PetMed Express (PETS) 2027财年第一季度业绩电话会：销售额稳定在4000万美元以上

核心要点

• 2027财年第一季度净销售额同比下降19.9%至4100万美元，主要是由于处方药销售疲软。尽管如此，营收已连续第三个季度保持在4000万美元以上。
• 净亏损从上年同期的3420万美元（即摊薄后每股亏损1.65美元）收窄至6100万美元（即摊薄后每股亏损0.28美元）。这一改善主要反映出上年同期的商誉及商标权减值计提未在本期再发生。
• 调整后EBIT亏损从270万美元扩大至340万美元，原因在于毛利的减少超过了运营费用的下降。
• 包括自动发货和会员相关收入在内的经常性净销售额占总销售毛额的比重达61.5%，高于上年同期的57.6%。
• PetMed Express新增约70,000名客户。经过广告与媒体优化，获客成本从71美元下降15%至60美元。
• 截至2026年6月30日，公司拥有1310万美元的现金及现金等价物，且无债务。此外，公司还同意将其总部及配送中心物业进行3700万美元的售后回租。

主要财务数据

业务与运营业绩

处方药表现疲软仍是拖累营收的主要因素，但消费者促销使用的减少带来了部分抵消作用。由于厂商返利占销售额的比重下降，毛利率降至27.6%，不过每单运费成本有所改善。

尽管广告竞争环境激烈，营销效率仍得到提升。PetMed Express减少了低效的媒体支出，将获客成本降至60美元，并在本季度新增了约70,000名客户。管理层表示，过去几个季度新客户获取量呈上升趋势。

7月，PetMed Express与Rural King联合推出了联名在线药房。该平台为17个州150多家门店的客户提供宠物药品、处方粮、预防性药物及自动发货服务。管理层将该项目视为将门店顾客转化为线上客户、并通过其药房和履约基础设施创造新营收的一种途径。

该公司还继续推进技术现代化。5月在全公司范围内部署了SAP系统，6月上线了全新的呼叫中心平台，并保持了第四财季引入的反欺诈系统的运行。一项新的货运协议旨在限制承运商提价，同时提供更快、更可追踪的送达服务。管理层表示，美西部分客户收到订单的时间最多可加快两天。

PetMed Express签署了一份最终协议，拟以3700万美元出售其位于德尔雷海滩（Delray Beach）的总部及配送中心物业，并按初始10年期租约回租运营所需部分。公司预计该交易将在7月23日签署协议后的约120天内完成，前提是满足尽职调查、租赁谈判及惯常交割条件。

风险与关注事项

• 面向消费者（DTC）的宠物健康市场竞争依然极其激烈，而传统广告和媒体渠道的成本也在持续上升。
• 处方药销售持续疲软，是导致营收同比下降19.9%的主要因素。
• 尽管一般及行政费用以及广告费用有所下降，但调整后EBIT亏损仍有所扩大。
• Silver Cape Investments提交了一份主动提出的、不具约束力的有条件收购要约，拟以每股3美元的现金收购所有已发行股份。董事会尚未作出决定，公司表示无法保证交易一定会达成。
• 完成3700万美元售后回租交易仍取决于尽职调查、最终租赁协议谈判及其他惯常交割条件。
• 董事会在一家全球高管搜寻公司的协助下，继续寻找合适的正式CEO。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.]