on INSPIRE VETERINARY PARTNERS, INC.
Inspire Veterinary Partners Reports Second Quarter 2024 Financial Results
Virginia Beach, VA / AccessWire / August 14, 2024 - Inspire Veterinary Partners, Inc. (NASDAQ:IVP) announced its financial results for the second quarter of 2024, ending June 30. The company reported total revenue of approximately $4.4 million, a decrease of 2% from the previous year.
Service revenue increased by 1% to $3.2 million, while product revenue dropped by 9% to $1.2 million. Operating expenses for Q2 2024 fell by 11.8%, and loss from operations was reduced by 16.4%. Earnings per share improved by 17.6% to $(0.70) compared to $(0.85) in Q1 2024.
For the first half of 2024, total revenue rose by 5% to $9.2 million. This growth was driven by an 8% increase in service revenue, which reached $6.8 million, partially offset by a 2% decline in product revenue.
Inspire Veterinary Partners highlighted steps to improve operating efficiencies, leading to a reduction in quarterly losses and a strengthened balance sheet post the public offering in July. CEO Kimball Carr emphasized the company's focus on sustainable growth and profitability.
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