Inspire Veterinary Partners Published CEO Letter to Shareholders

July 24, 2024

DENVER, Colo., Jul 24, 2024 (247marketnews.com)- Inspire Veterinary Partners, Inc. (NASDAQ:IVP) published a corporate update in a Letter to Shareholders from CEO & President, Kimball Carr, which discussed the overall veterinary industry and Inspire Veterinary Partners’ performance since its IPO.

Concerning the overall veterinary industry, the letter states, “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.”

The letter further stated, “While visits to U.S. companion animal clinics showed slight declines over the last two years, pet ownership remains at record or near-record levels coming off the Covid trends of pets added to households. According to Interindustry Economic Research Fund, Inc., sales for the US veterinary practice industry are forecast to grow at a 6.16% compounded annual rate from 2022 to 2027, faster than the growth of the overall economy. Today, it is estimated that 40% of general practices and 25% of emergency clinics are independent. In the coming years, independent clinics will likely continue to be acquired in significant numbers. The need for greater efficiency and technology investment is the driving force behind this trend. When practices join a group network, optimized workflows can increase productivity and revenue, allowing them to reinvest those funds in areas that will improve the client experience.”

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