On February 10, PetVivo Holdings Inc. (PETV) declared its financial results for the third quarter of fiscal 2022. The announcement resulted in the stock’s collapse in the pre-market on Thursday.
It seems investors were very hopeful of the company’s earnings as it had invested a lot in the marketing of its product recently with TV commercials, billboards, and everything is thrown into the mix. Before the earnings release, the positive expectations caused the stock to add a huge 12.87% during the regular session. PETV closed the session at $1.5350 while the volume remained below its average. Following the announcement, the stock lost all that it gained during the day and plunged down to $1.39 in the pre-market. PETV declined by 21.82% in the pre-market.
The veterinary biotech and biomedical device company, PetVivo Holdings Inc.’s stock has declined by 59.28% year to date. Currently, the company has a market capitalization of $13.27 million.
PETV’s Q3 2022
For fiscal Q2 2022, the company reported revenues of $51,004, against $507 for the year-ago period.
Moreover, PETV incurred a net loss of $1,642,129 in Q3 FY2022, against $1,037,753 in the prior-year period. Thus, the net loss per basic and diluted share was $0.17 and $0.16 in Q3 of fiscal 2022 and fiscal 2021, respectively.
Additionally, the company had other income of $15,522 in the quarter while it had expenses of $652,363 in the prior-year quarter.
Recent Participations
Recently, the company was invited to participate in the Emerging Growth Conference. PETV’s chief executive officer, John Lai presented at the online interactive event on January 19, 2022.
Furthermore, the company also exhibited in the Veterinary Meeting & Expo Conference which is the largest veterinary conference in the U.S. The event took place from January 15 to January 19 at the Orange County Convention Center in Orlando, FL.
PETV’s Other Developments
On January 05, the company announced its agreement with VetCove, Inc. for the distribution of its SPRYINGTM with OsteoCushionTM technology. VetCove’s licensed veterinarian ordering/purchasing platform is used by more than 13,000 veterinary hospitals. The hospitals compare prices and buy veterinary supplies from multiple vendors at once through VetCove’s platform.
PETV’s Spring with OsteoCushion Technology is an innovative therapeutic product for managing lameness and joint afflictions like osteoarthritis in companion animals.
Conclusion
Since the company started the commercialization of its Spring product in September 2021, investors were expecting great earnings. But the earnings report failed to impress the investors and thus, the stock tanked pre-hours.