Microvast Holdings announces departure of chief financial officer
DELRAY BEACH, Fla. - PetMed Express, Inc. (NASDAQ:PETS), currently valued at $73.6 million and trading near its 52-week low according to InvestingPro data, announced Monday it will delay filing its annual report for fiscal year 2025 and released preliminary fourth quarter results showing a significant sales decline.
The pet healthcare company, which operates PetMeds and PetCareRx, estimates fourth quarter sales between $51.1 million and $53.1 million, down from $66.5 million in the same period last year. This continues a challenging trend, with the company’s revenue declining nearly 11% over the last twelve months. The company projects a quarterly net loss between $9.9 million and $10.4 million, compared to a $5.0 million loss in the prior year quarter.
For the full fiscal year ended March 31, 2025, PetMeds expects sales between $231.6 million and $233.6 million, compared to $281.1 million in fiscal 2024. Annual net loss is estimated between $4.5 million and $5.0 million, versus a $7.5 million loss the previous year.
The company noted its annual results include an $8.7 million benefit from a one-time non-cash stock compensation reversal related to an executive departure in the first quarter, offset by a $6.4 million tax expense from recording a valuation allowance on net deferred tax assets in the fourth quarter.
PetMeds reported $54.7 million in cash and no debt as of March 31, 2025.
The company has filed Form 12b-25 with the Securities and Exchange Commission, notifying of the late filing of its Form 10-K. PetMeds expects to submit the annual report by July 1, 2025, and will reschedule its earnings conference call once the filing date is confirmed.
The preliminary financial information remains subject to final adjustments and audit completion, according to the company’s press release statement. Despite recent challenges, InvestingPro analysis indicates the company maintains a "Fair" overall financial health score, with particularly strong ratings in cash flow and relative value metrics. Investors seeking deeper insights into PETS and 1,400+ other stocks can access comprehensive Pro Research Reports through InvestingPro.
In other recent news, PetMed Express announced a delay in releasing its fourth quarter and fiscal year 2025 financial results, originally scheduled for June 10, 2025. The company cited the need for additional time to complete its year-end audit process, with plans to release the results and file its Annual Report by June 16, 2025. In a strategic move, PetMed Express has partnered with Dutch, a virtual veterinary care provider, to integrate telemedicine services with its medication offerings, addressing a critical vet shortage affecting millions of Americans. This collaboration aims to make pet healthcare more accessible and affordable, especially in underserved areas.
In another development, Morgan Stanley adjusted its outlook on PetMed Express, lowering the price target from $3.50 to $3.20 while maintaining an Underweight rating. The firm acknowledged the company’s strong market position but highlighted challenges due to increasing competition. Meanwhile, PetMed Express announced the appointment of Peter Batushansky to its Board of Directors, as Dr. Gian Fulgoni prepares to retire. Batushansky, with his extensive experience in retail and pet healthcare, is expected to support the company’s expansion into the pet wellness ecosystem. These developments reflect PetMed Express’s ongoing transformation and strategic initiatives under its new leadership.
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