PETMED EXPRESS INC (PETS): auditor change — PetMed Express to restate FY2024, FY2023; investigation reveals revenue errors, former CEO/CFO out

PETMED EXPRESS INC

Net sales overstated by ~$7.0M in FY2024 and ~$9.0M in FY2023 due to vendor payment misclassification; no net income impact.
Investigation found Dec and Mar accelerated shipments: $133k and $1.1M revenue in wrong periods; $50 coupon and nepotism issues.
Former CEO Sandra Campos, former CFO Robyn D'Elia, former Audit Chair Diana Purcel resigned; Board adopted remediation plan.
Company expects to file FY2025 10-K by mid-October 2025; material weaknesses in internal controls to be reported.
Also recorded $1.2M non-cash impairment of PCRX trade name; possible additional goodwill impairment due to stock decline.

item 2.06 item 4.02 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

PETMED EXPRESS INC reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: RSM US LLP

Exact text from the filing

The Audit Committee’s conclusion that the Affected Financials should no longer be relied upon

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

PETMED EXPRESS INC announced a impairment with charges of $1.2 million affecting PCRX trade name.

Type: impairment
Charge: $1.2 million
Affected area: PCRX trade name

Exact text from the filing

On October 1, 2025, the Audit Committee of the Board of Directors (the “Audit Committee”) of PetMed Express, Inc. (the “Company”), upon the recommendation of the Company’s management, concluded that a $1.2 million non-cash impairment of the Company’s PCRX trade name is required to be recorded in the quarter ended March 31, 2025.

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15 auditor changes filed in the last 30 days. Browse all auditor changes →

PETMED EXPRESS INC filing history →

Source: SEC EDGAR

accession 0001040130-25-000064

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