Petvivo Holdings Inc

Greetings and welcome to the Pet Vivo Holdings for the year-ended March 31st, 2023 Financial Results Conference Call. My name is John Dolan, the Chief Business Development Officer and General Counsel at Pet Vivo. 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 Pet Vivo'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 statement that refers to expectations, projections, or other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement. PEDvivo'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 in Form 10-K with the SEC yesterday, 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.

Thank you, John, and welcome. Also joining me today is Bob Foulkes, our Chief Financial Officer. I would like Bob to begin by discussing some highlights and financial results for the fiscal year ended March 31st, 2023. John Dolan will provide an update on our clinical studies, and I will conclude by sharing some additional thoughts on our business strategy and the key focus areas for fiscal 2024 before we open up for questions. Now I will turn the call over to Bob.

Thank you, John. I would like to review key highlights and financial results for fiscal year ended March 31st, 2023. We entered into an exclusive distribution agreement with MWI Veterinary Supply, a leading distributor of animal health products and a subsidiary of Amerisource Bergen MWI in June 2022. we recognize revenues from product sales under this agreement of $636,000 or 69% of our total revenues for the year ended March 31st, 2023. We increase brand and market awareness by participating in several key national trade shows and conferences, including having Dr. Joseph Manning, DVM, the company's senior technical veterinarian, present on the use of spring at the American Association of Equine Practitioners annual conference in November 2022. We reported results on the first cohort of dogs in a clinical study in March of 2023, which examined the benefit and tolerability of an intraarticular injection of spring into the stifle joint of dogs with suspected cruciate ligament damage or tear, which is similar to an anterior cruciate ligament or an ACL tear in humans. The preliminary results demonstrated that spring may be a viable alternative for medical management of dogs with an ACL injury. We signed a lease agreement for a new production and warehouse space in January of 2023. We plan to have this facility operational in the fourth quarter of our fiscal year ending March 31st, 2024. 23 we reported total revenues of $917,000 as compared to $116,000 in the year end of March 31, 2022. This increase was driven by revenues of $636,000 related to shipments of spring to MWI and increased sales to veterinary clinics. Our gross margin increased to 43% in fiscal year 2023 as compared to a negative gross margin of 74% in fiscal year 2022. We increased our inventory balance to $370,000 at March 31, 2023, as compared to $98,000 at March 31, 2022, to support the MWI distribution relationship. At March 31, 2023, the company had $562,000 in cash and accounts receivable. In April of 2023, we sold 793,585 shares of common stock, which generated net proceeds of $2.1 million. And these funds will be able to fund our operations through July of 2023. And we are actively discussing funding options to strengthen our balance sheet and to fund our fiscal year 2020 for operating plan. We are excited to see the impact spring is showing in companion animals. And I would like to share three examples with you. The first example is about a family who brought their 15-year-old Labrador retriever in Texas to see their veterinarian because the dog's hips were not allowed to squat to pee. The family was bringing the dog in to be euthanized. The veterinarian injected both the dog's hips with spray. and it's been eight months since that injection, and the dog is running and happy and still with the family. So the family is thrilled they didn't have to put their dog, put their old dog to sleep. Another example I'd like to share is about a military family currently in Minnesota whose German Shepherd had issues with its hips, its knees, elbows, and the family pretty much had no hope for their dog, Oberon. Oberon is currently taking five different medications. The veterinarian injected Oberon in five joints with spring. Three weeks later, he is beginning to wean off one of the medications. And just two days ago, Oberon's owner sent us an update to say it feels like a miracle that the pain and behavior are so dramatically improved and that he is playing fetch and even hiking because he is actually able to do so again. Oberon's owner said she wants everyone to know about spraying because they pretty much had given up hope for him prior to spring. And just the last example I'd like to share is with a horse in Arkansas who was going to be put down. The horse couldn't walk. It was sitting on its hind legs like a dog and had lost significant weight as it couldn't eat. The owner, as a last resort, had the veterinarian look at the horse. The veterinarian injected the hind legs of the horse with spring and one year later, the horse is still moving very well and has regained the weight it had lost. And so these individual results may vary and all companion animals may not respond the same way, but we are so glad that spring is making an impact on our four legged family members. And with that, I would like to turn the call over to John Dolan to provide an update on our clinical studies.