PetMeds® Announces Second Quarter Fiscal 2025 Financial Results

Core Insights - PetMed Express, Inc. reported financial results for the second quarter of fiscal 2025, showing improvements in net income and adjusted EBITDA, indicating progress in its business transformation efforts [2][3]. Financial Performance - Net sales for the second quarter were $59.6 million, a decrease from $70.999 million in the prior year period [2][9]. - Gross margin increased to 29.1%, up by 0.8% compared to the same period last year [2]. - Net income rose to $2.3 million, or $0.11 per diluted share, compared to $0.7 million, or $0.03 per diluted share, in the prior year [2][10]. - Adjusted EBITDA improved to $2.1 million, a significant recovery from an adjusted EBITDA loss of $(1.5) million in the first quarter of fiscal 2025, but down from $3.4 million in the prior year period [2][3][13]. Business Transformation Initiatives - The company is focused on key initiatives aimed at improving profitability and establishing itself as a leader in the consumer pet healthcare sector [3]. - Efforts include consolidating and streamlining operations between PetMeds and PetCareRx, which have materially lowered the cost structure [3]. - The company plans to enhance product assortments, brand awareness campaigns, and core marketing initiatives to drive growth [3]. Operational Metrics - Total current assets decreased to $70.779 million from $93.648 million year-over-year [7]. - Total assets decreased to $146.034 million from $169.884 million year-over-year [7]. - Current liabilities decreased to $48.832 million from $72.158 million year-over-year [7]. Future Outlook - The company remains confident in its direction and believes that ongoing changes and investments will create a more compelling value proposition for stakeholders [3].