during the first half of 2024 with purchasing discipline being greatly improved in our clinics via coaching by our field leaders and our enterprise beginning to leverage re-negotiated vendor contracts which benefit from IVPs growing size. Simultaneously, labor savings have resulted from more accurate scheduling and budgeting at each of IVPs locations. Improvements in these key cost areas have allowed the company to outpace our prior year’s earnings at clinic level and this focus on profitability will continue to improve as the company continues to work on top line revenue growth for the balance of the year. As progress continues with our existing portfolio, we are excited about plans to return to expansion in the back half of 2024 through hospital acquisitions and new business integrations by targeting single unit acquisitions and the potential for multi-unit integrations as well. The company’s continuous improvement must be driven by its talented and passionate people. In that regard, Inspire invested early in our professionals, even prior to our IPO. We built one of the most comprehensive benefits packages in our industry as a means to ensure the health and wellbeing of our workforce was at the forefront of what we do. We also designed an Employee Stock Option Program which we are excited to launch in the near future. This kind of equity offering will be the first of its kind in our industry and demonstrates Inspire’s aim to change how veterinary professionals are rewarded and compensated. Put simply, IVP was founded on the idea that more reward should be had by the teams which help our company grow and we believe these kinds of programs are the right way to retain the best talent in the veterinary industry. Investments like these were implemented early as Inspire needed to attract and retain the best talent in order to fuel our growth. We continue to be focused on results which must improve and be sustained so that the company sees a return for its investment in its people. Looking ahead, our strategic priorities are clear, and we have the right team to execute our plans effectively. Our operations are improving, and our balance sheet has been strengthened with our recently completed public offering, providing us with a better foundation for future growth and market position.”