PetVivo Reports First Quarter of Fiscal 2023 Financial Results
PetVivo Holdings, Inc. (Nasdaq: PETV) reported its first quarter fiscal 2023 financial results, showing a revenue increase to $58,174 from $4,145 in Q1 2022, driven by the commercialization of its Spryng™ device. Despite the revenue growth, the company faced a quarterly operating loss of $1,966,093 compared to $518,519 in the previous year, primarily due to increased costs associated with Spryng™ and other public company expenses. The net loss was $1,965,428, or ($0.20) per share. Cash and working capital stood at $4.4 million and $3.8 million, respectively.
- Revenue increased to $58,174 in Q1 2023 from $4,145 in Q1 2022.
- Opened accounts with veterinary clinics in 37 states.
- Entered into a strategic Distribution and Sales Agreement with MWI Animal Health.
- Operating loss increased to $1,966,093 in Q1 2023 from $518,519 in Q1 2022.
- Net loss rose to $1,965,428, or ($0.20) per share, compared to a net loss of $490,629, or ($0.07) per share, in the previous year.
Conference call begins at 4:00 p.m. Central time today
EDINA, MN, Aug. 11, 2022 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (Nasdaq: PETV), an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for animals, announces financial results for the first quarter of fiscal 2023.
Highlights from the first quarter of 2023 and recent weeks include the following (all comparisons are with the first quarter of 2022, unless otherwise indicated):
- Entered into a Distribution and Sales Agreement with MWI Animal Health, a leading distributor of animal health products on June 17, 2022
- Revenues of
$58,174 in the first quarter of fiscal 2023, compared to revenues of$4,145 in the first quarter of fiscal 2022
Management Commentary
John Lai, CEO, commented, “I am happy to report that our investment in sales and marketing for our Spryng™ veterinarian device, with OsteoCushion Technology™ is beginning to yield positive results for us. We have now opened up accounts with veterinary clinics in 37 states.
I am also excited about the exclusive Distribution and Sales Agreement with MWI Animal Health (“MWI”), a leading distributor of animal health products and subsidiary of AmeriSource Bergen, which we entered into in June 2022. We view MWI as a strategic partner that will allow our company significant exposure to and penetration into the US animal health market. MWI has a network of distribution centers in key markets nationwide and over 400 territory managers. This new relationship will benefit the industry, the veterinarians who provide medical care, their patients, and pet owners alike.”
First Quarter Financial Results
Revenues. Revenue was
Cost of Sales. Cost of sales was
Operating Expenses. Operating expenses were
Operating Loss. As a result of the foregoing, our operating loss was
Other Income. Other income was
Net Loss. Our net loss for the three months ended June 30, 2022 was
Balance Sheet and Inventory
At June 30, 2022, the Company had
Conference Call and Webcast
A live webcast of the conference call and related earnings release materials can be accessed on PetVivo’s Investor Relations website at:
https://audience.mysequire.com/webinar-view?webinar_id=0e18ea79-05ed-4182-b814-7d38937752b5
A replay of the webcast will be available through the same link following the conference call. Participants can also access the call using the dial-in details below:
Date: Thursday, August 11, 2022
Time: 4:00 p.m CT (5:00 pm ET)
Dial-in number: +1 (669) 444-9171
Conference ID: 93383649430
Passcode: 182084
About PetVivo Holdings, Inc.
PetVivo Holdings, Inc. is an emerging biomedical device company currently focused on the manufacturing, commercialization, and licensing of innovative medical devices and therapeutics for animals. The Company's strategy is to leverage human therapies for the treatment of dogs and horses in a capital and time-efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics.
PetVivo has a pipeline of seventeen products for the treatment of animals and people. A portfolio of twenty-one patents protects the Company's biomaterials, products, production processes, and methods of use. The Company’s lead product is Spryng™, a veterinarian-administered, intraarticular injection for the treatment of osteoarthritis in dogs and horses.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed development and commercial timelines, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended March 31, 2022, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Disclosure Information
PetVivo uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information, and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations, and webcasts.
