The company exhibits structural margin deficiencies, with operating margins remaining deeply negative at -45.6% in 2025Q3 despite a modest 6.6% revenue growth.
| Sales/Revenue | 15.56M | 16.59M | 16.68M | 9.83M | 2.55M | 0 |
| Revenue Growth % | -8.76% | -0.5% | 69.56% | 285.81% | - | - |
| Cost of Goods Sold | 10.83M | 13.3M | 13.12M | 7.29M | 1.72M | 0 |
| COGS % of Revenue | - | 80.16% | 78.69% | 74.12% | 67.47% | - |
| Gross Profit | 4.73M | 3.29M | 3.55M | 2.55M | 829.29K | 0 |
| Gross Margin % | 30.43% | 19.84% | 21.31% | 25.88% | 32.53% | - |
| Gross Profit Growth % | - | -7.35% | 39.61% | 206.96% | - | - |
| Operating Expenses | 12.86M | 12.32M | 10.73M | 6.06M | 1.88M | 5.52K |
| OpEx % of Revenue | - | 74.25% | 64.34% | 61.66% | 73.61% | - |
| Selling, General & Admin | 10.89M | 11.42M | 9.48M | 5.47M | 1.79M | 5.52K |
| SG&A % of Revenue | - | 68.84% | 56.83% | 55.6% | 70.3% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 1.28M | 898.23K | 1.25M | 596.12K | 84.47K | 0 |
| Operating Income | -8.13M | -9.03M | -7.17M | -3.52M | -1.05M | -5.52K |
| Operating Margin % | -52.22% | -54.41% | -43.03% | -35.77% | -41.08% | - |
| Operating Income Growth % | - | -25.81% | -103.94% | -235.95% | -18871.39% | - |
| EBITDA | -6.83M | -7.36M | -5.76M | -2.91M | -962.76K | 0 |
| EBITDA Margin % | -43.88% | -44.35% | -34.54% | -29.57% | -37.77% | - |
| EBITDA Growth % | 19.17% | -27.77% | -98.04% | -202.11% | - | - |
| D&A (Non-Cash Add-back) | 1.3M | 1.67M | 1.41M | 609.59K | 84.47K | 5.52K |
| EBIT | -9.66M | -11.17M | -12.25M | -3.52M | -1.06M | -5.52K |
| Net Interest Income | -1.68M | -3.1M | -2.54M | -1.42M | -194.65K | 0 |
| Interest Income | 32 | 53 | 21 | 1.02K | 161 | 0 |
| Interest Expense | 1.68M | 3.1M | 2.54M | 1.43M | 194.81K | 0 |
| Other Income/Expense | -3.82M | -5.24M | -7.62M | -1.42M | -209.51K | 0 |
| Pretax Income | -11.94M | -14.26M | -14.79M | -4.94M | -1.26M | -5.52K |
| Pretax Margin % | -76.75% | -85.97% | -88.71% | -50.25% | -49.3% | - |
| Income Tax | 0 | 0 | 0 | -30.09K | 74.33K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0.61% | -5.91% | 0% |
| Net Income | -11.94M | -14.26M | -14.79M | -4.91M | -1.33M | -5.52K |
| Net Margin % | -76.75% | -85.97% | -88.71% | -49.94% | -52.22% | - |
| Net Income Growth % | 17.29% | 3.57% | -201.16% | -269.02% | -24013.44% | - |
| Net Income (Continuing) | -11.94M | -14.26M | -14.79M | -4.91M | -1.33M | -5.52K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.96 | -2.61 | -5627.23 | -1099.13 | -297.85 | 0.00 |
| EPS Growth % | 99.6% | 99.95% | -411.97% | -269.02% | - | - |
| EPS (Basic) | - | -2.61 | -5627.23 | -1099.13 | -297.85 | 0.00 |
| Diluted Shares Outstanding | 6.09M | 5.55M | 2.68K | 4.47K | 4.47K | 4.47K |
| Basic Shares Outstanding | 6.09M | 5.55M | 2.68K | 4.47K | 4.47K | 4.47K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Imminent liquidity and solvency risk
As reported in recent financial filings, Inspire Veterinary Partners has seen revenue growth stall, with the most recent quarterly figures showing a modest 6.6% increase that fails to mask a broader trend of inconsistent top-line performance across the previous ten quarters of operations.
The company's inability to maintain consistent revenue growth suggests that its acquisition-led strategy is failing to generate meaningful organic momentum. Investors should monitor whether the current revenue plateau reflects a saturation of the local market or an inability to effectively integrate newly acquired clinics into the broader network.
Based on the company's reported income statements, gross margins have fluctuated significantly, reaching a low of -5.1% in 2023Q4 and failing to stabilize above 43% in any recent period, which highlights a fundamental lack of pricing power within their veterinary service model.
The volatility in gross margins suggests that the company struggles to manage the high variable costs associated with specialized veterinary labor and medical supplies. This inconsistency implies that the business model lacks the necessary scale to achieve the purchasing efficiencies required to compete with larger, vertically integrated industry peers.
According to the provided income statement data, the company consistently reports operating margins deeper than -45%, indicating that corporate overhead and administrative expenses are currently far outpacing the gross profit generated by the underlying clinic operations.
The persistent negative operating income suggests that the company has not yet achieved the administrative leverage necessary to justify its corporate structure. This trend warrants further investigation into whether the current overhead is a temporary integration cost or a permanent, unsustainable burden on the company's financial health.
Financial statements reveal that the company's net margin has remained deeply negative, reaching as low as -119.4% in 2024Q4, which suggests that the current business model is fundamentally incapable of generating positive returns under the existing cost and capital structure.
Short-sellers would likely focus on the disconnect between the company's acquisition-heavy growth narrative and the reality of its cash-burning operations. The lack of a clear path to profitability suggests that the company may face significant challenges in securing future financing without further diluting existing shareholders.
Quick answers to the most common questions about buying IVP stock.
For fiscal year 2024, Inspire Veterinary Partners, Inc. (IVP) reported total revenue of $16.6M.
Inspire Veterinary Partners, Inc. (IVP) reported a net loss of $14.3M for the fiscal year ending 2024.
Inspire Veterinary Partners, Inc. (IVP) reported an operating income of $-9.0M, resulting in an operating profit margin of -54.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Inspire Veterinary Partners, Inc. (IVP) generated $3.3M in gross profit for the year, representing a gross profit margin of 19.8%. This demonstrates the company's core pricing power and production efficiency.