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 $2,325,000 in net proceeds from two offerings. On
July 27, 2023, the Company raised $550,000 in a private offering of
convertible notes. On August 9, 2023, the Company raised net
proceeds of $1,775,000 from a registered direct offering of its
common stock, conducted concurrently with a private offering of
warrants.
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
$117,183 and $58,174 for three months ended June 30, 2023 and 2022,
respectively. Revenues in the three months ended June 30, 2023,
consist of sales of our Spryng™ products to MWI Veterinary Supply
Co. (“Distributor”) of $33,790 and to veterinary clinics in the
amount of $83,393. In the three months ended June 30, 2022, our
revenues of $58,174 consisted entirely of sales to veterinary
clinics. The increase in our revenues in the three months ended
June 30, 2023, compared to the three months ended June 30, 2022, is
due to sales to our Distributor pursuant to our distribution
services agreement (“Distribution Agreement”) dated June 17, 2022
with the Distributor and increased sales to veterinary clinics.
Cost of Sales. Cost of sales
were $82,269 and $53,020 for the three months ended June 30, 2023
and 2022, respectively. Cost of sales includes product costs
related to the sale of our Spryng™ products and labor and overhead
costs. The increase in cost of sales in the three months ended June
30, 2023, is due to the increased sales to our Distributor pursuant
to our Distribution Agreement and increased sales to veterinary
clinics.
Operating Expenses. Operating
expenses were $2,928,491 and $1,971,247 for the three months ended
June 30, 2023 and 2022, respectively. The increase is primarily due
to increased general and administrative expenses and sales and
marketing expenses related to the sale of our Spryng™ products.
Operating Loss. As a result of
the foregoing, our operating loss was $2,893,577 and $1,966,093 for
the three months ended June 30, 2023 and 2022, respectively. The
increase was related to the costs to support the launch of
Spryng™.
Other Income. Other income was
$0 for the three months ended June 30, 2023, as compared to other
income of $665 for the three months ended June 30, 2022. Other
income in 2022 consisted of net interest income.
Net Loss. Our net loss for the
three months ended June 30, 2023 was $2,893,577 or ($0.25) per
share as compared to a net loss of $1,965,428 or ($0.20) per share
for the three months ended June 30, 2022. The increase was related
to the costs to support the launch of Spryng™. The weighted average
number of shares outstanding was 11,657,035 compared to 9,988,361
for the three months ended June 30, 2023 and 2022,
respectively.
Balance Sheet and Inventory
As of June 30, 2023, our current assets were
$1,016,382, including $218,978 in cash and cash equivalents. In
comparison, our current liabilities as of that date were $1,464,943
including $1,305,695 of accounts payable and accrued expenses. Our
working capital deficit as of June 30, 2023 was $448,561.
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
$2,325,00 in net proceeds from two offerings.
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, 2023Time: 4:00 p.m.
CT (5:00 pm ET)Dial-in number: +1 (253) 215 8782Conference ID:
97831788047Passcode: 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, CEOPetVivo 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
$0.001, 20,000,000 shares authorized, no shares issued and
outstanding at June 30, 2023 and March 31, 2023 |
|
|
- |
|
|
|
- |
|
Common Stock, par value
$0.001, 250,000,000 shares authorized, 11,830,353 and 10,950,220
issued and outstanding at June 30, 2023 and March 31, 2023,
respectively |
|
|
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 |
|
PetVivo (NASDAQ:PETVW)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
PetVivo (NASDAQ:PETVW)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024