PetVivo (PETV) - 2024 Q4 - Annual Results

Revenue Growth - Revenues increased by 6% to $969,000, primarily driven by sales of the Spryng™ with OsteoCushion™ technology[5] - Sales to distributors rose by 15% to $732,000, contributing significantly to revenue growth[5] - The company expects fiscal 2025 revenues to be between $1.5 million and $2.0 million, representing growth of approximately 50% to 100% over fiscal 2024[13] Profitability and Expenses - Gross profit grew by 6% to $740,000, with gross margin improving by 40 basis points to 76.3%[5][15] - Operating expenses increased by 20% to $11.4 million, mainly due to a rise in general and administrative expenses[15] - Net loss totaled $11.0 million, or $(0.78) per share, compared to a net loss of $8.7 million, or $(0.85) per share in the previous year[16][29] Market Opportunities - The distribution of Spryng has expanded to over 700 veterinary clinics across 50 states, with more than 6,000 syringes distributed[5] - The number of pets insured in North America increased by 20.9% last year, exceeding 6 million, which is expected to drive market growth[12] - The U.S. Animal Health Market is projected to double to $11.3 billion by 2030, presenting significant opportunities for the company[12] Leadership Changes - The company appointed a new CFO and a new board member with extensive experience in the animal health industry to strengthen its leadership[5]