PetVivo (PETV) Q4 2024 earnings summary

Executive summary

• Fiscal year 2024 revenue increased 6% to $969,000, driven by expanded distributor network and strong sales of Spryng with OsteoCushion Technology.

• Gross profit rose 6% to $740,000, with gross margin improving to 76.3%.

• Net loss widened to $11 million, or $0.78 per share, compared to $8.7 million, or $0.85 per share, in the prior year.

• Distribution of Spryng reached over 700 veterinary clinics across all 50 states, with more than 6,000 syringes distributed.

• Strategic partnerships formed with Covetrus North America and expanded efforts with MWI to increase market reach.

Financial highlights

• Revenue up 6% year-over-year to $969,000; distributor sales up 15% to $732,000.

• Gross profit increased to $740,000, gross margin improved by 40 basis points to 76.3%.

• Operating expenses rose 20% to $11.4 million, mainly due to higher G&A and R&D costs.

• Net loss totaled $11 million, or $0.78 per share, compared to $8.7 million, or $0.85 per share, last year.

• Cash and cash equivalents at year-end were $87,000; $1.8 million raised post-year-end via private equity.

Outlook and guidance

• Fiscal 2025 net revenue expected to be $1.5 million to $2.0 million, representing 50% to 100% growth.

• Cost reduction initiatives implemented in April 2024, reducing operational costs by about 40%.

• Plans to expand sales and marketing teams, build technical service teams, and complete additional clinical studies.

• Manufacturing improvements expected to further reduce costs and enhance gross margins.

• Focus on increasing adoption of Spryng and raising market awareness through trade shows and digital outreach.