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1. HCA Healthcare for pets

2. The Marriott of veterinary clinics

3. Lithia Motors for veterinary clinics

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• Direct Veterinary Care: Provides comprehensive medical, surgical, and wellness services for companion animals through its network of veterinary hospitals.
• Veterinary Practice Management: Offers operational, administrative, and business support services to the veterinary clinics it owns and operates.

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Inspire Veterinary Partners (symbol: IVP) operates and manages veterinary hospitals. As such, the company sells its services primarily to individuals – specifically, pet owners who bring their animals to IVP's clinics for care.

The company serves the following categories of customers:

1. Pet owners seeking general and preventative veterinary care: This category includes individuals who utilize services such as routine check-ups, vaccinations, parasite control, dental care, and wellness visits to maintain the long-term health of their pets.
2. Pet owners requiring urgent, emergency, or specialized medical attention: This segment comprises customers whose pets need treatment for acute illnesses, injuries, surgical procedures, advanced diagnostics, or management of chronic and complex medical conditions.
3. New pet owners or owners of young animals: These customers often seek initial vaccinations, spay/neuter procedures, microchipping, and guidance on pet nutrition, behavior, and general care for their new or young companions.

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Kimball Carr, Chairman, Chief Executive Officer, and President

In his 30-year career, Kimball Carr has overseen the delivery of over $1 billion in revenue during leadership tenures with companies such as Starbucks Coffee, Mars Incorporated, and Trupanion. He brings extensive experience in operations, multi-unit management, and the veterinary medicine sector, having spent over a decade building cross-functional teams and achieving consistent year-over-year results.

Richard Frank, Chief Financial Officer

Richard Frank has over 25 years of diverse experience in financial management, business leadership, and corporate strategy. He served as CEO at Purcell, Flanagan, Hay & Greene, P.A. from 2021 to 2022 and CFO at Skygeek.com from 2020 to 2021. His career also includes roles as COO/CFO at Beval Saddlery Ltd., BLUE CHIP FARMS LLC, Indotronix International, and Microcast, Inc. At Microcast, Inc., he was instrumental in securing private equity financing. He also executed an IPO as VP/Controller at FactSet Research Systems.

Charles Stith Keiser, Vice Chairman and Chief Operating Officer

Charles Stith Keiser brings years of experience in veterinary hospital ownership, having founded numerous veterinary companies and worked with hundreds of clinics nationwide.

Lynley Kees, Chief People Officer

Lynley Kees has a diversified 25-year career, successfully translating business strategy into actionable, full-cycle integrated team and talent strategies. She possesses deep experience in leading HR and organizational development for Fortune 100 companies.

Laura Johnson, Vice President of Operations

Laura Johnson contributes over 16 years of progressive leadership experience in multi-site veterinary health operations to the team.

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The most significant risks are:

1. Going Concern and Financial Instability: Inspire Veterinary Partners has a limited operating history and has consistently reported net losses, an accumulated deficit, and negative working capital, raising substantial doubt about its ability to continue as a going concern. The company relies heavily on external, often high-cost, financing to fund its operations and growth, leading to concerns about its liquidity and long-term financial viability. As of the third quarter of 2025, the company reported year-to-date net losses of $8 million and an accumulated deficit of $44.3 million.
2. Nasdaq Delisting Risk and Shareholder Dilution: IVP has repeatedly faced non-compliance issues with Nasdaq's minimum bid price requirement. Due to a history of multiple reverse stock splits, the company is not eligible for the standard grace period, accelerating the risk of delisting from the Nasdaq Capital Market. Furthermore, the company's capital structure includes a significant number of potentially dilutive securities, such as warrants, which could lead to substantial dilution for existing shareholders if exercised, potentially pressuring the stock price.
3. Acquisition and Integration Challenges: The company's growth strategy is heavily dependent on acquiring veterinary clinics. However, there are concerns about its ability to effectively integrate these acquisitions and translate expansion efforts into consistent financial stability and top-line revenue growth. For example, despite growing its hospital footprint, revenues declined year-over-year in the first nine months of 2025.

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The increasing adoption and sophistication of pet telehealth platforms pose a clear emerging threat. These platforms allow pet owners to consult with veterinarians remotely for a range of issues, including diagnostics, follow-up care, and prescription management. This reduces the necessity for in-person visits to brick-and-mortar veterinary hospitals, potentially impacting revenue from routine examinations, procedures, and in-clinic product sales that form a core part of Inspire Veterinary Partners' business model. This parallels the disruption of physical video rental stores by streaming services.

