Executive Summary
PetVivo delivered a meaningful step-up in top-line activity in QQ2 2025, marked by a 62% sequential increase in revenue driven primarily by a sharp expansion in distributor sales. Reported revenue of approximately $0.201 million in the quarter contrasted with a 89.5% gross margin, underscoring the Company’s ability to preserve margin amid early-stage volumes. Management attributed the revenue lift to a broadened distributor network and ongoing investments in field sales and marketing to accelerate Spryng adoption nationwide. Despite the revenue uptick, PetVivo remains loss-making with a net loss of about $2.18 million for the quarter and operating cash burn, albeit with notable expense discipline and a reduction in operating costs versus the prior-year period.
Management signaling and commentary point to a more favorable growth trajectory through deeper market penetration (800 clinics across all 50 states earlier in the year with a target of 1,500 clinics by year-end) and intensified clinical validation (ongoing trials with Orthobiologic Innovations, elbow study expected in 2025). The company also reiterated the importance of large corporate veterinary groups, which constitute roughly 75% of clinics and could unlock scale with national distributors and major chains. Management projects FY2025 revenue growth of roughly $1.5 million, representing >50% year-over-year growth, supported by a larger installed base and broader distributor coverage. The liquidity profile remains a near-term risk: cash and cash equivalents stood at about $0.126 million at 9/30/2024, with a subsequent capital raise of $0.3125 million and ongoing fundraising activity. The favorable margin structure, combined with a selective execution plan, frames PetVivo as a high-pocus, high-uncertainty investment in the near term, with meaningful optionality if the corporate adoption thesis materializes.
Key Performance Indicators
QoQ: 62.12% | YoY:170.20%
Key Insights
Revenue: $200,720 for QQ2 2025, up 62.20% QoQ and down 3.20% YoY. Gross profit: $179,558; gross margin: 89.46%. Operating expenses: $2,352,598; EBITDA: -$2,173,040; Operating income: -$2,173,040; Net income: -$2,175,493; EPS: -0.11.
YoY vs QoQ context from the company data: YoY revenue change -3.20%; QoQ revenue change +62.20%; YoY gross profit growth +170.20%; QoQ gross profit growth +62.12%; YoY net income change +40.58%; QoQ net income change -6.27%.
Liquidity and balance sheet metrics: cas...
Financial Highlights
Revenue: $200,720 for QQ2 2025, up 62.20% QoQ and down 3.20% YoY. Gross profit: $179,558; gross margin: 89.46%. Operating expenses: $2,352,598; EBITDA: -$2,173,040; Operating income: -$2,173,040; Net income: -$2,175,493; EPS: -0.11.
YoY vs QoQ context from the company data: YoY revenue change -3.20%; QoQ revenue change +62.20%; YoY gross profit growth +170.20%; QoQ gross profit growth +62.12%; YoY net income change +40.58%; QoQ net income change -6.27%.
Liquidity and balance sheet metrics: cash and cash equivalents $126,239; total assets $3,186,744; total liabilities $2,777,573; current ratio 0.671; quick ratio 0.471; long-term debt $919,556; total debt $1,619,845; net debt roughly $1.493 million; operating cash flow -$1,600,293; free cash flow -$1,585,115; capex $15,178; cash burn improvement vs prior-year period; post-quarter capital raise of $312,500 net proceeds.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
200.72K |
-3.20% |
62.20% |
| Gross Profit |
179.56K |
170.20% |
62.12% |
| Operating Income |
-2.17M |
26.20% |
-6.29% |
| Net Income |
-2.18M |
40.58% |
-6.27% |
| EPS |
-0.11 |
60.71% |
0.00% |
Key Financial Ratios
operatingProfitMargin
-1083%
operatingCashFlowPerShare
$-0.08
freeCashFlowPerShare
$-0.08
Management Commentary
- Strategy and growth trajectory: Spryng adoption expanded through a broadened distributor network; the company reported sequential revenue growth of 62% and distributor sales up 147% sequentially, with 800 clinics already onboard nationwide and a target to reach 1,500 clinics by year-end. Management emphasized partnerships with market leaders (MWI, Covetrus) and ongoing clinical trials to support distribution expansion.
- Margin resilience and cost discipline: Gross margins held at 89.5% despite higher operating activity; SG&A and some marketing costs were reduced year-over-year, contributing to a notable 25% cost reduction in operating expenses versus the prior-year quarter. CFO commentary stressed improved cash efficiency and a reduction in cash burn, with net cash used in operating activities down 34% YoY.
- Outlook and corporate development: The team signaled a strengthened governance posture with a new Independent Director (Mike Eldred) and plans for continued hiring to scale the sales engine. The CEO outlined expectations for the current and upcoming quarters to capitalize on a large US animal health market and to secure corporate clinic networks. Management framed FY2025 revenue growth in the ~50%+ range (roughly $1.5 million higher than the prior year) as achievable, contingent on continued clinic adoption and clinical validation across larger platforms.
- Risks highlighted in call/filings: Near-term liquidity remains a key risk given the company’s cash position and the need for ongoing fundraising to support growth, even as revenue accelerates; reliance on distributors and corporate clinics for scale introduces execution risk; asset-light, high-margin structure is sensitive to the pace of clinic onboarding and payer dynamics. Quotes from the call emphasize the aggressive growth plan and the ongoing capital-raising activity to fund it.
"As John mentioned, we saw sequential revenue growth of 62%, which was largely driven by a substantial increase in our distributor sales, which were up 147% sequentially..."
— John Dolan
"we continue to anticipate revenue growth of approximately $1.5 million that would represent over 50% growth in the prior year."
— John Lai
Forward Guidance
Management guidance centers on a revenue trajectory of approximately $1.5 million for FY2025, implying more than 50% growth versus the prior year. The path to that target depends on expanding Spryng adoption in companion animals and horses, accelerating onboarding of corporate veterinary groups, and sustaining distributor-led demand. The company cited an expanded distribution footprint (MWI, Covetrus) and ongoing clinical studies (elbow study with Orthobiologic Innovations) as key catalysts for future sales. Our assessment: If management can convert corporate clinics at scale and sustain distributor momentum, the revenue trajectory is achievable. Key factors to monitor include: (1) progression of the 1,500-clinic target, (2) outcome and publication of ongoing clinical studies, (3) cadence of capital raises and dilution risk, and (4) competitive dynamics in veterinary intra-articular devices. Potential upside arises from large enterprise clinic wins and broader adoption in equine markets, while downside risks include delays in trials, slower-than-expected distributor conversions, and capital market headwinds that could constrain marketing and field expansion.