Earnings call transcript Q3 2023

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John Dolan

Greetings, and welcome to the PetVivo Holdings Third Quarter of Fiscal Year 2023 Financial Results Conference Call. My name is John Dolan, the Chief Business Development Officer and General Counsel at PetVivo. Today's call is being webcast and will be posted on the company's website for playback.

Before we begin, I would like to remind everyone that comments made during this conference call by PetVivo's executives may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement.

could for from listed any SEC results such expressed in future filings. statements forward-looking reason, actual differ those materially in its PetVivo's including those any no forward-looking to assumes update PetVivo statements. obligation such which earnings release our XX-Q SEC discussion PetVivo filed provide and detailed its a results. with Form the today, financial of found the website website. and documents Investor Relations These in can the be our SEC section of

Please the now John. would call Lai, President the to John turn CEO like go of PetVivo. I to over and ahead,

John Lai

joining Also our for in welcome. quarter thoughts today we will I open and like fiscal Folkes, sharing greater John, you, will results questions. will I by the some line last financial me be Bob up on conclude highlights Chief would discuss strategy, Thank then Bob additional from Officer. business Financial for discussing to by areas begin XXXX our our before detail. some focus key

third reported the as fiscal quarter are highlights of XXXX Spryng June They of for key included quarter net of we distribution Health third exclusive to which signed the compared partner for fiscal Animal shipments of XXXX. subsidiary revenues were the Our to of from Revenues our AmerisourceBergen. $XXX,XXX third quarter $XX,XXX XXXX. of $XXX,XXX we revenues MWI in

a accounts We the which and we XXXX, Dr. by highlighted American presentation, expand annual XX good did in response, continue at two in to technical over states. get actually where November of we Manning, did our our Association veterinarian, Practitioners' attendance theater national opened theater presence very senior conference of presentations, Equine our

benefits Spryng the we see the with awareness Companion to of and starting investments are have made We results Animals. in expanding of efficacy the

to over Officer, Folkes, turn now Chief our discuss to I Financial Bob financial call results. like would who will our the

Bob Folkes

afternoon, good John, you, and Thank everyone.

$XXX,XXX months driven $XX,XXX John related compared three of year. revenues increase by ended noted, this was $XXX,XXX the we reported in MWI. Spryng of XXXX, as December to to of revenues the XX, to prior shipments For as And

as related For $XX,XXX was Spryng to XXXX, the had months $XXX,XXX. $XXX,XXX XXXX, year XX, company XX, cash prior $XXX,XXX to compared December ended of of increase revenues and in the in At nine working This revenues the December shipments of $XXX,XXX driven by MWI. to of we capital reported period.

XXXX, $X.XX of the million approximately our January of In we $X.X at dejecting a after offering per expenses raised in registered stock XXX,XXX share. over price transaction direct of shares common a from just sale

multiple This a entered square facility will approximately product and lease include for in We our other large-scale production Spryng medical of of new for also clean XX,XXX therapeutics warehouse device pipeline. feet and agreement well rooms space. into production as

our XXXX. move expand We vet our acceptance this and to we resources of support facility just increased to plan marketing to manufacturing August to efforts clinical here, in and And from all studies and of production Spryng. beginning invest the to sale to our continue of capacity conclude sales revenues gain

the So call over will John. turn now I to back

John Lai

Thank Bob. you,

areas key about fiscal XXXX. I to our business like talk focus and would strategy for

equine and the animal one generate small support clinical evidence first to markets. The to is

publications few So series for And the to last XXXX, we studies have before through expect we year fiscal public commissioned well that we many as coming conclusion. as them a - of quite have whole are these of year that a to become or of presentations.

to expanding additional MWI relationship two territorial least focus development with that managers, at hiring on focused managers, relationship. our sales business also We're

even more didn't the conferences. focusing Veterinary presentation event. on Expo about we though of at this podium Another had doing in kicked officially Orlando. these at we Medical the about because a off at season focus presentations, podium conference we What we're We was Spryng promotion getting awareness talked seeing, do major talked

of kind were doing that product and of success we're doctors that couple the the A brought our talked veterinary about presentations having. up

booth well as vet our substantially techs, with a big got numbers. doctors So veterinary of bunch inundated

