PetMeds® Announces Selected Preliminary Q3 Financial Results; Sees Q3 Revenue $65.3M Vs 68M Est.
Portfolio Pulse from Benzinga Newsdesk
PetMed Express, Inc. (NASDAQ:PETS) announced preliminary Q3 financial results, reporting a revenue of $65.3M, an 11% increase YOY, but below the $68M estimate. Gross profit rose to $17.9M with a margin of 27.4%. The company highlighted growth in recurring revenue, driven by AutoShip & Save and PetPlus programs, now representing 52.2% of revenue. Despite needing to restate previous financial statements due to tax accounting, the restatement won't affect current cash balances. PetMeds is expanding its product portfolio and enhancing its AutoShip program.
February 08, 2024 | 9:14 pm
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PetMed Express reported Q3 revenue of $65.3M, an 11% YOY increase but below estimates. Gross profit rose to $17.9M. The company is focusing on recurring revenue and expanding its product portfolio.
While PetMeds reported an 11% YOY revenue increase, missing the estimate might concern some investors. However, the growth in recurring revenue and strategic expansions indicate a positive outlook. The restatement of financial statements due to tax accounting is noted but is not expected to impact cash balances, mitigating potential negative reactions.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100