Petmed Express Q2 revenue falls 19% on lower prescription sales
PETS•Petmed Express reported Q2 revenue of $35.8 million, down 19% year over year, mainly due to lower prescription sales and more promotions. Net loss narrowed to $6.4 million, while adjusted EBITDA loss widened to $3.6 million.
1. Quarterly results
Petmed Express said revenue fell 19% year over year to $35.8 million, with lower prescription medication sales driving the decline. The company’s net loss narrowed to $6.4 million, helped by lower administrative and advertising costs, while its adjusted EBITDA loss widened to $3.6 million.
2. Business plans
The company said lower gross profit reflected an unfavorable product mix and reduced manufacturer rebates. It plans to reposition its brand, enhance marketing and improve its website to support customer retention, but provided no specific financial guidance for upcoming quarters or the full year.
