ペットメッド・エクスプレス（PETS）2027年度第1四半期決算説明会：売上高は4000万ドル超で安定

主なハイライト

• 2027年度第1四半期の売上高は、主に処方薬の販売不振により、前年同期比19.9%減の4,100万ドルとなりました。それでも売上高は3四半期連続で4,000万ドル以上を維持しました。
• 純損失は前年同期の3,420万ドル（希薄化後1株当たり1.65ドル）から610万ドル（同0.28ドル）に縮小しました。この改善は、主に前年度に計上されたのれんおよび商標権の減損損失がなくなったことを反映しています。
• 営業費用の削減を売上総利益の減少が上回ったため、調整後EBIT損失は前年同期の270万ドルから340万ドルに拡大しました。
• 自動配送（オートシップ）や会員関連の売上を含むリピート売上高は、売上総額の61.5%に達し、前年同期の57.6%から上昇しました。
• PetMed Expressは約7万人の新規顧客を獲得しました。広告およびメディアの最適化により、顧客獲得単価（CAC）は71ドルから15%低下して60ドルとなりました。
• 2026年6月30日時点で、同社は1,310万ドルの現金および現金同等物を保有し、無負債経営を維持しています。また、本社および物流センターの不動産に関して3,700万ドルのセール・アンド・リースバックに合意しました。

主要財務データ

事業および業績の動向

処方薬の伸び悩みが引き続き売上高の主な重荷となりました。消費者向けプロモーション利用の抑制がこれを一部相殺しました。注文当たりの運送費は改善したものの、売上高に対するメーカーリベートの割合が低下したため、売上総利益率は27.6%に低下しました。

競合の激しい広告環境下にもかかわらず、マーケティング効率は向上しました。PetMed Expressは効果の低いメディア支出を削減し、顧客獲得単価（CAC）を60ドルに抑え、当四半期中に約7万人の新規顧客を獲得しました。経営陣によると、新規顧客の獲得は過去数四半期にわたり増加傾向にあるとのことです。

7月、PetMed ExpressはRural Kingとの共同ブランドによるオンライン薬局を開設しました。このプラットフォームにより、17州の150店舗以上の顧客が、ペット用医薬品、処方食、予防薬、自動配送サービスを利用できるようになります。経営陣はこの取り組みを、実店舗の利用者をオンライン顧客に転換し、自社の調剤・物流インフラを通じて新たな売上を生み出す手段と捉えています。

同社はテクノロジーの近代化も継続しました。5月に全社でSAPを導入し、6月には新しいコールセンタープラットフォームを開設したほか、第4四半期に導入した不正防止システムを維持しています。新たな運送契約は、配送業者からの値上げ要求を抑制しつつ、より迅速で追跡可能な配送を提供することを目的としています。経営陣によると、西海岸の一部の顧客は最大2日早く注文商品を受け取れる可能性があります。

PetMed Expressは、デルレイビーチの本社および物流センターの不動産を3,700万ドルで売却し、業務に使用する部分を初期10年間の契約でリースバックする最終合意を締結しました。同社は、デューデリジェンス、リース交渉、および一般的な完了条件に従い、7月23日の合意から約120日以内にこの取引が完了すると見込んでいます。

リスクおよび注目事項

• D2C（消費者直接販売）ペットヘルス市場では激しい競争が続いており、従来の広告・メディアチャネルの費用は上昇し続けています。
• 処方薬の販売が引き続き不振であり、前年同期比19.9%の減収の主因となりました。
• 一般管理費および広告宣伝費が減少したにもかかわらず、調整後EBIT損失は拡大しました。
• Silver Cape Investmentsは、発行済全株式を1株当たり3ドルの現金で買収する未要請かつ法的拘束力のない条件付き提案を提出しました。取締役会はまだ決定に至っておらず、同社は取引が成立する保証はないと説明しています。
• 3,700万ドルのセール・アンド・リースバックの完了は、デューデリジェンス、最終リース契約の交渉、およびその他の一般的な完了条件を満たすことが前提となります。
• 取締役会は、グローバルなエグゼクティブ・サーチ・ファームの支援を得て、後任となる常任CEOの選定を継続しています。

決算説明会 文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you. 2021-2027 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. It is now my pleasure to introduce your host, Reed Anderson, with ICR. You may begin.

Reed Anderson

Thank you, and welcome to the PetMed Express Fiscal First Quarter 2027 Earnings Conference Call. With us on the call today are Leslie Campbell, PetMed's Chairman and Interim CEO and President, and Doug Krulik, Interim Principal Financial Officer and Chief Accounting Officer. Certain information included during this call forward-looking statements within the meaning of the PRAC 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've used based upon information currently available to us. these statements reflect our current views concerning future events, these statements involve risks, uncertainties, and assumptions. Actual results could differ materially from those projected. There can be no assurance that any forward-looking results will occur or be realized. And nothing contained in this presentation is or should be relied upon as a record or warranty as to any future matter, including any matter in respect of the operations or business or financial condition of PetMeds.

