PetVivo Holdings, Inc. (Nasdaq: PETV), an emerging biomedical
device company focused on the commercialization of innovative
medical therapeutics for animals, announces financial results for
the first quarter of fiscal 2023.
Highlights from the first quarter of 2023 and
recent weeks include the following (all comparisons are with the
first quarter of 2022, unless otherwise indicated):
- Entered into a
Distribution and Sales Agreement with MWI Animal Health, a leading
distributor of animal health products on June 17, 2022
- Revenues of
$58,174 in the first quarter of fiscal 2023, compared to revenues
of $4,145 in the first quarter of fiscal 2022
Management Commentary
John Lai, CEO, commented, “I am happy to report
that our investment in sales and marketing for our Spryng™
veterinarian device, with OsteoCushion Technology™ is beginning to
yield positive results for us. We have now opened up accounts with
veterinary clinics in 37 states.
I am also excited about the exclusive
Distribution and Sales Agreement with MWI Animal Health (“MWI”), a
leading distributor of animal health products and subsidiary of
AmeriSource Bergen, which we entered into in June 2022. We view MWI
as a strategic partner that will allow our company significant
exposure to and penetration into the US animal health market. MWI
has a network of distribution centers in key markets nationwide and
over 400 territory managers. This new relationship will benefit the
industry, the veterinarians who provide medical care, their
patients, and pet owners alike.”
First Quarter Financial
Results
Revenues. Revenue was $58,174
and $4,145 for three months ended June 30, 2022 and 2021,
respectively, and consisted of Spryng™ sales to veterinary clinics.
The Company began commercialization of its Spryng™ product in
September 2021, which resulted in increased revenues in the three
months ended June 30, 2022 compared to the same period in the prior
year.
Cost of Sales. Cost of sales
was $53,020 and $5,051 for the three months ended June 30, 2022 and
2021, respectively. Cost of sales includes product costs related to
the sale of products and labor and overhead costs. The Company
began commercialization of its Spryng™ product in September 2021,
which resulted in increased costs of sales in the three months
ended June 30, 2022 compared to the same period in the prior
year.
Operating Expenses. Operating
expenses were $1,917,247 and $517,613 for the three months ended
June 30, 2022 and 2021, respectively. Operating expenses consisted
of general and administrative, sales and marketing, and research
and development expenses. The Company began commercialization of
its Spryng™ product in September 2021, which resulted in increased
general and administrative expenses and sales and marketing
expenses related to the sale of its Spryng™ product in the three
months ended June 30, 2022 compared to the same period in the prior
year.
Operating Loss. As a result of
the foregoing, our operating loss was $1,966,093 and $518,519 for
the three months ended June 30, 2022 and 2021, respectively. The
increase in our operating loss was related to the costs to support
the launch of Spryng™ and the incremental public company costs
incurred in the three months ended June 30, 2022 compared to the
same period in the prior year.
Other Income. Other income was
$665 for the three months ended June 30, 2022 as compared to other
income of $27,890 for the three months ended June 30, 2021. Other
income in 2022 consisted of net interest income. Other income in
2021 consisted of the forgiveness of PPP Loan and accrued interest
of $31,680 partially offset by interest expense of $3,790.
Net Loss. Our net loss for the
three months ended June 30, 2022 was $1,965,428 or ($0.20) per
share as compared to a net loss of $490,629 or ($0.07) per share
for the three months ended June 30, 2021. The increase in our net
loss was related to the costs to support the launch of Spryng™ and
the incremental public company costs incurred in the three months
ended June 30, 2022 compared to the same period in the prior year.
The weighted average number of shares outstanding was 9,988,361
compared to 6,946,353 for the three months ended June 30, 2022 and
2021, respectively.
Balance Sheet and Inventory
At June 30, 2022, the Company had $4.4 million
in cash and working capital of $3.8 million. The Company increased
its inventory to $180,874 as of June 30, 2022 in order to support
its expected revenue growth in 2023.
Conference Call and Webcast
A live webcast of the conference call and
related earnings release materials can be accessed on PetVivo’s
Investor Relations website at:
https://audience.mysequire.com/webinar-view?webinar_id=0e18ea79-05ed-4182-b814-7d38937752b5
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 11, 2022Time: 4:00 p.m CT
(5:00 pm ET)Dial-in number: +1 (669) 444-9171Conference ID:
93383649430Passcode: 182084
About PetVivo Holdings,
Inc.
PetVivo Holdings, Inc. 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.
