---
schema_version: "secwatch.filing_event.v1"
accession: "0001040130-24-000004"
form_type: "8-K"
ticker: "PETS"
cik: "0001040130"
company_name: "PETMED EXPRESS INC"
filed_at: "2024-02-08T23:59:59+00:00"
generated_at: "2026-06-06T05:11:39.489300+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# PetMeds restates FY2021-2023 financials, preliminary Q3 sales up 11% YoY to $65.3M

## Summary
- Restatement covers FY2021-2023 and Q1/Q2 FY2024 due to sales tax and deferred tax errors.
- Preliminary Q3 net sales $65.3M (+11% YoY); gross margin 27.4% vs 25.9% prior year.
- Sales tax liability expected $14-20M as of Mar.2020, $16-23M as of Mar.2023; FY2023 G&A decrease $6-8M.
- Deferred tax asset from PetCareRx acquisition to be restated: increase goodwill, decrease deferred tax asset.
- Q3 10-Q filing delayed; no impact on FY2024 revenue, COGS, or cash.

## SEC filing metadata
- accession: 0001040130-24-000004
- form_type: 8-K
- ticker: PETS
- cik: 0001040130
- company_name: PETMED EXPRESS INC
- filed_at: 2024-02-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 4.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1040130/000104013024000004/0001040130-24-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1040130/000104013024000004/pets-20240207.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001040130-24-000004
- JSON: https://secwatch.observer/filing/0001040130-24-000004.json
- Plain text: https://secwatch.observer/filing/0001040130-24-000004.txt

## Key facts
- Auditor Changes
  PETMED EXPRESS INC reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: RSM US LLP
  source text: ” and together with the Q1 2024 Quarterly Report, the 2023 Annual Report and the Historical Quarterly Reports, the “Reports” and all financial statements included in the Reports, collectively the “Affected Financials”), should no longer be relied upon. As a result of the foregoing determined, related press releases, shareholder communications, investor presentations or other communications describing relevant portions of the Affected Financials should no longer be relied upon. The Audit Committee’s conclusion was based on management’s determination that the Company (1) misapplied generally accepted accounting principles relating to certain accruals for sales tax liabilities resulting from sales of the Company’s products and services to its customers and (2) incorrectly valued the deferred tax asset acquired in connection with the Company’s acquisition of PetCareRx in April 2023, in each
  evidence_url: https://www.sec.gov/Archives/edgar/data/1040130/000104013024000004/0001040130-24-000004-index.htm
- Earnings Releases
  PETMED EXPRESS INC reported fiscal quarter ended December 31, 2023 results: revenue $65.3 million.
  - Period: fiscal quarter ended December 31, 2023
  - Revenue: $65.3 million
  - Result: preliminary results
  source text: Net sales for the quarter ended December 31, 2023, are expected to be $65.3 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1040130/000104013024000004/0001040130-24-000004-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.