PetMed Express sees Q3 revenue $65.3M, one estimate $68M

Net sales for the quarter ended December 31, 2023, are expected to be $65.3M , compared to $58.9 M for the third quarter in the prior year, an increase of 11% year over year. The current quarter includes the results from the recent acquisition of PetCareRx. Gross profit in the quarter ended December 31, is expected to be $17.9M compared to $15.2M in the prior year period. Gross margin improved to 27.4% in the quarter ended December 31, 2023 from 25.9% in the prior year period. Cash and equivalents at December 31 are expected to be $49.4M. “Having to restate previously issued financial statements is certainly disappointing, but the restatement is a matter of tax accounting and will have no impact on our current cash balance,” said Matt Hulett, CEO and President. “From an operational perspective, we are encouraged to see the continued growth of recurring revenue as driven by our AutoShip & Save and PetPlus programs, which represented 52.2% of revenue during the quarter, up from 42.3% for the same quarter last year.” Hulett continued, “PetMeds is on a mission to deepen our engagement with our over two million pet parents, offering them an expanded portfolio of products and services on a regular, recurring basis. The introduction of a premium food brand and a substantial enhancement to our AutoShip & Save program mark pivotal steps in our transformation.” Sees Q3 fross profit $17.9M, compared to $15.2Min the prior year