PetMed Express, Inc. Provides Update on Status of Fourth Quarter and FY 2025 Results and Form 10-K Filing
PetMed Express (NASDAQ: PETS), operating as PetMeds and parent company of PetCareRx, announced it will be unable to file its Form 10-K for FY 2025 within the extension period ending July 1, 2025. The delay is due to an ongoing investigation initiated by the Audit Committee following anonymous whistleblower reports.
The whistleblower complaints concern three main issues: revenue recognition timing for certain autoship orders in Q4 2025 that led to customer complaints, a $50 coupon promotion's impact on new customer KPIs, and concerns about the company's culture and control environment. The Audit Committee has engaged external legal counsel and advisors to investigate these matters.
Despite the ongoing investigation, PetMed Express states that based on current evidence, they do not expect the investigation to materially impact their previously announced preliminary Q4 and FY 2025 financial results or previously filed financial statements.
[ "Company does not expect material impact on previously announced financial results", "External legal counsel and advisors engaged for thorough investigation", "Company has established whistleblower reporting system in place" ]PetMed Express (NASDAQ: PETS), operante come PetMeds e societ脿 madre di PetCareRx, ha annunciato che non sar脿 in grado di presentare il proprio Modulo 10-K per l'anno fiscale 2025 entro il termine di proroga che scade il 1掳 luglio 2025. Il ritardo 猫 dovuto a un'indagine in corso avviata dal Comitato di Revisione a seguito di segnalazioni anonime di whistleblower.
Le segnalazioni riguardano tre questioni principali: il momento del riconoscimento dei ricavi per alcuni ordini autoship nel quarto trimestre 2025 che ha causato reclami da parte dei clienti, l'impatto di una promozione con coupon da 50$ sui KPI dei nuovi clienti e preoccupazioni relative alla cultura aziendale e all'ambiente di controllo. Il Comitato di Revisione ha incaricato consulenti legali esterni e advisor per indagare su queste questioni.
Nonostante l'indagine in corso, PetMed Express dichiara che, basandosi sulle evidenze attuali, non si aspettano che l'indagine influenzi in modo significativo i risultati finanziari preliminari del quarto trimestre e dell'intero anno fiscale 2025 precedentemente annunciati o i bilanci gi脿 depositati.
- L'azienda non prevede impatti significativi sui risultati finanziari precedentemente annunciati
- Consulenti legali esterni e advisor coinvolti per un'indagine approfondita
- L'azienda ha istituito un sistema di segnalazione per whistleblower
PetMed Express (NASDAQ: PETS), que opera como PetMeds y es la empresa matriz de PetCareRx, anunci贸 que no podr谩 presentar su Formulario 10-K para el a帽o fiscal 2025 dentro del per铆odo de pr贸rroga que finaliza el 1 de julio de 2025. El retraso se debe a una investigaci贸n en curso iniciada por el Comit茅 de Auditor铆a tras denuncias an贸nimas de whistleblowers.
Las denuncias se centran en tres temas principales: el momento del reconocimiento de ingresos para ciertos pedidos autoship en el cuarto trimestre de 2025 que generaron quejas de clientes, el impacto de una promoci贸n de cup贸n de $50 en los KPI de nuevos clientes, y preocupaciones sobre la cultura de la empresa y el ambiente de control. El Comit茅 de Auditor铆a ha contratado asesores legales externos y consultores para investigar estos asuntos.
A pesar de la investigaci贸n en curso, PetMed Express afirma que, bas谩ndose en la evidencia actual, no esperan que la investigaci贸n afecte materialmente los resultados financieros preliminares del cuarto trimestre y del a帽o fiscal 2025 previamente anunciados ni los estados financieros ya presentados.
- La empresa no espera un impacto material en los resultados financieros previamente anunciados
- Asesores legales externos y consultores contratados para una investigaci贸n exhaustiva
- La empresa ha establecido un sistema de reporte para whistleblowers
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PetMed Express (NASDAQ : PETS), op茅rant sous le nom de PetMeds et soci茅t茅 m猫re de PetCareRx, a annonc茅 qu'elle ne pourra pas d茅poser son formulaire 10-K pour l'exercice 2025 dans le d茅lai de prolongation se terminant le 1er juillet 2025. Ce retard est d没 脿 une enqu锚te en cours initi茅e par le comit茅 d'audit 脿 la suite de signalements anonymes de lanceurs d'alerte.