PetVivo has a pipeline of seventeen products for
the treatment of animals and people. A portfolio of twenty-one
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
PetVivo 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
PETVIVO HOLDINGS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
June 30, 2022(Unaudited) |
|
|
March 31, 2022 |
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,378,668 |
|
|
$ |
6,106,827 |
|
Accounts receivable |
|
|
4,677 |
|
|
|
2,596 |
|
Inventory, net |
|
|
180,874 |
|
|
|
98,313 |
|
Prepaid expenses and other assets |
|
|
504,819 |
|
|
|
547,664 |
|
Total Current Assets |
|
|
5,069,038 |
|
|
|
6,755,400 |
|
|
|
|
|
|
|
|
|
|
Property and Equipment,
net |
|
|
311,120 |
|
|
|
311,549 |
|
|
|
|
|
|
|
|
|
|
Other Assets: |
|
|
|
|
|
|
|
|
Operating lease right-of-use |
|
|
284,344 |
|
|
|
299,101 |
|
Patents and trademarks, net |
|
|
46,225 |
|
|
|
48,452 |
|
Security deposit |
|
|
12,830 |
|
|
|
12,830 |
|
Total Other Assets |
|
|
343,399 |
|
|
|
360,383 |
|
Total Assets |
|
$ |
5,723,557 |
|
|
$ |
7,427,332 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
477,947 |
|
|
$ |
323,384 |
|
Accrued expenses |
|
|
676,554 |
|
|
|
784,375 |
|
Operating lease liability – short term |
|
|
59,492 |
|
|
|
59,178 |
|
Note payable and accrued interest |
|
|
6,639 |
|
|
|
6,549 |
|
Total Current Liabilities |
|
|
1,220,632 |
|
|
|
1,173,486 |
|
Other Liabilities |
|
|
|
|
|
|
|
|
Note payable and accrued interest (net of current portion) |
|
|
25,548 |
|
|
|
27,201 |
|
Operating lease liability (net of current portion) |
|
|
224,852 |
|
|
|
239,923 |
|
Total Other Liabilities |
|
|
250,400 |
|
|
|
267,124 |
|
Total Liabilities |
|
|
1,471,032 |
|
|
|
1,440,610 |
|
Commitments and Contingencies
(see Note 9) |
|
|
- |
|
|
|
- |
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred stock, par value
$0.001, 20,000,000 shares authorized, 0 and 0 shares issued and
outstanding at June 30, 2022 and March 31, 2022 |
|
|
- |
|
|
|
- |
|
Common stock, par value
$0.001, 250,000,000 shares authorized, 9,988,361 shares issued and
outstanding at June 30, 2022 and March 31, 2022, respectively |
|
|
9,988 |
|
|
|
9,988 |
|
Additional Paid-In Capital |
|
|
69,334,386 |
|
|
|
69,103,155 |
|
Accumulated Deficit |
|
|
(65,091,849 |
) |
|
|
(63,126,421 |
) |
Total Stockholders’ Equity |
|
|
4,252,525 |
|
|
|
5,986,722 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
5,723,557 |
|
|
$ |
7,427,332 |
|
PETVIVO HOLDINGS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
Revenues |
|
$ |
58,174 |
|
|
$ |
4,145 |
|
|
|
|
|
|
|
|
|
|
Cost of
Sales |
|
|
53,020 |
|
|
|
5,051 |
|
|
|
|
|
|
|
|
|
|
Gross Profit (Loss) |
|
|
5,154 |
|
|
|
(906 |
) |
|
|
|
|
|
|
|
|
|
Operating
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing |
|
|
656,569 |
|
|
|
49,731 |
|
General and administrative |
|
|
1,243,022 |
|
|
|
330,945 |
|
Research and development |
|
|
71,656 |
|
|
|
136,937 |
|
Total Operating Expenses |
|
|
1,971,247 |
|
|
|
517,613 |
|
|
|
|
|
|
|
|
|
|
Operating Loss |
|
|
(1,966,093 |
) |
|
|
(518,519 |
) |
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
Forgiveness of PPP loan and accrued interest |
|
|
- |
|
|
|
31,680 |
|
Interest income (expense) |
|
|
665 |
|
|
|
(3,790 |
) |
Total Other Income |
|
|
665 |
|
|
|
27,890 |
|
|
|
|
|
|
|
|
|
|
Loss before taxes |
|
|
(1,965,428 |
) |
|
|
(490,629 |
) |
|
|
|
|
|
|
|
|
|
Income Tax Provision |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(1,965,428 |
) |
|
$ |
(490,629 |
) |
|
|
|
|
|
|
|
|
|
Net Loss Per Share: |
|
|
|
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.20 |
) |
|
$ |
(0.07 |
) |
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
9,988,361 |
|
|
|
6,946,353 |
|
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