MINNEAPOLIS, MN, US, Aug. 14, 2025 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc., including its wholly-owned subsidiary Petvivo Animal Health, Inc. (OTCQX: PETV; OTC ID: PETVW), a leading biomedical company delivering innovative medical devices and therapeutics for equines and companion animals, reported results for its first quarter of fiscal year 2026 ended June 30, 2025. All comparisons are to the previous year first quarter period ending June 30, 2024, unless otherwise noted.
The company will hold a conference call today, August 14, 2025, at 5:00 p.m. Eastern time to discuss the results for the quarter, followed by a question-and-answer session (see dial-in information below).
Fiscal Q1 Financial Highlights
- Revenues increased totaled $298,000, an increase of 141% compared to the same year-ago quarter. The increase is due to product line expansion with our Precise PRRP line, which is administered alongside our Spring® product, and expansion of our in-house sale force and distributor channel. These factors helped drive the continued expansion of the company's addressable market from the large equine market into the larger and faster-growing companion animal market.
- National distributor network sales increased 192% to $198,000 or 67% of total revenues.
- Gross profit increased 69% to $187,000, with gross margin of 63%.
- Operating loss decreased 9% to $1.8 million, with the improvement due to the company's strategic corporate restructuring and cost reduction program implemented in the last fiscal year, along with increased sales of new products.
- Net loss increased 13% to $2.3 million or $(0.09) per basic and diluted share due to increase in certain non-cash expenses compared to (0.11) per basic and diluted in the last fiscal year quarterly period.
- Cash totaled $3.3 million on June 30, 2025, compared to $228,000 on March 31, 2025, with the increase primarily due to net proceeds of $4.7 million received from financing activities during the quarter.
- Total liabilities decreased 39% to $3.1 million, primarily due to the termination of a ten-year lease of our second manufacturing facility and also the extinguishment of derivative liabilities with our convertible notes, due to the modification of the convertible note terms.
Fiscal Q1 Operational Highlights
- Signed definitive distribution agreement with Eq Especialidades to inventory, market and promote Spryng throughout Mexico, representing the company's first entrance into the international market. Initial shipments to veterinary clinics in Mexico have begun.
- Established a strategic partnership with PiezoBioMembrane, a pioneer in biodegradable piezoelectric materials intended for implantable applications, to advance research and development of revolutionary functional biomaterials that promote regeneration, restoration and/or remodeling of damaged or injured tissue and bone in animals and humans. The collaboration is currently nearing completion of Phase 1 of the three-phase joint research and development project to determine that materials from both partners' products can be combined into a single offering to provide therapeutic benefits to animals and humans.
- Advanced the company's transformative strategic alliance with Digital Landia, a pioneer in Agentic artificial intelligence (AI) solutions. The collaboration centers Digital Landia's revolutionary AI technology that deciphers, at 97% accuracy, equine and companion animal behavior and communication through real-time analysis of vocalizations, body language, and physiological signals captured via a smartphone camera. The advanced AI-powered technology has been integrated with PetVivo's veterinary products in a first-of-kind global pet care ecosystem. Beta testing is currently underway, with official commercial launch planned for the company's fiscal third quarter.
- Continued to ramp up sales and marketing into the animal market for the commercialization of PrecisePRP, a proprietary and revolutionary allogeneic platelet rich plasma (PRP) product for horses and dogs developed. Sold under a new exclusive licensing and supply agreement with VetStem signed last quarter, the product has been receiving favorable reports from veterinarians regarding the ease-of-use of this regenerative product.
- Entered new strategic collaboration with Commonwealth Markets, the syndicated ownership group behind the 2023 Kentucky Derby winner. Commonwealth will integrate Spryng® and Precise PRP into the care protocols of its top-tier thoroughbred stable. These products will be used as a preventative measure and as a management solution to promote joint health, extend performance longevity, and support recovery in high-impact training and racing environments.
- Closed the remaining $4.4 million purchase option as part of a private placement offering initiated in March 2025 totaling $5 million in equity financing in exchange for five million shares of the company's Series B convertible preferred stock.
Subsequent Events
- Uplisted the trading of the company's common stock from the OTC Markets' OTCQB® Venture Market to its highest-level tier, the OTCQX Best Market. To qualify for the OTCQX, public companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone, demonstrating the company's qualifications as may be required for institutional investors, as well as building visibility among retail investors.
- Exhibited at the Texas Equine Veterinary Association 2025 Summer CE Symposium held on July 3 - August 2, in Marble Falls, Texas. PetVivo demonstrated its SPRYNG® with OsteoCushion® Technology, an intra-articular injectable veterinary medical device consisting of sterilized, extra-cellular matrix microparticles. Also exhibited and spoke at other smaller industry events during the quarter, demonstrating the research-backed benefits of Spryng to veterinarians, including leading sports medicine and rehabilitation experts in the veterinary industry. The events have helped to drive greater adoption of Spryng by expanding awareness among key decision-makers of its effectiveness and benefits in the management of osteoarthritis in animals.
