PetMed Express Q1 revenue falls on lower prescription medication sales

The company did not provide specific guidance for future quarters or the full year.

PetMed Express said first-quarter revenue fell 20% year over year on lower prescription medication sales.

The U.S. pet pharmacy said net loss narrowed from the prior year due to the absence of impairment charges, while adjusted EBITDA loss widened to $3.4 million from $2.7 million a year earlier.

• Prescription sales decline — The company said lower prescription medication sales were the main reason for the 20% year-over-year drop in revenue.
• Lower manufacturer rebates — Gross profit was hurt by lower manufacturer rebates as a percentage of sales.
• Cost reductions — PetMed said disciplined expense management led to a nearly 14% reduction in general and administrative expenses and a 15% drop in customer acquisition cost.