PetVivo Reports Third Quarter of Fiscal 2023 Financial Results
PetVivo Holdings, Inc. (Nasdaq: PETV, PETVW) reported significant financial results for Q3 of fiscal 2023, highlighting revenues of $510,109, a substantial increase from $51,004 in Q3 2022. This growth is attributed to the commercialization of its product, Spryng™ with OsteoCushion™ Technology, with $456,502 stemming from shipments to distributor MWI Animal Health. Despite increased revenues, the company's net loss for the quarter rose to $2,311,618 or ($0.23) per share, compared to ($0.17) per share last year, driven by increased operating expenses totaling $2,605,240.
- Revenue increase from $51,004 in Q3 2022 to $510,109 in Q3 2023.
- Sales to distributor MWI rose to $456,502 in Q3 2023.
- Launch of 14,000 sq. ft new production facility in Edina, Minnesota.
- Operating loss increased to $2,318,818 in Q3 2023 compared to $1,657,651 in Q3 2022.
- Net loss for Q3 2023 was $2,311,618 or ($0.23) per share, up from ($0.17) per share in Q3 2022.
Conference call begins at 4:00 p.m. Central time today
EDINA, MN , Feb. 09, 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 third quarter of fiscal 2023. The Company began commercialization of its lead product Spryng™ with OsteoCushion™ Technology, a veterinarian-administered, intraarticular injection for the management of lameness and other joint afflictions such as osteoarthritis in dogs and horses in September 2021.
Highlights from the third quarter of 2023 and recent weeks include the following (all comparisons are with the three months ended December 31, 2021, unless otherwise indicated):
● | Revenues of | |
● | Net revenues of |
Management Commentary
John Lai, CEO, commented, “I’m excited about our team’s performance in the third quarter of fiscal 2023 highlighted by revenues of
We continued to expand our national presence as highlighted by our attendance at the American Association of Equine Practitioners Annual Conference in November 2022 in which Dr. Joseph Manning, DVM, the Company’s Senior Technical Veterinarian presented on the use of Spryng™ with OsteoCushion™ Technology in “Managing Lameness and Joint Issues with Confidence”.
In January 2023, we entered into a lease agreement for approximately 14,000 square feet of production and warehouse space in Edina, Minnesota. This new facility will include multiple clean rooms for large-scale production of Spryng™ with OsteoCushion™ Technology as well as other medical devices and therapeutics in our product pipeline. We plan to move all of our production to this facility beginning in August 2023. We also raised approximately
Third Quarter Financial Results
Revenues. Revenues were
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 December 31, 2022 was
Year to Date Financial Results
Revenues. Revenues were
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 nine months ended December 31, 2022 was
Balance Sheet and Inventory
At December 31, 2022, the Company had approximately
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=3c442fda-eaf4-4052-b6e7-2ad07e24468e
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, February 9, 2023
Time: 4:00 p.m CT (5:00 pm ET)
Dial-in number: +1 (253) 215-8782
Conference ID: 99407216981
Passcode: 029350
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 seventeen 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
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)
PART I.
ITEM 1. FINANCIAL STATEMENTS
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2022 (Unaudited) | March 31, 2022 | |||||||
Assets: | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 374,533 | $ | 6,106,827 | ||||
Accounts receivable | 506,844 | 2,596 | ||||||
Inventory, net | 374,882 | 98,313 | ||||||
Prepaid expenses and other assets | 479,670 | 547,664 | ||||||
Total Current Assets | 1,735,929 | 6,755,400 | ||||||
Property and Equipment, net | 520,321 | 311,549 | ||||||
Other Assets: | ||||||||
Operating lease right-of-use | 257,469 | 299,101 | ||||||
Patents and trademarks, net | 41,746 | 48,452 | ||||||
Security deposit | 12,830 | 12,830 | ||||||
Total Other Assets | 312,045 | 360,383 | ||||||
Total Assets | $ | 2,568,295 | $ | 7,427,332 | ||||
Liabilities and Stockholders’ Equity: | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 456,052 | $ | 323,384 | ||||
Accrued expenses | 1,041,628 | 784,375 | ||||||
Operating lease liability – short term | 60,061 | 59,178 | ||||||
Note payable and accrued interest | 6,841 | 6,549 | ||||||
Total Current Liabilities | 1,564,582 | 1,173,486 | ||||||
Other Liabilities | ||||||||
Note payable and accrued interest (net of current portion) | 22,155 | 27,201 | ||||||
Operating lease liability (net of current portion) | 197,408 | 239,923 | ||||||
Total Other Liabilities | 219,563 | 267,124 | ||||||
Total Liabilities | 1,784,145 | 1,440,610 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity: | ||||||||
Preferred stock, par value | - | - | ||||||
Common stock, par value | 10,106 | 9,988 | ||||||
Additional Paid-In Capital | 70,289,100 | 69,103,155 | ||||||
Accumulated Deficit | (69,515,056 | ) | (63,126,421 | ) | ||||
Total Stockholders’ Equity | 784,150 | 5,986,722 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 2,568,295 | $ | 7,427,332 |
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenues | $ | 510,109 | $ | 51,004 | $ | 791,563 | $ | 60,126 | ||||||||
Cost of Sales | 223,687 | 98,997 | 424,866 | 104,048 | ||||||||||||
Gross Profit | 286,422 | (47,993 | ) | 366,697 | (43,922 | ) | ||||||||||
Operating Expenses: | ||||||||||||||||
Sales and Marketing | 1,047,549 | 404,462 | 2,572,103 | 689,960 | ||||||||||||
Research and Development | 248,157 | 34,326 | 460,197 | 287,643 | ||||||||||||
General and Administrative | 1,309,534 | 1,170,870 | 3,738,876 | 2,258,001 | ||||||||||||
Total Operating Expenses | 2,605,240 | 1,609,658 | 6,771,176 | 3,235,604 | ||||||||||||
Operating Loss | (2,318,818 | ) | (1,657,651 | ) | (6,404,479 | ) | (3,279,526 | ) | ||||||||
Other Income | ||||||||||||||||
Forgiveness of PPP loan and accrued interest | - | - | - | 31,680 | ||||||||||||
Interest Income | 7,200 | 15,522 | 15,844 | 9,614 | ||||||||||||
Total Other Income | 7,200 | 15,522 | 15,844 | 41,294 | ||||||||||||
Loss before taxes | (2,311,618 | ) | (1,642,129 | ) | (6,388,635 | ) | (3,238,232 | ) | ||||||||
Income Tax Provision | - | - | - | - | ||||||||||||
Net Loss | $ | (2,311,618 | ) | $ | (1,642,129 | ) | $ | (6,388,635 | ) | $ | (3,238,232 | ) | ||||
Net Loss Per Share: | ||||||||||||||||
Basic and Diluted | $ | (0.23 | ) | $ | (0.17 | ) | $ | (0.64 | ) | $ | (0.38 | ) | ||||
Weighted Average Common Shares Outstanding: | ||||||||||||||||
Basic and Diluted | 10,098,658 | 9,756,945 | 10,047,040 | 8,426,135 |
FAQ
What were PetVivo's revenues for Q3 2023?
What caused the increase in PetVivo's net loss in Q3 2023?
How much revenue did PetVivo generate from its distributor MWI?
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