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Miami Herald
5 days ago
- Business
- Miami Herald
Inventory Surges in Florida Paradise Destroyed by Hurricane Ian
Nearly three years after being devastated by Hurricane Ian, the idyllic island of Sanibel, Florida, is now facing a surge in housing inventory, which is far outpacing home sales, as owners try to offload their properties to avoid rising costs and future storms. Florida, and especially its coastal cities, has long been among the most popular destinations in the country for American snowbirds and retirees looking forward to spending their golden years on the state's sunny beaches. However, the growing threat of natural disasters, fueled by climate change, and rising housing costs, including home insurance and homeowner association (HOA) fees, are eroding the state's charm, as well as its affordability. In places like Sanibel Island, which owes much of its success to its status as a retirement and vacation haven, the threat of more frequent, destructive extreme weather events and higher home insurance premiums could be profoundly disruptive, shaking the foundations of its economy and weakening its housing markets. Hurricane Ian caused catastrophic damage in Sanibel in September 2022, destroying several sections of the Sanibel Causeway that connects mainland Florida to the island, which is home to approximately 6,500 people year-round. Several homes were hit, and Sanibel residents, like many on Florida's Southwest coast, scrambled to salvage what they could and get back on their feet. "When Hurricane Ian hit, there was not a building on the island that was not impacted by that storm, whether it was by flood or wind. Every single unit or structure on the island was impacted in one way or the other," John Lai, president and CEO of the Sanibel and Captiva Chamber of Commerce, told Newsweek. "And then to add insult to that injury, there was our only bridge to the island, heavily damaged in that storm and needing to be restored before we could get cars back over here," he added. That impasse lasted about two months before the Sanibel Causeway was restored-an impressively quick turnaround, but not from the perspective of those waiting for it to be fixed. "That slowed down the infrastructure repair," Lai said. "It slowed down mitigation and insurance accessibility and then obviously slowed down the fact that we needed to get materials to rebuild." "So the restoration process was a little bit longer because of the fact we needed to wait for that bridge to be restored for us to get back over here with vehicles, particularly motor vehicles." It has taken longer than expected for Sanibel to recover, but that process is now well underway, Lai said. More than half of the island's hotels, signature boutique shops, world-class restaurants and attractions have all reopened since 2022. Every structure damaged by the storm had to be rebuilt, Lai said. While this was "burdensome," there is widespread excitement for brand-new buildings rising like phoenixes from the ashes of businesses destroyed by Ian. "We are starting to see now the desirable island that we had pre-Ian, but even better than before," Lai said. "We have completely restored our beaches to their pristine condition as they were before. Our attractions are all open and brand-new and every beach access has reopened here," he added. "From my perspective, we have done very well over the last two and a half years. The causeway was reopened in a surprising five weeks only. The utilities were then reinstalled within a few weeks, including water, sewer, and power. And then the cleanup began," Eric Pfeifer of the Pfeifer Realty Group told Newsweek. "In general, most of the single-family homes were restored within six to 18 months. The condominiums and commercial buildings took longer than the homes due to many insurance claim delays," he said, caused by the difficulties in accessing the island after the hurricane hit. Sanibel's housing market has failed to take notice of the island's stunning recovery. While the median sale price of a home in Sanibel was a staggering $1,410,000 just months before Ian struck, in May 2022, it was $860,000 in April, down 18.1 percent from the previous year and 60 percent from its pandemic peak, according to Redfin data. During the same month, the number of homes sold in the city, 28, had dropped by 36.4 percent compared to a year earlier, and the market was far from competitive, with the typical home spending an average of 110 days on the market before going under contract. Zillow data shows that there were 607 homes for sale in the Sanibel Island market as of April 30, while Bill Robinson, chief executive officer of the Sanibel and Captiva Islands Association of Realtors, said that there were 274 active listings in the city of Sanibel. As of March 31, 96.5 percent of the homes on the market on the island had sold for under their originally listed price, according to Zillow. In part, this is a phenomenon that is taking place across most of the Sunshine State. Inventory is rising because Florida has built more new homes than any other state in the nation over the past few years, and because owners have finally decided that mortgage rates will not significantly fall any time soon, so they might as well put their property on the market now. However, while the state, like the rest of the country, is still experiencing an inventory shortage, buyers are staying on the sidelines