PetMed Express Files 2024 10-K

TL;DR

PETS filed its 2024 10-K. All systems go.

AI Summary

PetMed Express Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, operating as a drug store retailer, is based in Delray Beach, Florida. The filing covers financial data and business operations for the period, with the report being filed on June 14, 2024.

Why It Matters

This filing provides a comprehensive overview of PetMed Express's financial health and operational performance for the fiscal year, crucial for investors and analysts to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 0331 — Fiscal Year End (The report covers the period ending March 31, 2024.)
• 20240614 — Filing Date (The 10-K was officially filed on this date.)

Key Players & Entities

• PETMED EXPRESS INC (company) — Filer
• 0001040130-24-000046 (filing_id) — Accession Number
• 20240331 (date) — Fiscal Year End
• 20240614 (date) — Filing Date
• DELRAY BEACH, FL (location) — Business Address

FAQ

Key Financial Figures

• $147.0 billion — in the United States increased by 7% to $147.0 billion in 2023, with veterinary care and presc
• $38.3 billion — prescription medications accounting for $38.3 billion or 26% of that total. The increasing de
• $94 — ly year over year and was approximately $94 for fiscal 2024 and $93 for fiscal 2023
• $93 — s approximately $94 for fiscal 2024 and $93 for fiscal 2023. PRODUCTS AND SERVICES
• $5.0 million — atalog. 3 We invested approximately $5.0 million in Vetster as part of their Series B fi
• $0.3 million — cing round in April 2022, followed by a $0.3 million investment in a Series B extension roun

Filing Documents

• pets-20240331.htm (10-K) — 1500KB
• pets-20240331xexx191.htm (EX-19.1) — 30KB
• pets-20240331xexx211.htm (EX-21.1) — 8KB
• pets-20240331xexx231.htm (EX-23.1) — 3KB
• pets-20240331xexx311.htm (EX-31.1) — 10KB
• pets-20240331xexx312.htm (EX-31.2) — 11KB
• pets-20240331xexx321.htm (EX-32.1) — 6KB
• pets-20240331xexx42.htm (EX-4.2) — 28KB
• pets-20240331xexx971.htm (EX-97.1) — 36KB
• image_0.jpg (GRAPHIC) — 0KB
• pets-20240331_g1.jpg (GRAPHIC) — 140KB
• 0001040130-24-000046.txt ( ) — 8608KB
• pets-20240331.xsd (EX-101.SCH) — 60KB
• pets-20240331_cal.xml (EX-101.CAL) — 106KB
• pets-20240331_def.xml (EX-101.DEF) — 275KB
• pets-20240331_lab.xml (EX-101.LAB) — 754KB
• pets-20240331_pre.xml (EX-101.PRE) — 525KB
• pets-20240331_htm.xml (XML) — 1054KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 22 Item 1C. Cybersecurity 22 Item 2

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 24 PART II 25 Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 25 Item 6. [Reserved] 26 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 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 76 Item 9A.

Controls and Procedures

Controls and Procedures 76 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III 79 Item 10. Directors, Executive Officers, and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 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 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accountant Fees and Services 79 PART IV 80 Item 15. Exhibit and Financial Statement Schedules 80 Item 16. Form 10-K Summary 82

SIGNATURES

SIGNATURES 83 PART I CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Certain information in this Annual Report on Form 10-K 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 Securities Exchange Act of 1934, as amended ("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 Annual Report on Form 10-K 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 this Annual Report on Form 10-K. 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 Annual Report on Form 10-K, 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. "PetCareRx" refers to PetCareRx, Inc., a wholly owned subsidiary of PetMed Express, Inc..

BUSINESS

ITEM 1. BUSINESS GENERAL Since 1996, PetMeds has been a pioneer in digital retail, serving as a trusted source for pet medicines across North America. Similarly, since 1998, PetCareRx has been providing pet healthcare products directly to consumers. Together, our brands are dedicated to delivering exceptional quality wellness products from innovative suppliers, making it easier for families to address preventive and chronic health needs in order to support the longevity of their companion animals. We are deeply committed to the mission and purpose that has driven our business from the start. The support of millions of customers nationwide has been the cornerstone of our success. Honoring our combined legacy, we bring our core values to every role we undertake. Our primary goal is to empower pet families, ensuring they can provide the best possible care for their dogs, cats, and horses and help them lead long, healthy lives. PetMed Express, Inc. and subsidiaries, d/b/a PetMeds, and as parent company of PetCareRx, is a leading nationwide direct-to-consumer pet pharmacy and online provider of prescription and non-prescription medications, food, supplements, and supplies and has veterinary and pet insurance service partnerships for dogs, cats, and horses. PetMeds and PetCareRx market and sell directly to consumers through their websites, toll-free numbers, and employer benefits partnerships. Through thousands of veterinary partners and a loyal customer base who rely on our services, our in-house pharmacies and extended pet healthcare partnerships seek to offer unparalleled value and convenience to families at every stage of their pets' lives. Over the years, our organization has made significant investments in our pharmacies to ensure compliance. By employing licensed pharmacists who specialize in veterinary medicine, it allows us to provide focused and specialized care. Additionally, we have implemented a rigorous 5-point verification process from order to shipm

View Full Filing

View this 10-K filing on SEC EDGAR