Home / News

News

PetVivo Reports Second Quarter 2022 Financial Results

PetVivo Reports Second Quarter 2022 Financial Results
Raised approximately 11.25 million in connection with Initial Public Offering

Rebranded Kush™ as Spryng™ and commenced sales of Spryng™

Conference call begins at 4:00 p.m. Central time today

EDINA, MN, Nov. 15, 2021 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (Nasdaq: PETV, PETVW), an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for animals, announces financial results for the three and six months ended September 30, 2021.

Highlights from the second quarter of 2022 and recent weeks include the following (all comparisons are with the second quarter of 2021, unless otherwise indicated):

Raised approximately $11,254,000 from a registered public offering of our units, which closed on August 13, 2021
Uplisted to Nasdaq in connection with the registered offering, where our common stock and warrants trade under the symbols “PETV” and “PETVW,” respectively
Rebranded Kush™ as Spryng™ and commenced sales of Spryng™
Made several key hires to strengthen our management team
Management Commentary

“The most significant event from last quarter was raising $9,781,000 in net proceeds in our registered offering,” said John Lai, Chief Executive Officer of PetVivo. “We ended the quarter with cash of over $8.8 million.”

“We are using the net proceeds from this offering to expand our sales and marketing efforts to gain vet acceptance and generate revenue from the sale of Spryng™. We also engaged Kick as our advertising agency across multiple marketing services disciplines.”

Mr. Lai continued, “We also added key members to our manufacturing team to ensure our manufacturing capacity to support the launch of Spryng™.”

Second Quarter Financial Results

Revenue was $4,977 for the three months ended September 30, 2021 compared with $4,790 for the three months ended September 30, 2020, and consisted of sales to veterinary clinics.

Cost of sales was $-0- and $350 for the three months ended September 30, 2021 and 2020, respectively.

General and administrative expenses were $756,186 and $787,427 for the three months ended September 30, 2021 and 2020, respectively.

Sales and marketing expenses were $235,767 and $35,580 for the three months ended September 30, 2021 and 2020, respectively.

Research and development expenses were $116,380 and $ -0- for the three months ended September 30, 2021 and 2020, respectively. The increase was related to efforts to support the launch of Spryng™.

Other expense was $2,118 for the three months ended September 30, 2021 as compared to $529,435 for the three months ended September 30, 2020. Other expense in 2021 consisted of interest expense. Other expense in 2020 consisted primarily of derivative expense related to debt financing of $389,300 and interest expense of $140,651.

Net loss for the three months ended September 30, 2021 was $(1,105,474) or ($0.13) as compared to a net loss of $(1,348,002) or ($0.23) per share for the three months ended September 30, 2020. Net loss decreased primarily due to the derivative expense recognized on the debt financing in 2020.

Six Month Financial Results

Revenue was $9,122 and $6,797 for six months ended September 30, 2021 and 2020, respectively, and consisted of sales to veterinary clinics.

Cost of sales was $5,051 and $350 for the six months ended September 30, 2021 and 2020, respectively.

General and administrative expenses were $1,087,131 and $1,184,820 for the six months ended September 30, 2021 and 2020, respectively.

Sales and marketing expenses were $285,498 and $82,262 for the six months ended September 30, 2021 and 2020, respectively.

Research and development expenses were $253,317 and $ -0- for the six months ended September 30, 2021 and 2020, respectively. The increase was related to efforts to support the launch of Spryng™.

Other income was $25,772 for the six months ended September 30, 2021 as compared to expense of $901,375 for the six months ended September 30, 2020. Other income in 2021 consisted of the forgiveness of PPP Loan and accrued interest of $31,680 partially offset by and interest expense of $5,908. Other expense in 2020 consisted primarily of derivative expense related to debt financing of $731,500 and interest expense of $170,873.

Net loss for the six months ended September 30, 2021 was $(1,596,103) or ($0.21) as compared to a net loss of $(2,162,010) or ($0.37) per share for the six months ended September 30, 2020. Net loss decreased primarily due to the derivative expense recognized on the debt financing in 2020.

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://petvivo.com/pages/investors. A replay of the webcast will be available through the same link following the conference call.

The conference call can be accessed live over the phone by dialing 1-(346) 248-770. The conference ID is 96523640792 and the Passcode is 058908.

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 SPRYNG™, a veterinarian-administered, intraarticular injection for the treatment of osteoarthritis in dogs and horses, is scheduled for expanded commercial sale in the fourth quarter of this year.

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.