because affordability remains strained, with mortgage rates hovering near the 7 percent mark, HOA fees rising, and high home insurance premiums continuing to increase. The result is that, across Florida, inventory increased by 13.8 percent year-over-year in April, with a total of 230,793 homes listed on the market, while sales decreased by 10.9 percent. As a result, prices are falling statewide: the median sale price of a home was $411,200 in April, down 2.9 percent from a year earlier, according to Redfin. "Interest rates and home insurance have played into inventory going up," Robinson told Newsweek. "But then you know, pre-2022, inventory was at a historic low. So it had nowhere to go but up." Sanibel's surge in inventory and drop in sales, however, are nearly three times as high as those reported statewide in Florida. Pfeifer said that this is in part the result of the pandemic-driven homebuying frenzy, rather than the impact of Ian. "As a licensed realtor for 24 years on Sanibel, I suggest we look at the context regarding home values," he said. "The COVID-19 pandemic created the greatest real estate market in the recent past with many customers working from home in their new property in Florida. This excessive demand compared to a normal limited supply increased prices as high as 35 percent over a two and a half-year period. These values were not sustainable," he added. "The prices started leveling off in 2022 due to a normal cycle, and then hurricane Ian happened. That shifted a sellers' market to a buyers' market, which obviously brought prices down," Pfeifer said. "If someone who purchased during the pandemic is choosing to sell now, in a down market, yes, they are losing money. But if we compare values to 2019, pre-pandemic, the values are actually up about 3 percent to 4 percent, annualized." While active inventory is definitely higher than normal, this, too, can be explained by the current housing market dynamics, Pfeifer said. "On average, approximately 215 homes and 160 condos sell on Sanibel each year. During our season in 2024, there were a proportionate number of sales compared to prior years. However, in June through December 2024, the market slowed significantly and we had fewer sales compared to prior years," he said. "Our current inventory comprises those homes that did not sell last year in addition to the homes that would have normally gone on the market this year," he added. "Additionally, based on our demographics, some owners have expedited their plans to move to a retirement facility or move back up north to be near family. And finally, yes, there are listings this year due to the concern of additional storms." Lai said that Sanibel has started seeing the number of tourists to the island pick up again, though the demographics have changed. While the typical visitor used to be in the 65+ age range, Sanibel is now seeing a surge in tourism among Americans aged 45 to 55. "That's something that had not changed in my lifetime before. I've spent 36 years here in Lee County and on Sanibel Island. And as long as I've been here, the 65+ age range has always been the dominant demographic that we've seen here on the island," Lai said. When it comes to attracting people to the island permanently, Sanibel is currently undergoing efforts to make it a more desirable and safe place to live, introducing land development changes that allow for more resilient, elevated buildings and roads. This, in turn, has the potential to lower home insurance premiums-an appealing prospect for homeowners struggling with rising rates. It is unclear how a new bill that would prevent local governments from introducing tougher building codes after a hurricane for the next two years would impact Sanibel. SB 180, which was passed by both the Florida House and the Senate, is currently awaiting a signature from Governor Ron DeSantis. Local real estate agents are optimistic. "The future of Sanibel is extremely bright due to the construction of new homes, new businesses, new restaurants, new condos, and new hotels. Each of these new structures will be built more resilient than before," Pfeifer said. "I personally believe we will feel this change beginning in 2026 and culminating in 2027. Immediately after hurricane Ian, many people told me it would take five years to get back to normal. At that time, I was in denial. However, I think those people were correct," he said. "Hurricane Ian was a major natural disaster. It does take time to heal when you factor in insurance, construction labor and materials, and living on a barrier island. These disasters happen everywhere across the country. Sanibel is a very special place, and people want to live, vacation or move here." The issue with the island's housing market is not strictly a Sanibel issue, Lai said. "It's absolutely a Florida issue," he said. "I think it's somewhat nationwide, but it's a little bit exacerbated in Florida because of the insurance challenges that the coastal communities find themselves in right now." If the state manages to go through this year's hurricane season with little to minimal impact, the island will "absolutely" see its housing market rebound, Lai said. Related Articles Florida Pet Owners Could Go to Jail for 5 Years for Abandoning DogsMiami Airport Reveals Major $600M Improvement PlansSome People in Florida Advised To Stay Inside Amid Warning of Saharan DustFlorida Bill Could See Higher Flood Insurance Costs This Year 2025 NEWSWEEK DIGITAL LLC.
