Welcome to our dedicated page for PetVivo Holdings news (Ticker: PETV), a resource for investors and traders seeking the latest updates and insights on PetVivo Holdings stock.
PetVivo Holdings Inc (PETV) is an emerging biomedical device company with a focus on licensing and commercializing innovative medical devices for pets, known as pet therapeutics. The company aims to capitalize on investments in the human biomaterials and medical device industries to bring therapeutics to pets efficiently. As part of its strategy, PetVivo in-licenses proprietary products from human medical device companies for pet use. Its wholly-owned subsidiaries include PetVivo, Inc., Gel-Del Technologies, Inc., and CosmetaLife Corporation.
PetVivo Holdings reported fiscal 2024 results, showing a 6% revenue increase to $969,000 and a gross profit of $740,000, or 76.3% of revenues. Sales of Spryng™, their lead veterinary medical device, rose by 15% to $732,000. Operating expenses increased 20% to $11.4 million, primarily due to higher general and administrative expenses and R&D costs. The 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 fiscal 2023. The company plans further expansion in fiscal 2025, expecting net revenue of $1.5 million to $2.0 million.
Operationally, PetVivo achieved distribution of Spryng™ to over 700 veterinary clinics across 50 states and reported positive clinical study results. The company expanded its distribution network, partnering with Covetrus North America. New key appointments include Garry Lowenthal as CFO and Spencer Breithaupt to the board of directors.
PetVivo will hold a conference call on June 28, 2024, at 5:00 p.m. ET to discuss fiscal Q4 and annual results ended March 31, 2024. The financial results will be released prior to the call. Management will present and answer questions. Dial-in and webcast replay options are available.
PetVivo Holdings has appointed Bryan Monninger as their new VP of Sales. Monninger brings over 20 years of experience in sales and marketing, including senior roles at NOVUS, Colgate-Palmolive, Lintbells, and ConAgra. He will lead PetVivo's sales and distribution teams to expand the market adoption of their animal osteoarthritis product, Spryng™ with OsteoCushion™ Technology. Monninger's extensive background includes successful market entries, strategic planning, and sales growth acceleration. CEO John Lai expects Monninger's expertise to drive PetVivo's growth and expand their market reach both domestically and internationally.
PetVivo Holdings announced that April Boyce has joined as Vice President of Marketing. Boyce, with over 20 years of experience in consumer-packaged goods (CPG) marketing, sales, and strategic partnerships, has held significant roles at Procter & Gamble and Clorox. At Clorox, she led the shopper marketing division and formed strategic partnerships with companies like Burt's Bees, Coca-Cola, and Tyson Foods. Her most recent role was Chief Commercial Officer at pet tech start-up, Link. Boyce aims to enhance awareness and understanding of PetVivo's veterinary medical device, Spryng with OsteoCushion Technology.
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