Q1 2025 PetVivo Holdings Inc Earnings Call

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Good afternoon, everyone.

John Dolan: Good afternoon, everyone. Thank you for joining us today to discuss PetVivo's results for its fiscal first quarter and to June 30, 2024, hosting the call today are the chief executive officer of PetVivo, John Lai, the company's chief financial officer, Garry Lowenthal, and myself, John Dolan, and chief is development officer and general counsel. Following the marks of the host, we'll open the call to your questions. The operator will explain how to participate in the Q&A following the presentation by the host.

Thank you for joining us today to discuss package was resolved for its fiscal first quarter ended June 32024.

Hosting the call today are chief Executive Officer of Pet Eagle, John by the company's Chief Financial Officer, Gary Lowland GUL and myself, John Dolan, Chief business Development Officer, and General Counsel.

Speaker Change: Following the remarks of the hoist will open the call to your questions. The operator will explain how to participate in the Q&A following the presentation by the horse.

John Dolan: Before we conclude today's call, I'll provide some important cautions regarding the forward looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded and it will be made available for telecom replay per the instruction in today's press release, which is available in the investor relations section of the company's website. Before we venture into the details of the first quarter of 2025, let me provide you an introductory overview related to the company and a few highlights.

Speaker Change: Before we conclude today's call I'll provide some important cautions regarding the forward looking statements made by management during the call.

Speaker Change: I'd like to remind everyone that today's call is being recorded and it will be made available for telecom replay for the instructions in today's press release, which is available in the Investor Relations section of the company's website.

John Dolan: In our fiscal first quarter of 2025, we achieved strong financial and operational progress as we continue to advance the rollout of our flagship product Spring with Osseocushion technology, which promotes the restoration of proper joint mechanics. This injectable intraarticular veterinary device is composed of patented biocompatible microparticles derived from natural sources. The novel technology results from years of R&D and clinical studies.

Speaker Change: Before we venture into the details of the first quarter 2025, let me provide you an introductory overview related to the company at a few highlights.

Speaker Change: In our fiscal first quarter of 2025, we achieved strong financial and operational progress as we continue to advance the rollout of our flagship products spring with axial cushy technology, which promotes the restoration of proper joint mechanics.

Speaker Change: <unk> injectable intra articulate veterinary device is can Polish a patented biocompatible micro particles derived from natural sources. The novel technology results from years of R&D and clinical studies.

John Dolan: Spring's unique, lubricious, and viscoelastic characteristics address a prevalent unmet medical need to reduce joint pain and discomfort caused by osteoarthritis and poor joint biomechanics that affect millions of pets and horses. This includes more than 80% of all dogs and cats and more than half of all horses at some time during their lifetime. These porous, spongy microparticles are specifically designed to absorb and release synovial fluid in the joint in response to mechanical forces, thereby mimicking the properties of natural cartilage.

Speaker Change: Strange unique lubricious in viscoelastic characteristics address a prevalent unmet medical need to reduce the joint pain and discomfort caused by osteoarthritis and we're joined bio mechanics that affect millions of pets and horses.

Speaker Change: This includes more than 80% of all dogs, and cats and more than half of all horses at some time during their lifetime.

Speaker Change: The chorus punchy micro particles are specifically designed to absorb and releasing deauville fluid in the joint in response and mechanical forces, thereby mimicking the property's natural cartilage. Most importantly spring has been clinically shown to go beyond the simple masking symptoms to address the root cause of Glamis, which is usually miss.

John Dolan: Most importantly, Spring has been clinically shown to go beyond the simple masking of symptoms to address the root cause of the lameness, which is usually missing or damaged cartilage. As the word continues to spread among veterinary practices about these breakthrough medical benefits for horses and companion animals, we are seeing increased demand from our distribution network. In fact, our revenue growth for this past quarter was driven largely by distributor sales, which more than doubled over the past year, and they continue to climb. Meanwhile, we've been able to maintain our highly favorable gross margins of 89.5%.

Speaker Change: See were damaged cartilage.

Speaker Change: As the word continues to spread among veterinary practices and from our presentations at leading veterinary conferences about these breakthrough medical benefits for horses in companion animals, we are seeing increased demand from our distribution network.

Speaker Change: In fact, our revenue growth for this past quarter, which driven largely by distributor sales, which more than doubled over the past year and a continued climb.

Speaker Change: Meanwhile, we've been able to maintain our highly favorable gross margins of 89, 5%.

John Dolan: During this past quarter, our distribution of spring surpassed more than 800 veterinary clinics across 50 states. This has led to now more than 10,000 dogs, cats and horses that have experienced the benefits of spring nationwide. With this growing adoption of spring, veterinarians now have a valuable new revenue stream that creates better outcomes for their patients and at a lower cost for pet owners as compared to traditional methods of treatment. Now, after accumulating a strong body of independent research that reveals benefits of spring for commanding animals, we have established the ideal position for accelerating the market adoption of spring.

Speaker Change: During this past quarter, our distributions spring surpassed more than 800 veterinary clinics across 50 states.

Speaker Change: This has led to now more than 10000 dogs cats and horses that have experienced the benefits of screen nationwide.

Speaker Change: With its growing adoption of spring veterinarians now have a valuable new revenue stream that creates better outcomes for their patients and at a lower cost for pet owners as compared to traditional methods of treatment.

Now after accumulating strong body of independent research that reveals benefits as spring for companion animals, we have established the ideal position for accelerating the market adoption of spring.

John Dolan: We recently restructured and realigned our sales and marketing teams and strengthened our efforts with the appointment of two key senior sales and marketing professionals with extraordinary records of achievement and executive roles at Fortune 500 companies. This includes appointing formal Hills Pet Nutrition and Novus International Senior Sales and Marketing Executive Brian Moniger to the position of VP of Sales in June, and then appointing former Procter & Gamble and Clorox Sales and Marketing Executive April Boyce as VP of Marketing also in June.

Speaker Change: We have recently restructured and realigned our sales and marketing teams and strengthened our efforts with the appointment of two key senior sales and marketing professionals with extraordinary records of achievement executive roles at Fortune 500 companies.

Speaker Change: This includes appointing formal Hill's pet nutrition, and Novus internationals senior sales and marketing said, either Bryan moniker to the position of VP of sales in June.

Unknown Executive: Good afternoon, everyone.

John Dolan: Thank you for joining us today to discuss PetVivo's results for its fiscal first quarter and the June 30th, 2024, hosting the call today are the Chief Executive Officer of PetVivo, John Lai, the company's Chief Financial Officer, Garry Lowenthal, and myself, John Dolan, and Chief as a Development Officer and General Counsel. Following the marks of the host, we'll open the call to your questions. The operator will explain how to participate in the Q&A following the presentation by the host.

Speaker Change: And then appointed former Procter and Gamble and Clorox sales and marketing Executive April Boyce as VP of marketing also in June.

John Dolan: As sales continue to ramp, we plan to add additional sales and marketing personnel to support our growing distribution relationships and market leaders that currently include MWI and Prevetris. We also plan to hire additional personnel to support direct sales and marketing to leading veterinary clinics nationwide. Now, before we get into some exciting recent developments and our outlook for the rest of the year, including comments from our Chief Executive Officer, John Lai, I would like to turn the call over to our CFO, Garry Lowenthal, who will take us briefly through the financial details for the quarter. Garry.

Speaker Change: As sales continue to ramp we plan to add additional sales and marketing personnel to support our growing distribution relationships and market leaders. They currently include M. Wi <unk>.

Speaker Change: We also plan to hire additional personnel to support direct sales and marketing to leading veterinary clinics nationwide.

John Dolan: Before we conclude today's call, I'll provide some important cautions regarding the forward looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded, and it will be made available for telecom replay for the instruction in today's press release, which is available in the Investor Relations section of the company's website.

Gary Lowenthal: Now before we get into some exciting recent developments and our outlook for the rest of the year, including comments from our Chief Executive Officer, John My I would like to turn the call over to our CFO, Gary Lowenthal, who will take us briefly through the financial details for the quarter Gary.

Garry Lowenthal: Thanks, John. And good afternoon, everyone. Thank you for joining us today. Our revenues in the fiscal first quarter of 2025 increased 6% to $124,000, largely due to distribution channel expansion and broader adoption of our spring product. This included sales to our distributors, increasing 102% year-over-year to $68,000. Sales to veterinary clinics totaled $55,000, which declined 33% compared to the year-ago period due to veterinary clinics buying direct from our distributors. Furthermore, the marketing transition from solely equine horses fails to include companion animals such as dogs and cats, which represents a far greater market opportunity.