Newsweek
6 days ago
- Business
- Newsweek
Inventory Surges in Florida Paradise Destroyed by Hurricane Ian
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Nearly three years after being devastated by Hurricane Ian, the idyllic island of Sanibel, Florida, is now facing a surge in housing inventory, which is far outpacing home sales, as owners try to offload their properties to avoid rising costs and future storms. Why It Matters Florida, and especially its coastal cities, has long been among the most popular destinations in the country for American snowbirds and retirees looking forward to spending their golden years on the state's sunny beaches. However, the growing threat of natural disasters, fueled by climate change, and rising housing costs, including home insurance and homeowner association (HOA) fees, are eroding the state's charm, as well as its affordability. In places like Sanibel Island, which owes much of its success to its status as a retirement and vacation haven, the threat of more frequent, destructive extreme weather events and higher home insurance premiums could be profoundly disruptive, shaking the foundations of its economy and weakening its housing markets. What To Know Hurricane Ian caused catastrophic damage in Sanibel in September 2022, destroying several sections of the Sanibel Causeway that connects mainland Florida to the island, which is home to approximately 6,500 people year-round. Several homes were hit, and Sanibel residents, like many on Florida's Southwest coast, scrambled to salvage what they could and get back on their feet. "When Hurricane Ian hit, there was not a building on the island that was not impacted by that storm, whether it was by flood or wind. Every single unit or structure on the island was impacted in one way or the other," John Lai, president and CEO of the Sanibel and Captiva Chamber of Commerce, told Newsweek. "And then to add insult to that injury, there was our only bridge to the island, heavily damaged in that storm and needing to be restored before we could get cars back over here," he added. A destroyed building sits among debris in Sanibel, Florida, after Hurricane Ian passed through the area on October 8, 2022. A destroyed building sits among debris in Sanibel, Florida, after Hurricane Ian passed through the area on October 8, impasse lasted about two months before the Sanibel Causeway was restored—an impressively quick turnaround, but not from the perspective of those waiting for it to be fixed. "That slowed down the infrastructure repair," Lai said. "It slowed down mitigation and insurance accessibility and then obviously slowed down the fact that we needed to get materials to rebuild." "So the restoration process was a little bit longer because of the fact we needed to wait for that bridge to be restored for us to get back over here with vehicles, particularly motor vehicles." It has taken longer than expected for Sanibel to recover, but that process is now well underway, Lai said. More than half of the island's hotels, signature boutique shops, world-class restaurants and attractions have all reopened since 2022. Every structure damaged by the storm had to be rebuilt, Lai said. While this was "burdensome," there is widespread excitement for brand-new buildings rising like phoenixes from the ashes of businesses destroyed by Ian. "We are starting to see now the desirable island that we had pre-Ian, but even better than before," Lai said. "We have completely restored our beaches to their pristine condition as they were before. Our attractions are all open and brand-new and every beach access has reopened here," he added. "From my perspective, we have done very well over the last two and a half years. The causeway was reopened in a surprising five weeks only. The utilities were then reinstalled within a few weeks, including water, sewer, and power. And then the cleanup began," Eric Pfeifer of the Pfeifer Realty Group told Newsweek. "In general, most of the single-family homes were restored within six to 18 months. The condominiums and commercial buildings took longer than the homes due to many insurance claim delays," he said, caused by the difficulties in accessing the island after the hurricane hit. A Housing Market Shake-Up Sanibel's housing market has failed to take notice of the island's stunning recovery. While the median sale price of a home in Sanibel was a staggering $1,410,000 just months before Ian struck, in May 2022, it was $860,000 in April, down 18.1 percent from the previous year and 60 percent from its pandemic peak, according to Redfin data. During the same month, the number of homes sold in the city, 28, had dropped by 36.4 percent compared to a year earlier, and the market was far from competitive, with the typical home spending an average of 110 days on the market before going under contract. Zillow data shows that there were 607 homes for sale in the Sanibel Island market as of April 30, while Bill Robinson, chief executive officer of the Sanibel and Captiva Islands Association of Realtors, said that there were 274 active listings in the city of Sanibel. As of March 31, 96.5 percent of the homes on the market on the island had sold for under their originally listed price, according to Zillow. In part, this is a phenomenon that is taking place across most of the Sunshine State. Inventory is rising because Florida has built more new homes than any other state in the nation over the past few years, and because owners have