PetMed Express, Inc., together with its subsidiaries, doing business as 1-800-PetMeds, operates as a pet pharmacy in the United States. The company markets prescription and non-prescription pet medications, and other health products for dogs, cats, and horses. It offers non-prescription medications and supplies, such as flea and tick control products, bone and joint care products, vitamins, treats, nutritional supplements, hygiene products, and supplies; and prescription medications, including heartworm preventatives, flea and tick preventatives, arthritis, dermatitis, thyroid, diabetes, pain medications, heart/blood pressure, and other specialty medications, as well as generic substitutes. The company also sells food, beds, crates, stairs, strollers, and other pet supplies. It sells its products through its Internet website and mobile app; telephone contact center; and direct mail/print through catalogs, brochures, and postcards. PetMed Express, Inc. was incorporated in 1996 and is headquartered in Delray Beach, Florida.
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- Amazon for pet medications.
- CVS Pharmacy for pets.
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- Prescription Pet Medications: Offers a wide range of prescription drugs for various pet ailments, requiring a veterinarian's authorization.
- Non-Prescription Pet Medications and Health Products: Provides over-the-counter remedies, flea and tick control, nutritional supplements, and grooming essentials for pet wellness.
- Pet Food and Treats: Sells specialized veterinary diets, prescription foods, and general healthy treats designed to support pet health and nutrition.
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PetMed Express (PETS) primarily sells its products directly to individuals (pet owners) rather than to other businesses.
The company serves the following categories of individual customers:
- Convenience-Oriented Pet Owners: These customers prioritize the ease and convenience of ordering pet medications and health products online, with direct home delivery, saving them trips to veterinary clinics or pet supply stores.
- Value-Conscious Pet Owners: This group is motivated by seeking competitive pricing and cost savings on both prescription and non-prescription pet medications and supplies, often comparing prices with traditional retail channels.
- Pet Owners with Specific or Chronic Health Needs: This category includes owners of pets requiring ongoing, long-term prescription medications for chronic conditions (e.g., diabetes, arthritis, heart disease) or those seeking a wider selection of specialized health products for their dogs, cats, and horses.
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Leslie C.G. Campbell Interim Chief Executive Officer and Chair of the Board of Directors
Ms. Campbell has served as a member of the PetMed Express Board of Directors since 2018 and as Chair of the Board since January 2024. She became Chair of the Compensation and Human Capital Committee in 2023 and previously chaired the Corporate Governance and Nominating Committee from 2018 to 2023. She assumed the role of Interim Chief Executive Officer in August 2025.
Doug Krulik Interim Principal Financial Officer, Treasurer, and Chief Accounting Officer
Mr. Krulik joined PetMed Express as Chief Accounting Officer in August 2024, bringing over 20 years of accounting and finance experience. Prior to PetMeds, he held roles at Hollywood Companies, American Media, and Benihana, and was an Audit Manager with Deloitte & Touche. He is a Certified Public Accountant and holds a Masters of Business Administration from the University of Miami. Mr. Krulik assumed the role of Interim Principal Financial Officer in August 2025.
Caroline Conegliano COO
Ms. Conegliano joined PetMed Express as Chief Operating Officer in June 2024. She brings nearly two decades of diverse experience across finance, luxury, technology, and venture capital sectors. Her background includes working with technology companies and retailers at Primary VC.
Umesh Sripad Chief Digital and Technology Officer
Mr. Sripad joined PetMeds as Chief Digital and Technology Officer in 2024, bringing over two decades of experience in driving digital innovation, business transformation, and technology leadership. Before joining PetMeds, he served as Chief Product Officer at PureRED, a private equity-backed company, where he oversaw acquisition strategies, product development, and execution. Previously, he was SVP and Chief Digital Officer at Bed Bath & Beyond, where he directed product, engineering, data analytics, and site merchandising teams, successfully executing digital-first strategies. He also has experience from Overstock.com and IKEA.
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<ul>
<li>The rapid expansion of large, diversified e-commerce retailers into integrated pet health ecosystems. Companies like Chewy (CHWY) are not just selling pet supplies but are aggressively building comprehensive platforms that include online pharmacy services, telehealth, and veterinary partnerships. Their vast customer bases, superior logistics, and significant capital allow them to offer a highly convenient "one-stop shop" that can capture customers who might otherwise use specialized online pharmacies like PetMed Express. This threatens to commoditize and disintermediate PETS's core business by offering a broader, more integrated, and potentially more convenient value proposition.</li>
<li>The increasing adoption by veterinary clinics of their own direct online prescription fulfillment platforms. Many veterinary practices are partnering with technology providers (e.g., Covetrus's Vetsource, Vetsource) to launch branded online pharmacies. This enables vets to directly fulfill prescriptions and sell over-the-counter products to their clients, keeping the entire transaction within their own practice's ecosystem. This trend directly cuts out third-party online pharmacies like PetMed Express, as the prescribing veterinarian becomes the direct online source for medication, often leveraging existing client trust and relationships.</li<
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PetMed Express (symbol: PETS) operates primarily as an online pet pharmacy, offering prescription and non-prescription pet medications, health products, and other supplies for dogs, cats, and horses in the United States.
