Business
PetMeds® Announces Fiscal 2024 Third Quarter Financial Results and Completion of Financial Restatement
Fiscal 2024 3Q Revenue of $65.3 million, an 11% increase compared to last year including PetCareRx results.AutoShip & Save and PetPlus Membership, 52% of
About this update from Petmed Express, Inc.
[{"type":"text","content":"Fiscal 2024 3Q Revenue of $65.3 million, an 11% increase compared to last year including PetCareRx results.AutoShip & Save and PetPlus Membership, 52% of total revenue, up from 42% at the same time last year.Strong balance sheet with $49.4 million of cashThe Company is now current in all of its SEC filings DELRAY BEACH, Fla., April 15, 2024 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS)(“PetMeds” or “Company”), Your Trusted Pet Health ExpertTM, today announced its financial results for its third quarter of fiscal year 2024, restated financial statements for the years ended March 31, 2023, 2022 and 2021, and interim financial statements for previously reported quarterly periods in 2023 and 2022. Quarterly Highlights Net sales for the quarter ended December 31, 2023, were $65.3 million, compared to $58.9 million for the third quarter in the prior year, an increase of 11% year over year. The increase was due to the acquisition of PetCareRx offset by declines in PetMeds legacy sales. Net loss for the quarter ended December 31, 2023 was $2.0 million, or $(0.10) per diluted share. This compares to net loss of $212 thousand, or $(0.01) diluted earnings per share, for the prior year quarter ended December 31, 2022. The decrease was due to incremental G&A in part due to the acquisition of PetCareRx as well as strategic G&A investments in PetMeds.Adjusted EBITDA1 of $924 thousand for the current year fiscal third quarter, compared to Adjusted EBITDA of $2.7 million, for the quarter ended December 31, 2022.Cash on hand at December 31, 2023 was $49.4 million and PetMeds has no debt. “We are pleased to have our previously announced restatement completed,” said Christine Chambers, CFO of PetMeds. “This restatement resulted principally from the correction of accounting treatment for certain prior period sales taxes between mid-2018 through mid-2022. This restatement does not have any impact on our anticipated fiscal 2024 revenue or gross margins or on our cash position as of December 31, 2023. Our team has worked diligently to complete the accounting analysis, and I want to thank all our stakeholders for their trust and patience during this period.” Financial Restatement The Company filed an amended Annual Report on Form 10-K/A for fiscal year 2023 and amended Quarterly Reports on Forms 10-Q/A for the fiscal quarters ended June 30, 20...