PetVivo Reports Reports Fiscal 2024 Results

Financial Highlights - Revenues increased by 6% to $969,000, primarily driven by sales of the Spryng™ with OsteoCushion™ technology [10][12] - Gross profit rose by 6% to $740,000, with gross margin improving by 40 basis points to 76.3% [10][17] - Operating expenses increased by 20% to $11.4 million, attributed to higher general and administrative expenses and research and development costs [6][41] - 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 [30][41] Operational Highlights - The company expanded its distribution network, achieving distribution of Spryng to over 700 veterinary clinics across 50 states [11] - Sales to distributors increased by 15% to $732,000, contributing significantly to revenue growth [10][12] - The number of pets insured in North America rose by 20.9% to over 6 million, enhancing the affordability of pet care [6] Management Commentary - The management emphasized the positive clinical data supporting the safety and efficacy of Spryng for treating osteoarthritis in companion animals [4][14] - The company is positioning itself for future success by hiring new sales and marketing leadership and expanding personnel to support distribution relationships [5][12] - The management expressed optimism about the growth potential in the $5.7 billion U.S. Animal Health Market, projected to double to $11.3 billion by 2030 [15] Future Outlook - For fiscal 2025, the company anticipates net revenue of approximately $1.5 million to $2.0 million, representing growth of 50% to 100% over the prior year [16] - Plans include further building technical service teams and completing additional clinical studies in equine, canine, and feline companion animals [28]