Manning presentations, the theater us. is when room a vets. which, We in as at probably AAEP, well capacity Dr. that both about did were was days, As XXX in standing place, his full lot only the of of theater

we So Veterinary is organizations, the in at first to Surgical trade the presentation invest Orthopedic to animal small continue up shows coming one in those of and various Ethos mid-March presentations Association. major our by the

think one's that mid-March. I

awareness even in that more podium So will that believe evidence will and provide the we more presentations marketplace. draw

from efficacy to acceptance will will an the helpful doctors. from like would to over our veterinary and turn clinical be the update call provide to these derived now who John the of I about Spryng Dolan studies more studies, data on clinical gain

John, go ahead.

John Dolan

Thank you, John.

trials. We equine clinical studies. when clinical PetVivo clinical a it and time: in has five year animal have i.e., feline; upcoming clinical progress seven of a canine trials, two at to total small this and comes trials robust

Health working fortunately Inc. are University, and We Veterinary world-renowned organizations with such of State a Ethos research as Inotiv Colorado number

to and the clinical disclosure in continue clinical to order support in vet studies results next intermittently with progress We ones of more the company The in conduct addition begin and and to gain of of study plans XXXX in anticipate organize public year. throughout acceptance these our our Spryng. remainder relationship MWI March fiscal to

now it turn to John like back to I'd Lai.

John Lai

session. it to callers what Operator, they online to people now I would to to open a you or a the ask like will are that please question. explain John. you, Q&A need Thank up to do

Operator

[Operator Instructions] Absolutely

Unidentified Analyst

Hello on. I'm

John Lai

are? you Yes,

Unidentified Analyst

the Saldhani], great it that MWI. was start - a I [Joe in think John, great John, was relationship with Hi

to was guys, great. doing MWI chance and the I the to tell talk over congratulations takeoff. enough of some they Equestrian me Village a it's and to fortunate World visit to you So at got the

So congratulations.

John Lai

Thank you.

Unidentified Analyst

show each they guess, animals of size see and just market the ramp-up between horses, talk markets horse you'll you very the in the of the Could - animals of pet terms two of versus basically markets, go and the the also differentiation distribution. a throughout Hopefully I as between big about small number the size the the in market.

animals idea number going be better of service can it to is to people? So these and vets get that access many way, that helping how all get MWI to people of number a

John Lai

out and where working because extremely like doctors for one well what very we're the is relationship MWI the they before these XX% in happens with the United every business accounts. have parties, States of both does of both veterinary happy MWI shows. So

So and they or by a of would about do them to a promotional they our vet kind are that know us the booth. should coming to e-mail for the highlight give drop that little Spryng they vets techs the show to

for very approach So that's us. a good introductory

say So the the XX million. million there's million bit source there dogs, because horses tend about anywhere the market horses I States, Currently, revenues majority the XX more than to in from for that on X or of the the product too. vet because are XX or often there, the terms dogs mix just of are see depending a range coming size of it vets, cats just the United injection. and space It's to out of horses the a a wild numbers in equine they the does from quite million would if the animal lot small

is will start don't half up calendar side them because, small those a now coming animal also studies the out, XXXX second of reps the They while and have basis MWI for on probably lameness will to once billion in pick The see a of I States. smaller able and mean quite rehab year it of animal be the a markets. north in the to get potential is vets. market data $X.X OA United large terms

hope answers I So question. that the

Unidentified Analyst

or right Yes, basically basically now that marketplace, Is veterinarian any much and open that does. devices are products there organic out medical it other an market pretty is guys? are derived organically in you the this

