PetMed Express Files Amended 10-K, Restating Financials

TL;DR

<b>PetMed Express is restating its financial statements for the fiscal year ending March 31, 2023, as indicated in an amended 10-K filing.</b>

AI Summary

PETMED EXPRESS INC (PETS) filed a Amended Annual Report (10-K/A) with the SEC on April 15, 2024. PetMed Express Inc. filed an amended 10-K on April 15, 2024. The amendment pertains to the fiscal year ending March 31, 2023. The filing indicates a restatement of prior period financial information. Specific details on the nature of the restatement are not provided in this header. The company is identified by Central Index Key 0001040130 and ticker PETS.

Why It Matters

For investors and stakeholders tracking PETMED EXPRESS INC, this filing contains several important signals. This amended filing suggests potential errors or adjustments in previously reported financial data, requiring correction and re-disclosure. Investors and analysts will need to review the detailed restated financials to understand the impact on the company's reported performance and financial position.

Risk Assessment

Risk Level: — PETMED EXPRESS INC shows moderate risk based on this filing. The filing is an amendment to a previous 10-K, indicating a need to correct or restate financial information, but the specific nature and impact of these corrections are not detailed in the provided header information.

Analyst Insight

Review the full amended 10-K filing to understand the specific reasons for the financial restatement and its impact on PetMed Express's financial performance.

Key Numbers

• 20230331 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240415 — Filing Date (FILED AS OF DATE)
• 0001040130 — Central Index Key (FILER)
• 000-28827 — SEC File Number (FILING VALUES)

Key Players & Entities

• PETMED EXPRESS INC (company) — FILER
• PETS (company) — ticker
• 0001040130 (company) — CENTRAL INDEX KEY
• 20230331 (date) — CONFORMED PERIOD OF REPORT
• 20240415 (date) — FILED AS OF DATE
• FL (location) — STATE OF INCORPORATION
• 5912 (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 000-28827 (regulator) — SEC FILE NUMBER

FAQ

Industry Context

PetMed Express operates in the retail drug stores and proprietary stores sector, focusing on pet medications and supplies.

Regulatory Implications

The filing is a 10-K/A, an amended annual report filed with the SEC, indicating a need for correction or supplementation of previously submitted information.

What Investors Should Do

1. Analyze the specific reasons for the financial restatement in the amended 10-K.
2. Assess the impact of the restated financials on key performance indicators and financial ratios.
3. Monitor future filings for any further disclosures or clarifications regarding the restatement.

Key Dates

• 2024-04-15: 10-K/A Filing — Amendment filed for the fiscal year ending March 31, 2023, indicating restated financials.

Year-Over-Year Comparison

This is an amended 10-K filing, indicating a revision to previously submitted financial information for the fiscal year ending March 31, 2023.

Key Financial Figures

• $136.8 billion — g in the United States increased 11% to $136.8 billion in 2022. Veterinary care and Rx medicat
• $35.9 b — ary care and Rx medications represented $35.9 billion, or 26% of the total spending on
• $13 b — rance, is estimated to be approximately $13 billion, with veterinarians having the ma
• $36.0 million — ggregate consideration of approximately $36.0 million in an all-cash transaction. The acquisi
• $5.0 million — the Company also made an approximately $5.0 million investment in Vetster as a part of larg
• $93 — average purchase remained approximately $93 for both fiscal 2023 and fiscal 2022, r

Filing Documents

• pets-20230331.htm (10-K/A) — 2112KB
• pets-20230331xexx231a.htm (EX-23.1) — 3KB
• pets-20230331xexx311a.htm (EX-31.1) — 10KB
• pets-20230331xexx312a.htm (EX-31.2) — 11KB
• pets-20230331xexx321a.htm (EX-32.1) — 6KB
• pets-20230331_g1.jpg (GRAPHIC) — 140KB
• 0001040130-24-000016.txt (&nbsp;) — 10843KB
• pets-20230331.xsd (EX-101.SCH) — 46KB
• pets-20230331_cal.xml (EX-101.CAL) — 62KB
• pets-20230331_def.xml (EX-101.DEF) — 264KB
• pets-20230331_lab.xml (EX-101.LAB) — 462KB
• pets-20230331_pre.xml (EX-101.PRE) — 442KB
• pets-20230331_htm.xml (XML) — 2319KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 21 Item 2

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II 23 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 74 Item 9A.

Controls and Procedures

Controls and Procedures 74 Item 9B. Other Information 75 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III 76 Item 10. Directors, Executive Officers, and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accountant Fees and Services 76 PART IV 77 Item 15. Exhibit and Financial Statement Schedules 77 Item 16. Form 10-K Summary 79

SIGNATURES

SIGNATURES 80 Table of Contents PART I CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain information in this Amendment includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") and Section 21E of the Exchange Act. You can identify these forward-looking statements by the words "believes," "intends," "expects," "may," "will," "should," "plan," "projects," "contemplates," "intends," "budgets," "predicts," "estimates," "anticipates," or similar expressions. 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 assumptions. Actual future results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of this Amendment under the heading "Risk Factors." A reader, whether investing in our common stock or not, should not place undue reliance on these forward-looking statements, which apply only as of the date of the filing of the Original Report. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. NOTE REGARDING COMPANY REFERENCES When used in this Amendment, unless otherwise stated or the context otherwise indicates, "PetMed Express," "PetMeds," "PetMed," "the Company," "we," "our," and "us" refers collectively to PetMed Express, Inc. and its direct and indirect wholly owned subsidiaries, taken as a whole.

BUSINESS

ITEM 1. BUSINESS General PetMed Express, Inc. and subsidiaries, d/b/a PetMeds, is a leading nationwide direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, supplies and vet services for dogs, cats, and horses. PetMeds markets and sells directly to consumers through its websites, toll-free numbers, and mobile applications. The Company offers consumers an attractive alternative for obtaining pet medications, foods, and supplies in terms of convenience, price, speed of delivery, and valued customer service. Founded in 1996, the Company's executive headquarters offices are currently located at 420 South Congress Avenue, Delray Beach, Florida 33445, and our telephone number is (561) 526-4444. The Company has a March 31 fiscal year. Our Industry The market for pet medicines, foods, and health products and services is a large and growing market. According to the American Pet Products Association, pet spending in the United States increased 11% to $136.8 billion in 2022. Veterinary care and Rx medications represented $35.9 billion, or 26% of the total spending on pets in the United States. The pet medication market, which includes prescription medication, nonprescription medication and insurance, is estimated to be approximately $13 billion, with veterinarians having the majority of the prescription market share. The dog and cat population is approximately 111.6 million, with approximately 66% of all households having a pet. Our Products and Services We offer a broad selection of products and services for dogs, cats, and horses. Our current product line contains approximately 15,000 SKUs of the most popular pet medications, health products, foods, and supplies. These products include a majority of the well-known brands of pet medications, and with our April 2023 acquisition of PetCareRx, will now include a broader product catalog assortment beyond medication. Generally, our prices for pet medicati

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View this 10-K/A filing on SEC EDGAR