EDINA, MN - PetVivo Holdings, Inc. (NASDAQ:PETV), a company specializing in biomedical devices for animal therapeutics, disclosed its financial outcomes for the third quarter ending December 31, 2023. The company saw an increase in revenue and a reduction in net loss compared to the same period in the previous year, alongside strategic distribution partnerships and a recent private funding round.
For the quarter, PetVivo reported revenues of $595,891, a rise from $510,109 in the prior year. This increase was primarily due to sales of its flagship product, Spryng™ with OsteoCushion™ Technology, to two major distributors, MWI Veterinary Supply Co. and Covetrus (NASDAQ:CVET) North America LLC, and direct sales to veterinary clinics.
The cost of sales decreased to $183,087 from $223,687, contributing to a reduced operating loss of $2,133,624 compared to $2,318,818 for the same quarter in 2022. Other income for the quarter was reported at $383,776, mainly from the extinguishment of payables, contrasting with $7,200 in the previous year. The net loss for the quarter improved to $1,749,848, or ($0.12) per share, down from a net loss of $2,311,618, or ($0.23) per share.
Additionally, the company raised $1.2 million in gross proceeds from a private offering subsequent to December 31, 2023. PetVivo's CEO, John Lai, expressed enthusiasm for the progress made in the past quarter, including the partnerships with Covetrus and MWI, which he believes positions the company advantageously in the U.S. animal health industry.
As of December 31, 2023, PetVivo's current assets stood at $1,492,884, with cash and cash equivalents amounting to $80,085. The company's working capital deficit was reported as $169,236.
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