Q4 2023 Petmed Express Inc Earnings Call Transcript
Key Points
- PetMed Express Inc (PETS) reported a 6.6% year-over-year increase in net sales for the fourth quarter, driven by the acquisition of PetCareRx.
- The company filled almost 500,000 prescriptions and Rx foods in the past 18 months, indicating strong operational performance.
- PetMed Express Inc (PETS) added 302,000 new customers in fiscal 2024, a 10% increase from the previous year.
- The average order value increased slightly to $94 in fiscal 2024 from $93 in fiscal 2023, showing stable customer spending.
- The company has a strong liquidity position with over $55 million in cash and no debt as of March 31, 2024.
- Gross profit margin decreased to 27.3% from 27.9% in the same quarter last year, due to lower manufacturing rebates and higher promotional activity.
- Adjusted EBITDA dropped significantly to $500,000 from $3.6 million in the same period last year, indicating increased operational costs.
- Net loss for the fourth quarter was $5 million, compared to a net loss of $200,000 in the same period last year.
- The implementation of new order management systems and AutoShip platforms caused a slowdown in call center response times.
- The company faces challenges in consolidating its brands and reducing operating expenses, which are still characterized as a work in progress.
Greetings and welcome to PetMed Express fourth-quarter financial results conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, John Mills with ICR. You may begin.
Thank you, operator, and I'd like to welcome everybody here today to the PetMed Express fiscal-fourth-quarter-2024 earnings conference call. Certain information that will be included during this call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. As amended that may involve a number of risks and uncertainties.
These statements are based on our beliefs as well as assumptions we have used based upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and
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