Gary Lowenthal: Thanks, Brad and good afternoon, everyone and thank you for joining us today.

John Dolan: Before we venture into the details of the first quarter 2025, let me provide you an introductory overview related to the company and a few highlights. In our fiscal first quarter of 2025, we achieved strong financial and operational progress as we continue to advance the rollout of our flagship products spring with osteo-cushion technology, which promotes the restoration of proper joint mechanics. This intractable interarticular veterinary device is composed of patented, biocompatible micro particles derived from natural sources, the novel technology results from years of R&D and clinical studies.

Gary Lowenthal: Revenues in the fiscal first quarter of 2025 increased 6% to $124000 largely due to distribution channel expansion and broader adoption of our spring product. This.

Speaker Change: This included sales, where distributors, increasing 102% year over year to $60000.

Speaker Change: Sales to veterinary clinics, puddles, it's $5000, which declined 33% compared to the year ago period.

The veterinary clinic buying direct from our distributors.

John Dolan: Furthermore, the market transition from solely equine birthday sales to include having animals, such as dogs, and cats, which represents a far greater market opportunity as John Dolan mentioned this transition has been enabled by the numerous positive clinical studies published over the last few years with a number of new.

John Dolan: Spring's unique, lubricious, and visceral elastic characteristics address a prevalent unmet medical need to reduce the joint pain and discomfort caused by osteoarthritis and poor joint biomechanics that affect millions of pets and horses. This includes more than 80% of all dogs and cats and more than half of all horses at some time during their lifetime. These porous spongy micro particles are specifically designed to absorb and release an ovule fluid in the joint in response to mechanical forces thereby mimicking the properties of natural cartilage.

Garry Lowenthal: As John Dolan mentioned, this transition has been enabled by the numerous positive clinical studies published over the last two years with a number of new studies underway. Gross profit totaled $111,089.5% of revenues as compared to $105,000 or 89.5% of revenues in the first quarter of 2024. Our operating expenses decreased 28% to $2.2 million compared to the first quarter of 2024. This large expense reduction was due to a strategic company-wide cost reduction in a corporate restructuring program that decreased general administrative expenses by $530,000 and decreased sales and marketing expenses by $407,000 versus the same year-ago quarter.

John Dolan: Studies underway.

Speaker Change: Gross profit totaled $111000 in nine 5% of revenues.

Speaker Change: As compared to 105000 or 89, 5% of revenues in the first quarter of 2024.

Speaker Change: Our operating expenses decreased 28% to $2 2 million compared to the first quarter 2024.

John Dolan: Most importantly, spring has been clinically shown to go beyond the simple masking of symptoms to address the root cause of the lamus, which is usually missing or damaged cartilage. As the word continues to spread among veterinary practices and from our presentations at leading veterinary conferences about these breakthrough medical benefits for horses and companion animals, we are seeing increased demand from our distribution network. In fact, our revenue growth for this past quarter was driven largely by distributors sales which more than doubled over the past year and they continue to climb.

Speaker Change: This large expense reduction was due to a strategic company wide cost reduction and corporate restructuring program.

Speaker Change: Decreased general and administrative expenses by $530000 and decreased sales and marketing expenses by $47000 versus the same year ago quarter.

Garry Lowenthal: These decreases were partially offset by a nominal increase in research and development of $94,000, mostly clinical studies. Net loss improved to $2,000,000 or $0.11 loss of share per basic and diluted share from a net loss of $2,900,000 or $0.25 per basic and diluted share in the same year-over-quarter. I'll turn it to the balance sheet and cash flow statement. Cash and cash equivalents $12,000 to $30,000. However, subsequent to the end of the quarter, we raised net proceeds of $1.2 million, which $2 million, which keeps us in a good position to execute a growth plan over the next several months. Net Cash Use and Operating Activities decreased 29% or $633,000 compared to fiscal first quarter 2024.

Speaker Change: These decreases were partially offset by a nominal increase of research and development of $94000, mostly clinical studies net.

Speaker Change: Net loss improved to $2 million or 11% loss of share for basic and diluted share.

John Dolan: Meanwhile, we've been able to maintain our highly favorable gross margins of 89.5%. During this past quarter, our distribution of springs surpassed more than 800 veterinary clinics across 50 states. This has led to now more than 10,000 dogs, cats, and horses that have experienced the benefits of spring nationwide. With this growing adoption of spring, veterinarians now have a valuable new revenue stream that creates better outcomes for the patients and have a lower cost for pet owners as compared to traditional methods of treatment. Now after accumulating a strong body of independent research that reveals benefits of spring for commanding animals, we have established the ideal position for accelerating the market adoption of spring.

Speaker Change: From a net loss of $2 9 million or 25 cents per basic and diluted share the same year ago quarter.

Speaker Change: Now turning to the balance sheet and cash flow statements.

Speaker Change: Cash and cash equivalents totaled 12000 at June 30th However.

Speaker Change: That went to the end of the quarter, we raised net proceeds of $1 2 million, which $2 million, which keeps us in a good position to execute our growth plan over the next several months.

Speaker Change: Net cash used in operating activities decreased 29% or $633000 compared to fiscal first quarter 2024.

John Dolan: Now, this completes our financial summary for the quarter. I'd like to now turn the call back over to our Chief Business Development Officer, John Dolan. Thank you, Garry.

Speaker Change: Now this completes our financial summary for the quarter.

Speaker Change: I'd like to now turn the call back over to our Chief business Development Officer, John Dolan.

John Dolan: We recently restructuring and re-aligned our sales and marketing teams and strengthened our efforts with the appointment of two key senior sales and marketing professionals with extraordinary records of achievement and executive roles at Fortune 500 companies.

Speaker Change: Thank you Gary.

John Dolan: As a key part of our strategy to accelerate the adoption of spring and expand our market reach, we attended two major veterinary conferences this past quarter. In April, we exhibited spring at the American College of Veterinary Sports Medicine and Rehabilitation Symposium in Naples, Florida. The symposium provided the perfect venue to present the research-backed benefits of spring for the management of osteoarthritis to an audience of leading sports medicine rehabilitation experts in the veterinary space.

John Dolan: As a key part of our strategy to accelerate the adoption of spring and expand our market reach we attended two major veterinary conferences in this past quarter.

John Dolan: In April we exhibited spring at the American College of Veterinary Sports Medicine, and rehabilitation Symposium in Naples, Florida.

John Dolan: This includes appointing formal heels, pet nutrition, and novice international senior sales and marketing set, you know, Brian Moniger, to the position of VP of sales in June, and then appointing former proctering dambell and Chloric sales and marketing executive April Voice as VP of marketing also in June. As sales continued ramp, we planned to add additional sales and marketing personnel to support our growing distribution of relationships and market leaders that currently include M.W.I, and Preventress. We also planned to hire additional personnel to support direct sales and marketing to leading veterinary clinics nationwide.

John Dolan: The symposium provided the perfect venue to present, the research back benefits as spring for the management of osteoarthritis to an audience of leading sports medicine rehabilitation experts in the veterinary space disc.

John Dolan: This group of veterinarians are primary users of Spring, therefore being a key target market for PetVivo. We also presented SPRING to leading veterinary pain management experts at the International Veterinary Academy of Pain Management Forum. Our veterinary medical advisor, Dr. Marie Bartling, spoke on the topic of how we should elevate our strategy for managing osteoarthritis in pets, which was very well received. This coming fall and early winter provide us with the opportunity to exhibit at a number of prominent trade shows in the industry, including the American College of Veterinary Surgeons Summit in October in Phoenix, Arizona, and the American Association of Equine Practitioners Convention in December in Orlando, Florida.

Speaker Change: This group of veterinarians are primary users of spring, therefore, I been a key target market for pet vivo.

Speaker Change: We also presented screened to leading veterinary pain management experts at the international Veterinary Academy of pain management for it.

Speaker Change: Our veterinary medical adviser Dr. Murray Bartling spoke on the topic, how do we elevate our strategy for managing osteoarthritis and pets, which was very well received.

Garry Lowenthal: Now, before we get into some exciting recent developments and our outlook for the rest of the year, including comments from our chief executive officer, John Lai, I would like to turn the call over to our CFO, Garry Lowenthal, who will take us briefly through the financial details for the quarter. Garry, and thanks, John, and good afternoon everyone. Thank you for joining us today. Our revenues in the fiscal first quarter of 2025 increased 6% to $124,000, largely due to distribution channel expansion and broader adoption of our spring product.

Speaker Change: This coming fall and early winter provides us the opportunity to exhibit at a number of prominent trade shows and industry, including the American College of veterinary surgeons sell.

