PetVivo Holdings Inc

petvivo.com

What Do They Do?

Makes, sells, and licenses veterinary medical devices and treatments, including an injectable joint product for companion animals, to veterinary practices and veterinary supply distributors.

How Do They Make Money?

Veterinarians and distributors buy pet-care products; clinics pay at or shortly after purchase, domestic distributor orders are paid within 30 days, and international distributors pay in advance. Domestic sales are counted on delivery; international sales are counted when products are picked up at the warehouse.

FY2026 revenue by product or service revenue

Segment	Share	How money arrives
Product Sold outright	0.0% FY2023: 100%	Sold outright
Sales to Convetrus Sold outright	0.0%	Sold outright
Sales to Vedco Sold outright	71%	Sold outright
Sales To Clipper Sold outright	3.6%	Sold outright

Who Are Their Customers?

PetVivo sells directly to veterinary clinics and also sells to wholesale distributors such as Vedco and Clipper, which supply products to veterinarians.

Customers above 10% of revenue, FY2026

of revenue from one customer

FY2025: 26% from one customer

Do Revenues Turn Into Profits?

No. It lost $10.5M in FY2026.

Operating income, FY2026

−794% of revenue

▲ +13% (Loss) vs FY2025 (−$8.1M, −711%)

Net income, FY2026

−917% of revenue

▲ +25% (Loss) vs FY2025 (−$8.4M, −742%)

Free cash flow, FY2026

−536% of revenue

▲ +14% (Loss) vs FY2025 (−$5.4M, −476%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +13%; vs $297.5K in Q1 FY2026
Net income: ▼ −30% (Loss); vs −$2.3M in Q1 FY2026

Sales to Vedco share of revenue vs 66.7% in Q1 FY2026

Jul 29, 2026 Ended the PrecisePRP license and returned remaining inventory to VetStem Exclusive rights reverted to VetStem, and the parties resolved their disputes; PetVivo's remaining inventory transferred to VetStem.
Jul 27, 2026 Replaced its independent auditor Stephano Slack resigned, and PetVivo engaged GuzmanGray as its new independent auditor.

Growing. Revenue grew 9.9x in 4 years, from $115.6K in FY2022 to $1.1M in FY2026, about 77% a year.

Added a licensed product The latest report includes sales of PrecisePRP under a VetStem license alongside Spryng, whereas the older report described Spryng as its lead product.

Changed distribution channels Distribution shifted from the MWI relationship described in the older report to wholesale partnerships with Vedco and Clipper; the MWI and Covetrus agreements later ended.

Revenue over time

Product Sales to Convetrus Sales to Vedco Sales To Clipper

$2M$1M$0

FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Zoetis, Merck &, Sanofi, Eli Lilly, Bayer, Novartis, Boehringer Ingelheim, Virbac, Ceva Animal Health, Vetoquinol, Dechra Pharmaceuticals, Kindred Bio, Aratana Therapeutics, Elanco, NextVet, and VetDC

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