PetVivo Holdings, Inc. (NASDAQ:PETV) Q3 2024 Earnings Call Transcript
PetVivo Holdings, Inc. (NASDAQ:PETV) Q3 2024 Earnings Call Transcript February 12, 2024
PetVivo Holdings, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Hello, and welcome to the PetVivo's Holding 2024 Fiscal Year and Third Quarter 2023 (sic) Earnings Call. Thank you for joining us this afternoon. I'd like to welcome John Dolan, Chief Business Development Officer and General Counsel for PetVivo. John?
John Dolan : Thank you, Chris. Greetings, and welcome to the PetVivo Holdings third quarter of fiscal year 2024 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 statements I refer to expectations, projections or other characterizations of future events, including financial projections or future market conditions is a forward-looking statement.
PetVivo's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. PetVivo assumes no obligation to update any such forward-looking statements. PetVivo filed its earnings release and Form 10-Q with the SEC today, which provide a detailed discussion of our financial results. These documents can be found in the SEC website and the Investor Relations section of our website. I would now like to turn the call over to John Lai, the CEO and President of PetVivo. Please go ahead, John.
John Lai: Thank you, John, and welcome. Also joining me today is Bob Folkes, our CFO. I would like Bob to begin by discussing some of the highlights and financial results for the third quarter of fiscal year 2024. John Dolan will provide an update on our clinical studies and I will conclude with sharing some additional thoughts on our business strategy and key focus areas for fiscal 2024, before we open the line up for questions. I will now turn it over to Bob.
Bob Folkes: Thank you, John, and good afternoon, everyone. Our key highlights for the third quarter of fiscal year 2024 were the following: We entered into a non-exclusive distribution agreement with Covetrus North America LLC to distribute Spryng in the United States. We released clinical study results, which demonstrate the benefit and tolerability of an intra-articular injection of Spryng into the stifle joint for dogs with suspected cruciate ligament rupture, kind of similar to ACL tear in humans. We reported revenues of $596,000 as compared to $510,000 in the third quarter of fiscal year 2023. Revenues for the third quarter included a net revenue of $440,000 as compared to $457,000 in the third quarter of fiscal year 2023 from shipments of Spryng to MWI Animal Health, a subsidiary of AmerisourceBergen, who is a leading distributor of animal health products pursuant to our distribution and sales agreement with MWI.
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