The addressable markets for PetMed Express's main products and services are:
- U.S. Pet Medication Market: This market was valued at approximately $13.21 billion in 2023 and is projected to reach $17.90 billion by 2029, demonstrating a Compound Annual Growth Rate (CAGR) of 5.19%. Prescription medications account for over 53% of this market.
- U.S. Online Pet Medication Market: PetMed Express holds an estimated 18.5% market share in the online pet medication market. It is anticipated that 30% of all pet medications will be purchased online by 2025. The broader U.S. pet health market, which includes online sales, is estimated to be worth $47 billion.
- U.S. Pet Supplies Market: The total U.S. pet supplies market is projected to reach $36.6 billion in 2024. While PetMed Express's core focus is on medications, it also offers a range of non-prescription supplies, including flea and tick control products, vitamins, supplements, and other accessories.
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PetMed Express (NASDAQ: PETS) anticipates several key drivers to fuel its revenue growth over the next two to three years.
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Integration and Synergy from PetCareRx Acquisition: The acquisition of PetCareRx is expected to contribute to future revenue growth through incremental sales and by leveraging expanded product offerings. The company is focused on realizing synergies from combining the two businesses to drive recurring revenues from a broader base of customers.
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Customer Acquisition and Expansion of Recurring Revenue Streams: PetMed Express is strategically focused on attracting new customers while simultaneously increasing recurring revenues from its existing customer base. Initiatives like AutoShip & Save sales and PetCareRx membership sales are central to this strategy, with a reported increase in recurring revenue as a percentage of total sales.
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Expansion and Optimization of Product and Service Offerings: The company plans to drive revenue by expanding its product offerings, specifically mentioning the introduction of grooming and wellness services. This also includes optimizing the current product mix by eliminating underperforming stock-keeping units (SKUs) to make space for higher-value products that align with consumer demand.
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Enhanced Digital Customer Experience and Technology Investments: Investments in technology and efforts to enhance the digital shopping experience are expected to contribute to revenue growth. These improvements aim to attract and retain customers by providing a more seamless and user-friendly platform.
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Share Repurchases
- In fiscal year 2020, PetMed Express repurchased approximately 613,000 shares of its common stock for about $11.5 million, with approximately $28.7 million remaining under the authorized share repurchase plan.
- From March 2024 to March 2025, the annual shares outstanding of PetMed Express declined, indicating share buybacks during this period.
Share Issuance
- In fiscal year 2024, PetMed Express issued preferred stock with a par value of $0.001 per share at a price of $4.00 per share, incurring issuance costs of $112 thousand. Each share of preferred stock is convertible into approximately 4.05 shares of common stock.
- In October 2025, a director received an equity grant of 33,846 shares of common stock as a restricted stock award under the company's 2024 Omnibus Incentive Plan.
- The number of shares outstanding for the quarter ending March 2025 (20.7 million) increased from December 2024, suggesting new share issuance during that quarter.
Inbound Investments
- In December 2024, PetMed Express adopted a limited duration shareholder rights plan to protect the best interests of all shareholders against significant stock accumulations by certain entities and potential hostile takeovers. This plan aims to enable shareholders to realize long-term value by allowing them to acquire additional shares at a discount if a party acquires 12.5% or more of the company's stock without Board approval.
Outbound Investments
- In April 2022, PetMed Express invested approximately $5.0 million in Vetster Inc. as part of its Series B financing round.
- The company made a follow-up investment of $0.3 million in a Vetster Series B extension round in September 2023.
- In April 2023, PetMed Express completed the acquisition of PetCareRx.
Capital Expenditures
- PetMed Express projects annual capital expenditures of $3 million for fiscal years 2025 through 2029, representing approximately 1% of revenue.
- The company is revitalizing its mobile applications in fiscal year 2025 to offer improved features and enhanced quality.
- For fiscal year 2024, the free cash flow was -$395 thousand, and operating cash flow was $4.72 million.