Speaker Change: In October in Phoenix, Arizona, and American Association of Equine practitioners Convention in December in Orlando, Florida, Our sales and marketing teams have a number of other shows scheduled during the fall winter, which we anticipate will enhance veterinarian awareness and educate the veterinary field about the benefits of spring.

John Dolan: Our sales and marketing teams have a number of other shows scheduled during the fall and winter, which we anticipate will enhance veterinarian awareness and educate the veterinary field about the benefits of spring. Also, to drive the Greater Adoption of Spring, we are working with a number of prominent organizations to complete existing studies and to prepare protocols for a few more clinical studies that are planned for enrollment in the third and fourth quarters of this year.

Garry Lowenthal: This included sales to our distributors, increasing 102% year-over-year to $68,000. Sales to veterinary clinics totaled $55,000, which declined 33%, compared to the year-goal period due to veterinary clinics buying drip from our distributors. Furthermore, the marketing transition from solely equine, courses, sales to include planning animals such as dogs and cats, which represents a far greater market opportunity. As John Dolen mentioned, this transition has been enabled by the numerous positive clinical studies published over the last two years with a number of new studies underway.

Speaker Change: Also to drive the greater adoption of screening we are working with a number of prominent organizations to complete existing studies and to prepare protocols for a few more clinical studies that are planned for enrollment in the third and fourth quarter of this year.

John Dolan: As mentioned, there are a few studies currently in progress. One is being conducted at Colorado State University, where researchers are evaluating the effectiveness of intraarticular spring injections for managing pain associated with naturally occurring elbow osteoarthritis in dogs. The accumulation of data is complete, and the scientists and statisticians are currently assessing the numbers and preparing the data and results for publication. We hope to see a presentation of the study sometime in Q1 or Q2 of 2025. The second is a double-blinded placebo-controlled field study supported by Ethos that involves approximately 40 dogs. It is assessing the efficacy of intraarticular spring injections for managing unilateral or bilateral coxifemoral joint osteoarthritis.

Speaker Change: As mentioned there are a few studies currently in progress one is being conducted at Colorado State University, where research there are evaluating the effectiveness of ancient articulate spring injections for managing pain associated with naturally occurring elbow osteoarthritis in dogs.

Speaker Change: The accumulation of data is complete.

Speaker Change: And the scientists Institute statisticians are currently assessing the numbers and preparing the data and results for publication, we hope to see a presentation of the study sometime in Q1 or Q2 of 2025.

Garry Lowenthal: Girls' profit totaled $111,000 for 89.5% of revenues, as compared to $105,000 or 89.5% of revenues in the first quarter of 2024. Our operating expenses decreased 28% to 2.2 million compared to the first quarter of 2024. This large expense reduction was due to a strategic company-wide cost reduction in corporate restructuring program that decreased general administrative expenses by $530,000 and decreased sales emerging expenses by $400,000, $7,000, first of the same year-goal quarter. These decreases were partial offset by a nominal increase in research and development of $94,000, mostly clinical studies.

Speaker Change: The second is a double blinded placebo controlled field study supported by ethos that involves approximately 40 dogs.

Speaker Change: It is assessing the efficacy of interim particular spring injections for managing unilateral for bilateral Coxofemoral joint osteoarthritis. This study is expected to conclude by Q3 or Q4 of next year.

John Lai: The study is expected to conclude by Q3 or Q4 of next year. Finally, the PetVivo R&D team is currently working through the protocol details of the first of a series of studies with Sherman and Deborah Knapp of Orthobiological Innovation, LLC. We will provide further details of progress in upcoming earnings calls. All of these studies will add to the body of published clinical research that now totals more than five studies to date.

Speaker Change: Finally, the pet Veeva R&D team is currently working through the protocol details of the first of a series of studies with Sherman endeavor Canal of Ortho Biologics innovation LLC.

We will provide further details of the progress and upcoming in upcoming earnings calls.

Garry Lowenthal: Net loss improved to $2 million or $11% loss of share per basic and devoted share. From in that loss at $2.9 million or $25 per basic and devoted share in the same year-goal quarter. Now, turning to the balance sheet and cash flow statement, cash and cash equivalent 12,000 to 230. However, subsequent to the end of the quarter, we raised net proceeds of $1.2 million, which $2 million, which keeps us in a good position to execute a growth plan over the next several months. Net cash use and operating activities decrease 29% or $633,000, compared to fiscal first quarter, 2024.

Speaker Change: All of these studies will add to the body of published clinical research. They now totals more than five studies to date.

John Lai: These studies are critical to our distribution strategy as the large national and international distributors typically require a university or independently conducted studies before considering a new product for inclusion in their catalog. Such studies also support our go-to-market strategy by tracking endorsements from key opinion leaders and increasing our chances of being invited to present at animal health conferences and trade shows. Now with that, I'd like to turn the call over to John Lai.

These studies are critical to our distribution strategy as the large national and international distributors typically require university or independently conducted studies before considering a new product for inclusion in their catalogs such.

Speaker Change: Such studies also support our go to market strategy by tracking endorsements from key opinion leaders and increasing our chances of being invited to present at animal health conferences and trade shows.

John Lai: Thank you, John. I'd like to talk more about the strategy for further expanding the market's adoption of spring. You know, the industry basically says that osteoarthritis affects 80% of dogs that are over age eight. There's currently about 80 million dogs in the United States, and 61% of cats over the age of six. There's about 55 million cats in the United States currently, and over 50% of the horses when they're over age 15. Currently about 7.2 million horses.

Speaker Change: Now with that I'd like to turn the call over to John Laing.

John Laing: Thank you John.

Garry Lowenthal: Now, this completes our financial hundred to the quarter.

John Laing: I'd like to talk more about the strategy for further expanding the market's adoption of spring.

John Dolan: I'd like to now turn the call back over to our chief business development officer, John Dolan. Thank you, Garry.

John Laing: The industry basically says at osteoarthritis affects 80% of dogs that are over a J. There is currently about 80 million dogs in the United States.

John Dolan: As a key part of our strategy to accelerate the adoption of spring and expand our market reach, we attended two major veterinary conferences in this past quarter. In April, we exhibited spring at the American College of Veterinary Sports Medicine and Rehabilitation Symposium in Naples, Florida. The symposium provided the perfect venue to present the research-backed benefits of spring for the management of osteoarthritis to an audience of leading sports medicine rehabilitation experts in the veterinary space.

Speaker Change: And 61% of cats over the age of six there's about 55 million CAD from the United States currently and over 50% of the horses. When they are over age 15 currently about $7 2 million horses. This is a very large population.

John Lai: This is a very large population, and there is a definite need in the marketplace for a better approach to treating osteoarthritis within animals. What makes our product unique is that we're focused on the symptom, which is, I mean, the actual issue of bone on bone contact, and we're in the way of cartilage. While many of the current products on the market are focused on the simple, the current market size is approximately $3.7 billion this year, and it's expected to grow to more than, well, it's expected to grow at 10% a year in anticipation of hitting probably $11 billion by 2030.

Speaker Change: There is a definite need in the marketplace.

John Dolan: This group of veterinarians are primary users of spring. Therefore, I've been a key target market for PetVivo. We also presented spring to leading veterinary pain management experts at the International Veterinary Academy of Pain Management Forum. Our veterinary medical advisor, Dr. Marie Bartling, spoke on the topic, how do we elevate our strategy for managing osteoarthritis in pets, which was very well received.

Speaker Change: Or a better.

Speaker Change: Approach to treating osteoarthritis within the animals, what makes our product unique is that we're focused on the symptom which is I mean.

Speaker Change: The actuals.

Speaker Change: Issue of bone on bone contact.

Speaker Change: And we're in a way of cartilage, while many of the current products on the market our focus on the symptoms.

Speaker Change: Okay.

John Dolan: This coming fall in early winter provides us the opportunity to exhibit at a number of prominent trade shows in industry, including the American College of Veterinary Surgeons, Summit in October in Phoenix, Arizona, and the American Association of Equine Practitioners Convention in December in Orlando, Florida. Our sales and marketing teams have a number of other shows scheduled during the fall of winter, which we anticipate will enhance veterinary awareness and educate the veterinary feel about the benefits of spring.

Speaker Change: So the current market size is approximately 3.7 billion new share.

Speaker Change: And it's expected to grow to more than what is expected to grow at 10% a year.

Anticipation of hitting probably 11 billion by 30 by 2030.

Speaker Change: What's really happening also from a macro standpoint is the warehouse is doing a great job of educating pet owners with Dave providing pedal nurse with many tools to identify osteoarthritis.