Contact:
John Lai, CEO
PetVivo Holdings, Inc.
Email: info1@petvivo.com
(952) 405-6216
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2022 (Unaudited) | March 31, 2022 | |||||||
| Assets: | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 4,378,668 | $ | 6,106,827 | ||||
| Accounts receivable | 4,677 | 2,596 | ||||||
| Inventory, net | 180,874 | 98,313 | ||||||
| Prepaid expenses and other assets | 504,819 | 547,664 | ||||||
| Total Current Assets | 5,069,038 | 6,755,400 | ||||||
| Property and Equipment, net | 311,120 | 311,549 | ||||||
| Other Assets: | ||||||||
| Operating lease right-of-use | 284,344 | 299,101 | ||||||
| Patents and trademarks, net | 46,225 | 48,452 | ||||||
| Security deposit | 12,830 | 12,830 | ||||||
| Total Other Assets | 343,399 | 360,383 | ||||||
| Total Assets | $ | 5,723,557 | $ | 7,427,332 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 477,947 | $ | 323,384 | ||||
| Accrued expenses | 676,554 | 784,375 | ||||||
| Operating lease liability – short term | 59,492 | 59,178 | ||||||
| Note payable and accrued interest | 6,639 | 6,549 | ||||||
| Total Current Liabilities | 1,220,632 | 1,173,486 | ||||||
| Other Liabilities | ||||||||
| Note payable and accrued interest (net of current portion) | 25,548 | 27,201 | ||||||
| Operating lease liability (net of current portion) | 224,852 | 239,923 | ||||||
| Total Other Liabilities | 250,400 | 267,124 | ||||||
| Total Liabilities | 1,471,032 | 1,440,610 | ||||||
| Commitments and Contingencies (see Note 9) | - | - | ||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, par value | - | - | ||||||
| Common stock, par value | 9,988 | 9,988 | ||||||
| Additional Paid-In Capital | 69,334,386 | 69,103,155 | ||||||
| Accumulated Deficit | (65,091,849 | ) | (63,126,421 | ) | ||||
| Total Stockholders’ Equity | 4,252,525 | 5,986,722 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 5,723,557 | $ | 7,427,332 | ||||
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| For the Three Months Ended | ||||||||
| June 30, | June 30, | |||||||
| 2022 | 2021 | |||||||
| Revenues | $ | 58,174 | $ | 4,145 | ||||
| Cost of Sales | 53,020 | 5,051 | ||||||
| Gross Profit (Loss) | 5,154 | (906 | ) | |||||
| Operating Expenses: | ||||||||
| Sales and Marketing | 656,569 | 49,731 | ||||||
| General and administrative | 1,243,022 | 330,945 | ||||||
| Research and development | 71,656 | 136,937 | ||||||
| Total Operating Expenses | 1,971,247 | 517,613 | ||||||
| Operating Loss | (1,966,093 | ) | (518,519 | ) | ||||
| Other Income (Expense) | ||||||||
| Forgiveness of PPP loan and accrued interest | - | 31,680 | ||||||
| Interest income (expense) | 665 | (3,790 | ) | |||||
| Total Other Income | 665 | 27,890 | ||||||
| Loss before taxes | (1,965,428 | ) | (490,629 | ) | ||||
| Income Tax Provision | - | - | ||||||
| Net Loss | $ | (1,965,428 | ) | $ | (490,629 | ) | ||
| Net Loss Per Share: | ||||||||
| Basic and Diluted | $ | (0.20 | ) | $ | (0.07 | ) | ||
| Weighted Average Common Shares Outstanding: | ||||||||
| Basic and Diluted | 9,988,361 | 6,946,353 | ||||||
FAQ
What were PetVivo's revenues for Q1 fiscal 2023?
How did PetVivo's net loss change in Q1 2023?
What is the significance of the Distribution and Sales Agreement with MWI Animal Health?
What was the operating loss for PetVivo in Q1 fiscal 2023?
How much cash did PetVivo have at the end of Q1 2023?
