PetMed Express(US:PETS) Globenewswireยท2025-11-13 13:00Core Viewpoint - PetMed Express, Inc. has announced preliminary second quarter fiscal year 2026 results, indicating a significant decline in net sales compared to the previous year, and has filed a Notification of Late Filing with the SEC due to delays in filing its Form 10-Q [1][2]. Financial Performance - For the fiscal second quarter ended September 30, 2025, net sales are estimated to range from $43.4 million to $44.5 million, a decrease from $58.0 million in the prior year period [2]. - For the six months ended September 30, 2025, net sales are estimated to range from $94.5 million to $95.6 million, down from $124.3 million in the prior year period [2]. - The company reported $36.1 million in cash and no debt as of September 30, 2025 [4]. Compliance and Regulatory Issues - On November 12, 2025, the company received a notice from Nasdaq indicating non-compliance due to delays in filing its Quarterly Reports for the periods ended June 30, 2025, and September 30, 2025 [5]. - The company must submit an update to its original plan to regain compliance by November 28, 2025, following a previous submission on September 2, 2025 [6]. - The notice does not have an immediate effect on the listing of the company's common stock on Nasdaq [6]. Operational Challenges - The company is currently unable to provide estimates for operating income or net income for the three- and six-month periods ended September 30, 2025, due to ongoing analysis of a potential goodwill impairment charge [3]. - The company is working diligently to complete and file its Q1 10-Q and Q2 10-Q as soon as possible to regain compliance with Nasdaq listing standards [7]. Company Overview - PetMed Express, Inc. is a pioneer in the direct-to-consumer pet healthcare sector, offering a range of pet health solutions through its brands, including PetCareRx [8]. - The company is licensed across all 50 states and focuses on providing value, convenience, and care to pet owners [8].