John Lai: What's really happening also from a macro standpoint is Zowatis is doing a great job of educating pet owners with its providing pet owners with many tools to identify osteoarthritis. And this has confirmed itself with recent reports and studies they show that last year it was anticipated that 20 million dogs had osteoarthritis, and the latest survey shows about 35 million dogs this year having osteoarthritis. And if you look at, and PetOwners

John Dolan: Also, to drive the greater adoption of spring, we are working with a number of prominent organizations to complete existing studies and to prepare protocols for a few more clinical studies that are planned for enrollment in the third and fourth quarter of this year. As mentioned, there are a few studies currently in progress. One is being conducted at Colorado State University, where research are evaluating the effectiveness of interarticular spring injections for managing pain associated with naturally occurring elbow osteoarthritis in dogs.

Speaker Change: Yes.

Speaker Change: Confirmed itself with recent reports and studies show that last share. It was anticipated that 20 million dogs had osteoarthritis in the latest survey show about $35 million this year, having osteoarthritis.

Speaker Change: And if you look at.

Speaker Change: Pet owners Mala.

John Lai: Millennials and Gen Z's own 55% of pets today. And they're the ones that are actually doing a great deal of, research online. They're looking at their pets as part of the family, and they're willing to spend whatever it takes to improve the quality of life for these dogs.

Speaker Change: Millennials and Gen Z, it's owned 55% of pets today and they're the ones that are actually doing a great deal of.

John Dolan: The accumulation of data is complete, and the scientists and statisticians are currently assessing the numbers and preparing the data and results for publication. We hope to see a presentation of the study sometime in Q1 or Q2 of 2025. The second is adult blinded placebo controlled field study supported by ethos that involves approximately 40 dogs. It is assessing the efficacy of interarticular spring injections for managing unilateral or bilateral cocks of femoral joint osteoarthritis. The study is expected to conclude by Q3 or Q4 of next year.

Speaker Change: Research online, they're looking at their pets as part of the family.

Speaker Change: And they're willing to spend whatever it takes to improve the quality of life to where these dogs. So we love all the macro drivers that are helping.

John Lai: So we love all the macro drivers that are helping the pet owners to educate and look at newer products and newer approaches and more natural approaches towards therapy. We recently announced, to appointments that we feel will greatly strengthen the team and align the team in sales and marketing. Brian Moringer, which is our new VP of Sales, and April Boyce, our VP of Marketing. They both joined PetVivo around June, and they've been working extremely well as a team to coordinate, the marketing and sales, to be working together as well as the rest of the company to be properly aligned to target the small animal market, the companion animal market, because we are making that shift from equine to hiring the people that can help us in the small animal space, each having 20 plus 20 years of experience with major Fortune 500 companies. So under this new leadership of Brian and April.

Speaker Change: The pet owners to educate and look at newer products and newer approaches and more natural approaches towards therapy.

Speaker Change: We recently announced.

Speaker Change: Two appointments that we feel will greatly strengthen the team and align the team in sales and marketing.

John Dolan: Finally, the PetVivo R&D team is currently working through the protocol details of the first of a series of studies with Sherman and Deborah Knapp of Orthobiologist Innovation LLC. We will provide further details of the progress in upcoming earnings calls. All of these studies will add to the body to publish clinical research that now totals more than five studies to date. These studies are critical to our distribution strategy as the large national and international distributors typically require the university or independently conducted studies before considering a new product for inclusion in their catalogs. Such studies also support our go-to-market strategy by tracking endorsements from key opinion leaders and increasing our chances of being invited to present at animal health conferences and trade shows.

Speaker Change: Brian morning, Georgia, which is our new VP of sales and April Boyce, our VP of marketing a both join pert vivo around June.

Speaker Change: And they have been working extremely well as a team to coordinate.

Speaker Change: The marketing and sales.

Speaker Change: To be working together as well as the rest of the company to be properly aligned to target the small animal market. The companion animal market, because we are making that shift from equine to hiring the people that can help us in the small animal space each.

Speaker Change: Having 20.

Speaker Change: Plus 20 years of experience with major Fortune 500 companies.

Speaker Change: Okay.

John Dolan: Now with that, I'd like to turn the call over to John Lai. Thank you, John.

Speaker Change: Yes.

Speaker Change: So under this new leadership of Brian in April.

John Lai: I'd like to talk more about the strategy for further expanding the market's adoption of spring. You know, the industry basically says that osteoarthritis affects 80 percent of dogs that are over AJ. There's currently about 80 million dogs in the United States and 61 percent of cats over the age of six. There's about 55 million cats in the United States currently and over 50 percent of the horses when they're over age 15.

Speaker Change: We got the alignment of marketing and sales and education TSV.

John Lai: We got the alignment of marketing and sales and education TSC. We plan to add 10 additional sales reps within the next 12 months in the small animal space. We're also increasing the educational side of it by providing to the veterinary doctors and vet techs continued CE educational credits. We're going to be expanding all that. We've had multiple events that have had great turnouts, and also been able to follow up with many of the veterinary doctors and vet techs.

Speaker Change:

Speaker Change: We plan to add 10 additional sales reps within the next 12 months in the small animal space.

Speaker Change: We're also increasing.

Speaker Change: The educational side of it by providing to the veterinary doctors and Beth <unk>. Our continued CE educational credits were going to be expanding all of that.

John Lai: Currently about 7.2 million horses. This is a very large population and there is a definite need in the marketplace for a better approach to treating osteoarthritis within the animals. What makes our product unique is that we're focused on the symptom which I mean on the actual issue of bone-on-bone contact and we're in a way of cartilage. Well, many of the current products on the market are focused on the symptoms. So the current market size is approximately 3.7 billion this year and it's expected to grow to more than where it's expected to grow at 10 percent a year and anticipation of hitting probably 11 billion by 30 by 2030.

Speaker Change: We've had multiple events setup had great turnouts and also been able to follow up with many of the veterinary adopters and vet tests.

John Lai: In June, we did a presentation at the Long Island Veterinary Medical Association, which Dr. Bartney, Dr. Tomas Influenzo, and Dr. Dexter Archer, who are out in the Long Island area, said that they had been using the product spring for at least a year, year and a half, and they talked about the effects of working.

Speaker Change: In June.

We did a presentation with the long Island Veterinary Medical Association, which the Doctor Barkley.

Speaker Change: Doctor Tomas influential and Doctor Dexter Archer, which are out in the long island area that have been using the products spring.

Speaker Change: For at least a year year and a half.

Speaker Change: <unk> talked about.

Speaker Change: The facts of working.

Speaker Change: Spring into their practice and how to provide much better outcomes.

John Lai: [inaudible] spring into their practice and how to provide much better outcomes, for the pets as well as the pet owners. So there was a pain management doctor, a surgeon, and a rehab doctor. And they walked through the process and connect how springs should be part of the rehab of osteoarthritis in surgery. In July, we had a, Very good, webinar that was presented by an organization that had over 55,000 members in the veterinary space in terms of veterinary doctors and vet tech.

Speaker Change: For the pets as well as the pet owners. So there was a pain management doctor a surgeon in a rehab doctor and they walked through the process and connect the dots how spring should be part of the the rehab of osteoarthritis and surgery.

John Lai: What's really happening also from a macro standpoint is Zowatis is doing a great job of educating pet owners with the providing pet owners with many tools to identify osteoarthritis and this confirmed itself with recent reports and studies. They showed that last year it was anticipated that 20 million dogs had osteoarthritis and the latest survey showed about 35 million dogs this year having osteoarthritis. And if you look at pet owners, millennials and Gen Z is only 55 percent of pets today and they're the ones that are actually doing a great deal of research online.

Speaker Change: In July we had a.

Speaker Change: Very good.

Speaker Change: Seating webinar that was presented by a organization to add over 55000 members in the veterinary space in terms of Pensionary doctors and VAT tax.

John Lai: And out of that seminar, we had very high participation and a very high rate that stayed an hour after the formal presentation was given to ask questions. We had over 90 questions asked. So that's a very, very good ratio.

Speaker Change: And out of that seminar.

Speaker Change: We had a very high.

Speaker Change: Participation and a very high.

Speaker Change: Great that stayed in our aster.

Speaker Change: The formal presentation was Kevin to ask questions. We had over 90 questions asked so that's a very very good ratio and the numbers were very very strong.