finally decided that mortgage rates will not significantly fall any time soon, so they might as well put their property on the market now. However, while the state, like the rest of the country, is still experiencing an inventory shortage, buyers are staying on the sidelines because affordability remains strained, with mortgage rates hovering near the 7 percent mark, HOA fees rising, and high home insurance premiums continuing to increase. The result is that, across Florida, inventory increased by 13.8 percent year-over-year in April, with a total of 230,793 homes listed on the market, while sales decreased by 10.9 percent. As a result, prices are falling statewide: the median sale price of a home was $411,200 in April, down 2.9 percent from a year earlier, according to Redfin. "Interest rates and home insurance have played into inventory going up," Robinson told Newsweek. "But then you know, pre-2022, inventory was at a historic low. So it had nowhere to go but up." Sanibel's surge in inventory and drop in sales, however, are nearly three times as high as those reported statewide in Florida. Pfeifer said that this is in part the result of the pandemic-driven homebuying frenzy, rather than the impact of Ian. "As a licensed realtor for 24 years on Sanibel, I suggest we look at the context regarding home values," he said. "The COVID-19 pandemic created the greatest real estate market in the recent past with many customers working from home in their new property in Florida. This excessive demand compared to a normal limited supply increased prices as high as 35 percent over a two and a half-year period. These values were not sustainable," he added. "The prices started leveling off in 2022 due to a normal cycle, and then hurricane Ian happened. That shifted a sellers' market to a buyers' market, which obviously brought prices down," Pfeifer said. "If someone who purchased during the pandemic is choosing to sell now, in a down market, yes, they are losing money. But if we compare values to 2019, pre-pandemic, the values are actually up about 3 percent to 4 percent, annualized." While active inventory is definitely higher than normal, this, too, can be explained by the current housing market dynamics, Pfeifer said. "On average, approximately 215 homes and 160 condos sell on Sanibel each year. During our season in 2024, there were a proportionate number of sales compared to prior years. However, in June through December 2024, the market slowed significantly and we had fewer sales compared to prior years," he said. "Our current inventory comprises those homes that did not sell last year in addition to the homes that would have normally gone on the market this year," he added. "Additionally, based on our demographics, some owners have expedited their plans to move to a retirement facility or move back up north to be near family. And finally, yes, there are listings this year due to the concern of additional storms." What Happens Next Lai said that Sanibel has started seeing the number of tourists to the island pick up again, though the demographics have changed. While the typical visitor used to be in the 65+ age range, Sanibel is now seeing a surge in tourism among Americans aged 45 to 55. "That's something that had not changed in my lifetime before. I've spent 36 years here in Lee County and on Sanibel Island. And as long as I've been here, the 65+ age range has always been the dominant demographic that we've seen here on the island," Lai said. When it comes to attracting people to the island permanently, Sanibel is currently undergoing efforts to make it a more desirable and safe place to live, introducing land development changes that allow for more resilient, elevated buildings and roads. This, in turn, has the potential to lower home insurance premiums—an appealing prospect for homeowners struggling with rising rates. It is unclear how a new bill that would prevent local governments from introducing tougher building codes after a hurricane for the next two years would impact Sanibel. SB 180, which was passed by both the Florida House and the Senate, is currently awaiting a signature from Governor Ron DeSantis. Local real estate agents are optimistic. "The future of Sanibel is extremely bright due to the construction of new homes, new businesses, new restaurants, new condos, and new hotels. Each of these new structures will be built more resilient than before," Pfeifer said. "I personally believe we will feel this change beginning in 2026 and culminating in 2027. Immediately after hurricane Ian, many people told me it would take five years to get back to normal. At that time, I was in denial. However, I think those people were correct," he said. "Hurricane Ian was a major natural disaster. It does take time to heal when you factor in insurance, construction labor and materials, and living on a barrier island. These disasters happen everywhere across the country. Sanibel is a very special place, and people want to live, vacation or move here." The issue with the island's housing market is not strictly a Sanibel issue, Lai said. "It's absolutely a Florida issue," he said. "I think it's somewhat nationwide, but it's a little bit exacerbated in Florida because of the insurance challenges that the coastal communities find themselves in right now." If the state manages to go through this year's hurricane season with little to minimal impact, the island will "absolutely" see its housing market rebound, Lai said.
