Revenue Growth and Record Quarter
Revenues reached $303,000, marking a 51% increase over the first quarter of the previous year and an 85% increase for the first half compared to the previous year. This was the highest revenue-generating fiscal second quarter on record.
Expansion into International Markets
PetVivo expanded its market reach into Europe and Mexico, with significant growth potential in both regions. The UK market is growing at a 7.8% CAGR, and the Mexican market is projected to grow at an 8.6% CAGR.
Introduction of New Products
The commercialization of PRECISE PRP for dogs and horses increased revenue, with a promising outlook for its equine market reintroduction. PRECISE PRP accounted for 42% of revenue in the last quarter.
Strategic Partnerships and Alliances
PetVivo formed strategic alliances with Commonwealth Markets and Digital Landia, enhancing product promotion and integrating AI technology for veterinary diagnostics.
Debt Reduction and Financial Improvements
Total liabilities reduced by 79% to $1.1 million from $5.1 million, primarily due to the extinguishment of derivative liabilities and conversion of convertible notes to common stock.
Trading on OTCQX Best Market
PetVivo qualified to trade on the OTCQX Best Market, enhancing visibility, liquidity, and accessibility for investors.