Vet Meds undertakes no obligation to update publicly these forward-looking statements based on subsequent events except as may be required by applicable law, regulation, or other competent legal authority. We would identified various risk factors associated with our operations in our most recent annual report on Form 10-K and other filings for the Securities and Exchange Commission. Now, let me turn the call over to Leslie Campbell, PetMeds Chairman and interim CEO and President.

Leslie C. Campbell

Thank you, Reid, and welcome to everyone joining our call this afternoon. Following my opening remarks, Doug will provide a detailed overview of our financial results. In this first quarter, we continued to build on the operational and financial foundation we began transforming last year. a significant focus on enhancing shareholder value, optimizing our capital allocation, streamlining our cost structure, developing new revenue streams, improving our customer retention while efficiently gaining access to new customers. modernizing our technology infrastructure, enhancing our customer service capabilities, and speeding up deliveries to our customers. While the direct-to-consumer pet health landscape remains intensely competitive, Our focus is single-minded, driving long-term shareholder value and establishing a direct, clear path back to sustainable profitability. To that end, our board continues to evaluate all capital allocation and strategic priorities with complete discipline. While we believe we are implementing the strategy and taking the actions necessary to enhance shareholder value, our board and management team remain open to considering any opportunities that have the potential to enhance value for all PetMens shareholders. With respect to revenue growth and customer acquisition initiatives, We are diversifying our customer acquisition funnel beyond relying on traditional advertising and media channels, which continue to become more expensive.

For example, key strategic initiatives, such as our first white label pharmacy offering, are reaching in-store shoppers and bringing them online. Leveraging the technology and infrastructure work we completed during Q4 and into the current quarter, we believe we're beginning to see the benefits of these investments show up in our day-to-day operations. Our new call center platform, launched in June, has helped us handle customer inquiries and sales more efficiently. And our new fraud prevention system, launched in Q4, continues to protect the business as order volumes evolve. During Q1, we completed a comprehensive process to upgrade our Enterprise Resource Planning System, our ERP system, And in May, we successfully rolled out SAP as our ERP system enterprise-wide, further modernizing and strengthening our financial systems and reporting processes, and representing the completion of one of the largest elements of our technology transformation initiative, as we continue to replace legacy platforms. We also recently entered into a new freight agreement that both mitigates proposed cost increases from a previous carrier and provides faster and more trackable service, especially to our West Coast customers, who may now receive their orders up to two days prior. faster. We believe that speeding up deliveries to our customers will significantly enhance their customer experience and customer satisfaction and lead to higher customer retention rates.

All these ongoing technology and operational initiatives are creating a stronger foundation for a more scalable, efficient organization going forward. Before we move on to the first quarter results, I'd like to update you on two current topics. First, in a press release that we issued on June 30th, we acknowledged receipt of an unsolicited non-binding and conditional proposal from Silver Cape Investments to acquire all the outstanding shares of the company's stock for $3 per share in cash. Based on communications to date with Silver Cape, the Board has not yet reached any determination regarding Silver Cape's proposal, and there is no assurance that any transaction will result. As stated in our June 30, 2026 press release, the company does not intend to comment further unless and until it determines that additional disclosure is appropriate or required. Secondly, regarding the search for a permanent CEO, the Board is continuing this search with the assistance of a global executive search firm. Recruiting for this role a person firmly committed to driving long-term shareholder value and establishing a direct, clear path back to sustainable profitability remains a high priority for our board.

Turning now to first quarter results. In Q1, we're pleased to see that sales have stabilized sequentially over the past several quarters. although the year-over-year decline of 19.9% in first quarter net sales reflects continued softness in prescription medication sales. Our net loss for the first quarter narrowed significantly to 6.1 million compared to a net loss of 34.2 million in the same period last year, reflecting our disciplined focus on managing operating costs as well as the absence of a non-cash goodwill impairment charge. General and administrative expenses declined nearly 14% year-over-year, reflecting lower professional fees. advertising expenses declined 30%, reflecting lower gross media spend and the selective elimination of several unproductive high-cost programs. At the same time, our recurring net sales, which include auto ship and membership-related revenue, grew to 61.5% of total gross sales, up from 57.6% a year ago, underscoring the strength of our subscription driven sales. customer base. I also want to call out our continued improvement around customer acquisition. During the first quarter, we acquired approximately 70,000 new customers, and this metric has been trending upward over the past several quarters.