Yahoo
14-02-2025
- Business
- Yahoo
PetVivo Reports Fiscal Q3 2025 Results
MINNEAPOLIS, MN, US, Feb. 14, 2025 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (OTCQB: PETV; OTCPINK: PETVW), a leading biomedical company delivering innovative therapeutics and medical devices for equines and companion animals, reported results for its fiscal third quarter ended December 31, 2024. All comparisons are to the same year-ago period unless otherwise noted. The company will hold a conference call today at 3:00 p.m. Eastern time to discuss the results for the period (see dial-in information below). Fiscal Q3 2025 Financial Highlights Revenues totaled $583,000, up 191% sequentially and declined 2% from the same year ago period, reflecting the company's continued efforts from targeting primarily the equine market to include at a greater scale the much larger companion animal market. These efforts have involved a realignment and expansion of the company's sales force, with this producing an increased portion of sales related to companion animals in the past few quarters. Nationwide distributor network sales totaled $545,000, up 222% sequentially and relatively consistent from the same year ago period. Gross profit declined 2% to $522,000, with gross margin maintained at a highly favorable 89.5%. Operating loss totaled $1.8 million, improving by $375,000. The large reduction was due to the company's strategic corporate restructuring and cost reduction program. Net loss totaled $1.76 million or $(0.09) per basic and diluted share, as compared to a net loss of $1.75 million or $(0.12) per basic and diluted share in the same year-ago quarter. Fiscal Q3 2025 Operational Highlights Continued to expand the distribution network of PetVivo's lead animal osteoarthritis medical device, Spryng® with OsteoCushion® Technology has been used by more than 800 veterinary clinics across all 50 states since its introduction to the veterinary market. Substantial accumulation of data for elbow osteoarthritis canine study with principal investigators from Orthobiologic Innovations, a leader in R&D for regenerative and sports medicine. Appointed Cindy Gill to the position of field veterinary business development manager for Oklahoma and Arkansas and the northern region of Texas. Hired two experienced sales representatives and a technical service veterinarian to support the company's territory managers. Exhibited at two major veterinary conferences: American College of Veterinary Surgeons Surgery Summit and American Association of Equine Practitioners convention. Management Commentary 'During the fiscal third quarter, we continued to expand our nationwide distribution network for our lead animal osteoarthritis medical device, Spryng with OsteoCushion™ Technology,' commented PetVivo CEO, John Lai. 'Since this revolutionary device's introduction to the market in the fall of 2021, it has now been used by more than 800 veterinary clinics across all 50 states. The nationwide expansion of our distribution network helped drive a 191% sequential quarterly increase in revenues to $583,000, with our nationwide distributor network sales contributing $545,000 of this total. Our fiscal third quarter is also typically the largest quarter of the year, with this mostly due to the exposure we receive at major veterinary conferences that occur during the period. While total revenues increased sequentially, they declined 2% from the same year ago period. This reflects our continued endeavors in focusing a greater effort towards the much larger companion animal market. Our team is now focused upon expanding both the equine and small animal markets going forward. The increased emphasis on the small animal market has involved a realignment and expansion of our sales force, with this resulting in an increased portion of sales related to companion animals in the third quarter. Meanwhile, we've been able to maintain our very favorable high gross margins of 89.5%. To further accelerate our growth, we have added a number of territory managers, as well as some highly experienced sales representatives and another senior technical services veterinarian to support our territory managers. These internal sales reps and technical services veterinarian are also supporting our direct sales and marketing to leading veterinary clinics. We have also enhanced our leadership talent with the appointment of Mike Eldred as a Director to assist in the Company's operations and commercialization; Mr. Eldred