Management Commentary
"Our growth momentum continued into the first quarter as we expanded the use of our lead animal osteoarthritis veterinary medical device, Spryng® with OsteoCushion® Technology," commented PetVivo CEO, John Lai. "We also advanced the development and use of technologies we've gained from new major partnerships that we formed earlier this year.
"These partnerships have provided innovative technologies that involve diagnostics and medical treatments which have been transformative for our platform, and for the veterinarians and pet owners that we serve.
"Since introduction of Spryng® in late 2021, this flagship product has now been used by more than 1,000 veterinary clinics across all 50 states. Now with the recent addition of our first distributor in Mexico, we can include several new international clinics as well.
"Mexico is a very attractive market for our animal health solutions, especially given how the country's veterinary healthcare market is expected to grow at a compounded annual growth rate of 11 percent to reach $2.4 billion by 2031. Personal horse ownership is deeply intertwined with Mexican culture and tradition, which makes the Mexican marketplace exceptionally ideal for us.
"As those sales begin to ramp up in Mexico, our U.S. national distributor network sales increased their sales by 192% compared to the year-ago quarter, reaching $198,000 or 67% of total revenue. The growth in distributor sales, combined with the expansion of our in-house sales force and product offerings, drove a more than 140% increase in total revenue for the quarter, reaching nearly $300,000, making it one of our best quarters, to date.
"This performance also reflects the success of our marketing efforts, which is still strongly focused on the large equine market as we further expand into the larger and faster-growing companion animal market.
"The growth also reflects the success of the several new highly experienced territory managers we have deployed nationwide over the past year, as well the addition of the new team of professional sales representatives and technical service veterinarians we've engaged to support them. Together, they have been developing relationships with the nation's leading veterinary clinics, veterinary corporate entities, consolidators and distributors to support future sales.
"These efforts have been driving the greater adoption of Spryng® as well as increasing the awareness and acceptance of PrecisePRP for the treatment of osteoarthritis in animals. We've continued to focus on expanding awareness of the benefits of both of these innovative products among key decision-makers.
"The commercialization of Spryng® and PrecisePRP has been receiving very favorable reports from veterinarians regarding the ease-of-use for each of these products and their effectiveness in the management of osteoarthritis in horses and companion animals.
"We've also been advancing our strategic alliance with Digital Landia, a pioneer in Agentic AI solutions. Our collaboration with Digital Landia centers on their Pet Artificial Intelligence technology. This technology represents a paradigm shift in how we understand pets and their physical health. By aligning our clinically proven therapies with this AI technology, we believe PetVivo is uniquely positioned at the intersection of AI innovation and veterinary care.
"We anticipate Pet AI to rival mainstream AI applications in terms of adoption rates and thereby create tremendous visibility for our brands. Advanced technology is currently being integrated with our veterinary products to create a first-of-kind global pet care ecosystem. Beta testing is underway and advancing well, and we anticipate the official commercial launch to take place in our third fiscal quarter.
"The cross pollination of these two new technologies is creating an exciting new future for PetVivo, one that we believe will be transformative for not only us but also for veterinarians and their many precious patients.
"In June, we announced a strategic collaboration with Commonwealth Markets, the syndicated ownership group who was behind 2023 Kentucky Derby winner, Mage, and the 2022 Dubai World Cup Champion named Country Grammer. Our partnership with Commonwealth has been centered on the clinical use and promotion of SPRYNG® with OsteoCushion® Technology and Precise PRP.
"As part of our collaboration, Commonwealth has integrated SPRYNG® and PrecisePRP into the care protocols of a number of their top-tier thoroughbred stables. In this environment, they are using these technologies as both a preventative measure and/or a management solution to promote joint health and extend performance longevity.
"In addition to this clinical implementation, we are exploring co-branded content, educational initiatives, and industry outreach to elevate awareness around joint wellness and to support the broader adoption of SPRYNG® and PrecisePRP across the equine health community. This unique partnership with Commonwealth, a recognized leader at the highest levels of the sport, marks a major advancement for both SPRYNG® and PrecisePRP.
"By combining our clinical expertise and commercial capabilities with Commonwealth's equine industry knowledge and vast network, we can provide veterinarians with cutting-edge, effective solutions that enhance recovery and long-term soundness in competitive horses.
"During the first fiscal quarter we also established a strategic partnership with PiezoBioMembrane, a pioneer in biodegradable piezoelectric materials for use in implantable applications. Through our collaboration, we are looking to advance the research and development of revolutionary functional biomaterials that can promote regeneration, restoration and/or remodeling of damaged or injured tissue and bone in both animals and humans.
"We are currently nearing completion of Phase 1 of our three-phase joint research and development project, which is designed to determine if materials from our mutual products can be combined into a single offering.
"Altogether, our latest new technologies have created an exciting future for PetVivo that we believe will be transformative to not only veterinarians and the patients they serve, but potentially for humans as well.
"We expect to see continued strong sales momentum and market penetration for the duration of fiscal 2026 and beyond. In fact, we have never been in a better position to accelerate our growth and expand across high growth markets.
"The U.S. animal health market is expected to double to $11.3 billion by 2030. Such massive growth is rare for such an already large industry, and it provides us amazing tailwinds.
"As we continue to grow and expand, we will remain committed to advancing the best in pet health solutions and ensuring our products reach more veterinary professionals and pet owners, and this driving greater value for our stakeholders."
Fiscal Q1 2026 Financial Summary
Revenues for fiscal first quarter ending June 30, 2025, increased 141% to a $297,500, with growth due to additional product offering expansion, continue expansion from the large equine market into the larger and faster-growing companion animal market, as well as expansion of the company's sales force and nationwide distributor network. Distributor sales increased 192% to $198,380 or 67% of total revenues.
Gross profit totaled $187,000 or 63% of revenues, an increase of 69% compared to $111,000 or 89.5% of revenues in the same year-ago quarter. The decrease in gross margin was due to a new change in product sales mix.
Operating expenses decreased 9% to $2.0 million from $2.2 million in the year-ago quarter. The reduction was due to a strategic company-wide cost reduction and restructuring program the company implemented during the previous fiscal year.
Net loss available to common stockholders totaled $2.3 million or $(0.09) per basic and diluted share, improving 15% from a net loss of $2.0 million or $(0.11) per basic and diluted share in the year-ago quarter.
Net cash used in operating activities increased to $1.6 million from $1.5 million in the same year-ago period, which was primarily due to one-time lease termination expenses and an increase with our inventory purchase with our new Precise PRP product line.
Cash totaled $3.3 million on June 30, 2025, compared to $228,000 on March 31, 2025, with the increase primary due to the net proceeds of $4.7 million received from financing activities during the quarter.
Total liabilities decreased 39% to $3.1 million, primarily due to the termination of a ten-year lease of our second manufacturing facility and also the extinguishment of derivative liabilities with our convertible notes, due to the modification of the convertible note terms.
For a more detailed overview of the company's financials, see the consolidated statements of operations and consolidated balance sheet below.
Fiscal 2026 Outlook
For the full fiscal year ending March 31, 2026, the company anticipates another year of record growth and improving bottom line as it continues to expand the use of Spryng® with OsteoCushion® Technology as well as other new products offered by its expanded medical therapeutics platform.
Conference Call
PetVivo management will host a conference call later today to discuss these results, which will include a question-and-answer period.
Date: Thursday, August 14, 2025
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: +1 253 205 0468
Conference ID: 89205449838
Passcode: 680979
Webcast (live and replay): click here.
A replay of the webcast will be available through the same link following the conference call.
The conference call webcast is also available via a link in the Investors section of the company's website at petvivo.com/investors.
About PetVivo Holdings
PetVivo Holdings Inc., and its wholly-owned subsidiary Petvivo Animal Health, Inc. (OTCQX: PETV, OTCID: PETVW) is an emerging biomedical device company focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals. The company's strategy is to leverage human therapies for the treatment of companion animals 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 robust pipeline of products for the treatment of animals and people. A portfolio of 12 patents protects the company's biomaterials, products, production processes and methods of use. The company's lead products SPRYNG® with OsteoCushion® technology, is a veterinarian-administered, intra-articular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in cats, dogs and horses. It also offers PrecisePRP, a first-in-class, off-the-shelf, platelet-rich plasma (PRP) product designed for use by veterinarians. Both are currently available for commercial sale.
To learn more, visit petvivo.com or sprynghealth.com.
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.
Forward-Looking Commercial Statements
The foregoing information regarding PetVivo Holdings, Inc. (the "Company") 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 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, 2025, 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.
Company Contact
John Lai, CEO
PetVivo Holdings, Inc.
Email Contact
Tel (952) 405-6216
PETVIVO HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| For the Three Months Ended | ||||||||
| June 30, 2025 | June 30, 2024 | |||||||
| Revenues | $ | 297,500 | $ | 123,751 | ||||
| Cost of Sales | 110,774 | 12,994 | ||||||
| Gross Profit | 186,726 | 110,757 | ||||||
| Operating Expenses: | ||||||||
| Sales and Marketing | 621,712 | 534,413 | ||||||
| Research and Development | 340,513 | 387,515 | ||||||
| General and Administrative | 1,068,818 | 1,233,261 | ||||||
| Total Operating Expenses | 2,031,043 | 2,155,189 | ||||||
| Operating Loss | (1,844,317 | ) | (2,044,432 | ) | ||||
| Other Income (Expense) | ||||||||
| Loss on Disposal of Assets | (149,125 | ) | - | |||||
| Unrealized Loss on Change in Derivative Liabilities | (320,404 | ) | - | |||||
| Other Income | 111,518 | - | ||||||
| Interest Income | 13,099 | - | ||||||
| Interest expense | (121,808 | ) | (2,631 | ) | ||||
| Total Other Income (Expense) | (466,720 | ) | (2,631 | ) | ||||
| Loss before taxes | (2,311,037 | ) | (2,047,063 | ) | ||||
| Income Tax Provision | - | - | ||||||
| Net Loss | (2,311,037 | ) | (2,047,063 | ) | ||||
| Less: Series B Preferred Stock Dividends | (28,603 | ) | - | |||||
| Net Loss Available to Common Stockholders | $ | (2,339,640 | ) | $ | (2,047,063 | ) | ||
| Net Loss Per Share: | ||||||||
| Basic and Diluted | $ | (0.09 | ) | $ | (0.11 | ) | ||
| Weighted Average Common Shares Outstanding: | ||||||||
| Basic and Diluted | 24,302,790 | 18,683,975 | ||||||
See accompanying notes to these unaudited condensed consolidated financial statements.
PETVIVO HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| June 30, 2025 (Unaudited) | March 31, 2025 | |||||||
| Assets: | ||||||||
| Current Assets | ||||||||
| Cash | $ | 3,303,844 | $ | 227,689 | ||||
| Accounts receivable, net of allowance for credit losses | 25,948 | 60,573 | ||||||
| Subscriptions receivable | - | 4,400,000 | ||||||
| Inventory (Note 2) | 529,342 | 323,504 | ||||||
| Investments | 150,000 | 150,000 | ||||||
| Prepaid expenses and other assets (Note 3) | 391,725 | 447,801 | ||||||
| Total Current Assets | 4,400,859 | 5,609,567 | ||||||
| Property and Equipment, net (Note 4) | 487,618 | 766,874 | ||||||
| Other Assets: | ||||||||
| Operating lease right-of-use | 102,035 | 961,539 | ||||||
| Patents and trademarks, net (Note 5) | 22,494 | 23,725 | ||||||
| Licensing Agreement, net (Note 6) | 1,850,000 | 1,950,000 | ||||||
| Security deposit | 27,490 | 27,490 | ||||||
| Total Other Assets | 2,002,019 | 2,962,754 | ||||||
| Total Assets | $ | 6,890,496 | $ | 9,339,195 | ||||
| Liabilities and Stockholders' Equity: | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 744,392 | $ | 821,081 | ||||
| Accrued expenses (Note 7) | 846,378 | 948,554 | ||||||
| Operating lease liabilities - current portion | 63,380 | 163,834 | ||||||
| Notes payable and accrued interest - current portion (Note 8) | 334,061 | 312,865 | ||||||
| Convertible notes payable and accrued interest, net of discount of $790,631 and $149,644 (Note 9) | 1,129,222 | 1,622,377 | ||||||
| Derivative liabilities | - | 448,089 | ||||||
| Total Current Liabilities | 3,117,433 | 4,316,800 | ||||||
| Other Liabilities | ||||||||
| Operating lease liabilities (net of current portion) | 38,655 | 797,705 | ||||||
| Notes payable and accrued interest (net of current portion) (Note 10) | 3,431 | 5,442 | ||||||
| Total Other Liabilities | 42,086 | 803,147 | ||||||
| Total Liabilities | 3,159,519 | 5,119,947 | ||||||
| Commitments and Contingencies (see Note 11) | ||||||||
| Stockholders' Equity: (Note 13) | ||||||||
| Preferred Stock, par value $0.001, 20,000,000 shares authorized: | ||||||||
| Series A Preferred stock: 3,045,000 shares issued and outstanding at June 30, 2025 and March 31, 2025 | 3,045 | 3,045 | ||||||
| Series B Preferred stock: 5,000,000 shares issued and outstanding at June 30, 2025 and March 31, 2025 | 5,000 | 5,000 | ||||||
| Common Stock, par value $0.001, 250,000,000 shares authorized, 24,402,194 and 24,181,537 issued and outstanding at June 30, 2025 and March 31, 2025, respectively | 24,402 | 24,182 | ||||||
| Additional Paid-In Capital | 97,236,660 | 95,385,511 | ||||||
| Accumulated Deficit | (93,538,130 | ) | (91,198,490 | ) | ||||
| Total Stockholders' Equity | 3,730,977 | 4,219,248 | ||||||
| Total Liabilities and Stockholders' Equity | $ | 6,890,496 | $ | 9,339,195 | ||||
See accompanying notes to these unaudited condensed consolidated financial statements.