In addition, we reduced our cost of acquiring a new customer by 15% in the first quarter to $60, compared to $71 in the same period last year. This meaningful improvement was driven by our ongoing advertising and media spend optimization, including the selective elimination of unproductive media spend and other strategic reductions in marketing costs. We see this improvement as an encouraging sign that our marketing investments are becoming more efficient, even as the broader advertising environment remains competitive. As we continue to focus on improving our customer acquisition and lowering our customer acquisition costs, I'm also pleased to share that in July, we officially launched our new co-branded online pharmacy offering with Rural King, giving Rural King's customers across more than 150 stores in 17 states, convenient access to pet medications, prescription food, preventatives, and auto-ship services through a platform powered by PetMeds. This partnership, which we announced in April, represents our first large-scale white-label pharmacy program, and we believe it is an important proof point for our strategy to efficiently grow our customer acquisition reach, including by converting in-store shoppers into online customers. customers and developing new revenue streams by putting our pharmacy infrastructure, licensed pharmacists, e-commerce capabilities, and 30 years of expertise to work for our partners. In Rural King's case, particularly in the rural communities that they serve, where access to veterinary care and pet medications can be limited. We're proud of what this partnership represents in terms of future opportunities to efficiently gain access to new customers and develop new revenue streams, and we look forward to announcing the extension of our white-label offering to additional partners in the near future.

Turning to capital allocation, on July 23rd, we announced that we had entered into a definitive agreement for a sale-leaseback of our headquarters and distribution center buildings here in Delray Beach, Florida, for an aggregate purchase price of $37 million. Under Under the agreement, we will lease back the portion of the property housing our offices in Florida Distribution Center under a 10-year lease with subsequent renewal options, allowing us to continue operating out of the headquarters that has been home to PEPMEDS for the past decade. We expect this transaction to close within approximately 120 days from the date of the definitive agreement, subject to a due diligence period, negotiation of the definitive lease agreement, and other customary closing conditions. We see this transaction as a strategic next step in our ongoing commitment to sharpen our focus on our core pharmacy business, strengthen our balance sheet, and optimize our asset base by unlocking the value of our real estate, in turn providing us with additional financial flexibility and to continue investing in the initiatives with the greatest potential to drive shareholder returns. Looking ahead, the financial, operational, commercial, and cultural improvements we have implemented over the past 12 months are Our strategic initiatives and partnerships and our more disciplined approach to expense management and capital allocation have dramatically improved our foundation, and they position us well for the future as we seek to drive long-term shareholder value and establish a direct, clear path back to sustainable profitability. We will continue to focus on operational excellence as a competitive pillar and core driver for sustainable long-term results and delivering value for shareholders. By leveraging our modernized technology and other operational initiatives, we can build on our exceptional service levels and improve customer retention.

In addition, we continue leaning into our pet pharmacy expertise and infrastructure to expand B2B relationships through membership programs and our white label fulfillment services to extend our reach to more customers. We remain deeply committed to our mission of ensuring pets live longer, healthier, and happier lives, and we are focused on delivering value for our shareholders through this disciplined execution of our strategic priorities. With that, I'll turn the call over to Doug Krulik for a more detailed review of our financial results for the first quarter.

Douglas Krulik

Thank you, Leslie. Net sales for the first quarter were 41 million compared to 51.2 million in the same period last year. presenting a third consecutive quarter of revenue stabilization above $40 million, although a 19.9% year-over-year decline, primarily driven by decline in prescription medication sales, partially offset by lower consumer promotional usage. Gross profit was 11.3 million compared to 14.4 million last year. As a percent of sales, gross profit this year was 27.6% compared to 28.1% in the prior year. primarily reflecting lower manufacturer rebates as percentage of sales, partially offset by lower freight costs per order. General administrative expenses were $11.2 million compared to $12.9 million last year, a 13.5% decrease. This year-over-year improvement was driven by lower professional fees, share-based compensation, and severance costs. Advertising expenses were $4.2 million compared to $6 million last year, a decrease of 30.2%, reflecting lower gross media spend and the elimination of unproductive media. Depreciation and amortization was 2.1 million compared to 2.3 million in the prior year period.

Net loss for the first quarter was $6.1 million, or $0.28 per diluted share, compared to a net loss of $34.2 million, or $1.65 per diluted share, for the same period last year. This decrease in net loss was primarily driven by the absence of last year's goodwill and trade name impairment charge, and to a lesser extent, lower general and administrative and advertising expenses, partially offset by lower gross profit resulting from decreased net sales. Adjusted EBIT loss was $3.4 million compared to a loss of $2.7 million in the prior year Turning to our balance sheet, as of June 30th, 2026, we had $13.1 million in cash and cash equivalent to no debt. With that, I'll turn the call back to Leslie for closing remarks.

Leslie C. Campbell

Thank you all for your time today and your interest in PEP meds. We are very grateful for the support of all of our shareholders and have appreciated the opportunity to communicate with many of you at different times throughout this quarter. I also want to thank our employees, as always, for how they bring their passion for our customers to life in their work every day. And finally, we always want to thank our loyal customers and their veterinarians who trust us to be part of helping pets live longer, healthier, happier lives. Thank you again for allowing us to share these first quarter results with you, and we look forward to updating you on our progress next quarter.

Operator

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]