PETVIVO HOLDINGS, INC. TO ANNOUNCE SECOND QUARTER 2022 RESULTS

PETVIVO HOLDINGS, INC. TO ANNOUNCE SECOND QUARTER 2022 RESULTS
MINNEAPOLIS, MN, US, Nov. 11, 2021 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (“PetVivo”), an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for animals, will release financial results for the second fiscal year quarter 2022 on Monday, November 15, 2021 after market close. The company will host a Q&A conference call to discuss these results at 4:00 p.m. CT (5:00 p.m. ET) on the same day.

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=94479447-ec7e-4888-a1cb-a27d9eae93fd. A replay of the webcast will be available through the same link following the conference call.

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.

About PetVivo Holdings, Inc.

PetVivo Holdings Inc. (NASDAQ: PETV & PETVW) 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 SPRYNG™, a veterinarian-administered, intraarticular injection for the treatment of osteoarthritis in dogs and horses, is scheduled for expanded commercial sale in the fourth quarter of this year.

CONTACT:

John Lai, CEO

PetVivo Holdings, Inc.

Email: info1@petvivo.com

(952) 405-6216

Forward-Looking commercial Statements:

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. 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, including the potential listing of the Company’s common stock on Nasdaq, are based on information currently available 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, 2021 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.

PETVIVO HOLDINGS, INC. NAMES KICK (“IDEAS THAT KICK”) AS ITS AGENCY FOR BRANDING AND ADVERTISING

PETVIVO HOLDINGS, INC. NAMES KICK (“IDEAS THAT KICK”) AS ITS AGENCY FOR BRANDING AND ADVERTISING

MINNEAPOLIS, MN, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (“PetVivo”), an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for animals, today announced that it has named Kick (“Ideas that Kick”) as its advertising agency across multiple marketing services disciplines. Kick will lead brand strategy, advertising, digital and social media, experiential marketing and design strategies for PetVivo.

“The team at Kick is second to none in its marketing capabilities within the equine and animal industry and unwavering in its commitment to engaging audiences with impactful messaging that creates action. Their extensive capabilities in strategy, branding, marketing, advertising and digital media make them uniquely equipped to bring innovative, integrated solutions to what we’re trying to achieve,” said John Lai, Chief Executive Officer of PetVivo. “We are excited to partner with Kick to write the next chapter in PetVivo’s transformation to a leading provider of therapeutic veterinary devices that enhance the lives of companion animals.”

Kick works nationally and internationally for Fortune 500 brands, with a depth of experience including work with over twenty-five pet brands and with multibillion-dollar medical device companies — partnering with PetVivo represents a perfect intersection of experience.

“We look forward to partnering with PetVivo, an innovative leader focused on producing products with the well-being of companion animals in mind,” said Mary Kemp, co-founder of Kick. “Drawing on the deep experience of our team, we are excited to introduce and elevate their flagship product, Spryng with OsteoCushion Technology, to all veterinarians and animal owners.”

PetVivo’s innovative therapeutic product, Spryng, is a veterinary medical device comprised of millions of micronized hydrogel matrices, which are derived from natural purified proteins, collagen and elastin. Spryng with OsteoCushion Technology provides both reinforcing natural joint support to replace and/or reinforce missing and damaged cartilage. These attributes delivered through one simple intraarticular injection offers a great solution to manage lameness afflictions, such as osteoarthritis, which is frequently found in companion animals.

 

About PetVivo Holdings, Inc.

PetVivo Holdings Inc. (NASDAQ: PETV) 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 SPRYNG, a veterinarian-administered, intraarticular injection for the treatment of osteoarthritis in dogs and horses, is scheduled for expanded commercial sale in the fourth quarter of this year.

 

About Kick

Kick is a Minneapolis-based branding and design agency, delivering badass ideas and innovative experiences for forward-thinking brands — from innovative startups, challenger brands and established Fortune 500 companies. Clients include AbleNet, Becton Dickinson, Halozyme, MicroVention, Nonin, Oxbow Animal Health, Pace Analytical and Triple Crown Nutrition. Kick’s expertise spans from brand strategy and identities, to packaging, websites, integrated advertising campaigns and social media, with more than a little of everything in between. 

Learn more: http://ideasthatkick.com

https://www.instagram.com/ideasthatkick/Facebook.com//pages/Kick/42879072825

 

CONTACT:

John Lai, CEO
PetVivo Holdings, Inc.
Email: info1@petvivo.com
(952) 405-6216 

 

Forward-Looking commercial Statements:

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. 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, including the potential listing of the Company’s common stock on Nasdaq, are based on information currently available 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, 2020 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.