John Lai: And the numbers were very, very Also, we have been able to approach different channels of how to reach the consumer to learn about spring, as well as help with the veterinary clinics, their receptionists, their vet techs, providing them with proper literature to give to the pet owner to learn about how spring can help their dog or cat. And that's been very successful. So we have created multiple innovative channels that have worked well, like dog groomers, and the number of dogs that we have treated and horses, it's starting to really gel on its own to where they're sharing the stories of very good success.

John Lai: They're looking at their pets as part of the family and they're willing to spend whatever it takes to improve the quality of these dogs. So we love all the macro drivers that are helping the pet owners to educate and look at newer products and newer approaches and more natural approaches towards therapy.

Speaker Change: Also we have been able to approach.

Speaker Change: Different channels of how do yet.

Speaker Change: Yet the consumer to learn about spring.

Speaker Change: As well as helping with the veterinary clinics there the reception is the VAT tax.

John Lai: We recently announced two appointments that we feel will greatly strengthen the team and align the team in sales and marketing. Brian Morninger, which is our new VP of sales and April voice or VP of marketing. They both joined PetVivo around June and they have been working extremely well as a team to coordinate the marketing and sales to be working together as well as the rest of the company to be properly aligned to target the small animal market, the companion animal market.

Speaker Change: Providing them with proper literature to give to the pet owner to learn about how spring can help your dog or cat.

Speaker Change: And that's been very successful.

Speaker Change: So we have created multiple innovative channels that have worked well.

Speaker Change: Dog Groomers.

Speaker Change: And the number of dogs that we've treated adopt and horses, it's starting to really Zhao on its own to where they're sharing the stories of very good success.

John Lai: Because we are making that shift from equine to hiring the people that can help us in the small animal space. Each having 20 plus 20 years of experience with major Fortune 500 companies. So under this news leadership of Brian and April. We got the alignment of marketing and sales and education TSE.

Speaker Change: Okay.

Speaker Change: Thanks to our existing U S distributors.

John Lai: Thanks to our existing U.S. distributors, and recent key hires in marketing and sales, revenues are on the rise, and, to give an example of what's just happened in the last 30 days, we have picked up 110 new clinic users in Spring.

Speaker Change: Recent key hires in marketing and sales revenues around the rise and.

Speaker Change: To give an example of file what's just happened in the last 30 days.

Speaker Change: Okay.

John Lai: And that's because we're using a lot of new marketing channels, as well as sales approaches, as well as the education of our tech services vets to the vet clinics. So we feel there's gonna be very strong drivers to continue the growth. Earlier I talked about the current market's about 5 billion and we're looking at it to go to about 11 billion by 2030. Rochelle Walensky Jr. Major tailwinds also is insurance.

Speaker Change: We have picked up a 110, new clinic users of spring.

Speaker Change: And that's because we're using a lot of new marketing channels as well as sales approaches as well as the education of our tech services pets to the vet clinics.

John Lai: We plan to add 10 additional sales reps within the next 12 months in the small animal space. We're also increasing the educational side of it by providing to the veterinary doctors and vet techs. Continuous TSE educational credits, we're going to be expanding all that. We've had multiple events that have had great turnouts and also been able to follow up with many of the veterinary doctors and vet techs. In June, we did a presentation at the Long Island Veterinary Medical Association, which Dr. Bartney, Dr. Tomas Influenzo, and Dr. Dexter Archer, which are out in the Long Island area that had been using the product spring for at least a year, year and a half talked about the effects of working.

Speaker Change: So we feel theres going to be very strong drivers to continue the growth earlier I talked about the curb.

Occurred market's about $5 billion.

Speaker Change: We're looking at it to go to Bob the $11 billion by 2030.

Speaker Change:

Okay.

Speaker Change: Major tailwind also is insurance.

John Lai: Pet Insurance in general, and companies like Trupanion, and Lemonade are doing a great job of private labeling and providing pet owners new channels of access to pick up pet insurance. Our product is deemed as a veterinary medical device so it's covered under most insurance and, The insurance industry is basically the last five years been growing at about 25% a year. The estimates anywhere from five to 10% of pet owners currently have pet insurance.

Speaker Change: Pet insurance in general and companies like true Pannier <unk> and.

Speaker Change: And lemonade are doing a great job of private labeling and providing pet owners new channels of access to pick a pet insurance our product is deemed as a veterinary medical device.

Speaker Change: So it's covered under most insurance.

Speaker Change: Dan.

Speaker Change: The insurance industry is basically the last five years has been growing at about 25% a year.

John Lai: We've been springing into their practice and how to provide much better outcomes for the pets as well as the pet owners. So there was a pain management doctor, a surgeon and a rehab doctor, and they walked through the process and connect the dot health spring should be part of the rehab of osteoarthritis and surgery. In July, we had a very good webinar that was presented by a organization that had over 55,000 members in the veterinary space in terms of veterinary doctors and vet techs.

Speaker Change: The estimates anywhere from 5% to 10% of pet owners currently have pet insurance I believe that to be is going to be really grow much faster as companies like true Pan Ewen that partnered up with chewy. When you buy your pet insurance to truly you're really buying our private label insurance or if you're buying two state farm, it's really.

John Lai: I believe that to be real, it's going to really grow much faster. Companies like Chewpanion that have partnered up with Chewy, when you buy your pet insurance through Chewy, you're really buying a private-label insurance, or if you're buying through State Farm, it's really Chewpanion.

Speaker Change: <unk> insurance.

Speaker Change: Okay.

John Lai: And out of that seminar, we had a very high participation and a very high rate that stayed an hour after the formal presentation was given to ask questions. We had over 90 questions asked, so that's a very, very good ratio. And the numbers were very, very.., from. Also, we have been able to approach different channels of how to get the consumer to learn about spring, as well as helping with the veterinary clinics, the receptionists, the vet techs, providing them with proper literature to give to the pet owner to learn about how spring can help their dog or cat.

Speaker Change: Going forward, we will continue to drive different methods of increasing veterinary doctors.

John Lai: Going forward, we will continue to drive different methods of increasing veterinary doctors for the adoption of spring, presentations at trade shows, continue education programs, veterinary clinicians that are key opinion leaders speaking about our product. We continue and continue to see much more of the spring name showing up in multiple social media sites. We're having dogs that have instant grams, that got the spring injection, showing the owner showing how well the dog is doing. And it's just excited to share their experiences.

Speaker Change: For the adoption of spring.

Speaker Change: Presentations at Tradeshows continue education programs.

Speaker Change: Veterinary clinic Titians at our key opinion leaders speaking about our product.

Speaker Change: We continue.

Speaker Change: And continue to see much more of the spring named showing up in multiple social media sites, we're having dogs that have instant grams.

Speaker Change: The spring injection showing the owners showing how well the dog is doing is just excited to share their experiences. So so these are the passion drivers that we're very excited about and seeing these trends to really pick up an increase.

John Lai: So, so these are the passion drivers that we're very excited about and seeing these trends to really pick up an increase. So if we look at some of the positive outlooks and highlights in the financials, I mean, our gross profit margin is 89.5%. We reduce operating expenses by 28%.

Speaker Change: So if we look at some of the positive outlooks and highlights in the financials I mean, our gross profit margins 89 five.

Speaker Change: We reduced operating expenses by 28%.

John Lai: And that was in a quarter where we got a new CFO. We, I feel that trend will continue in terms of lowering costs. And, and it's hard to increase the operating gross profit margin, but I think you'll see a nice uptick into that point. So today, we are actually...

Speaker Change: And that was in a quarter, where we got a new CFO.

Speaker Change: I feel that trend will continue in terms of lowering costs in it and it's hard to increase the operating.

John Lai: And that's been very successful. So we have created multiple innovative channels that have worked well, like dog rumors and the number of dogs that we treated and horses. It's starting to really gel on its own to where they're sharing the stories of very good success. Thanks to our existing US distributors, recent key hires and marketing sales revenues around the rise. And to give an example of what's this happened in the last 30 days, we have picked up 110 new clinic users of spring.

Speaker Change: Gross profit margin, but I think you'll see a nice uptick into that point.

Speaker Change: So to date, we are actually.

Speaker Change: In all 50 states the spring product has been used and it's over 800 clinics.

Operator: In all 50 states, the spring product has been used, and it's over 800 clinics, and we've injected ovary into 10,000 animals, which, you know, that all adds to increasing the helping the consumers or the pet owners to use their social media to help us spread the word. Now, with that, I would like to open the call to your questions. Operator, would you please explain to the listeners how they can ask questions? Yes, hello.

Speaker Change: And we've injected over.

Speaker Change: 10000 animals switch that all adds to increasing the helping the consumers of the pet owners to use their social media to help us spread the word.

Speaker Change: Now with that.

