PETV - Earnings call transcript Q2 2025

Due to licensing restrictions, you must log in to view earnings call transcripts.

John Dolan

Good afternoon, everyone. Thank you for joining us today to discuss PetVivo's results for its fiscal second quarter ended September 30, 2024.

Focusing on the call today is our Chief Executive Officer, John Lai; our Chief Financial Officer, Garry Lowenthal; and myself, John Dolan, PetVivo's Chief Business Development Officer and General Counsel.

Following our remarks, we'll open the call to your questions. Then before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made during the call. release everyone be call replay of made instructions today's remind and being per our to in in will available it available press website. like that Relations is today's recorded the the I'd Investor is section that for telecom

to few have Before provide highlights new PetVivo, who like for us details an today. introductory quarter, I for those we provide the overview joined financial would the first and a to

strong rollout from financial second number promotes quarter of composed flagship joint achieved with technology. patented proper on we XXXX, In mechanics, microparticles product of operational our resources. a is OsteoCushion and of biocompatible we This of continue natural fiscal progress to of that as intra-articular fronts injectable restoration device derived Spryng advance the the our veterinary

is The result biomechanics, caused characteristics need affect independent of and joint of clinical and R&D millions afflictions a pain Spryng's years to prevalent worldwide. and and of viscoelastic poor unique pets joint unmet osteoarthritis medical and lubricious the address novel studies. horses that technology reduce by a discomfort

during designed XX% lifetime. spundry synovial cats of dogs time than porous joint mechanical more of Spryng, fluid horses to in especially absorb than the experienced and at microparticles in some and are all and this to forces. More half and their release response

physical natural common go cartilage. Most [indiscernible], cartilage. the the in is of importantly, been properties to they simple the or beyond to which mimic masking clinically cause damaged has In shown this of way, root missing address Spryng symptoms

these increased from at our veterinary amongst we our distribution are As leading seeing to practices demand the spread benefits, continues veterinary about conferences medical from presentations breakthrough network. and word

very Meanwhile, distributor fiscal these XX% past of and which to XX% climb. to sequential sales, we've up sequentially, continue substantial the favorable our has are gross now Spryng XX,XXX or of in dogs, high benefits than quarter increases numbers have XX XXX revenue second XX.X%. the Spryng year, led margins the milestone year, surpassed Earlier more $XX,XXX fact, major In all our and XXX% than of and this that been up of $XXX,XXX experienced nationwide. largely able horses driven This more across by or was maintain of states. to our to distribution the cats in growth clinics over

support the and To growing beginning Covetrus. our sales leaders, and nationwide. we our marketing of sales added quarter, market also MWI with since distribution leading have further growth direct highly marketing veterinary to last accelerate including personnel our to relationship and clinics experienced will They support

Now before John we Chief get our developments Garry some to year, turn including I comments our would Officer, the and our us to take results financial the Lowenthal, our over through for the Garry? of for Lai, CFO, like from more the quarter. call exciting outlook to rest Executive

Garry Lowenthal

Thanks, John, today. joining and good afternoon, everyone. us Thank you for

the mentioned, sequential $XXX,XXX revenue to versus same XX%, John quarter. made XXX% were year in saw our increase sales, largely of sequentially up which we driven which or XX% by As substantial was or up a and distributor ago growth $XX,XXX of

same direct decreased compared to due which the adoption greater sales offset how have was to Our the distributor to expanded decrease clinics, was the lay greatly foundation increased quarter we the partially for revenues of fiscal year we the our nationwide. Spryng growth how continued distributors. The distributor sales largely decreased The have via reflects and our second in sales $XXX,XXX. to the channel quarter X% veterinary to by ago

in now a and for to with keep quarter future versus revenue prior much teams fairly and the be quarter, many place. marketing pleased we versus operational ago, year stronger the quarters new Given processes changes and sales we were staff, period, the new onboarding during even these to expanded expect

