Petmed Express Inc
NASDAQ:PETS
Petmed Express Inc
PetMed Express, Inc. engages in the provision of markets prescription and non-prescription pet medications, health products and supplies for dogs and cats. The company is headquartered in Delray Beach, Florida and currently employs 212 full-time employees. The company went IPO on 2000-04-06. The firm's product line contains approximately 3,000 SKUs of pet medications, health products, and supplies. The company offers various pet supplies, including food, beds, crates, stairs and other pet supplies. The firm's products include Non-Prescription Medications (OTC) and supplies, and Prescription Medications (Rx). OTC and supplies include flea and tick control products, bone and joint care products, vitamins, treats, nutritional supplements, hygiene products, and supplies. Rx includes heartworm and flea and tick preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes.
PetMed Express, Inc. engages in the provision of markets prescription and non-prescription pet medications, health products and supplies for dogs and cats. The company is headquartered in Delray Beach, Florida and currently employs 212 full-time employees. The company went IPO on 2000-04-06. The firm's product line contains approximately 3,000 SKUs of pet medications, health products, and supplies. The company offers various pet supplies, including food, beds, crates, stairs and other pet supplies. The firm's products include Non-Prescription Medications (OTC) and supplies, and Prescription Medications (Rx). OTC and supplies include flea and tick control products, bone and joint care products, vitamins, treats, nutritional supplements, hygiene products, and supplies. Rx includes heartworm and flea and tick preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes.
Revenue Decline: PetMed Express reported Q3 net sales of $53 million, down 19% year-over-year due to reduced advertising and a focus on profitability.
Profitability Progress: Adjusted EBITDA improved to $2 million, a $1.1 million increase from last year, while G&A expenses were cut by $2.6 million.
Customer Acquisition: The company gained 63,000 new customers with shipped orders this quarter, though acquisition was lower than initially expected due to scaled-back promotions.
Cost-Cutting & Integration: PetCareRx integration and cost-saving initiatives are on track for $5 million in annualized savings, with further technology consolidations planned.
Operational Investments: Recent investments included a website refresh, new mobile apps, and an AI-driven call center tool, with inventory turn improving and inventory reduced by 66%.
Marketing Reset: Management intentionally reduced advertising spend, prioritizing margin protection over aggressive promotions in a competitive holiday season.
Balance Sheet Strength: PetMed Express ended the quarter with $50 million in cash and no debt.