Operator: So for everyone that has joined over the Zoom app, just click on the reactions menu and then click on raise hand, then you should be prompt to unmute and talk, for everyone that have dialed in. So Jill, use a star 9 on your phone? so you can raise and lower your. Again, so if you joined over the phone that you dialed in, just dialed star 9 on your phone, to raise your hand, or if you joined over the Zoom app, go to view this reaction, button and then click on raise hand.

Speaker Change: I would like to open the call.

Speaker Change: To your questions operator would you please explain to the listeners how they can ask questions.

Speaker Change: Yes, Hello, so for everyone that have joined over the zoom app.

John Lai: Okay, operator. I'm going to assume there are no questions. I do want to just make one closing comment.

John Lai: And that's because we're using a lot of new marketing channels as well as sales application of our tech services that's to the vet clinics. So we feel there's going to be very strong drivers to continue the growth earlier. I talked about the current markets about 5 billion. And we're looking at it to go to about the 11 billion by 2030. Major tailwinds also is insurance, pet insurance in general. And companies like TruePanion and Lemonade are doing a great job of private labeling and providing pet owners new channels of access to pick up pet insurance.

Speaker Change: Just click on the reactions median.

Leighann Grace: Thanks leak on Grace hand.

Speaker Change: Then you shouldn't be prompt to on mute and talk.

Speaker Change: Sure everyone that have dialed in.

Speaker Change: So just.

Speaker Change: Use of SAR nine on your phone.

Speaker Change: So you can raise and lower your hand.

Speaker Change: Again, if you joined over deferred.

Speaker Change: When did you dialed in.

Speaker Change: We'll dial star nine for your phone.

John Lai: Our product is deemed as a veterinary medical device. So it's covered under most insurance. And the insurance industry is basically the last 5 years been growing at about 25% a year. The estimates anywhere from 5 to 10% of pet owners currently have pet insurance. I believe that to be root is going to really grow much faster. As companies like TruePanion that partnered up with Chewy when you buy your pet insurance through Chewy, you're really buying a private label insurance, or if you're buying through State Farm, it's really TruePanion's insurance.

Speaker Change: So you raise your hand.

Speaker Change: Or if you've joined over the zoom app.

Speaker Change: You did reactions.

Andres Kim: But and then fleet Andres Kim.

Andres Kim: Okay operator.

Andres Kim: I'm going to assume there is no question Simon do you want to just make one closing comment.

John Lai: Going forward, we will continue to drive different methods of increasing veterinary doctors for the adoption of spring. Presentations at trade shows, continue education programs. veterinary clinic titions that are tea opinion leaders speaking about our product. We're continued and continue to see much more of the spring name showing up in multiple social media sites. We're having dogs that have instant grams that got the spring injection showing the owner showing how well the dog is doing and it's just excited to share their experiences.

John Lai: We're pretty excited over the next 60 days. I think we're going to see a lot of good things happen from a social media or marketing standpoint that will help us drive and adopt the veterinary and consumer use of the product here at a very good rate. So I expect, you know, from September on that quarter, calendar quarter, I think we're going to see very good clinic adoption. And we're very comfortable on reiterating what our forecast was of a million and a half, which would be a 50% growth year to year to possibly 2 million, which is 100% growth in revenue, um, I would like to once again thank everybody. Oh, sorry. We have someone that just raised. Perfect. It's him.

Speaker Change: We're pretty excited over the next 60 days I think we're going to see a lot of good things happened from a social media.

Our marketing standpoint that will help us drive and adapt.

Speaker Change: The veterinary and consumer use of the product here at a very good rent. So so I expect.

Speaker Change: From September on that quarter calendar quarter, I think we're going to see very good clinical adoption and we're very comfortable in reiterating what our forecast was about a million and a half of which would be up 50% growth year to year, possibly $2 million.

Speaker Change: There's 100% growth in revenues.

John Lai: So these are the passion drivers that were very excited about and seeing these trends to really pick up an increase. So if we look at some of the positive outlooks and highlights in the financials, I mean, expenses by 28% and that was in a quarter where we got a new CFO. I feel that trend will continue in terms of lowering costs and it's hard to increase the operating growth profit margin, but I think you'll see a nice uptick into that point.

Speaker Change: I would like to once again I'm sorry.

Speaker Change: Sorry, Kevin we body Oh, sorry, we have someone that just re perfect as him.

Operator: So, uh, the number that did it ends with seven, four, one. I will go ahead and, It should be prompted to talk. So in order to unmute yourself, styles star 6 numbers ending with 741.

Speaker Change: So.

Kevin: The numbers that did it and Sweden salmon floor one.

Kevin: I will go ahead and Ah.

Speaker Change: You shouldnt be prompted.

Speaker Change: To talk so in order to unmanaged herself dial star six.

Speaker Change: Number ending with 741.

Speaker Change: Sure.

Greg Poole: Good afternoon, gentlemen. This is Greg Poole. Good afternoon, John. I'd like to ask fellows if you have had any future or further consideration for human studies with spring. Yes, I mean, that's something we're going to focus on as we move forward, because right now, everybody's concentration is going to be focused on launching spring and getting spring adapted into the small animal side. As you look at how big the market is, just a small percentage of market share will, you know, give you a likelihood of very good increased valuation within the company.

Speaker Change: Afternoon, gentlemen, this is Greg good afternoon John.

Like to ask our fellows, if you have had any future for further consideration for human studies with spring.

John Lai: So today we are actually in all 50 states the spring product has been used and it's over 800 clinics and we've injected over 10,000 animals which you know that all adds to increasing the helping the consumers or the pet owners to use their social media to help us spread the word.

Speaker Change: Yes, I mean, that's something we're going to focus on as we move forward because right now everybody's concentration is going to be focused on launching springing getting spring adapted into the small animals side as you look at how big the market is just a small percentage of March.

John Lai: But yes, we do see how this product works in animals. And there is a very good, I believe, a likelihood that the same type of results can be brought into the human side of the market for osteoarthritis. Okay. And one further question, if I may. What is the possibility of? Well, first of all, let me precede that with what or who are the major competitors right now to Springfield?

Sure, We're inc. Well I'll give you a likelihood of a very good increase valuation within the company, but yes. We are we do see how this product works in animals and there is a very good.

Unknown Executive: Now with that, I would like to open the call to your questions operator, would you please explain to the listeners how they can ask questions? Yes, hello. So for everyone that have joined over the Zoom app, just click on the reactions menu and then click on raise hand then you should be prompt to unmute and talk. For everyone that have dialed in, so just use a star nine on your phone so you can raise and lower your hand.

Speaker Change: I believe a likelihood that the same type of results can be brought into the human side of the market for osteoarthritis.

Speaker Change: Okay and one further question if I may.

Speaker Change: What is the.

Speaker Change: Possibility of.

John Lai: Well, first of all, let me precede that with what or who are the major competitors, right? So, for me... If you look at the pure approach to osteoarthritis and how our product is categorized, you know, we are a hydrogel. They would categorize it as a hydrogel, but we're really an extracellular matrix. So all the competitive products are more focused on symptoms. Now, the one that's gotten a lot of attention, and I keep thanking them, is Zoetis, Labrella, and Solymphia.

Speaker Change: Well first of all let me precede the Edwards.

Or who are the major competitors right now to spring.

Speaker Change: So for me.

Speaker Change: If you looked at the tier approach of osteoarthritis and how our product categories.

Speaker Change: So we are a hydrogel stay with categorizes the hydrogel, but we're really an extra shallow matrix. So all the competitive products have more focus on symptoms now the one that's gotten a lot of attraction and I keep banking them as awareness all umbrella and with Olympia. So.

Unknown Executive: Again, so if you joined over the phone that you dialed in, you dialed star nine on your phone to raise your hand or if you joined over the Zoom app, go to do the reactions button and then click on raise hand.

John Lai: So their product works; their mechanism of action is basically injected, and it blocks the nerve growth factor. So the nerve growth factor is what tells the brain there is pain. So they're blocking the pain.

Speaker Change: So their product.

Speaker Change: Works for mechanism of action is basically injected.

Speaker Change: And it blocks the nerve growth factor. So the nerve growth factor is what tells the Brainers Pete.

Speaker Change: So they are blocking the pain, but what it doesn't do is to provide proper joint function.

Speaker Change: And Gibbs protection to the area. So I have always argued Enzo wettest is on data shows that you really don't know if the product works until three injections, which injection is once every 30 days in the cost of its user pay is about $160 per injection for the life.