revenues fiscal Now profit revenues our the fiscal first totaled $X.X compared XX.X% the in $XXX,XXX was Operating to -- of reduction of and quarter due expenses XXXX. quarter expenses for quarter, or ago extraordinary the decreasing strategic the gross totaled million and same that or it company-wide our reduction by versus of our XX.X% in fiscal expense the This to from restructuring general second decreased second $XXX,XXX $XXX,XXX, XXXX. quarter. same XX% year same administrative programs

market in quarter. sales year partially These also will compared and It by that the increase development ago offset $XXX,XXX clinical by trials due of help decreases our future to research $XXX,XXX reduced sales. were to and expenses additional an support

per or based $X.XX $X.X million from of $X.XX same per year share ago. a the in share diluted a to a or net diluted share loss a basic share improved loss on net million quarter loss Our $X.X and

due XX% reduction the year continuing throughout to quarter. compared reduced expense to second the strategic a decreased versus and the million expenses strategic was by large restructuring G&A XXXX. in a $XXX,XXX implemented with was and or sales by year The reduction by [indiscernible] to the expense marketing class and Operating of of same corporate The were reduction half due program reduction first in in class program company-wide $X.X fiscal costs restructuring the fiscal decreased company-wide year. quarters $XXX,XXX the ago

in trials. increase The clinical offset were to decreases and partially due by development research additional $XXX,XXX an of

Subsequent several in additional starting flow the statement. XX, raised of Now helps equivalents $XXX,XXX totaled which Cash plan company second us keep our end X, the and good net to October position at balance proceeds of sheet cash to the $XXX,XXX, quarter turning to a the growth XXXX. September execute and months. cash next end, over

financial more $XXX,XXX decreased the same XXXX use quarter cash the Officer activities and our Business operating Counsel, are our fiscal in Development the the for our efficient John Dolan. now to back John? to for spending. General over Chief This summary of we I'd call completes that used turn with XX% compared quarter to the or quarter. cash Net like

John Dolan

of effectiveness is among in strategy our adoption in increasing its as important smaller Spryng X in I'm the of Sorry, makers past very quarter much, of and the awareness everyone. and back conferences decision this end, Toward for part conferences. of Thank you benefits a as greater major key participated on veterinary number well create scale. again. An we Garry. to

U.S. In surgeons. the leading of administered results Summit to October, we events we the College beneficial were animals a and when advantages where Both the Spryng, companion veterinarian and the demonstrated opportunity American seen demonstrate Spryng Surgery Veterinary CBS of horses including throughout exhibited at the the Summit, we have great to

We also Pain Management presented pain Veterinary at experts International veterinary of management leading the to Spryng Academy Forum.

was in how the Our veterinary Marie well entitled, top do for pets, our elevate very medical received. which Bartley on strategy spoke we managing adviser, osteoarthritis

that we well a Innovations, medicine. R&D trial trials in that quarter, One elbow. we osteoarthritis that, begin We with anticipate regenerative product year dogs completed QX second and in marketing. the with will up did pursuing calendar teamed Spryng in at as of study for XXXX. Together, this during are them Orthobiologic the with of for development as clinical or either Also treating be we new is leader point an study sports and elbow QX

these in as considering international national distribution been and such large a independently require This their studies because or typically is for new the before strategy. Studies our inclusion distributors product to conducted university catalogs. have essential

with veterinarian studies and will Some courses additional help for going training do to the their this Spryng. already

CFO, Now Lowenthal. Garry I to turn call like to would the over our back

Garry Lowenthal

John Thank Dolan. you,

we revenue, our our As saw a in to who nationwide larger I fiscal line sales from a top smaller increase distributor companion was increased we supported quarter, animal in continued strong second this revenue indicated [indiscernible] help distributors market will decrease sequential expanded in with network. The which that our as slight our year-over-year to sales onboarding capture earlier transition was professionals in market. the part including us the due experienced to market of by

animal a dramatically we it. larger sales Given how force have realigned pursuing opportunity, our the for is companion market

it. sales Given opportunity, have we a tanning the as animal how dramatically is market our we force realigned pursue larger

laid have foundation cut really and strong a costs, lot We we transition. this of for a

In period million $X line when in cash reduction second had fact, million XX% even sequential expenses. than considering quarter impressive Furthermore, same a fiscal in year of by growth a operating XXXX more the reduced versus the million, sales we down ago. burn the in we $X.X our to $X.X top was more

by we support development X managers. our the internal our sales manager, Subsequent to will reps growth sales top further the continued field also the animal quarter, new the who Gill, medtech for Cindy X another first better marketing we to sales positioned team. time During will expand sales for hiring included This device. who to our of quarter, help breakthrough our adoption appointing

the enhanced greatly Aldrin, Mike governance and our former Director. President Independent as to Detra also our with appointment of Board an Chief corporate Officer, Executive We a

his support a brings significant valuable of the Spryng achievement business with and veterinary adoption and the our goals. We and of business will experienced anticipate achieving record help background animal to extensive for growing our veterinarians. space resource board in Mike's strong knowledge health by the pharmaceutical

we mentioned in earlier, progress John As made studies. clinical Dolan expanding substantial our

However, with data believe veterinary many existing have nationwide. enough secure studies, help completed our clinical clinical we client [ to with ] large than more clinics a corporate we us

to We Lai. clinics them. to would by groups. estimate number our that XX% expect Executive call large over quarters, next Officer, of owned large Chief like the a turn John corporate of land veterinary I all are And to over the few we

John Lai

Thank you, Gary.

of major This Now exposure veterinary typically the is like December. fiscal quarter our year. American the is known every Association ahead, current and it AEP, Equine Practitioners to as occurs also best quarter largest third looking of the conferences of due in

our studies year horse and AEP use his President use the being thermography. a and regulations, further published pioneering upcoming will of Dr. diagnostic topics. evaluation elevated this has extensively its recognized presence member, with It's thermalgrand a the widely has word Board the for lectures for on welfare inaugurated been horse these Our in -- nationally in benefit of as Tracy advisory oh, be difficult internationally as sorry, and conference. the Turner, Tracy of lanes,

sales completion all and and believe our positioned the leaders structure, continued result This benefits efficient well and expanding earlier year of distribution the -- product a talking network, year. as more into year and over force operating key in that a Spryng to milestone clinics of about As XXX the well as are major revenue additional we end expand beyond. of clinical grow to rest we of our fiscal Spryng this of expect growth efficacy opinion confirms to accelerate X,XXX the before achieved of conferences combined our studies the expanding to using our with our we clinics participation

opportunity are that believe vast capitalize to $XX.X U.S. we market and now to growth by XXXX. billion I strongest on projected the to in is the position to double the in the billion ride $X.X Moreover, health animal

looking growth million of XX% full represent revenue continue anticipate fiscal in Given factors, the to prior ahead year the year. over approximately these to and would positive we XXXX, $X.X of that growth

to stakeholders. solutions We market reaches health that pet advancing to and professionals our strengthen veterinary we as drive commitment maintain pet product to ensure look owners. sustained achievements and will value building we for grow, forward continue we our As more these on presence to

Now explain would to we they to the that to may Operator, ask like please would questions. how the listeners you open questions. call

Operator

Instructions] [Operator

ending [Operator We ending Instructions] XXX. number Instructions] have with XXX. [Operator a Number question from with

Unknown Analyst

we hear Yes. No, you. can

an million. of $XX.X cash I'm [indiscernible] that and reading and I be? prospectus, under million I'm equivalents Okay. sorry. investor assets $XX.X cash What down would was your total

Garry Lowenthal

This is looking I what at. have no CFO. Garry you're Lowenthal, idea

Unknown Analyst

under raising I'm where sent looking key the million. stats prospectus, $X.X was at I you're

Garry Lowenthal

have there, the you this afternoon. right said right And the at sheet filings The and million We was do we that. balance at to filed never filed bank look XX looking regulatory September regulatory now. today. don't I'm in the is account filing at $XX.X that want

don't fillings at. the Securities with just filed I'm I that was Commission. looking and regulatory the what Exchange today looking So you're know at

Unknown Analyst

BEPV. It's QB, key stats, OTC,

Okay.

Garry Lowenthal

Security today. all XX-Q at reports looking at the XX, Exchange of Commission and at November I'm look with Okay. and Form our filed

March on end actual the current cash $XX,XXX. of fiscal XXX At cash XX, Our year equivalents. assets XX, with shown ] $XXX,[ September and at of

Unknown Analyst

This Okay. million [indiscernible] assets cash million. total MRQ cash equivalents. is of $XX.X and

Garry Lowenthal

$[ I X,XXX,XXX know different total tell the September equivalents. than at. sheet know at is you don't The don't I I ]. sorry, cash broken up. XX The what -- is assets balance But assets can total you was looking are

Unknown Analyst

on million? $X.X it the raising coming is How

Garry Lowenthal

it's end filled. every our we time in raise prospects, time and [indiscernible] a XX-Q never our several What's time. We that's October since money. all filings. missed continue we X, we We've are $X.X time raised million filing money, in money, we stock. preferred up to disclosed raise preferred and report. had we the our XX-Qs have We've X-Ks last on raised we a XX-Ks The stock, raising All $XXX,XXX, we are have raised on

Operator

[Operator Instructions]

John Lai

I pose thank for off questions, you, we don't just would would I operator. any the in everyone Operator, if again Q&A. thank have like Well, once more dialing today. to

forward again February. our and results to you we with report looking presenting talking when quarter third again XXXX are of We in

take ahead joining always, for up go care, wrap everyone, please you, As and today. and us thank John, the cost.

John Dolan

Sean. you, Thank

conclude call. The safe today's harbor conference would the provided includes during today's regarding cautions provide we this statement like we Before call have to that in made includes I forward-looking information call, company's within statements statements the of meaning revenue, objectives, including, the Securities to, estimates. and assumptions regarding forward-looking Private events, XXXX, plans, statements Litigation the limited and company's expectations not Act Reform future of that but future

and forecasts words based similar for be industry the its identified intend, that to expressions. believes, projections Statement the on words the will business. related phrases facts project, can not statements expect, business containing of usually believe, Forward-looking current company's assumptions, markets contained its the estimates, or by use historical expectations, and are and are should, estimate,

call Any involve results materially during and Actual such predict. of are may future uncertainties and differ is forward-looking made not statement what assumptions, this difficult performance statements. outcomes are expressed which guarantees in forward-looking from to conference and

Factors extension. contribute detailed as risks in such differences the with or to and not limited that report to, periodic cause include, filings various securities to but company's would

XX-Q. about to sections of results financial the information uncertainties limited of and risks or and Factors associated of the management's Form and SEC to, not for Risk analysis XX-K refer company's discussion please on with report reports more filings, For quarterly business company's but annual including, conditions operations Form the

of available disclaims later expressly based, or will starting to regards thereto obligations this everyone is tomorrow. underpin today's Forward-looking forward-looking like changes or as any or revise call which statements statements conference of company the call remind speaks expectations The law. this any replay circumstances during changes forward-looking required update any in made be as or statements to any by made its I that the except or events, any reflect date. during this in to conditions for would evening call with

earnings Please presentation. today's via attending for Thank today's to for This the refer instructions concludes available replay website www.petvivo.com. company's at dial-in call. release the conference you

Operator

Goodbye.

PetVivo (PETV) 14 Nov 242025 Q2 Earnings call transcript