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Dec 31, 2023
PetMed Express Q3 2024 Earnings Report
Reported an 11% increase in revenue and a net loss for Q3 2024, with the completion of the financial restatement.
Key Takeaways
PetMed Express reported an 11% increase in revenue to $65.3 million for the third quarter of fiscal year 2024, driven by the acquisition of PetCareRx, offset by declines in PetMeds legacy sales. However, the company experienced a net loss of $2.0 million, or $(0.10) per diluted share, compared to a net loss of $212 thousand, or $(0.01) per diluted share, in the prior year quarter. The company's cash position remains strong at $49.4 million, and they are now current in all SEC filings following the completion of their financial restatement.
Net sales increased by 11% year over year to $65.3 million, driven by the acquisition of PetCareRx.
Net loss was $2.0 million, or $(0.10) per diluted share, compared to a net loss of $212 thousand, or $(0.01) per diluted share, for the prior year quarter.
Adjusted EBITDA was $924 thousand, compared to $2.7 million for the quarter ended December 31, 2022.
Cash on hand was $49.4 million with no debt.
PetMed Express
PetMed Express
Forward Guidance
No specific forward guidance was provided in the earnings report.