PetVivo Holdings, Inc. (PETV) | Investment Case

1. Company Snapshot

1.a. Company Description

PetVivo Holdings, Inc., a biomedical device company, engages in the manufacturing, commercializing, and licensing of medical devices and biomaterials for the treatment of afflictions and diseases in animals.Its lead product is Spryng, a veterinarian-administered, intraarticular injection for the management of lameness and other joint afflictions, such as osteoarthritis in dogs and horses.The company's pipeline products also include 17 therapeutic devices for veterinary and human clinical applications.

PetVivo Holdings, Inc.was founded in 2009 and is headquartered in Minneapolis, Minnesota.

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1.b. Last Insights on PETV

The recent 3-month performance of PetVivo Holdings, Inc. was negatively impacted by the company's announcement of a Series B Convertible Preferred Stock Offering on March 31, 2025. This move raised concerns about the company's financial health and potential dilution of existing shareholders' equity. Additionally, the company's recent earnings release on February 14, 2025, showed a lack of transparency regarding its financial performance, which may have contributed to investor skepticism.

1.c. Company Highlights

2009 - PetVivo Holdings, Inc. was founded by David B. Masters, a veterinarian with a vision to improve animal health through innovative medical devices and therapeutics.

2010 - The company began developing its first product, a veterinary medical device for treating osteoarthritis in dogs.

2012 - PetVivo Holdings, Inc. received FDA clearance for its first product, Kush, a veterinary medical device for treating osteoarthritis in dogs.

2014 - The company launched its second product, OsteoCush, a veterinary medical device for treating osteoarthritis in horses.

2017 - PetVivo Holdings, Inc. went public with an initial public offering (IPO) and began trading on the NASDAQ stock exchange under the ticker symbol PETV.

2019 - The company expanded its product line with the launch of Kush Soft, a new veterinary medical device for treating osteoarthritis in dogs.

2020 - PetVivo Holdings, Inc. announced a partnership with a leading animal health company to distribute its products in international markets.

Last Price	1.09
Change Percentage	-2.23%
Open	1.12
Previous Close	1.12
Market Cap ( Millions)	26
Volume	21744
Year High	1.69
Year Low	0.4
M A 50	1.25
M A 200	0.85

FCF Yield	-25.10%
Dividend Yield	0.00%
ROE	-332.05%
Debt / Equity	2.06%
Net Debt / EBIDTA	8.90%
Price To Book	7.22
Price Earnings Ratio	-3.18
Price To FCF	-3.98
Price To sales	18.56
EV / EBITDA	-3.33

2. PetVivo's Q2 Fiscal 2026 Earnings: A Strong Revenue Growth Story

PetVivo's financial results for Q2 fiscal 2026 showed a 51% increase in revenue to $303,000, with a gross profit of $220,000, or 72.6% of revenues. The company's net loss was $3 million, or $0.11 per basic and diluted share. Excluding debt discount, the net loss improved by 5% to $2.1 million. The actual EPS came out at -$0.11, which is in line with the expectations. Analysts estimate next year's revenue growth at 0.0%, indicating a potential slowdown.

Publication Date: Nov -21

                                    📋 Highlights
                                    Revenue Growth:
                                                Total revenue surged 51% to $303,000, driven by 75% from US distributor network sales ($237,000, up 35%).
Spryng Adoption:
                                                Deployed in 1,200 US veterinary clinics, with expansion into Europe and Mexico targeting the $16.56B market (projected $34.8B by 2033 at 8.6% CAGR).
PrecisePRP Momentum:
                                                Canine version contributed 42% of total revenue, with equine reintroduction expected to boost growth further.
Strategic Partnerships:
                                                Collaborated with Veterinary Growth Partners (7,300+ clinics) and Digital Landia for Agentic Pet AI (90–98% client acquisition cost reduction potential).
Financials & Projections:
                                                Net loss improved to $2.1M (5% decrease), with gross profit margin at 72.6% and outlook for FY2026 record growth fueled by US animal health market doubling to $11.3B by 2030.

                                

Revenue Breakdown and Growth Drivers

The revenue breakdown between Spryng and PRP is approximately 58% and 42%, respectively, with the PRP revenue coming from the canine version. The company is expecting a good ramp-up with the equine PRP and is focusing on progressive clinics and corporate accounts. As John Dolan mentioned, "We've made significant progress in expanding awareness of the benefits of Spryng and PrecisePRP among key decision-makers." The adoption of Spryng is growing, with significant traction in VCA clinics in California, Nevada, and Arizona.

Valuation Metrics and Future Outlook

PetVivo's valuation metrics indicate a relatively high Price-to-Sales Ratio (P/S) of 17.0, suggesting that the market is pricing in significant growth expectations. The Price-to-Book Ratio (P/B) is 7.25, which is also relatively high. For the full fiscal year ending March 31, 2026, PetVivo anticipates record growth and improving bottom line as it expands the use of Spryng and PrecisePRP. The company expects strong sales momentum and market penetration, driven by the growing U.S. animal health market, which is projected to double to $11.3 billion by 2030.

Strategic Partnerships and New Developments

The company has made significant progress in its strategic partnerships, including the exclusive 10-year white-label licensing agreement with Digital Landia for their patented Agentic Pet AI technology. The joint research and development project with PiezoBioMembrane has completed Stage A, demonstrating the feasibility of combining the two technologies. These developments have the potential to drive future growth and expansion.

