MINNEAPOLIS, MN, US, June 30, 2025 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. and its wholly-owned subsidiary PetVivo Animal Health, Inc. (OTCQB:PETV, OTC:PETVW), a leading biomedical company delivering innovative medical therapeutics for equines and companion animals, reported results for its fiscal year ended March 31, 2025. All comparisons are to the previous fiscal year period unless otherwise noted. The company has filed for an extension for the filing of its Form 10-K for the fiscal year ending March 31, 2025, therefore all financial results reported in this press release are unaudited preliminary estimates, and are subject to change.
The company will hold a conference call today at 5:00 p.m. Eastern time to discuss the preliminary results for the year (see dial-in information below).
Fiscal 2025 Financial Highlights
- Revenues increased 17% to a record $1.1 million, with the strong growth due to the company continued expansion from the equine market into the larger and faster-growing companion animal market with sales of the company's lead animal osteoarthritis medical device, Spryng® with OsteoCushion™ Technology.
- National distributor network sales increased 31% to $958,000 or 85% of total revenues, largely driven by the addition of two national distributors.
- Gross profit increased 15% to $995,000, with gross margin at 87.8%.
- Operating loss decreased 24% to $8.1 million. The substantial improvement was due to the company's strategic corporate restructuring and cost reduction program implemented during the year, which was partly offset by increased investment in R&D as well as in personnel to support the expansion of the sales and marketing teams to better address the equine and companion animal markets.
- Net loss decreased 27% to $8 million or $(0.39) per basic and diluted.
- Net cash used in operating activities decreased by 40% or $2.9 million compared fiscal 2024, primarily due to the strategic company-wide cost reduction and restructuring program.
- Cash and cash equivalents totaled $227,689 at March 31, 2025, compared to $87,403 at March 31, 2024, with the increase primarily due to equity financings. Subsequent to the fiscal year end, the company raised additional net proceeds of $4.4 million to support its growth strategies for fiscal 2026. As a result, the company's cash and cash equivalents totaled approximately $3.3 million as of June 30, 2025.
Fiscal 2025 Operational Highlights
- Reached major milestone of Spryng® administered by more than 1,000 veterinary clinics across all 50 states since its official introduction to the veterinary market in 2021, with this having a meaningful impact on the health, well-being and mobility of thousands of equines and companion animals.
- Entered transformative strategic alliance with Digital Landia, Inc., a pioneer in Agentic artificial intelligence (AI) solutions. Collaboration centers on equine and companion animal AI, Digital Landia's revolutionary technology that deciphers animal behavior and communication through real-time analysis of vocalizations, body language, and physiological signals captured via smartphone cameras with 97% accuracy. This AI-powered technology is being integrated with PetVivo's veterinary products as a first-of-kind global pet care ecosystem, with initial beta testing currently underway.
- Signed an exclusive licensing and supply agreement with VetStem, Inc. that provides PetVivo the rights to commercialize VetStem's proprietary and revolutionary allogeneic platelet rich plasma (PRP) product, PrecisePRP®, for horses and dogs. The company has just begun sales of PrecisePRP and is receiving a favorable response from veterinarians regarding the ease of use of this regenerative product.
- Strengthened our sales and marketing program with the promotion of April Boyce to the new position of vice president of sales and marketing. She has brought to PetVivo more than 25 years of experience in marketing, sales, strategic partnerships, and global product licensing, including executive positions at Procter & Gamble (P&G) and Clorox.
- Enhanced the commercialization team with the appointment Bryan Monninger as vice president of distributor relations and corporate accounts. He brings to PetVivo more than 20 years of experience in sales and marketing, including senior executive positions at Hill's Pet Nutrition, Novus International and Lintbells, as well as the Fortune 500 companies, Colgate-Palmolive, ConAgra and Hormel Foods.
- Appointed board certified veterinary surgeon, Dr. Kirsty Husby, DVM, MS, DACVS (LA), to the position of senior technical services veterinarian. She brings to PetVivo more than a decade of experience and accomplishment in animal health, including clinical practice and research experience at leading animal clinics and educational institutions.
- Dr. Juli Goldstein, DVM, CHPV was appointed to the position of technical services veterinarian, bringing to the role extensive experience across various disciplines, including small animal emergency and general practice, marine wildlife medicine, clinical research, and laboratory animal care in North America and internationally.
- Teamed with Orthobiologic Innovations, Inc., a leader in R&D for regenerative and sports medicine, to pursue new clinical trials, product development and marketing of Spryng®. This has resulted in a substantial accumulation of valuable data regarding the application of Spryng® in a canine elbow osteoarthritis study currently underway.
