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Sep 30, 2023
PetMed Express Q2 2024 Earnings Report
Announced second quarter financial results, which included an increase in net sales and new customers, but a decrease in net income and adjusted EBITDA.
Key Takeaways
PetMed Express reported a 9% increase in net sales to $71.0 million, driven by the acquisition of PCRx. New customers increased by 25% year over year. However, net loss was $70 thousand, compared to a net income of $2.6 million in the prior year. Adjusted EBITDA decreased by 55% to $3.2 million due to increased expenses.
Net sales increased by 9% year over year to $71.0 million.
New customers increased by 25% year over year, marking the fourth consecutive quarter of growth.
Net loss was $70 thousand, compared to net income of $2.6 million in the prior year.
Adjusted EBITDA decreased by 55% to $3.2 million.
PetMed Express
PetMed Express
Forward Guidance
PetMed Express has decided to suspend the quarterly dividend to invest in organic and inorganic growth initiatives within the evolving pet care industry, aiming for higher shareholder returns.