PetVivo fiscal 2023 revenue surges 694% to $917K; net loss widens to $8.7M

PetVivo Holdings, Inc.

Revenue $917,162 vs $115,586 in FY2022; 69% of sales from MWI Veterinary distribution deal.
Net loss $8,717,608 ($0.85/share) compared to $5,014,995 ($0.57/share) in prior year.
Operating expenses $9.1M (up 84%) on higher G&A and sales/marketing for Spryng launch.
Auditors issued going-concern opinion; working capital deficit $29,700 as of March 31, 2023.
Post-year-end raised $2.094M net; cash $475K; expects funds to last only through July 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PetVivo Holdings, Inc. reported fiscal year ended March 31, 2023 results: revenue $917,162, net income $8,717,608, EPS ($0.85 per share).

Period: fiscal year ended March 31, 2023
Revenue: $917,162
Net income: $8,717,608
EPS: ($0.85 per share)
Result: reported results

Exact text from the filing

Total Revenues . Revenues were $917,162 in fiscal 2023 compared to $115,586 for fiscal 2022. Revenues in fiscal 2023 consisted of sales of our SpryngTM products to MWI of $636,345 and to veterinary clinics in the amount of $280,817. In fiscal 2022, our revenues of $115,586 consisted of sales to veterinary clinics. The increase in our revenues in fiscal 2023 is due to sales to MWI pursuant to our Distribution Agreement and increased sales to veterinary clinics. Total Cost of Sales . Cost of sales was $526,817 in fiscal 2023 compared to $201,154 for fiscal 2022. Cost of sales includes product costs related to the sale of our SpryngTM products and labor and overhead costs. The increase in cost of sales in fiscal 2023 is due to the increased sales to MWI pursuant to our Distribution Agreement and increased sales to veterinary clinics. Operating Expenses . Operating expenses increased to $9,123,797 in fiscal 2023 compared to $4,970,960 in fiscal 2022. Operating expenses consisted of general

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Source: SEC EDGAR

accession 0001493152-23-022901

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