Shares of online pet pharmacy operator PetMed Express (NASDAQ:PETS) are tanking today after the company’s fourth-quarter numbers fell short of the Street’s expectations.
During the quarter, revenue declined 5.5% year-over-year to $62.4 million, missing expectations by $3.3 million. Additionally, net loss per share at $0.25 too lagged estimates by $0.39. The company saw a 12% year-over-year rise in new customers and is also seeing gains in AutoShip and Save recurring revenues.
Matt Hulett, the company’s CEO, and President noted, “We are progressing on our growth strategy, expanding our product catalog, building recurring revenue, growing our customer base, and adding differentiated services with our exclusive Vetster partnership and strategic Pumpkin partnership.”
Despite these comments, investors were surprised with the fourth quarter loss and shares of the company are down nearly 5% at the time of publishing today. Moreover, PETS shares have declined nearly 15% year-to-date, and short interest in the stock remains sky-high at about 24.2% at present.
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