PetMed Express, Inc. (NASDAQ: PETS) is a direct-to-consumer pet health and wellness retailer that markets and sells pet medications and related products online, by phone, and through mobile applications. Revenue comes from three streams: reorder sales, new order sales, and membership fees. In FY2025 (year ended March 31, 2025), total net sales were $226.97 million, down 17.2% from $274.1 million in FY2024 (as restated). Reorder sales accounted for 82.8% of net sales ($188.0 million), new order sales 13.7% ($31.1 million), and membership fees 3.5% ($7.9 million). The company operates two primary digital storefronts, PetMeds.com and PetCareRx.com, under its PetMeds and PetCareRx brands, alongside a toll-free customer contact center. Founded in 1996 and headquartered in Florida, PetMed Express acquired PetCareRx in April 2023. The company reported a net loss of $6.3 million for FY2025 and adjusted EBITDA of $672,000, compared to adjusted EBITDA of $8.2 million in FY2024.
- Revenue model
- Transactional product sales (prescription and OTC pet medications, supplements, food, and wellness products) sold direct-to-consumer online and by phone, plus recurring membership fee revenue from the PetPlus program. Reorder sales (82.8% of FY2025 net sales) and new order sales (13.7%) are transactional; membership fees (3.5%, $7.9 million in FY2025) are subscription-based. The company also distributes products through the PetAssure brokered employer-benefits model.
- Products and services
- Prescription medications for dogs, cats, and horses covering allergies, arthritis, anxiety, heartworm, dermatitis, thyroid conditions, diabetes, heart and blood pressure, and pain. Flea and tick preventatives (Rx, non-Rx, and OTC). Generic, branded, and compounded prescription medications. OTC supplements, vitamins, bone and joint care, treats, Rx and non-Rx food. Pharmacy fulfillment and autoship. PetPlus membership program offering discounts across more than 700,000 partners plus telehealth and pet training. Telemedicine services via a partnership with Dutch Pet, Inc. announced May 2025, offering 24/7 virtual veterinary appointments in 34 states. Educational content via pethealthmd.com.
- Customers and end markets
- More than 1.7 million customers purchased within the last three fiscal years (as of FY2025 10-K). The company attracted approximately 351,000 new customers in FY2025 and 457,000 in FY2024. Average order value was approximately $97 in FY2025 and $94 in FY2024. Approximately 50% of customers reside in California, Florida, Texas, New York, Pennsylvania, North Carolina, Georgia, and Virginia. End market is individual pet owners (dogs, cats, horses) in the United States.
- Value-chain role
- Licensed online pharmacy and direct-to-consumer retailer. The company holds pharmacy licenses in Florida (primary) and New York (PetCareRx), is licensed or registered with 48 other state pharmacy boards, the District of Columbia, the U.S. Virgin Islands, and is registered with the DEA to dispense Schedule IV and Schedule V controlled substances. It connects customer prescriptions to licensed veterinarians for approval and fulfills orders directly to consumers, bypassing brick-and-mortar veterinary offices and traditional retail pharmacies.
- Geographic exposure
- United States only. Customers located throughout the U.S., with approximately 50% concentrated in California, Florida, Texas, New York, Pennsylvania, North Carolina, Georgia, and Virginia (FY2025 10-K).
