Exhibit 99.1

Delray Beach, Florida, May 22, 2023, PetMed Express, Inc. (NASDAQ: PETS), Your Trusted Pet Health ExpertTM, today announced its financial results for its fourth quarter and fiscal year ended March 31, 2023. 

•Net sales for the quarter ended March 31, 2023, were $62.4 million, compared to $66.0 million for the fourth quarter in the prior year, a decrease of 5.4%. 

•New customers increased 12% year over year for the quarter ended March 31, 2023 representing the second consecutive quarter of quarterly year-over-year new customer growth following a 2 ½ year period without such growth.

•Net loss for the quarter ended March 31, 2023 was $(5.1) million, or $(0.25) diluted earnings per share, and includes $7.9 million, or $0.29 per diluted share, for items which management believes are not indicative of our ongoing operations. This compares to net income of $6.1 million, or $0.30 diluted earnings per share, for the prior year quarter ended March 31, 2022. 

•Adjusted EBITDA1 was $3.6 million for the current year quarter, compared to Adjusted EBITDA of $9.5 million, for the quarter ended March 31, 2022, a decrease of 61.8%.

•Net sales for the fiscal year ended March 31, 2023, were $256.9 million, compared to $273.4 million for the prior year, a decrease of 6.1%.

•Net income for the fiscal year ended March 31, 2023 was $233.0 thousand, or $0.01 diluted earnings per share, and includes $9.7 million, or $0.36 per diluted share, for items not indicative of our ongoing operations. This compares to net income of $21.1 million, or $1.04 diluted earnings per share, for the prior fiscal year ended March 31, 2022.

•Adjusted EBITDA was $19.8 million, for the fiscal year ended March 31, 2023, compared to Adjusted EBITDA of $34.0 million for the fiscal year ended March 31, 2022, a decrease of 41.9%.

“Fiscal 2023, particularly in the final quarter, represented a critical investment timeframe for PetMeds, as we strengthened the team, enhanced our systems, identified PetCareRx as a strategic acquisition opportunity, and turned our focus to incorporating our newly added investments. Revenue was down year over year by 6.1% but higher quarter over quarter. AutoShip & Save recurring revenue is the highest it's ever been at 44%, and new customers increased 12% for the quarter," said Matt Hulett, CEO and President.

Mr. Hulett continued, "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. We have built a solid foundation for future revenue growth and will continue our focus on the integration and execution of our strategic initiatives. We are confident this process will begin to bear fruit as each component achieves scale."

The Board of Directors declared a quarterly dividend of $0.30 per share on the Company’s common stock.  The dividend will be payable on June 12, 2023, to shareholders of record at the close of business on June 6, 2023.  The declaration and payment of future dividends is discretionary and will be subject to the determination by the Board of Directors.

This afternoon the Company will host a conference call to review the quarter’s financial results. 

Time: 4:30 P.M. Eastern Time, May 22, 2023

Public call dial in (877) 407-0789 (toll free) or (201) 689-8562. 

Webcast stream link:  https://investors.petmeds.com for those who wish to stream the call via webcast. 

Replay: Available until June 5, 2023, at 11:59 P.M Eastern Time. 

1 Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

To access the replay, call (844) 512-2921 (toll free) or (412) 317-6671 and enter passcode 13738424.

Founded in 1996, PetMeds is Your Trusted Pet Health Expert™, delivering prescription and non-prescription pet medications and other health products for dogs, cats, and horses at competitive prices direct to the consumer through its 1-800-PetMeds toll free number and through its website at www.petmeds.com.

This press release may contain “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission, that involve a number of risks and uncertainties, including the Company’s ability to meet the objectives included in its business plan.  Important factors that could cause results to differ materially from those indicated by such “forward-looking” statements are set forth in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the PetMed Express Annual Report on Form 10-K for the year ended March 31, 2023.  The Company’s future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-Q and its Annual Report on Form 10-K. 

Brian M. Prenoveau, CFA

MZ Group

561-489-5315

investor@petmeds.com

Mary Eva Tredway

Butin PR

maryeva@butinpr.com

To provide investors and the market with additional information regarding our financial results, we have disclosed (see below) adjusted EBITDA, a non-GAAP financial measure that we calculate as net income excluding share-based compensation expense; depreciation; income tax provision; interest income (expense); and other non-operational expenses. We have provided reconciliations below of adjusted EBITDA to net income, the most directly comparable GAAP financial measures.

We have included adjusted EBITDA, herein, because it is a key measure used by our management and Board of Directors to evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and other expenses. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors.

We believe it is useful to exclude non-cash charges, such as share-based compensation expense, depreciation from our adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax provision and interest income (expense), as neither are components of our core business operations. We also believe that it is useful to exclude other expenses, including the investment banking fee related to the Vetster partnership, acquisition costs related to PetCareRx, employee severance and an estimated state sales tax accrual as these items are not indicative of our ongoing operations. Adjusted EBITDA has limitations as a financial measure, and these non-GAAP measures should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

•Although depreciation is a non-cash charges, the assets being depreciated may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;

•Adjusted EBITDA does not reflect share-based compensation. Share-based compensation has been, and will continue to be for the foreseeable future, a material recurring expense in our business and an important part of our compensation strategy;

•Adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;

•Adjusted EBITDA does not reflect transaction related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or planned transaction and include litigation matters, integration consulting fees, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems;

•Adjusted EBITDA does not reflect certain non-operating expenses including the employee severance which reduces cash available to us;

•Adjusted EBITDA does not reflect certain expenses including the estimated state sales tax accrual which reduces cash available to us.

•Other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces the measures usefulness as comparative measures.

Because of these and other limitations, Adjusted EBITDA should only be considered as supplemental to, and alongside with other GAAP based financial performance measures, including various cash flow metrics, net income, net margin, and our other GAAP results. The following table presents a reconciliation of net income, the most directly comparable GAAP measure to Adjusted EBITDA for each of the periods indicated: