PetVivo (PETV) 28 Jun 242024 Q4 Earnings call transcript

Good afternoon, and thank you for joining us today to discuss PetVivo's results for its fiscal year ended March 31, 2024. Hosting the call today is the Chief Executive Officer of PetVivo, John Lai; the company's Chief Financial Officer, Garry Lowenthal; and me, John Dolan, the company's Chief Business Development Officer and General Counsel.

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

turn over to CFO, the like Lowenthal. Garry I'd the to call PetVivo's Now ahead. go please Garry,

Good John, our Thank joining fiscal afternoon. you, XXXX. us you everyone. year today for Thank to discuss results our and for good afternoon,

OsteoCushion issued our As reported today, device lead including up veterinary strong earnings driven $XXX,XXX, with progress, we X% operational medical earlier to you technology. and by our saw revenues in release financial sales Spryng of

by distributors expanded up Our sales revenue strong distributor largely helped XX This XX.X%. our was X% improving points basis with profit XX% growth network up drive driven by $XXX,XXX gross gross $XXX,XXX. margins to to with our to

Studies over over X Spryng, over product, age, and from common lead XX cats show horses X Our XX% affects of suffering disease. a the of XX% of years veterinarians for disease an half horses years. of dogs innovative treatment osteoarthritis, and dogs joint provides than more inflammatory

wonder the projected it's So CAGR. market year, $X.X XX% billion is reach to that at than this no growing more animal osteoarthritis

sales portfolio revenues intellectual states. than team, fiscal this reported in March a being for began achieve total large marketing achieved who during our States. Covetrus by led nationwide. Spryng United fiscal veterinary our during January North key year, XXXX helping and from XX% our than of clinical numbers the selling and in X across market strengthened property expanded year, throughout these studies. more syringes our we Helping Also, represents reaching year. America, fast-growing is we XXX clinics of animal positive XX XX. recognized year-end of Spryng partner, sales results was our market, the the and to this distribute and Covetrus Covetrus more the before This our we $XXX,XXX milestone year, Spryng, X,XXX with and major distribution Spryng light distribution us This sell distributed In new us

financial the us like Now I take details year. for would through to the

expansion compared and This $XXX,XXX, distribution in $XXX,XXX, 'XX, Revenues was animals ago by product solely our transition transition was of totaled year enabled consisted XX% to sales, clinical of distributors down which to clinics primarily XX, ended X% companion totaling as $XXX,XXX, to during Spryng to to the which fiscal sales period revenues March XX% increased Sales channels. year. veterinary was the year-over-year. dogs our which studies from to the due horses, cats. and such our to the the prior equine Our the include primarily to published due up of positive the

Our XX.X% or $XXX,XXX profit distributor gross year, partnership In resulted the as began of $XXX,XXX to of to with of total MWI Covetrus or of year. XXXX. this from compared from year. revenues totaled during Covetrus Spryng of revenues generated XX% revenues or more We XX.X% the favorable Gross recognized product January increase for margin a product of sales really shift. Spryng. our in of fiscal for revenues $XXX,XXX selling fiscal XX% total sold The

also We costs. our production reduced

million increase decrease compared $XXX,XXX, -- of The or a operating same due in was $XX.X diluted the in and $X.X sales diluted and and tech totaled as was to million per marketing. a share of expenses in The offset this XX% last $X.XX year. increase basic operating The by net or share partially to basic development loss $XXX,XXX fiscal net $X.X to per of expenses $XX increased and research to costs $XX,XXX 'XX. million, G&A million loss $X.XX period compared in share

year. XXXX. our we a $XX,XXX Subsequent million proceeds Now offering. of private for complete at to the March balance Cash year-end, turning through The cash equity the of and [indiscernible] totaled the sheet. net to raised XX, equivalents financial $X.X summary

I'd the call Development to John Now Officer, Chief over turn Business to our Dolan. like

Thank you, Garry.

and been that For the lasting have you you've following lameness XX heard studies case longer. numerous of about and in who months indicate progress, reports or animals, long-lasting dogs particularly veterinarian our horses those improvement in

course X key their completed fiscal were clinical last and year, the studies Over there Spryng of announced. of results

was cranial be of first September XX the dogs enlisted biomaterial, X-stage effective Health. by were Spryng, Simon ligament XX XXXX Ethos benefits study the rupture. The Veterinarian an with a subjects. was an in shown of design involved joints the and total The a of with a unilateral ligament to an for cruciate intra-articular collagen-based and of XX cruciate Ethos tolerability of suspected completed disease patients into study cohort evaluated patients once injection initial with additional treatment stifle

lameness was research reported Composite the test that the variables, in for The gradual improvement the average, owner assesses the study significant score in range Dogs these there Liverpool within Each of were and visual Glasgow in mobility wherein significant where included Pain to questionnaire, clinical the on results. pain, tests all mobility The Scale the test assesses modified Osteoarthritis in improvement. demonstrated and the movement. veterinarian the

XX.X% American on Surgeons in XX.X% in in & also goniometry. one at had known a day CBPI hip with of CASE secondary osteoarthritis Spryng score, extension hip with as to year joint presented Conference greater favorable study in of the function Colorado enrolled studied Then X response. X-point and study X this very and the in CASE. year, other skeletally dogs. had dogs Emergency pain an both They October Veterinary pain received was annual improved effects reduction College Animal hips. in completed mature a and while total January demonstrated osteoarthritis in hip without Ethos the dogs, Of study key collaboration of cohort who another radiographic or at than last held pain and completed each Specialty XX, This initial the of of

Society Annual that and studies Further summaries studies life other Conference Orthopedic these This Veterinary our all assessments. for in lameness XXXX. download website. visual sprynghealth.com and scores of are These quality February to researcher improved past presented of and were new had the available reported from results subjects details of

still end which completed one tolerant one at other the other cats were the underway We dogs. by pain to of results evaluating year, which is for and Inotiv, Spryng injection elbow clinical the expected conducted received tolerance University, And September also year. intra-articular with year of studies for positive there at from on dogs. This this State studies, both Colorado another in is X in associated of study this study naturally is occurring be completed osteoarthritis CSU

institution presentations our product animal in a our other These an or university and studies including to the All generally of acquire distribution health international independently these before distributors a as strategy large catalogs. study study are well by and further strategy independent and trade invited key attracting make go-to-market at national leaders since key also their opinion by to being attention studies endorsements podium shows. conferences of as conducted

over like that, to call back to the turn John with I Now would Lai.

the for Thank I this and We forward look will year as you, into John. the continue upcoming XXXX. key to year, well highlights go over

the animals major the operations reduced animals. starting large cost We events of also XX%. reduction. from by shift been cost has in to about small One focus the April We of PetVivo

teams to As the proper together for put for the Animal these we Health. came studies Covetrus distribution started and MWI out, literature

dysplasia. with positive the and crucial to the the was as well study, crucial Ethos CCL studies have it very hip So as

Sales added VP Marketing. of also and We

the background extensive individuals a So in market. very side have small the X animal these of

sales marketing of are vision the properly. So aligned and

improvements Our well should made representatives manufacturing compensation on sales gross This really that as investments and motivating the put manufacturing unit margin cost it's improved have is and enhanced as assist of quality. profit of new the and sales and product we schedule syringe schedule. towards been syringes, geared the reduction in Spryng the

major presentation X, doctors Island June believe very and XXXX. acceptance the mentioned really Long very veterinary Spryng provided shows, X we been to various continued a And had turnout. veterinary in on product is was techs. of We osteoarthritis close and have Spryng, good had XX media. at doctors We media good vet Also, are also Association, blogs, observing it getting at a education many conferences of I which a trade we Medical CE Veterinary social well social and being credits. credits at

Also has brief. -- I'm starting webinar and vet tech. be July being cliniticians, XX, offered organization doctors credit sorry, there veterinary will one XXXX, XX,XXX That through clinicians

and will intra-articular of there for be of new types OA. injections So discussions innovative

that, I the to to explain like open on they please listeners call you would Now Operator, up ask would with questions. questions? this can to how your

[Operator Instructions]

I So on, call. operator, since and I don't see think any questions the we conclude so can

probably do Actually, the John, go through. forward-looking that what there's should we we can statements is still

Go ahead, John.

read them. You

Sorry.

you, Thank right. everyone. All

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and for information uncertainties please date. conference associated operations Form as to, including, of XX-K forward-looking and risks the or and business, financial not speaks its of refer the during sections SEC factors results about with of on limited made more conditions reports analysis the company's filings, today's For risk XX-Q. quarterly of call to annual but discussion management's the Form Any company's and report this statements

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call replay all everyone our release website Please call. for at remind to today's company's conference will concludes refer attending This to today's presentation. instructions via dial-in available earnings for Thank this like would I the available replay. you be www.petvivo.com. that for