John Lai

disruptive is from on. in sense focused product what else our it that So I the and has feel quite unique everyone been deviates

of other symptoms, issues products Our while contact. are focused competitive more is treating bone-on-bone actual of while product we're friction osteoarthritis at at root targeted the the at focused between lameness disruption and cause

and and sense, So using to osteoarthritis. asset, you're because then educational unique on school, I of then joint doctor they of and a it's stem then becomes management cells that move part you the steroids we're multimodal a when process feel lifetime nonorganic NSAIDs, replacement. vet on then It's go that's what approach, in eventually you leaves veterinary learn that

because other going the injected elimination these long-term of of particles actually effects while need in horse. and complete which that's effects the it, other side and the we items or a helps or reduce reduction All tremendous have and side how got effects the veterinary feel are the the that NSAIDs once purely you're is to onto any into neutral, changing We're device designation. lead we negative materials equation disrupting joint, to the Spryng ours

Unidentified Analyst

is, cartilage out. obviously, Years a acid where that that with very this is it out you're say leaking. leakage like as differently like out they of that facing involved for leaking the air well-known fair major acid got putting to hyaluronic into a way problem and cartilage? actually well that The mean air coming use fair essential. that was material equine as could was with be seeps the the is, the looking not actually a hyaluronic get injected of than I ago, it the already humans point a that hyaluronic, balloon, that cartilage-type isn't early actual [indiscernible] a turned there the which a to normally company acts into But at that, is you the it's with be would

John Lai

here. duration is yes key Well, - but duration, also the

a tend each diminishing particle initial next probably staffing, our products other tissue, using improves that are the focused on symptoms. you're actually, if that our the once efficacy in, as time the diminish using injection. you're or okay. forming product, which in after well to while matrix an essence, HA the probably you're the month particles as And soft start two, So joint actually over goes They

Unidentified Analyst

the the same we I of of same I that. could that type you'll had easily think think suppress Biomatrix luck, luck have type

John Lai

you. Thank

John Dolan

to would you me a that? bit John, like add to little

John Lai

Sure. Go ahead.

John Dolan

for those risk out you devices, were exactly the are medical in considered about as medical talking are example, have type classified products mentioned you're that been When of products the high that there polyglycan, right. and one Actually, that. few HA device, market and you've also a products, is there already

the it the losing John cartilage. market end are symptoms when though. hit certain to up Many taking place the you having damaged that address up on trying or products that of out in are has head end

is, within looking joint. is HA lubrication out is issue put if For the HA lubricate into XX to you're you're right example, that The that exactly probably joint. hours, the a of also, joint, of joint, you

get then medical the for end you losing couple but a maybe of some up particular You months results effectiveness that of may beneficial device.

Now hit in doing what cartilage. in we're the our the on joint, the it all solid that we're particulate like, into that's a John injecting is gaps fills product, sponge head. has With a the

synovial the a say the by it's is large nice membrane. where about it thing I that can't when it is So particle, that enough get

filling So thereby stays gaps. inside it that joint, all in the

in bones. or other mentioned as you're affliction words, had the before, by recreating treating that between John So affliction the addressing you're the cushion

Unidentified Analyst

thank Right, you.

Operator

We have question. another

John Lai

Go ahead.

Operator

yourself, unmute Please perfect. Instructions] [Operator

Unidentified Analyst

Hi, congratulations, gentlemen, excellent an quarter. [Dave on Demi]

question a facility past have that from at estimated the manufacturing facility lines anything a in capacity that million $XXX had has what of time? far this production Has along million Just revenue you prompted investor from changed unit current or capacity, facility. the as expansion robust with another in about X.X point capability presentations, into

John Lai

Well, thanks question the for David.

potential current expansion, addition look clearly through with potential actually, has volumes manufacturing equipment. the we has and practice, the pipelines for future multiple manufacturing clean higher if that to It practice of good Also, scale much run at there. the identifies automated certifications. ability to call So room it, at product you current what

Because, you have then Spryng would and back our manufacturing for to next current forth. shut down of you're rotate just the pipeline product if facility, using the

And production probably it's So you and would there's what size see the currently standpoint. efficiencies new of X.X that scalability from a we facility. in tremendous have times this

one So answer that's it. to way

we're positioning growth, really So potential future growth. just rapid future for

