펫메드 익스프레스(PETS) 2027 회계연도 1분기 실적 발표 콘퍼런스 콜: 매출 4,000만 달러 이상에서 안정화

주요 하이라이트

• 2027 회계연도 1분기 순매출은 주로 처방약 판매 부진으로 인해 전년 동기 대비 19.9% 감소한 4,100만 달러를 기록했습니다. 그럼에도 불구하고 매출은 3분기 연속 4,000만 달러를 상회했습니다.
• 순손실은 전년 동기 3,420만 달러(희석 주당 1.65달러)에서 610만 달러(희석 주당 0.28달러)로 축소되었습니다. 이러한 실적 개선은 주로 전년도에 발생했던 영업권 및 상호 손상차손이 이번 분기에는 발생하지 않은 점을 반영합니다.
• 매출총이익 감소폭이 영업비용 절감폭을 상회함에 따라 조정 EBIT 손실은 270만 달러에서 340만 달러로 확대되었습니다.
• 자동 배송(auto-ship) 및 회원 관련 매출을 포함한 반복 순매출은 전체 총매출의 61.5%를 기록해 전년 동기의 57.6%에서 상승했습니다.
• 펫메드 익스프레스(PetMed Express)는 약 7만 명의 신규 고객을 확보했습니다. 광고 및 미디어 최적화에 따라 고객 획득 비용(CAC)은 71달러에서 60달러로 15% 감소했습니다.
• 2026년 6월 30일 기준 회사는 1,310만 달러의 현금 및 현금성자산을 보유하고 있으며 부채는 없습니다. 또한 본사 및 물류센터 자산에 대해 3,700만 달러 규모의 매각 후 임차(세일앤리스백) 계약에 합의했습니다.

주요 재무 데이터

사업 및 영업 실적

처방약 부문 부진이 매출의 주요 걸림돌로 작용했습니다. 소비자 프로모션 이용 감소가 이를 일부 상쇄했습니다. 건당 운송비는 개선되었으나 매출 대비 제조업체 리베이트 비중이 줄어들면서 매출총이익률은 27.6%로 하락했습니다.

경쟁적인 광고 환경에도 불구하고 마케팅 효율성은 강화되었습니다. 펫메드 익스프레스는 비효율적인 미디어 지출을 줄이고 고객 획득 비용을 60달러로 낮췄으며 이번 분기 동안 약 7만 명의 신규 고객을 확보했습니다. 경영진은 지난 몇 분기 동안 신규 고객 확보가 상승세를 보이고 있다고 밝혔습니다.

7월 펫메드 익스프레스는 루랄 킹(Rural King)과 함께 공동 브랜드 온라인 약국을 출시했습니다. 이 플랫폼은 17개 주 150개 이상의 매장 고객에게 반려동물 의약품, 처방 사료, 예방약 및 자동 배송 서비스를 제공합니다. 경영진은 이 프로그램을 오프라인 매장 고객을 온라인 고객으로 전환하고 자사의 약국 및 물류 인프라를 통해 새로운 매출을 창출하는 방안으로 보고 있습니다.

회사는 기술 현대화 작업도 이어갔습니다. 5월에는 전사적으로 SAP를 도입했고, 6월에는 새로운 콜센터 플랫폼을 출시했으며, 회계연도 4분기에 도입한 부정 사용 방지 시스템을 유지했습니다. 새로운 운송 계약은 운송 업체의 비용 인상안을 제한하는 동시에 더욱 빠르고 추적 가능한 배송을 제공하기 위한 목적입니다. 경영진은 미 서부 지역 일부 고객의 경우 주문 상품을 최대 이틀 더 빠르게 받을 수 있다고 밝혔습니다.

펫메드 익스프레스는 델레이비치(Delray Beach) 본사 및 물류센터 자산을 3,700만 달러에 매각하고 영업에 필요한 부분을 초기 10년 임대차 계약으로 다시 임차하는 최종 계약을 체결했습니다. 회사는 실사, 임대차 협상 및 관례적인 거래 종결 조건에 따라 7월 23일 계약 후 약 120일 이내에 거래가 마무리될 것으로 예상하고 있습니다.

리스크 및 주목 요소

• D2C(소비자 직접 판매) 반려동물 헬스케어 시장의 경쟁이 여전히 치열한 가운데, 전통적인 광고 및 미디어 채널의 비용은 지속적으로 상승하고 있습니다.
• 처방약 판매가 계속 부진하여 전년 동기 대비 19.9%의 매출 감소를 이끌었습니다.
• 일반관리비와 광고비가 감소했음에도 불구하고 조정 EBIT 손실은 증가했습니다.
• 실버 케이프 인베스트먼트(Silver Cape Investments)는 발행 주식 전체를 주당 현금 3달러에 인수하겠다는 자발적이고 비구속적이며 조건부인 제안을 제출했습니다. 이사회는 결정을 내리지 않았으며, 회사는 거래 성사를 보장할 수 없다고 밝혔습니다.
• 3,700만 달러 규모의 매각 후 임차(세일앤리스백) 완료는 실사, 최종 임대차 계약 협상 및 기타 관례적인 거래 종결 조건에 따라 결정됩니다.
• 이사회는 글로벌 임원 추천 전문 업체의 지원을 받아 정식 CEO 선임을 위한 수색 작업을 계속하고 있습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.]