PetMed Express, Inc. - PETS STOCK NEWS

PetMed Express, Inc. (NASDAQ: PETS) has completed the acquisition of PetCareRx for approximately $36 million in cash. This strategic move expands PetMeds' market reach from pet medications to a wider healthcare category. With the addition of around 10,000 new food, diet, and wellness products, PetMeds aims to enhance its product offerings and service capabilities for its over two million active customers. The acquisition will allow PetMeds to leverage a more efficient distribution network while maintaining the independent operation of PetCareRx's e-commerce platform, ensuring continuity in customer experience.

PetMed Express, Inc. (NASDAQ: PETS) reported its financial results for Q3 FY 2023, with net sales of $58.9 million, marking a 3% decline year-over-year. The company recorded a net loss of $19,000, translating to $(0.00) per diluted share, down from a net income of $4.3 million or $0.21 per share in the same quarter last year. Adjusted EBITDA fell 64% to $2.7 million. However, new customers increased by 9% year-over-year, the first rise in 10 quarters. The Board declared a $0.30 quarterly dividend, payable on February 27, 2023. Management believes ongoing investments, including the acquisition of PetCareRx, will foster long-term growth.

PetMed Express (PETS) has announced a conference call scheduled for February 6, 2023, at 4:30 PM Eastern Time to discuss its third-quarter financial results for the period ending December 31, 2022. This call will be preceded by a press release detailing the financial results. Interested parties can join via a U.S. dial-in number or international line, and a replay will be available until February 20, 2023. PetMed Express, founded in 1996, provides prescription and non-prescription medications for pets through its 1-800-PetMeds service and website. Key risks and uncertainties, including the company's ability to fulfill its business objectives, are noted in their SEC filings.

PetMed Express has announced the acquisition of PetCareRx, a key player in pet medications and supplies. This strategic move aims to enhance revenue and expand its market share in the $120 billion U.S. pet care sector. PetMed plans to integrate an additional 10,000 wellness products, boosting their customer base of over two million. The acquisition is expected to close in Q1 2023, pending regulatory approval. CEO Matt Hulett emphasizes that the merger will offer customers increased choices and drive long-term shareholder value. The PetCareRx brand will continue separately, ensuring a seamless service experience.

PetMed Express announced its financial results for the second quarter ended September 30, 2022, reporting net sales of $65.4 million, down 3.0% from $67.4 million in the same period last year. Net income decreased to $2.6 million or $0.13 EPS, compared to $6.3 million or $0.31 EPS a year prior. Adjusted EBITDA also fell by 28% to $7.1 million. Despite these declines, the company noted growth in AutoShip & Save subscriptions, now making up 39% of total sales. A quarterly dividend of $0.30 per share was declared, payable on November 30, 2022.

PetMed Express (PETS) will hold a conference call on November 7, 2022, at 4:30 PM ET to discuss its Q2 financial results ending September 30, 2022. A press release with the financial results will be issued before the call. Interested parties can join via U.S. dial-in (877-407-0789) or international dial-in (201-689-8562), and a webcast will be available at petmeds.com. A replay of the call will be accessible until November 21, 2022.