Recent Updates — PETS
PetMed Express appointed Tamar Elkeles as an independent director effective September 17, 2026, increasing the Board size to five members. Dr. Elkeles joins the Compensation and Human Capital Committee and Corporate Governance and Nominating Committee, bringing over 30 years of experience in human capital strategy from roles at Qualcomm and East Wind Advisors. This appointment follows the recent transition of Jeff Willard to CEO and President. PetMed Express operates as a direct-to-consumer online pharmacy specializing in pet healthcare products.
PetMed Express appointed Jeffrey Allen Willard as Chief Executive Officer and President, effective September 28, 2026, succeeding Interim CEO Leslie C.G. Campbell. The Board approved the appointment on August 27, 2026. Mr. Willard receives a $550,000 annual base salary, a $120,000 signing bonus, and equity grants including 250,000 restricted stock shares and up to 250,000 performance stock units. Ms. Campbell resigned from the Board and as Interim CEO due to retirement plans effective on Mr. Willard's start date. The Board elected Justin Mennen as Independent Chair of the Board, eliminating the Lead Independent Director position. PetMed Express operates in the direct-to-consumer pet healthcare sector, offering pharmaceuticals and supplements through its online pharmacy brands.
PetMed Express reported first quarter results ending June 30, 2026, with net sales of $41.0 million, a 19.9% decline from the prior year period due to lower prescription medication sales and reduced consumer promotional usage. The company posted a net loss of $6.1 million, or $(0.28) per diluted share, compared to a net loss of $34.2 million in the prior year, primarily driven by the absence of goodwill and trade name impairment charges. Adjusted EBITDA was negative $3.4 million. Management highlighted sequential sales stabilization, a 15% reduction in customer acquisition costs, and the completion of an enterprise-wide SAP ERP rollout. The company also noted a recently announced sale-leaseback transaction intended to strengthen its balance sheet. PetMed Express operates as a direct-to-consumer online pharmacy specializing in pet pharmaceuticals and health solutions.
PetMed Express, Inc. entered into a definitive agreement to sell its headquarters and distribution center buildings in Delray Beach, Florida, to Redfearn Capital Acquisitions, LLC for $37.0 million via a sale-leaseback transaction. The company will lease back 100,519 square feet of space for a 120-month term with a starting base rent of $15.25 per square foot and annual 3.5% increases. PetMed Express, Inc. operates in the pet healthcare sector as an online pharmacy provider.