PetMed Express, Inc. (dba PetMeds) announced its financial results for the second quarter ended September 30, 2026, in a press release dated November 10, 2026. The company reported a decrease in net sales for the period compared to the prior year.
For the three months ended September 30, 2026, net sales totaled $35.8 million. This figure represents a 19.4% decrease from the $44.4 million in net sales reported for the same period in the prior year. The company attributes this decline primarily to a decrease in prescription medication sales and higher consumer promotional usage.
Regarding profitability, the company reported a net loss of $6.4 million for the quarter, or $(0.31) per diluted share. This compares to a net loss of $8.5 million, or $(0.41) per diluted share, for the prior year period. The company notes that the decrease in the net loss was driven by lower general and administrative expenses and advertising expenses. However, lower gross profit, caused by an unfavorable product mix shift and lower manufacturer rebates as a percentage of sales, partially offset these savings.
On a non-GAAP basis, Adjusted EBITDA for the quarter was $(3.6) million, compared to $(2.3) million in the prior year period.
In a statement, Chief Executive Officer Jeff Willard highlighted efforts to stabilize operations and transform the direct-to-consumer pharmacy business. The company noted that it has cut its cost to acquire a new customer by 32% from a year ago. Management stated that the focus is on repositioning the brand and improving the customer experience to create a more profitable company.
The company will host a webcast reviewing these financial results at 4:30 pm Eastern Time on November 10, 2026.
