PetVivo Holdings, Inc. reported its financial results for the three and six months ended September 30, 2024, showing a slight decline in revenue but notable improvements in net loss and operating expenses compared to the previous fiscal period.

For the three months ended September 30, 2024, PetVivo generated revenues of $200,720, a decrease from $207,366 in the same period of 2023. The gross profit for this quarter was $179,558, down from $185,504 year-over-year. However, total operating expenses significantly decreased to $2,352,598 from $3,129,847, primarily due to reductions in general and administrative expenses and sales and marketing costs. The operating loss improved to $(2,173,040) from $(2,944,343) in the prior year, while the net loss also decreased to $(2,175,493) or $(0.11) per share, compared to $(3,661,153) or $(0.28) per share in Q3 2023.

For the six months ended September 30, 2024, total revenues were $324,470, nearly flat compared to $324,549 in the same period of 2023. The company reported a net loss of $(4,222,556) or $(0.22) per share, an improvement from $(6,554,730) or $(0.53) per share in the previous year. Operating expenses for the first half of 2024 were $4,507,787, down from $6,128,302 in 2023, with general and administrative expenses decreasing from $3,454,588 to $2,500,378.

PetVivo's cash and cash equivalents increased to $126,239 as of September 30, 2024, from $87,403 at the end of March 2024. Accounts receivable surged to $133,680, up from $18,669, indicating improved collection efforts. However, total liabilities rose to $2,777,573 from $2,429,300, contributing to a decline in total stockholders' equity to $409,171 from $685,953.

The company continues to focus on its lead product, Spryng™ with OsteoCushion™ Technology, which is aimed at treating joint afflictions in animals. Revenue from product sales increased to $177,840 in Q3 2024, compared to $151,164 in Q3 2023, reflecting a growing acceptance of the product in the veterinary market.

PetVivo's strategic initiatives include ongoing clinical studies and a distribution agreement with MWI Veterinary Supply Co., which is expected to enhance market penetration. The company also reported a working capital deficit of $611,633 as of September 30, 2024, and emphasized the need for continued financing to support its operations and growth plans.