PetVivo (US:PETV)2023-02-10 01:25Financial Data and Key Metrics Changes - For the nine months ended December 31, 2022, the company reported revenues of $792,000 compared to $60,000 in the prior year period, driven by $575,000 from shipments of Spryng to MWI [2] - For the third quarter of fiscal 2023, revenues were $510,000 compared to $51,000 in the same quarter of fiscal 2022, with $457,000 from shipments of Spryng to MWI [80][81] - As of December 31, 2022, the company had $375,000 in cash and working capital of $171,000 [2] Business Line Data and Key Metrics Changes - The significant revenue increase is attributed to the exclusive distribution partnership with MWI Animal Health, which began in June 2022 [80] - The company plans to move all production to a new facility starting August 2023, which will enhance manufacturing capacity [82] Market Data and Key Metrics Changes - The market for osteoarthritis (OA) and lameness treatment in the United States is estimated to exceed $4.8 billion annually [102] - The company is seeing good adoption rates among veterinary doctors, with positive feedback from initial product trials [77] Company Strategy and Development Direction - The company aims to generate clinical evidence to support the equine and small animal markets, with several studies expected to conclude and be published in fiscal 2023 [83] - The focus is on expanding sales and marketing efforts, clinical studies, and manufacturing capacity to increase vet acceptance and sales of Spryng [82][95] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the relationship with MWI and the positive reception of Spryng at veterinary conferences, indicating a growing awareness and acceptance of the product [90][84] - The company anticipates that clinical study results will begin to be publicly disclosed in March 2023, which is expected to further support sales efforts [97] Other Important Information - The company raised approximately $1.4 million in January 2023 through a direct offering, which will support ongoing operations and expansion [92] - The company is working with renowned research organizations for clinical trials, enhancing credibility and potential market penetration [108] Q&A Session Summary Question: What is the size of the markets in terms of the number of animals? - The U.S. has approximately 64 million dogs, 53 million cats, and 8 to 14 million horses, with the majority of current revenues coming from the equine market due to more frequent veterinary visits [110] Question: What is the burn rate and upcoming milestones? - The burn rate is around $2 million per quarter, with multiple clinical studies expected to yield results that will aid in product adoption [37] Question: What prompted the expansion into another facility? - The new facility will allow for greater efficiency and scalability, supporting future growth without disrupting current production [124]