- Deployed several new highly experience business development managers for coverage across several U.S. states and regions to provided localized coverage and support for veterinarian clinics and distributors.
- Added Vedco, Inc. and Clipper Distributing, LLC to company's nationwide distributors network, who in turn supply veterinary products to some of the nation's largest veterinary product distributors in the U.S., including MWI, Covetrus, Patterson, Midwest Supply, Penn Supply and others. They have quickly ramped up and collectively contributing more than $483,000 in sales during the last four months of the fiscal year.
- Exhibited and spoke at seven major veterinary conferences as well as at several smaller industry events during the fiscal year, 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 the awareness among key decision-makers of its effectiveness and benefits in the treatment of osteoarthritis in animals.
- Significantly bolstered the company's executive leadership with the appointment of board member, Mike Eldred, as the company's commercialization and operations advisor. He has brought to the position more than 30 years of executive experience in animal health and the veterinary industry, and has been responsible for advancing product development and driving sales growth. He previously built Dechra Pharmaceutical's North American subsidiary into one of the fastest growing companies in the industry, with more than 250 employees and annual revenue exceeding $450 million.
Subsequent Events
- 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.
- 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 and/or remodeling of damaged or injured tissue and bone in animals and humans.
- 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 at $1.00 per share, with a preferred share to a common share on a one-for-one basis.
Management Commentary
"Fiscal year ending March 31, 2025 was a strong and very productive year for PetVivo, as we continued to expand the use of our lead animal osteoarthritis medical device, Spryng® with OsteoCushion® Technology, as well as our new, innovative product, PrecisePRP®, and this resulting in another year of record sales," commented PetVivo CEO, John Lai.
"We also greatly strengthened our product platform with the addition of innovative technologies from new major partnerships that we formed during the year—technologies involving both diagnostics and new medical treatments that we expect to be transformative for both our platform and the veterinarians we serve. We anticipate these to become strong future growth drivers.
"Since the market introduction of Spryng® the fall of 2021, it has now been used by more than 1,000 veterinary clinics across all 50 states. Now with the recent addition of or first international distributor in Mexico, we can count on several new clinics in that country using Spryng®.
"The North American expansion of our distribution network also helped drive the double-digit revenues growth for the year, with our nationwide distributor network now contributing 85% of our total revenues. This growth demonstrates how our distributors have become strong force-multipliers for our in-house sales force and regional managers.
"Our strong topline results also reflect the success of our transition from addressing primarily the equine market to expanding into the much larger and faster-growing companion animal market. Our increased emphasis on this market required a full realignment of our sales force during the year. We deployed several new highly experienced territory managers nationwide, as well as added new leadership and professional sales representatives to support them.
"Our new internal sales reps and technical service veterinarians are supporting our sales and marketing teams as they further develop relationships with the nation's leading veterinary clinics and distributors. These moves resulted in an increased portion of our overall revenues generated from this companion animal market, while maintaining very a favorable overall high gross margin of 87.8%.
"Our sales and marketing programs were also greatly strengthened with April Boyce becoming our new vice president of sales and marketing. In this position, she has been applying her more than 25 years of experience in marketing, sales, strategic partnerships, and global product licensing, including executive positions at Procter & Gamble and Clorox. Her efforts have been truly transformative for our company as we've worked to expand further into the companion animal marketplace.
"We also greatly enhanced our distribution and corporate accounts team leadership with the appointment of Bryan Monninger as vice president of distributor relations and corporate accounts. He brought to us more than 20 years of success in sales and marketing while serving in senior executive positions at Hill's Pet Nutrition, Novus International, and Lintbells, as well as at the Fortune 500 companies of Colgate-Palmolive, ConAgra and Hormel Foods.
"Also, during the year, we strengthened our board and leadership team with the appointment of Mike Eldred to our board of directors, and then with his appointment as our commercialization and operations advisor. In this new position, he has been championing our refocused operations and commercialization efforts.
"Mike has brought to us more than 30 years of executive experience and accomplishment in animal health and the veterinary industry. Most notably, he built Dechra Pharmaceutical's North American subsidiary into one of the fastest growing companies in the industry, with more than 250 employees and annual revenue exceeding $450 million. His experience and strong record of achievement in pharmaceutical and animal health provides us a tremendously valuable resource for achieving our business goals.
"Investors have also taken notice of our success and strengthened future growth prospects, as evidenced by our successful offering of a $5 million Series B Convertible Preferred Stock which we announced as fully funded and closed last week. The proceeds have been earmarked to support the further commercialization and market penetration of our lead animal health products.
