PetVivo (PETV) Q1 2025 earnings summary

Executive summary

• Achieved strong financial and operational progress in fiscal Q1 2025, driven by the rollout of Spryng, an intra-articular injectable veterinary device for osteoarthritis in pets and horses.

• PetVivo Holdings focuses on commercializing veterinary medical devices, with Spryng™ as its lead product for treating osteoarthritis in dogs and horses.

• Distribution of Spryng expanded to over 800 veterinary clinics across all 50 states, with more than 10,000 animals treated to date.

• Strategic shift from equine to companion animal market, supported by new clinical studies and key hires in sales and marketing.

• Cost reduction initiatives included executive salary reductions and lower G&A and sales expenses.

Financial highlights

• Revenue for the quarter ended June 30, 2024 was $124,000, up from $117,183 in the same quarter last year.

• Gross profit was $111,000, maintaining a high gross margin of 89.5%.

• Operating expenses decreased 28% to $2.2 million, reflecting cost reduction and restructuring efforts.

• Net loss improved to $2 million ($0.11 per share) from $2.9 million ($0.25 per share) year-over-year.

• Cash and equivalents at quarter-end were $12,414, with $1.2 million raised post-quarter to support growth plans.

Outlook and guidance

• Forecasting FY2025 revenues of $1.5–$2 million, representing 50–100% year-over-year growth.

• Proceeds of $1,218,000 from a private placement of Series A preferred stock are expected to fund operations for at least the next three months.

• Management anticipates the need for additional capital to support commercialization and ongoing operations.

• Plans to add 10 sales reps in the next 12 months to target the companion animal market.

• Continued focus on expanding educational initiatives and marketing channels to drive adoption.