Unidentified Analyst

then would scaling you mind to facility be both simultaneously Excellent, so in a end serve particular products results? that what in can of those have

John Lai

canine our the everything other not So and as probably is in until we're facility equine, you moving studies, on feline. into August. see And

products other The they're we have those could it. just any products time, ready we're that have a couple have to we'll year, out. - we So to ready support out to studies roll of next have

we that to prep that So and need for ready. have place

Unidentified Analyst

some dual your you Terrific, kind is the gives so net-net of in facility leveragability of that? path it

John Lai

potential disaster Yes also recovery a type situation. And absolutely.

taken get Spryng won't the you a out. I make don't momentum a major aspect, matter gets where of doing sure Well, we the say, interrupt we shouldn't disrupted otherwise, lot So we're have thing Spryng disaster right going now. the with could what. have stuff to no right we But in

success of of are and some of cats themselves some stories doctors lot those up from veterinary videos is putting actually a the actually I to the the Because well results. seeing seen we're powerful other coming now public working. veterinary dogs know videos started and doctors inject when veterinary they're product let good vets and how are very doctors mean really horses, to

Unidentified Analyst

for thanks overview. the it, That's

John Lai

Thank you.

Operator

now allowing number are XXXX. We the ending in

John Lai

ahead. Go

Unidentified Analyst

just a of to My wanted in question, great the congratulations on first quick, call off, [Elizabeth Cantordale] is name less real quarter?

John Lai

you. Thank

Unidentified Analyst

started a horse the family very any more. October softball. a So this past, very His in on I He those, using a of bad really it’s the back horse, race size couldn't so ankle. expensive in up product well that run ended just with horse, a ankle became very, friend

months. or winning performed incredibly a injection, ended one week within last and four five the months then up few he quite races a So and just later past

for we were just getting that that matrix started one, really maybe we'd wearing start feel to injection. protein better. that be it time off. We So rebuild months The surprised and Very be out thinking we are another ready would results now, injection joints. are for the another I from has five thought

father, he's never you the in veterinarian but world, just impressed. anything like my a said very racing as high-level he's seen some know, so this He So is and before. of

John Lai

the remember early yes, So this I would stuff believe he onset, didn't work.

Unidentified Analyst

It's No longevity. degrades as using an the what huge this be we for which to we step-up before. is is you it. understand what going which Cortisone, the about from were time, such over did not most case, joint we just from of know, incredible

you $XXX,XXX buy to horse, want You last. it a

John Lai

Correct.

So we year, it lasts it say all generally a varies.

a a still the body. year year because human track to particle year. the have we're the we're seen beyond we when identify on humans in the and last saying And well side, We comfortable a the did able studies we for human

birth pretty lasted done came defect So in is particles age, where where so far of grown they of the we which have years, situations surprising. in, where really was we defective where have seen everything have injections puppies, hips eight

once talked I to and is to that the scaffolding So going about joint improvement matrix better. even joint, the functioning the after the starts it tends into keep formulate,

wait the So did let of to horse, few days, your said after you me, the kind which wanted when injection XX the of it horse did a guess okay but and to the I first dad kind but surprised you trainer days, run was in well. said I horse the extremely

Unidentified Analyst

trainer I'd he you, they, to their did incredibly. He wanted but that's the ran livelihood. May wait,

fast So month had what are wanted just track. incredible. mean won there for between is pack. weather the a two rest right back the the he in ago, And five-degree and the horse the last on went in two it him think or And was he of ever it, fun. as race lengths I a the he XX as years gosh, absolutely

John Lai

Well, that's Thank great to hear. you.

Unidentified Analyst

Yes.

Operator

you Salek], [Operator Instructions] [John can unmute yourself.

