PetMeds® Announces First Quarter Financial Results

DELRAY BEACH, Fla., Aug. 13, 2026 (GLOBE NEWSWIRE) -- PetMed Express, Inc. dba PetMeds and parent company of PetCareRx (NASDAQ: PETS) today announced its financial results for its first quarter ended June 30, 2026.

Quarterly Highlights * Net sales demonstrated sequential quarterly stabilization. For the first quarter ended June 30, 2026, net sales were $41.0 million compared to $51.2 million for the prior year period, a decrease of 19.9%, as lower consumer promotional usage was more than offset by a decline in prescription medication sales. * Net loss for the quarter ended June 30, 2026, was $6.1 million, or $(0.28) per diluted share, compared to a net loss of $34.2 million, or $(1.65) per diluted share, for the prior year period. The decrease in net loss was primarily driven by the absence of the prior-year goodwill and trade name impairment charges and to a lesser extent lower general and administrative expenses and advertising expenses. These favorable factors were partially offset by lower gross profit primarily driven by lower manufacturer rebates as a percentage of sales, partially offset by lower net freight costs per order. * Adjusted EBITDA(1) was $(3.4) million compared to $(2.7) million in the prior year period. “Our first quarter results reflect continued progress toward our goal of establishing a direct, clear path back to sustainable profitability,” said Leslie Campbell, Chairman and Interim CEO and President of PetMeds. “We are pleased that net sales have stabilized sequentially over the past several quarters, and we continued to make our marketing spend more efficient, acquiring 70,000 new customers while reducing our cost of acquiring a new customer by 15% year-over-year. At the same time, disciplined expense management drove a nearly 14% reduction in general and administrative expenses. We also completed one of the largest milestones in our technology transformation with the enterprise-wide rollout of our new SAP ERP system, further modernizing and strengthening our financial systems and reporting processes. And with our recently announced sale-leaseback transaction, we took an important step toward strengthening our balance sheet and enhancing our financial flexibility to invest in the initiatives with the greatest potential to drive shareholder returns.”