"Our overall strategy to drive the greater adoption of Spryng® has been to expand the awareness of its effectiveness and benefits among key decision-makers, and to do this at an increasingly greater scale. Toward this end, during the year we exhibited at several major veterinary conferences across the country, seven in total, as well participated in several smaller industry events. These events have presented valuable opportunities to demonstrate the advantages of Spryng® to key decision makers and show firsthand the beneficial results from administering Spryng® to horses and companion animals.
"From these events we have also gained a better understanding of our market and the types of veterinarians we should be targeting. This includes vets who specialize in surgery, sport medicine, rehabilitation and/or pain management. Such specialties in the veterinary medical field have increased in recent years, primarily due to the many advancements made in veterinary science, the growing population of pet owners and their desire for specialized care.
"This trend is also being driven by the increasing adoption of pet insurance that helps make advanced treatments more accessible and affordable. All of these trends bode well for the greater adoption of Spryng® and PrecisePRP as well as the other new product offerings we've added to our platform.
"We have continued to accumulate impressive data from a new canine elbow study being conducted by Orthobiologic Innovations, a leader in R&D for regenerative and sports medicine. We expect it to be completed before the end of the calendar year. Such clinical studies play a crucial role in our distribution strategy because large national and international distributors typically desire university or independently conducted research before they add a new product to their catalog.
"To further extend our market reach with greater efficacy, in the latter part of the year we added Vedco, Inc. and Clipper Distributing, LLC to our nationwide distributors network. Both have quickly ramped up and collectively contributed more than $483,000 in sales in just the final four months of the fiscal year.
"We also expanded our technology platform with the signing of an exclusive licensing and supply agreement with VetStem, Inc. that grants us the right to commercialize their revolutionary PrecisePRP, a allogeneic platelet rich plasma product for horses and dogs. This is a first-in-class off-the-shelf platelet-rich plasma product designed for use by veterinarians for elite equine athletes.
"We recently announced a new strategic collaboration with Commonwealth Markets, Inc., 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. They will be used as a preventative measure and as a treatment solution to promote joint health, extend performance longevity, and support recovery in high-impact training and racing environments.
"We also recently established a strategic partnership with PiezoBioMembrane, Inc., a pioneer in biodegradable piezoelectric materials intended for implantable applications. Together we plan to advance the research and development of revolutionary functional biomaterials which promote regeneration and remodeling damaged or injured tissue and bones.
"In March of this year, we entered a groundbreaking and transformative strategic alliance with Digital Landia, Inc., a pioneer in Agentic AI solutions. This collaboration focuses on Pet AI, Digital Landia's revolutionary technology that deciphers animal behavior and communication at an amazing 97% accuracy through the real-time analysis of vocalizations, body language, and physiological signals captured via a Smartphone camera.
"This AI technology represents a paradigm shift in how we understand our pets. By aligning our clinically proven therapies with this technology, we have uniquely positioned PetVivo at the intersection of AI innovation and veterinary care.
"We anticipate Pet AI will rival mainstream AI applications in adoption rates, creating unparalleled visibility for our brands, including Spryng® and PrecisePRP. The technology is currently being integrated with our veterinary products as a first-of-kind global pet care ecosystem, with initial beta testing now underway. We're looking forward to announcing some amazing results.
"Altogether, the cross pollination of these technologies is creating an exciting new future for PetVivo, one that is transformative for not only us but also for the veterinarians and the precious patients they serve.
"As the result of the many inroads we have made at conferences over the past year, combined with our expanded sales force and distributor network and our more efficient operational structure, we expect to see continued strong sales momentum and market penetration in fiscal 2026.
"In fact, we have never been in a greater position to accelerate our growth and expand into our high growth markets over the coming year and beyond. The U.S. animal health market is projected to double to $11.3 billion by 2030. Such massive growth is rare for such an already large industry, and it provides us tremendous tailwinds.
"As we continue to grow and expand, we will remain committed to advancing the best in pet health solutions and ensuring that our products reach more veterinary professionals and pet owners. For fiscal 2026, we look forward to building upon the many advancements we made over the last year and driving greater value for our stakeholders."
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 its 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: Monday, June 30, 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: 83424004566
Passcode: 352845
Webcast (live & 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. (OTCQB:PETV, OTC:PETVW), and its wholly-owned subsidiary PetVivo Animal Health, Inc., 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 protect the company's biomaterials, products, production processes and methods of use. The company's lead products SPRYN® 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