Les plaintes des lanceurs d'alerte concernent trois points principaux : le moment de la reconnaissance des revenus pour certaines commandes autoship au T4 2025 qui ont entra卯n茅 des plaintes clients, l'impact d'une promotion de coupon de 50 $ sur les indicateurs cl茅s de performance des nouveaux clients, ainsi que des pr茅occupations concernant la culture d'entreprise et l'environnement de contr么le. Le comit茅 d'audit a fait appel 脿 des conseillers juridiques externes et 脿 des experts pour enqu锚ter sur ces questions.
Malgr茅 l'enqu锚te en cours, PetMed Express d茅clare qu'en se basant sur les preuves actuelles, elle ne s'attend pas 脿 ce que l'enqu锚te ait un impact significatif sur les r茅sultats financiers pr茅liminaires du T4 et de l'exercice 2025 pr茅c茅demment annonc茅s ni sur les 茅tats financiers d茅j脿 d茅pos茅s.
- L'entreprise ne pr茅voit pas d'impact significatif sur les r茅sultats financiers pr茅c茅demment annonc茅s
- Des conseillers juridiques externes et des experts engag茅s pour une enqu锚te approfondie
- L'entreprise a mis en place un syst猫me de signalement pour les lanceurs d'alerte
PetMed Express (NASDAQ: PETS), t盲tig unter dem Namen PetMeds und Muttergesellschaft von PetCareRx, gab bekannt, dass es nicht in der Lage sein wird, seinen Formular 10-K f眉r das Gesch盲ftsjahr 2025 innerhalb der Verl盲ngerungsfrist bis zum 1. Juli 2025 einzureichen. Die Verz枚gerung ist auf eine laufende Untersuchung zur眉ckzuf眉hren, die vom Pr眉fungsausschuss nach anonymen Whistleblower-Meldungen eingeleitet wurde.
Die Whistleblower-Beschwerden betreffen drei Hauptpunkte: den Zeitpunkt der Umsatzrealisierung f眉r bestimmte Autoship-Bestellungen im vierten Quartal 2025, die zu Kundenbeschwerden f眉hrten, die Auswirkungen einer 50-Dollar-Gutscheinaktion auf KPIs neuer Kunden sowie Bedenken hinsichtlich der Unternehmenskultur und des Kontrollumfelds. Der Pr眉fungsausschuss hat externe Rechtsberater und Berater zur Untersuchung dieser Angelegenheiten beauftragt.
Trotz der laufenden Untersuchung gibt PetMed Express an, dass sie basierend auf den aktuellen Erkenntnissen nicht erwarten, dass die Untersuchung die zuvor bekannt gegebenen vorl盲ufigen Finanzergebnisse f眉r das vierte Quartal und das Gesch盲ftsjahr 2025 oder bereits eingereichte Finanzberichte wesentlich beeinflusst.
- Das Unternehmen erwartet keine wesentlichen Auswirkungen auf zuvor angek眉ndigte Finanzergebnisse
- Externe Rechtsberater und Berater f眉r gr眉ndliche Untersuchung beauftragt
- Das Unternehmen hat ein Whistleblower-Meldesystem eingerichtet
- None.
- Delay in filing Form 10-K beyond extension period
- Whistleblower complaints regarding revenue recognition timing
- Investigation into potential issues with Q4 2025 customer promotion reporting
- Concerns raised about company culture and control environment
Insights
PetMed's delayed 10-K filing amid whistleblower allegations raises governance concerns despite management downplaying financial impact.
PetMed Express has announced it will miss the extended July 1 deadline for filing its annual Form 10-K report, a concerning development for investors. The delay stems from whistleblower complaints that have triggered an Audit Committee investigation with external counsel. The allegations touch on three critical areas: improper revenue recognition for autoship orders in Q4 2025, a promotional coupon campaign potentially manipulating new customer KPIs, and broader concerns about the company's culture and control environment.
The timing revenue recognition issue is particularly noteworthy as it reportedly led to customer complaints, suggesting potential aggressive accounting practices. When companies accelerate revenue recognition, it can artificially inflate quarterly results to meet targets. The mention of control environment concerns points to possible systemic weaknesses in financial governance.
While management attempts to reassure investors by stating they "do not currently expect" material impact on preliminary financial results, this language leaves room for future adjustments. The involvement of external legal counsel and advisors indicates the seriousness of the investigation. Delayed filings often precede financial restatements or discovery of material weaknesses in internal controls.
The confluence of revenue recognition issues, potentially misleading KPIs, and control environment allegations creates a concerning pattern that could indicate deeper governance problems. Investors should watch for potential NASDAQ compliance issues if the filing delay extends significantly, as continued listing requires timely financial reporting.
DELRAY BEACH, Fla., July 01, 2025 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (the 鈥淐ompany鈥�) dba PetMeds and parent company of PetCareRx (NASDAQ: PETS) today provided an update on the status of its fourth quarter and FY 2025 results and 10-K filing.
On June 16, 2025, the Company filed a Form 12b-25 (the 鈥淔orm 12b-25鈥�) disclosing that the Company would be unable to file its Form 10-K for the year ended March 31, 2025 (the 鈥�2025 Form 10-K鈥�) within the prescribed period without unreasonable effort or expense. The extension period provided under Rule 12b-25 expires on July 1, 2025. The Company will be unable to file its 2025 Form 10-K within the extension period because the Company is continuing to compile, review, and analyze the information necessary to complete its financial statements and related disclosures to be included in the 2025 Form 10-K. Specifically, the Audit Committee of the Company鈥檚 Board of Directors has advised management that it has received anonymous reporting through the Company鈥檚 third-party-administered whistleblower hotline regarding: the timing of revenue recognition with respect to certain autoship orders in the fiscal fourth quarter of 2025, some of which resulted in customer complaints; a fiscal fourth quarter 2025
About
Founded in 1996, PetMeds is a pioneer in the direct-to-consumer pet healthcare sector. As a trusted national online pharmacy, PetMeds is licensed across all 50 states and staffed with expert pharmacists dedicated to supporting pet wellness and the veterinarians who serve them. Through its PETS family of brands, the Company offers a comprehensive range of pet health solutions - including top-brand and generic pharmaceuticals, compounded medications, and better-for-your-pet OTC supplements and nutrition. Focused on value, convenience, and care, PetMeds and PetCareRx empower pet parents to help their dogs, cats, and horses live longer, healthier lives. To learn more, visit www.PetMeds.com and www.PetCareRx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Words such as 鈥渕ay,鈥� 鈥渃ould,鈥� 鈥渆xpect,鈥� 鈥減roject,鈥� 鈥渙utlook,鈥� 鈥渟trategy,鈥� 鈥渋ntend,鈥� 鈥減lan,鈥� 鈥渟eek,鈥� 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥減redict,鈥� 鈥減otential,鈥� 鈥渟trive,鈥� 鈥済oal,鈥� 鈥渃ontinue,鈥� 鈥渓ikely,鈥� 鈥渨ill,鈥� 鈥渨ould鈥� and other similar words and expressions are intended to signify forward-looking statements. These forward-looking statements include, without limitation, the Company鈥檚 expectations regarding the filing of its Form 10-K for the fiscal year ended March 31, 2025 and the completion of the Audit Committee investigation described above. Forward-looking statements are based on the Company鈥檚 current expectations and assumptions regarding future events, which are subject to risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors, including but not limited to, the completion of the above described independent investigation and audit of the Company鈥檚 financial statements and other risks described from time to time in the Company鈥檚 filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K for the year ended March 31, 2024, as well as other subsequent filings on Form 10-Q and periodic filings on Form 8-K. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release and should not be relied upon as representing the Company鈥檚 views as of any subsequent date. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Investor Contact:
ICR, LLC
John Mills
Reed Anderson
(646) 277-1260
[email protected]
FAQ
Why is PetMed Express (NASDAQ: PETS) delaying its Form 10-K filing for 2025?
What are the whistleblower complaints about PetMed Express (PETS) in Q4 2025?
Will the PETS whistleblower investigation affect previous financial results?
What steps is PetMed Express (NASDAQ: PETS) taking to address the whistleblower complaints?
When will PetMed Express (PETS) file its delayed 2025 Form 10-K?
