PetVivo Holdings expands board, appoints new independent director By Investing.com

PetVivo Holdings Inc. (OTCQB:PETV), a player in the surgical and medical instruments sector, announced on Thursday the expansion of its Board of Directors and the appointment of a new independent director. The Board has increased from seven to eight directors, with Mike Eldred joining to fill the newly created position.

Eldred, 54, with a notable background in animal health, previously served as president and CEO of North American Operations at Dechra Pharmaceutical. He was instrumental in Dechra’s expansion in the U.S., Mexico, and Canada, growing the team to over 250 people and contributing to sales growth.

Eldred’s experience includes more than 15 commercial agreements and acquisitions, as well as strategic roles at Virbac Corporation, Fort Dodge Animal Health, Garmin (NYSE:) International, and Sanofi (NASDAQ:) Animal Health.

His appointment is effective as of September 25, 2024, and he will serve until the next annual meeting of shareholders. The Company has confirmed Eldred’s independent status under the rules of the U.S. Securities Exchange Act of 1934.

Eldred’s compensation aligns with that of other non-employee directors, details of which will be disclosed in an upcoming SEC filing. There are no reported arrangements or understandings between Eldred and any other persons regarding his selection, nor are there any family relationships with current directors or executive officers of the company.

In other recent news, PetVivo Holdings Inc. reported significant financial and operational progress in its fiscal first quarter ended June 30, 2024. The company’s product, Spryng, designed to alleviate joint pain in pets and horses, saw a surge in demand, consequently doubling distributor sales. The reported revenue for the quarter was $124,000, while maintaining a strong gross margin of 89.5%. PetVivo’s market focus is on the growing market for animal osteoarthritis treatments, projected to reach $11 billion by 2030.

The company is expanding its sales and marketing teams, including the appointment of two new executives, and plans to hire 10 additional sales representatives. PetVivo aims to increase educational efforts for veterinary professionals and expand its distribution relationships and direct sales to veterinary clinics. In the last 30 days, 110 new clinic users adopted Spryng.

PetVivo’s anticipated revenue targets are between $1.5 to $2 million. The company is also considering potential expansion into human studies with Spryng. These are notable recent developments for PetVivo, as it continues to capitalize on the growing demand for animal osteoarthritis treatments.

InvestingPro Insights

PetVivo Holdings Inc. (OTCQB:PETV) has recently made a strategic addition to its Board of Directors, which may have implications for the company’s direction and governance. To provide a deeper financial context to this development, let’s consider some real-time data and insights from InvestingPro.

InvestingPro Data reveals that PetVivo’s revenue for the last twelve months as of Q1 2025 stood at $0.98 million, with a gross profit margin of 76.43%, showing a strong ability to retain earnings from sales. However, the company has faced challenges, with an operating loss of $9.77 million and a decline in revenue growth by 0.09% over the same period. The company’s stock price movements have been quite volatile, with a significant decline of 71.98% over the past year.

Two InvestingPro Tips highlight critical aspects for potential investors: PetVivo’s stock has experienced considerable volatility, and its short-term obligations currently exceed its liquid assets, which could pose liquidity risks. Additionally, the valuation implies a poor free cash flow yield, and the company has not been profitable over the last twelve months.

For investors interested in a deeper analysis, InvestingPro offers additional tips on PetVivo Holdings, which can be found by visiting the InvestingPro platform. These insights can help investors make more informed decisions regarding their interest in PetVivo’s evolving business and governance structure.

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