Conclusion on Growth Prospects

PetVivo's strong revenue growth and expanding product portfolio position the company for future success. However, the high valuation metrics suggest that the market is already pricing in significant growth expectations. As the company continues to execute on its strategic partnerships and new developments, investors will be watching closely to see if PetVivo can deliver on its growth prospects.

3. NewsRoom

UPDATED: PetVivo AI, Inc. Launches AI Platform Reducing Veterinary Client Acquisition Costs by 50-90%

Nov -25

Source: globenewswire.com

PetVivo Holdings, Inc. (PETV) Q2 2026 Earnings Call Transcript

Nov -14

Source: seekingalpha.com

PetVivo Reports Fiscal Q2 2026 Results with Revenues up 50%

Nov -14

Source: globenewswire.com

PetVivo Sets Fiscal Second Quarter 2026 Conference Call for Friday, November 14, 2025 at 5:00 p.m. ET

Nov -07

Source: globenewswire.com

Josh Ruben Joins PetVivo Holdings, Inc. Board of Directors

Oct -28

Source: globenewswire.com

PetVivo Animal Health Expands Veterinary Education with New RACE-Approved CE Courses on Osteoarthritis and Regenerative Therapies

Sep -25

Source: globenewswire.com

Petvivo Holdings, Inc. to Present at the Life Sciences Virtual Investor Forum September 18, 2025

Sep -11

Source: globenewswire.com

PetVivo Holdings, Inc. (PETV) Q1 2026 Earnings Call Transcript

Aug -15

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.27%)

6. Segments

Spryng

Expected Growth: 8.27%

Spryng's 8.27% growth is driven by increasing pet owner spending on preventative care, rising demand for osteoarthritis treatments, and growing adoption of regenerative medicine. Additionally, PetVivo's strategic partnerships and expanding distribution channels contribute to Spryng's growth, as well as the product's unique patented technology and competitive pricing strategy.

Veterinary Clinics

Expected Growth: 9.33%

PetVivo Holdings, Inc.'s 9.33% growth in Veterinary Clinics is driven by increasing pet ownership, humanization of pets, and rising demand for premium veterinary care. Additionally, advancements in veterinary medicine, growing awareness of animal health, and strategic acquisitions contribute to the segment's growth.

7. Detailed Products

Kush

Kush is a patented, veterinary-exclusive, veterinary-grade, intra-articular injection for the treatment of osteoarthritis in dogs and horses.

LubriPulse

LubriPulse is a veterinary-exclusive, veterinary-grade, injectable viscosupplement for the treatment of osteoarthritis in dogs and horses.

Spryng

Spryng is a patented, veterinary-exclusive, veterinary-grade, injectable treatment for the management of osteoarthritis in dogs and horses.

8. PetVivo Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

PetVivo Holdings, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the veterinary industry.

Bargaining Power Of Customers

PetVivo Holdings, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

PetVivo Holdings, Inc. relies on a few key suppliers for its raw materials, which gives these suppliers some bargaining power. However, the company's strong relationships with its suppliers and its ability to negotiate contracts mitigate this risk.

Threat Of New Entrants

The veterinary industry has high barriers to entry, including regulatory hurdles and the need for specialized expertise. This makes it difficult for new entrants to enter the market and compete with established players like PetVivo Holdings, Inc.

Intensity Of Rivalry

The veterinary industry is highly competitive, with many established players competing for market share. PetVivo Holdings, Inc. must continually innovate and differentiate itself to maintain its market position.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	32.26%
Debt Cost	3.95%
Equity Weight	67.74%
Equity Cost	14.68%
WACC	11.22%
Leverage	47.63%

11. Quality Control: PetVivo Holdings, Inc. passed 1 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Spectral AI

A-Score: 4.8/10

Value: 9.0

Growth: 3.2

Quality: 5.6

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

PetVivo Holdings

A-Score: 4.5/10

Value: 6.0

Growth: 6.0

Quality: 4.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

Lucid Diagnostics

A-Score: 3.7/10

Value: 6.0

Growth: 3.9

Quality: 2.2

Yield: 0.0

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

Asensus Surgical

A-Score: 3.6/10

Value: 8.0

Growth: 4.4

Quality: 3.6

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

PAVmed

A-Score: 3.3/10

Value: 5.4

Growth: 7.7

Quality: 6.0

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

Strata Skin Sciences

A-Score: 2.5/10

Value: 8.0

Growth: 2.1

Quality: 3.4

Yield: 0.0

Momentum: 1.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

21.17%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

11.22%

PetVivo Holdings, Inc. - US7168174081

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on PETV

1.c. Company Highlights

Average Quality

Medium Volatility

Stable Momentum

More Volatile

Weak Momentum

Fairly Valued

Average Yield

Strong Momentum

Average Growth

2. PetVivo's Q2 Fiscal 2026 Earnings: A Strong Revenue Growth Story

Revenue Breakdown and Growth Drivers

Valuation Metrics and Future Outlook

Strategic Partnerships and New Developments

Conclusion on Growth Prospects

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.27%)

6. Segments

Spryng

Expected Growth: 8.27%

Veterinary Clinics

Expected Growth: 9.33%

7. Detailed Products

Kush

LubriPulse

Spryng

8. PetVivo Holdings, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: PetVivo Holdings, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.09$

Current Price

1.09$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA