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

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accession 0001040130-25-000064

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