Unidentified Analyst

what also next to Thanks if go question over your rate. sorry. see relates of then My burn XX milestones, that And are sort you that call. the in developing you or your the again are the progress months? over just Yes for could milestones

John Lai

adoption probably we back PowerPoint in good NASDAQ, reps when back went be believe And we because with allow then, work to data studies get these regional we to side once stated milestones there will at point if on to published. canine would you XXXX, mouse of for very MWI So the reps out, the look vets. gets studies to those that sales the specific from our sales the August the

talked John them in seven Dolan process. are So of that

that there's, standpoint. feel multiple we from So milestones

it's comment adoption. that, so on So the Bob, of I burn that that probably too also if kind not recall number. published, type of per but help at I $X off, far can quarter. we'll around looking these will you the million I'm papers think get The rate, was in it,

Bob Folkes

Yes, you're hitting the ballpark.

John Lai

Yes.

Unidentified Analyst

timing on Okay. and time timetable clinical released? how give And kind be it - studies, so any of can will then those frame, trials on you

John Lai

to present the had on clinician get different get the focusing because which that's cohort. study at at one because study Ethos one first the a to October, the mid-March, No end that we requested Conference, we Veterinary think of Board-certified on was joint so right ships And it completed Orthopedic and the dogs that was each cruise we're well coming And getting up. don't present they're to feed the to actually Annual all which it that's surgeons. so there of results is I Surgical bodes because completed

So organization. it's a prestigious pretty

Ethos by Veterinary the to [Watson] and top on very private actually And Merck of a National salespeople once well-respected so NVA, that, Animal is we'll owned that parent for animal small abstract work research Association. vet owns X,XXX They clinics. have And gets on. organization. Health, They're an do presented, for The use.

So MWI sales reps also into an we'll start clinics to feel emphasis give I and converting. go for those the

good been So because volumes. getting we're make the veterinary inroads very in of MWI unit rounds recent seeing doctors to have really ordering small

syringes usually little see to from XX a reports larger see turn, back the vet a you quicker, next the a days So it the as longer, one get a and on dog owners order they units up first XX then or turn, and later into gets we much order then their three XX, month. eventually, then of horses

the of We're adoption by good the vet And kind rate I is seeing answer So to the seeing your benefits. question? rate. what we're that once seeing product also it tries mean Does because adoption hook very on they're that progression.

Unidentified Analyst

Yes, that's you. great. Thank

John Lai

Thank you.

Operator

question XXXX. a have from We

John Lai

ahead. Go Hello.

Unidentified Analyst

put in spoke why I already the back Oh, it me I'm not queue. sure

John Lai

you. thank Okay,

Operator

anything to like XXXX would else. say you

new Okay question have now a we Gerald]. from [Fritz

John Lai

Hello. ahead. Go

Operator

if to question. your ask are you you like Fritz unmated

John Lai

question can in. we'll another log back on he may there move Is be

Operator

I is no that I from think, Capital]. believe one [Axiom Yes last the

in. back log now he out logged he think I Okay

John Lai

it's for expand Right more him the for animal little of salespeople doctors we're all Okay, the a the we'll now, point, evidence the small the I'll more convert our bit And basically on providing and more to side, we're milestones. just it's a product. at channel while clinical a give purchasing into veterinary just minute. waiting in them, data-driven. Well,

the So by we XXXX we good and studies that pretty to of seven XXXX come fruition calendar. these we here Axiom invested back? with have the from we feel XXXX have Capital in Do have that will end

Operator

we moment. do one Yes,

John Lai

Okay.

Operator

Go ahead.

John Lai

you New to on Internet you'd question. our in a ask It are Sir, the be side, like York. must connect unmuted

John Lai

you. No, hold Hang if we probably should being - typed Well, can't we are hear there more got on. one I no coming questions, it, in.

So I I got the text go no. me, message they hear if could asking

Operator

in to address if amount here the them. box, the sell-through you'd some was at in QX What the chat like see dollar of I MWI?

John Lai

I already answered that one.

Operator

Are that saying MWI and then the Okay. QX Spryng that's sold you one. other yes

John Lai

Yes.

So They're going question whatever we're ask and problems. direct they good. They're call have. to having me

Operator

Okay, thank you.

John Lai

there we end no are if So can more questions, call. this

thank please officially for everyone, you And attending. operator, call. the For end

Operator

Goodbye.

PetVivo (PETV) 9 Feb 232023 Q3 Earnings call transcript