John Lai: But what it doesn't do is provide proper joint function and gives protection to the area. So I have always argued, and Zoetis' own data shows that you really don't know if the product works until three injections, which are once every 30 days. And the cost that its users pay is about $160 per injection for the life of the animal. So, in the case of a dog, I would argue it would be a very good multimodal approach to use that.

John Lai: Okay, operator, I'm going to assume there's no questions. I do want to just make one closing comment. We're pretty excited over the next 60 days. I think we're going to see a lot of good things happen from the social media or marketing standpoint that will help us drive and adopt the veterinary and consumer use of the product here at a very good rate. So, so I expect, you know, from September on that quarter calendar quarter.

Speaker Change: For the animals. So in the case of a dawn I would argue it would be a very good multi modal approach to use that and then the vet can follow along with the use of spring, which springboard in essence help.

John Lai: And then the vet can follow along with the use of a spring, which spring would, in essence, help protect the synovium as well as help correct the synovium to the point where we reduce the likelihood of certain inflammatory cytokines and pain cytokines and give proper function. So you have proper joint function protection, and with a labrella, it will provide blocking of the pain.

Speaker Change: Protect the Disano room as well as help correct the sunobe them into the point, where we reduce the likelihood of certain inflammatory cytokines and paying cytokines and give the proper function. So Europe property joint function protection and ripple umbrella labella, well provide the blocking of the Pea.

John Lai: I think we're going to see very good clinic adoption. And we're very comfortable on reiterating what our forecast was about a million and a half, which would be a 50% growth year to possibly two million, which is 100% growth in revenues.

John Lai: So in essence, spring really should be looked at as a combination or multi-modal approach to total joint health. That's the way I would talk about it and position it. And do we know of any contraindications of using spring with any other type of teen blocking medication? So, you know, our studies in the human side show that it was innate.

Speaker Change: So so in essence you have.

Speaker Change: The spring really should be looked at as a combination of our multi modal approach to total joint health. That's the way I would talk about it and position it.

Unknown Executive: I would like to once again, sorry, we have someone that just raised perfect is him. So, the number that did it is as weighted 741, I will go ahead and you should be prompted to talk. So in order to unmute yourself, dial star. Number six, number ending with 741.

Speaker Change: And do we know of any contra indications of using <unk>.

Speaker Change: Spring with any other type of pain blocking medications.

Speaker Change: So you know our studies in the human side showed that it was a nit so that means our product doesn't create any type of reaction or if there is it's very minimal otherwise we would have never gotten the human medical device designation. So so.

John Lai: So that means our product doesn't cause any type of reaction, or if there is, it's very minimal. Otherwise, we would have never gotten the human medical device designation. So we haven't done the studies, but veterinarians all the time use different combinations. We never tell them what they can use and can't use.

Speaker Change: So we haven't done the studies, but that's all the time use different combinations of stock we never tell about what they can use and can't use.

Greg: Good afternoon, gentlemen. This is Greg. Good afternoon, John.

John Lai: I'd like to ask fellows if you have had any future for further consideration for human studies with spring. Yes, I mean, that's something we're going to focus on as we move forward because right now everybody's concentration is going to be focused on launching spring and getting spring adapted into the small animals side as you look at how big the market is. Just a small percentage of market share will in well, you know, give you a likelihood of very good increased valuation within the company.

Speaker Change: Okay.

John Lai: Okay. And from your studies, it is indicated that the animals react much quicker to the first injection of spring than they do to anything else. And can we assume from that or presume from that that their pain has actually decreased or gone away with those injections of spring? So if you look at what the predecessor that creates pain is probably inflammation, or actually joint and joint contact that causes, So, um... Spring in itself is trying to create proper joint functions, so you should minimize those frictional points, and keep in mind spring is a single injection that should last a year.

Speaker Change: And indicated for new studies are that the animals to react much quicker to the <unk>.

Speaker Change: First injection.

Speaker Change: Of spring you can they do to anything else and can we assume from that or presale permit that their pain has actually decrease or gone away with those injections of spring.

Speaker Change: Okay.

Speaker Change: So if you look at what the predecessor that creates pain is probably inflammation or accurate Jordan adjourn contact that causes the inflammation so perfect.

John Lai: But yes, we are we do see how this product works in animals and there is a very good. I believe a likelihood that the same type of results can be brought into the human side of the market for osteoarthritis.

Speaker Change: <unk>.

Speaker Change: Spring in itself is trying to create property joint function. So you should minimize those friction points.

Speaker Change: And keep in mind spring as a single injection, where it should last a year.

Unknown Executive: Okay, and one further question about me.

John Lai: Many of the other products are, you know, once every 30 days, once every 45 days, once every six weeks. It seems to be a significant marketing point, I would assume. You know, let me get down to the annual terms of economics. It makes a lot of sense because, you know, NSAIDs and so on.

Speaker Change: Many of the other products are you know once every 30 days. Once every 45 days once every 60 days.

John Lai: What is the possibility of well, first of all, let me appreciate that it was what or who are the major competitors right now to say. So for me, if you look at the pure approach of osteoarthritis and how our product is categorized, you know, so we are a hydrogen gel. They categorize as a hydrogen gel, but we really an extra sale in the matrix. So all the competitive products are more focused on symptoms.

Speaker Change: It seems to be a significant.

Speaker Change: Marketing point I would I would assume.

Speaker Change: Let me get down to the annual terms of economics. It makes a lot of sense because if you look at.

John Lai: You know, Ruma Del is probably around $600 for the year. If you look at what they call a higher end type of like adequate, not adequate, I'm sorry, I'm sorry. Gallopant that that's about 12 to 1500 gallons a year. And it's supposed to have less side effects and so on because any pharmaceutical you take is going to have side effects. So that's one of the major advantages of spying is that the likelihood of side effects is greatly reduced based on, you know, the designation of a veterinary medical device or human medical.

Speaker Change: Nsaids and so I'm in a room of Dallas, probably around $600 for the year.

And if you look at a what they call a higher end type of.

Speaker Change: Uh huh.

John Lai: Now, the one that's gotten a lot of attraction and I keep thinking them is Zoeta's La Brella and Olympia. So so their product works their mechanism of action is basically injected. And it blocks the nerve growth factor. So the nerve growth factor is what tells the brain there's pain. So they're blocking the pain, but what it doesn't do is to provide proper during fall, and give protection to the area. So I've always argued, and Zoetis' own data shows that you really don't know if the product works until three injections, which injection is once every 30 days in the cost that it's user pay is about $160 per injection for the life of the animal.

Speaker Change: Like.

Speaker Change: Adequate not adequate I'm, sorry, I'm, sorry, I galloping, that's about 12 to 1500 gallons a year.

Speaker Change: And it's what that last side effects and so on because any pharmaceutical or you take are going to have side effects. So that's one of the major advantages of spine.

Speaker Change: Is a likelihood of side effects or greatly reduced based on.

Speaker Change: The designation of a veterinary medical device or human medical device.

John Lai: Do we know, given the number of vets in the vet clinics that have signed on with you, about what the median price of application would be? What, the median treatment? No, because every region is totally different. You can be in a small southern country town and the vet may charge $5,600. You can be in a major city for that same injection, a vet may charge $1,200 or more.

Speaker Change: Do we know given the number of deaths in the vet clinics, who decides on with you about what the median price of applications would be.

Speaker Change: David.

Speaker Change: But there may be a treatment now because every region is totally different.

Speaker Change: You can be in a small southern country Talon the bed made charge $5 600, it can be in a major city for that same injection of that made charged 100 or more.

John Lai: So in the case of a dog, I would argue it would be a very good multi-modo approach to use that. And then the vet can follow along with the use of spring, which spring would, in essence, help protect the synovium, as well as help correct the synovium into the point where we reduce the likelihood of certain inflammatory cytokines and pain cytokines and give the proper function. So you have proper joint function protection and with the umbrella, umbrella will provide the blocking of the paint. So, so in essence, you have spring really should be looked at as a combination or multi-modo approach to total joint health.

John Lai: But we haven't gathered the data yet to know what the median price would be in other words. Well, we typically say about $600 to $800. Okay, yeah, that's okay. That gets me close to what I was asking. Okay, thank you, John. Appreciate it. Thank you. Is there any more questions? If you have any more questions over the phone, dial star 9 or... Over the Zoom app, go to the Reactions button and click on Break.

But we haven't gathered the data yet to know what the median pricing with these other words.

Speaker Change: Yes.

Speaker Change: We typically say about six to $800.

Speaker Change: Okay, Okay, great good to be close to the basket.

Thank you John I appreciate it thank you.

Speaker Change: Is there any more questions.

Speaker Change: If you have any more questions over the phone dial star nine.

Speaker Change: Or.

Speaker Change: The zoom map good has been reactions.

Speaker Change: On a placement rate again.

John Lai: That's the way I would talk about it and position it.

Speaker Change: Okay. Once again, if theres no more questions.

John Lai: Okay, once again, if there are no more questions, I would like to once again thank everybody for dialing in today. We look forward to talking with you again very soon and presenting our second quarter of 2025 results when we report again in November. As always, take care and thank everyone for dialing in today. John Dolan, please go ahead and wrap up the call. Thank you, John.

John Lai: And do we know of any contraindications of using spring within the other type of pain blocking medication? So, you know, our studies in the human side show that it was innate. So that means our product doesn't create any type of reaction or if there is, it's very minimal. Otherwise, we would have never gotten the human medical device designation. So, so we haven't done the studies, but that's all the time used different combinations of stuff. We never tell about what they can use and can't use.

Speaker Change: I'd like to once again, thank everybody for dialing in today, we look forward to talking with you again very soon.

Speaker Change: And presenting our second quarter of 2025 results when we report again in November.

Speaker Change: As always take care and thank everyone for dialing in today John Dolan. Please go ahead and wrap up the call.

John Dolan: Thank you Chad.

John Dolan: Before we conclude today's call, I would like to provide the company's safe harbor statement that includes cautions regarding forward-looking statements made during today's call. The information that we have provided in this conference call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the company's future revenue, future plans, objectives, expectations, and events, assumptions, and estimates. Forward-looking statements can be identified by the use of words or phrases, usually containing the words believe, estimate, project, intend, expect, should, will, or similar expressions.

John Dolan: Before we conclude today's call I would like to provide the company's safe Harbor statement that includes cautions regarding forward looking statements made during today's call.

John Dolan: Statements that are not historical facts are based on the company's current expectations, beliefs, assumptions, estimates, forecasts, and projections for its business and the industry and markets related to its business. Any forward-looking statements made during this conference call are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict. The actual outcome and results may differ materially from what is expressed in such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, various risks as detailed in the company's periodic report filings with the Securities Exchange Commission.

John Dolan: The information that we have provided in this conference call includes forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the company's future revenue future plans objectives expectations and events assumptions and estimates.

John Lai: Okay, and indicated from your studies are that the animals react much quicker to the first injection of spring than they do with anything else. And can we assume from that or presume from that that their pain has actually decreased or gone away with those injections of spring? So, if you look at what the predecessor that creates pain is probably inflammation or actually join a joint contact that causes the inflammation. So, spring in itself is trying to create proper joint function so you should minimize those functional points.

John Dolan: Forward looking statements can be identified by the use of words or phrases usually containing containing the words believe estimate project intend expect should will or similar expressions statements that are not historical facts are based on the company's current expectations beliefs assumptions estimates for.

John Dolan: For more information about risk and uncertainties associated with the company's business, please refer to the Management's Discussion and Analysis of Financial Conditions or Results of Operations and Risk Factors sections of the company's SEC filings, including, but not limited to, its annual report on the Form 10-K and quarterly reports for Form 10-Q. Any forward-looking statements made during the conference call speaks as of today's date. The company has expressly disclaimed any obligations or undertaking to update or revise any forward-looking statements made during the conference call to reflect any changes in its expectations with regard thereto to any changes in its events, conditions, or circumstances of which any forward-looking statement is based, except as required by law.

John Dolan: I would like to remind everyone that this call will be available for replay starting later this evening or, likely tomorrow. Please refer to today's earnings release for dial-in replay instructions available via the company's website at www.petvivo.com. Thank you for attending today's presentation. This concludes our conference call.

John Dolan: Casts and projections for its business and the industry and markets related to its business any forward looking statements made during this conference call are not guarantees of future performances and involve certain risks uncertainties and assumptions, which are difficult to predict.

John Lai: And keep in mind spring is a single injection where it should last a year. Many of the other products are, you know, once every 30 days, once every 45 days, once every 60 days. That seems to be a significant marketing point I would assume. Yeah, when we get down to the annual terms of economics, it makes a lot of sense because if you look at, you know, and sets and so on, you know, room Adele is probably around $600 for the year.

John Dolan: Actual outcomes and results may differ materially from what is expressed in such forward looking statements factors that would cause or contribute to such differences include but are not limited to.

John Dolan: Various risks as detailed in the company's periodic report filings with the Securities and Exchange Commission.

John Dolan: For more information about risks and uncertainties associated with the company's business. Please refer to the management's discussion and analysis of financial condition conditions or results of operations and risk factors sections of the company's SEC filings, including but not limited to its annual report on Form 10-K and quarterly report.

John Lai: And if you look at what they call a higher end type of like adequate, not adequate. I'm sorry, I'm sorry. Gallopant, that that's about 12 to 1500 pounds a year. And it's worth of less side effects and so on because any pharmaceutical or you take are going to have side effects. So, that's one of the major advantages of spring is a likelihood of side effects are greatly reduced based on, you know, the designation of a veterinary medical device or human medical, of the virus.

John Dolan: Thats for Form 10-Q.

John Dolan: Any forward looking statements made during the conference call speaks as of today's date. The company has expressly to expressly disclaims any obligations or undertaking to update or revise any forward looking statements made during the conference call to reflect any changes in its expectations with regard thereto to any changes.

John Lai: Do we know, given the number of VETs and the VET clinics, I don't know you about what the median price of the application would be. What's the median treatment? No, because every region is totally different. You can be in a small southern country town, the VET made charge 5600. You can be in a major city for that same injection of VET made charge 1200 or more. But we haven't gathered the data yet to know what the median price would be. In other words, we typically say about $6800. Okay, yeah, that's okay. That gets me close to what I'm asking. Okay, thank you, John. Appreciate it. Thank you.

John Dolan: Its events conditions or circumstances of which any forward looking statement is based except as required by law.

John Dolan: I would like to remind everyone that this call will be available for replay starting later this evening or likely tomorrow. Please.

John Dolan: Please refer to today's earnings release for dial in replay instructions available via the company's website at www Dot pet vivo dot com.

John Dolan: You for attending today's presentation.

John Dolan: This concludes our conference call.

Speaker Change: We may now disconnect.

Speaker Change: Goodbye.

Unknown Executive: Is there any more questions? If you have any more questions over the phone, dial star 9 or over the Zoom map, go to the Reactions, but I think believe I'm right again.

Unknown Executive: Okay, once again, if there's no more questions, I would like to once again thank everybody for dialing in today. We look forward to talking with you again very soon and presenting our second quarter of 2025 results when we report again in November. As always, take care and thank everyone for dialing in today.

John Dolan: John Dolan, please go ahead and wrap up the call. Thank you, John.

John Dolan: Before we conclude today's call, I would like to provide the company's safe harbor statement that includes cautions regarding forward-looking statements made during today's call. The information that we have provided in this conference call includes forward-looking statements within the meeting of the Private Security Solidigation Reform Act of 1995, including but not limited to statements regarding the company's future revenue, future plans, objectives, expectations, and events, assumptions and estimates. Forward-looking statements can be identified by the use of words or phrases usually containing the words believe, estimate, project, intent, expect, should, will, or similar expressions.

John Dolan: Statements that are not historical facts are based on the company's current expectations, beliefs, assumptions, estimates, forecasts, and projections for its business and the industry and markets related to its business. Any forward-looking statements made during this conference call are not guaranteed of future performances and involve certain risks uncertainties and assumptions which are difficult to predict. Actual outcome and results may differ materially from what is expressed in such forward-looking statements. Factories that would cause or contribute to such differences include, but not limited to, various risks as detailed in the company's periodic report filings with the Securities and Exchange Commission.

John Dolan: For more information about risk and uncertainties associated with the company's business, please refer to the management's discussion and analysis of financial conditions or results of operations and risk factors sections of the company's SEC filings, including, but not limited to, its annual report on the form 10K and quarterly reports for form 10K. Any forward-looking statements made during the conference call speaks as of today's date. The company's expressly disclaims any obligations or undertaking to update or revise any forward-looking statements made during the conference call to reflect any changes in its expectations with regard to any changes in its events, conditions, or circumstances of which any forward-looking statement is based, except as required by law.

John Dolan: I would like to remind everyone that this call will be available for replays starting later this evening or probably likely tomorrow. Please refer to today's earnings release for dial and replay instructions available via the company's website at www.petvivo.com. Thank you for attending today's presentation.

Unknown Executive: This concludes our conference call. We may now disconnect. Goodbye.

Unknown Executive: Bye.