Additionally, the expansion of highly organized and tech-enabled mobile veterinary services presents another emerging threat. These services bring veterinary care directly to the pet owner's home, offering a convenient alternative to traditional clinics for routine check-ups, vaccinations, and minor medical issues. If these mobile services achieve significant scale and market penetration, they could capture a substantial portion of the routine care market, akin to how ride-sharing services disrupted traditional taxicab businesses by offering a more convenient and often more accessible service.

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U.S. Veterinary Services Market

U.S. Veterinary Hospital Market

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Here are 3-5 expected drivers of future revenue growth for Inspire Veterinary Partners (IVP) over the next 2-3 years:

1. Acquisition Strategy and Geographic Expansion: Inspire Veterinary Partners is actively pursuing an acquisition strategy, focusing on acquiring existing veterinary hospitals with strong financial track records. The company completed its fifth acquisition in Florida in 2024 and has signed a Letter of Intent to establish its first facility in New Jersey, marking its 15th nationwide location. This New Jersey acquisition alone is projected to contribute approximately $2 million in annual revenue. The company anticipates additional acquisition agreements in late 2025 and early 2026.
2. Growth in Client Enrollments and Comparable Clinic Revenue: IVP has observed a significant increase in new client enrollments across its network. Additionally, the company reported a 5.7% increase in comparable clinic revenues in the second quarter of 2025, indicating organic growth and improved performance within its existing veterinary hospitals.
3. Operational Enhancements and New Business Verticals: Inspire Veterinary Partners has implemented a comprehensive rollout of cloud-based Electronic Medical Record and Practice Management Software across all clinics, along with the introduction of AI-driven medical transcription tools to enhance productivity. The company is also developing new business verticals to expand its service offerings. These improvements are expected to streamline operations, potentially increase service capacity, and introduce new revenue streams.
4. Recruitment and Retention of Veterinary Professionals: The successful recruitment of nine new veterinarians since the beginning of 2025 directly supports the company's capacity to serve more clients and handle an increased volume of veterinary services. Furthermore, efforts to enhance compensation and benefits plans, including equity offerings for all employees, aim to improve retention and ensure adequate staffing for continued growth.

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Share Repurchases

No information available regarding share repurchases or authorized share repurchases for Inspire Veterinary Partners (IVP) within the last 3-5 years.

Share Issuance

• Inspire Veterinary Partners raised approximately $6.4 million in its Initial Public Offering (IPO) on August 30, 2023, by issuing 1,600,000 shares of common stock at $4.00 per share.
• In October 2024, the company completed a $2.5 million registered direct offering, selling 10,000,000 shares of Class A common stock at $0.25 per share to institutional investors, with proceeds intended for working capital, strategic investments, and potential future acquisitions.
• In March 2025, IVP announced a registered direct offering to raise $2.0 million through the sale of 1,092,896 shares of common stock (or pre-funded warrants) at $1.83 per share, which also included Series A and B warrants potentially providing an additional $4.0 million if fully exercised.

Inbound Investments

• On July 28, 2025, Inspire Veterinary Partners secured up to $7.59 million in funding through a private placement of Series B convertible preferred stock and accompanying warrants; the first closing on July 29, 2025, generated approximately $5 million.
• A convertible preferred stock transaction valued at up to $10 million was announced in August 2025, with an initial closing expected to generate $6 million through cash and securities, aimed at general working capital, acquisitions, and addressing Nasdaq compliance.

Outbound Investments

• Inspire Veterinary Partners acquired Valley Veterinary Services, Inc. in August 2023.
• In June 2025, the company acquired DeBary Animal Clinic in Florida, an acquisition projected to add $1.8 million in annual revenue.
• A non-binding Letter of Intent was signed for the acquisition of a New Jersey-based animal hospital, expected to close in Q4 2025, which would add approximately $2 million in annual revenue and expand the network to 15 facilities across 11 states.

Capital Expenditures

• Capital expenditures for FY2024 amounted to $237,983, representing a 37.98% decrease from the previous year.
• For the three-year period leading up to Q2 2025, Inspire Veterinary Partners' capital expenditures averaged around $65,457.
• In 2025, the company deployed new infrastructure investments, including talent management systems and enhanced purchase and inventory management systems.