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DELRAY BEACH, Fla. - PetMed Express, Inc. (NASDAQ:PETS), a leading company in the pet healthcare sector currently trading near its 52-week low of $2.90, announced today the appointment of Peter Batushansky to its Board of Directors, effective immediately. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt on its balance sheet. Batushansky, a seasoned executive with over two decades of experience in retail, pet healthcare, and private equity, joins as the third independent director added to the board since 2024.
The company also disclosed that Dr. Gian Fulgoni, a longtime member and former Chairman of the Board, will retire at the upcoming 2025 annual shareholders' meeting. Leslie C. G. Campbell, Chairman of the Board, expressed excitement about Batushansky's appointment, citing his strategic vision and leadership experience as invaluable to the company's future. This leadership transition comes at a crucial time, as InvestingPro data shows the company faces challenges with an expected 18% revenue decline this year, though maintaining profitability with positive earnings forecasts.
PetMed Express has been undergoing a transformation, marked by a series of leadership changes, including the appointment of Campbell as Chairman in late 2024 and Sandra Campos as CEO and President in early 2025. The addition of key positions such as CFO, COO, and Chief Digital and Technology Officer further signifies the company's commitment to driving shareholder value. Despite recent stock performance showing a 23% decline over the past week, InvestingPro analysis indicates the company maintains healthy liquidity with a current ratio of 1.43 and strong cash flow metrics. For deeper insights into PetMed Express's transformation strategy and financial outlook, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
Batushansky's background includes significant roles such as CEO of Allivet, a pet healthcare retailer, and CEO of WebEyeCare. He is currently a Partner at L2 Capital Partners. His expertise is expected to support PetMed Express's ambition to expand its online pet pharmacy business into the broader pet wellness ecosystem, particularly important given the company's current market capitalization of $63.5 million and gross profit margin of 27.7%.
With Batushansky's arrival, the Board will consist of seven directors, six of whom are independent. This follows the recent board appointments of Justin Mennen and Leah Solivan earlier in the year. Campos, President and CEO of PetMed Express, praised Batushansky's e-commerce track record and founder-like mindset, noting his alignment with the company's mission and values.
The information in this article is based on a press release statement from PetMed Express, Inc. The company cautions that forward-looking statements in the press release are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
In other recent news, PetMed Express reported its third-quarter earnings, which fell short of analyst expectations. The company announced a net loss of $0.03 per share, missing the forecasted loss of $0.01 per share. Revenue was reported at $53 million, significantly below the anticipated $65 million. Despite these setbacks, PetMed Express improved its gross profit margin to 28.1%, an 80 basis points increase from the previous year, and adjusted EBITDA rose to $2 million from $900,000 year-over-year. CEO Sandra Campos highlighted ongoing strategic initiatives aimed at transforming the company, including cost-cutting measures and operational improvements. Analysts, however, remain cautious, with Lake Street reiterating a Hold rating, citing ongoing competitive pressures and a lack of organic growth. The company is also targeting younger demographics and higher-income households as part of its strategy to enhance customer engagement and expand its market share. PetMed Express plans to continue investing in its digital infrastructure and customer experience to drive future growth.
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