was appointed to the Board in September, 2024. In this appointment, Mr. Eldred has been asked to assume the tasks and responsibilities of a Commercial and Operations Advisor. Mr. Eldred built Dechra's North American subsidiary from the 'ground up' to become one of the fastest growing companies in the industry, with more than 250 employees and revenue in excess of $450 million. Mr. Eldred's experience and strong record of business achievement in pharmaceutical and animal health brings to our company a tremendously valuable resource for achieving our business goals. A key aspect of our strategy to drive greater adoption of Spryng is to expand the awareness of its effectiveness and benefits among key decision-makers, and do this at an increasingly greater scale. To support this effort, we participated in two major veterinary conferences last quarter, along with several smaller industry events. In October, we exhibited at the American Association of Equine Practitioners Convention Surgery Summit, where we demonstrated Spryng to leading veterinarian surgeons. Furthermore, in December we participated in the American College of Veterinary Surgeons Surgery Summit, where Spryng was on display to the equine veterinary community. Finally, in January, we presented Spryng to a large number of veterinarian practitioners at the Veterinary Meeting & Expo Conference or VMX. VMX is the largest veterinary conference in the U.S. and hosts many of the industry's top professionals. These events were great opportunities to demonstrate the advantages of Spryng, and the beneficial results we have seen when administered to horses and companion animals, both anecdotally and in numerous clinical studies. During the third fiscal quarter, we continued the accumulation of data for our canine elbow study being conducted with Orthobiologic Innovations, a leader in R&D for regenerative and sports medicine. The study is being led by prominent veterinarians, Sherman and Debra Canapp and we expect it to be fully completed within the new few quarters. In addition to pursuing new clinical trials for Spryng, the experts at Orthobiologic Innovations are also supporting our product development and marketing. Studies like the canine elbow study, as well as our completed studies related to the management of stifle cranial cruciate ligament disease and hip osteoarthritis, play a crucial role in our distribution strategy, as large national and international distributors often require university or independently conducted research before adding a new product like ours to their catalog. With our already completed clinical studies, we believe we have sufficient data to secure large corporate clients who have extensive veterinary clinic networks nationwide. We estimate about 75% of veterinary clinics are owned by such major corporate groups, and we anticipate engaging several of them regarding the use of Spryng in the upcoming quarters. We also announced in the third quarter new distribution partnerships with Vedco and Clipper Distributing -- both leaders in logistical solutions and product supply to veterinarians. Vedco and Clipper distribute to many of the largest national veterinary product distribution entities in the U.S., including MWI, Covetrus, Patterson, Midwest Supply and Penn Supply -- just to name a few. With these distribution partnerships, we can help ensure that veterinarians across the country have easy access to Spryng. Altogether, with our expanding distributor network, the completion of additional clinical studies, and our more efficient operational structure, we believe we are more well-positioned than ever to accelerate our growth over the next year and beyond. The expansion of our distribution network also means we are in the strongest position to capitalize on the vast opportunities in U.S. animal health marketplace, which today totals more than $5.7 billion …and is projected to double to $11.3 billion by 2030. Another key milestone for the Company has been the signing of an exclusive licensing and supply agreement with VetStem, Inc. This partnership provides PetVivo the right to commercialize VetStem's proprietary allogeneic platelet rich plasma ('PRP') product for horses and dogs, PrecisePRP®. We are thrilled by the opportunity to work with this revolutionary product and VetStem's team of professionals. As we grow, we will remain committed to advancing pet health solutions and ensuring that our products reach more veterinary professionals and pet