PetMed Express
| Company type | Public |
|---|---|
| Industry | Online pet pharmacy |
| Founded | 1996 in Florida, United States |
| Founder | Marc Puleo |
| Headquarters | Delray Beach , United States |
Area served | United States |
Key people | Matthew N. Hulett (CEO) |
| Products | Prescription and over-the-counter pet medications, nutritional supplements, pet insurance (via partnerships) |
PetMed Express, Inc., often referred to as PetMeds, is a publicly listed online pet pharmacy headquartered in Delray Beach, Florida, United States. The company specializes in both prescription and over-the-counter pet medications along with nutritional supplements, catering to customers across the U.S. through its digital commerce platform.
Business model
Operating primarily as an internet-based pharmacy, PetMed Express dispenses medications prescribed by veterinarians and competes directly with conventional veterinary clinics that retail pet drugs in person. The firm emphasizes delivering convenience and competitive pricing within the pet pharmaceutical and supplement sectors.
History
Established in Florida in 1996 by Marc Puleo, an ex-anesthesiologist turned entrepreneur, PetMed Express originally sought to enter the mail-order human prescription market but shifted focus to pet pharmaceuticals due to Merck's strong position in human drugs. Initial expansion was fueled by word-of-mouth marketing, television advertisements, and catalog distribution.
The company made its public debut on the OTC Bulletin Board in 1997 under the ticker PETS and began filing reports with the SEC by 2000. From 1999 through 2002, PetMed Express and its affiliate Savemax Inc. encountered regulatory scrutiny involving penalties for distributing unapproved medications and breaches of pharmaceutical regulations across multiple states. These matters culminated in settlements with various state pharmacy authorities and a legal case brought by Texas, which concluded in 2006 with fines and probationary terms.
In 2000, an investment of $2 million from Tricon Holdings allowed PetMed Express to refine its product range, concentrating exclusively on pharmaceuticals under the leadership of new CEO Menderes Akdag, who joined in 2001. Akdag managed the company for twenty years before resigning in 2021. He was succeeded by Matthew N. Hulett, formerly president of Rosetta Stone, who assumed the CEO role under a three-year agreement valued at $500,000 annually plus equity-based incentives.
PetMed Express has grown through key collaborations: In 2022, it formed a partnership with telehealth provider Vetster to grant PetMeds customers exclusive access to Vetster's medications and virtual veterinary consultations via eCommerce. In 2023, it joined forces with Pumpkin Pet Insurance to offer pet insurance products and introduced PetHealthMD in 2025 as a specialized pet care insurance brand.
The company reported revenues near US$284 million in 2020, demonstrating consistent financial growth driven by its targeted strategy and expanding range of products within the online pet pharmaceutical marketplace.
Recognition
PetMed Express earned notable rankings including 4th place on Forbes magazine’s 200 Best Small Business Companies list in 2006 and 6th place in 2007. Additionally, BusinessWeek recognized it as number 27 on its list of top 100 "Hot Growth Companies" in 2006.