PetVivo Reports First Quarter of Fiscal 2024 Financial Results
Conference call begins at 4:00 p.m. Central time today
EDINA, MN, Aug. 10, 2023 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (Nasdaq: PETV and PETVW), an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for animals, announces financial results for the three months ended June 30, 2023 (“first quarter of 2024”).
Key highlights from the first quarter of 2024, include the following (all comparisons are with the first quarter of 2023, unless otherwise indicated):
- Added Spencer Breithaupt, a veteran in the animal health industry and former member of the leadership team at MWI Animal Health, to the Company’s Board of Directors; and
- Raised
$2.1 million from the sale of the Company’s common stock in a registered direct offering in the first quarter of 2024.
Subsequent to June 30, 2023, the Company raised an aggregate of
Management Commentary
“We are focused on building momentum in our business, underscored by the increased use of Spryng™ with OsteoCushion Technology, by veterinarian practices across the United States and our focus on completing clinical studies, which support the efficacy and use of Spryng™ in horses, dogs and cats,” said John Lai, CEO of PetVivo Holdings. “Spryng™ is currently used by over 450 veterinarian clinics in 47 states in the United States”.
Mr. Lai also noted that “the Company expects to complete several clinical studies and abstracts demonstrating the efficacy for the use of Spryng™ in horses, dogs and cats by the third quarter. We believe that these studies and abstracts will help us expand our distribution outlets since the large international and national distributors generally require a third-party university study and other third-party studies prior to including a product in their catalog of products.”
First Quarter Financial Results
Total Revenues. Revenues were
Cost of Sales. Cost of sales were
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, 2023 was
Balance Sheet and Inventory
As of June 30, 2023, our current assets were
Going Concern and Working Capital
The Company’s audited financial statements for fiscal 2023, included in its Annual Report on Form 10-K for the year ended March 31, 2023, contained a going concern opinion from its independent registered public accounting firm.
In August 2023, the Company raised an additional
Conference Call and Webcast
A live webcast of the conference call and related earnings release materials can be accessed on the Company’s Investor Relations website at:
https://audience.mysequire.com/webinar-view?webinar_id=7982d224-6a39-4cd3-800a-51ceb97d772c
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 10, 2023
Time: 4:00 p.m. CT (5:00 pm ET)
Dial-in number: +1 (253) 215 8782
Conference ID: 97831788047
Passcode: 858476
About PetVivo Holdings, Inc.
PetVivo Holdings, Inc. (the “Company”) 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.
The Company has a pipeline of additional products for the treatment of animals and people. A portfolio of nineteen 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, 2023, 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
The Company 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
(Tables to follow)
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30, 2023 (Unaudited) | March 31, 2023 | |||||||
Assets: | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 218,978 | $ | 475,314 | ||||
Accounts receivable | 47,108 | 86,689 | ||||||
Inventory, net | 406,030 | 370,283 | ||||||
Prepaid expenses and other assets | 344,266 | 491,694 | ||||||
Total Current Assets | 1,016,382 | 1,423,980 | ||||||
Property and Equipment, net | 649,235 | 630,852 | ||||||
Other Assets: | ||||||||
Operating lease right-of-use | 1,369,579 | 317,981 | ||||||
Trademark and patents, net | 36,511 | 38,649 | ||||||
Security deposit | 27,490 | 27,490 | ||||||
Total Other Assets | 1,433,580 | 384,120 | ||||||
Total Assets | $ | 3,099,197 | $ | 2,438,952 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 591,923 | $ | 588,713 | ||||
Accrued expenses | 713,772 | 779,882 | ||||||
Operating lease liability – short term | 152,214 | 78,149 | ||||||
Note payable and accrued interest | 7,034 | 6,936 | ||||||
Total Current Liabilities | 1,464,943 | 1,453,680 | ||||||
Other Liabilities | ||||||||
Note payable and accrued interest (net of current portion) | 18,650 | 20,415 | ||||||
Operating lease liability (net of current portion) | 1,217,365 | 239,832 | ||||||
Total Other Liabilities | 1,236,015 | 260,247 | ||||||
Total Liabilities | 2,700,958 | 1,713,927 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity: | ||||||||
Preferred Stock, par value | - | - | ||||||
Common Stock, par value | 11,831 | 10,950 | ||||||
Common Stock to be Issued | - | 137,500 | ||||||
Additional Paid-In Capital | 75,124,014 | 72,420,604 | ||||||
Accumulated Deficit | (74,737,606 | ) | (71,844,029 | ) | ||||
Total Stockholders’ Equity | 398,239 | 725,025 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 3,099,197 | $ | 2,438,952 |
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
For the Three Months Ended | ||||||||
June 30, 2023 | June 30, 2022 | |||||||
Revenues | $ | 117,183 | $ | 58,174 | ||||
Cost of Sales | 82,269 | 53,020 | ||||||
Gross Profit | 34,914 | 5,154 | ||||||
Operating Expenses: | ||||||||
Sales and Marketing | 941,886 | 656,569 | ||||||
General and administrative | 1,762,798 | 1,243,022 | ||||||
Research and development | 223,807 | 71,656 | ||||||
Total Operating Expenses | 2,928,491 | 1,971,247 | ||||||
Operating Loss | (2,893,577 | ) | (1,966,093 | ) | ||||
Other Income | ||||||||
Interest income | - | 665 | ||||||
Total Other Income | - | 665 | ||||||
Loss before taxes | (2,893,577 | ) | (1,965,428 | ) | ||||
Income Tax Provision | - | - | ||||||
Net Loss | $ | (2,893,577 | ) | $ | (1,965,428 | ) | ||
Net Loss Per Share: | ||||||||
Basic and Diluted | $ | (0.25 | ) | $ | (0.20 | ) | ||
Weighted Average Common Shares Outstanding: | ||||||||
Basic and Diluted | 11,657,035 | 9,988,361 |