owners. We look forward to building on these advancements as we continue to strengthen our market presence and drive greater value for our stakeholders.' Fiscal 2025 Revenue Outlook For the company's full fiscal year 2025 ending March 31, 2025, it appears that its outlook for net revenue to total approximately $1.1 million. This would represent growth of approximately 10% over the prior year. Given this growth and the realignment in sales and marketing, combined with decreases in certain operating expenses, the company also expects an improved bottom line for the fiscal year. Fiscal Q3 2025 and Fiscal First Nine Months of 2025 Financial Summary Revenues in the fiscal third quarter of 2025 decreased 2% to $583,000, largely due to decreased direct sales to veterinary clinics as the company transitions to greater use of its expanding distribution network. Sales to distributors were relatively consistent in the quarter during this transitional period, with the anticipated longer-term benefit of more rapid sales growth and market expansion. Gross profit totaled $522,000 or 89.5% of revenues, compared to $533,000 or 89.5% of revenues in the same year-ago period. Revenues in the fiscal first nine months of 2025 declined 1% to $908,000 compared to $920,440 in the same year-ago period. Gross profit totaled $812,000 or 89.5% of revenues in the first nine months of 2025, compared to $824,000 or 89.5% of revenue in the same year-ago period. Operating expenses for the nine months ending December 31, 2024, decreased by $2 million (23%) from the same nine months period ending on December 31, 2023. The expense reduction was due to a strategic company-wide cost reduction and restructuring program that has decreased general and administrative expenses by $1 million, and a reduction of sales and marketing expenses by $1.2 million versus the same nine months a year-ago. The decreases were partially offset by an increase in R&D of $220,000 due to the performance of clinical trials to support the underlying science behind our Spryng product. For the nine months ending, our net loss totaled $6 million or $(0.30) per basic and diluted share, which was $2.3 million less net loss of $8.3 million or $(0.64) per basic and diluted share in the same nine-month period a year-ago. Net loss for the third quarter totaled $1.76 million or $(0.09) per basic and diluted share compared to a net loss of $1.75 million or $(0.12) per basic and diluted share in the same year-ago quarter. Cash and cash equivalents totaled totaled $29,000 at December 31, 2024. To improve our cash position, from the end of the quarter we completed a capital raise with net proceeds of approximately $1.1 million. We expect these funds to keep the company on track to execute our growth strategies over the next few months. As a result of this recent raise, our cash and cash equivalents currently total approximately $418,000. Our net cash used in operating activities for the nine months ending December 31, 2024, decreased 31% or $1.8 million compared to the same nine-months period ending December 31, 2023, demonstrating how we have become more efficient and cost-wise with our cash spending and company-wide cost cutting program. For a more detailed overview of the company's financials, see PetVivo Holdings' consolidated statements of operations and consolidated balance sheet, below. Conference CallPetVivo will host a conference call today to discuss these results, which will include a question-and-answer period. Date: Friday, February 14, 2025Time: 2:00 p.m. CST (3:00 pm EST)Dial-in: +1 253 215 8782Meeting ID: 84361016783Passcode: 632113Webcast (live and replay): here A replay of the webcast will be available through the same link following the conference call. The conference call webcast is also available via a link in the Investors section of the company's website at About PetVivo HoldingsPetVivo Holdings, Inc. (OTCQB: PETV; OTCPINK: PETVW) is a biomedical device company focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals. The company is pursuing a strategy of developing and commercializing human therapies for the treatment of companion animals in capital and time efficient ways. A key component of this strategy is an accelerated timeline to revenues for veterinary medical devices that can enter the market much earlier than more stringently regulated human pharmaceuticals and biologics. PetVivo has developed a robust pipeline of products for the medical treatment of animals and people, with a portfolio of 21 patents that protect the company's biomaterials, products, production processes and methods of use. The company's commercially launched flagship product, Spryng® with OsteoCushion® Technology, is a veterinarian-administered, intra-articular injectable designed for the management of lameness and other joint related afflictions, including osteoarthritis, in cats, dogs and horses. For more information about PetVivo and its revolutionary Spryng with OsteoCushion Technology, email info1@ or visit or Disclosure InformationPetVivo uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the company's Investor Relations website, in addition to following the company's press releases, SEC filings, public conference calls, presentations and webcasts. Forward-Looking commercial StatementsThe foregoing information regarding PetVivo Holdings, Inc. (the 'Company') may contain 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company's proposed development and commercial timelines, and can be identified by the use of words such as 'may,' 'will,' 'expect,' 'project,' 'estimate,' 'anticipate,' 'plan,' 'believe,' 'potential,' 'should,' 'continue' or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company's business are described in detail in the Company's Annual Report on Form 10-K for the year ended March 31, 2024, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Company ContactJohn Lai, CEOPetVivo Holdings, ContactTel (952) 405-6216 PETVIVO HOLDINGS, BALANCE SHEETS(UNAUDITED) December 31, 2024 March 31, 2024 (Unaudited) Assets: Current Assets Cash and cash equivalents $ 28,891 $ 87,403 Accounts receivable 493,121 18,669 Inventory, net 353,307 390,076 Prepaid expenses and other assets 351,510 545,512 Total Current Assets 1,226,829 1,041,660 Property and Equipment, net 770,267 821,656 Other Assets: Operating lease right-of-use 1,055,150 1,194,348 Trademark and patents, net 25,104 30,099 Security deposit 34,990 27,490 Total Other Assets 1,115,244 1,251,937 Total Assets $ 3,112,340 $ 3,115,253 Liabilities and Stockholders' Equity: Current Liabilities Accounts payable $ 1,028,679 $ 821,230 Accrued expenses and other payables 410,056 243,030 Operating lease liability – short term 191,766 190,589 Note payable and accrued interest 1,305,813 157,521 Total Current Liabilities 2,936,314 1,412,370 Other Liabilities Operating lease liability (net of current portion) 863,384 1,003,759 Note payable and accrued interest (net of current portion) 7,423 13,171 Total Other Liabilities 870,807 1,016,930 Total Liabilities 3,807,121 2,429,300 Commitments and Contingencies Stockholders' Equity: Series A Preferred Stock, par value $0.001, 20,000,000 shares authorized, 3,045,000 and zero issued and outstanding at December 31, 2024 and March 31, 2024, respectively 3,045 - Common Stock, par value $0.001, 250,000,000 shares authorized, 21,251,784 and 17,058,620 issued and outstanding at December 31, 2024 and March 31, 2024, respectively 21,252 17,059 Additional Paid-In Capital 88,059,840 83,468,218 Accumulated Deficit (88,778,918 ) (82,799,324 ) Total Stockholders' Equity (694,781 ) 685,953 Total Liabilities and Stockholders' Equity $ 3,112,340 $ 3,115,253 PETVIVO HOLDINGS, STATEMENTS OF OPERATIONS(UNAUDITED) Three Months Ended December 31, Nine Months Ended December 31, 2024 2023 2024 2023 Revenues $ 583,313 $ 595,891 $ 907,783 $ 920,440 Cost of Sales 61,497 62,569 95,653 96,646 Gross Profit 521,816 533,322 812,130 823,794 Operating Expenses: Sales and Marketing 723,461 1,032,575 1,878,180 3,053,184 Research and Development 371,953 351,584 1,224,642 1,004,780 General and Administrative 1,184,807 1,282,787 3,685,186 4,737,374 Total Operating Expenses 2,280,221 2,666,946 6,788,008 8,795,338 Operating Loss (1,758,405 ) (2,133,624 ) (5,975,878 ) (7,971,544 ) Other (Expense) Income Loss on Extinguishment of Debt - - - (534,366 ) Settlement Expense - - - (180,000 ) Extinguishment of payables - 385,874 - 385,874 Other Income (Expense) 25,745 - 25,745 - Interest (Expense) Income (24,378 ) (2,098 ) (29,461 ) (4,542 ) Total Other (Expense) Income 1,367 383,776 (3,716 ) (333,034 ) Loss before taxes (1,757,038 ) (1,749,848 ) (5,979,594 ) (8,304,578 ) Income Tax Provision - - - - Net Loss $ (1,757,038 ) (1,749,848 ) (5,979,594 ) (8,304,578 ) Net Loss Per Share: Basic and Diluted $ (0.09 ) (0.12 ) (0.30 ) (0.64 ) Weighted Average Common Shares Outstanding: Basic and Diluted 20,632,921 14,271,530 19,786,608 12,976,851 Sign in to access your portfolio
