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    Ryan Meyers

    Senior Research Analyst at Lake Street Capital Markets

    Ryan Meyers is a Senior Research Analyst at Lake Street Capital Markets, specializing in equity research across high-growth and innovative companies. He actively covers firms such as GigaCloud Technology, The Arena Group, Sky Harbour Group, The Joint Corp, TrueCar, and FitLife Brands, and has issued over 25 stock ratings with notable calls including a 169.6% return on a buy recommendation for MAMA. Despite having an average recommendation success rate of 39.29% and an average return per transaction of -10.10% on TipRanks, Meyers demonstrates conviction in uncovering early investment opportunities. He joined Lake Street Capital Markets in 2019 after completing his undergraduate degree and holds senior analyst credentials, likely maintaining FINRA registration and relevant securities licenses necessary for equity research.

    Ryan Meyers's questions to FITLIFE BRANDS (FTLF) leadership

    Ryan Meyers's questions to FITLIFE BRANDS (FTLF) leadership • Q2 2025

    Question

    Ryan Meyers from Lake Street Capital Markets asked about the growth outlook for FitLife's organic business in the second half of the year, the expected blended gross margin after combining with the newly acquired Irwin Naturals, and potential revenue synergies between the two companies.

    Answer

    Dayton Judd, Chairman & CEO of FitLife Brands, explained that while the Dr. Tobias brand presents a challenge, the company is optimistic about achieving organic growth for the year. He confirmed that the initial blended gross margin would be in the high 30s, with expectations for it to increase over time as Irwin's online sales grow. Judd also detailed revenue synergies, including internalizing Irwin's Amazon sales and leveraging Irwin's strong retail sales force to expand distribution for FitLife's MusclePharm brand.

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    Ryan Meyers's questions to FITLIFE BRANDS (FTLF) leadership • Q2 2025

    Question

    Asked about the organic growth outlook for the second half of the year, the expected blended gross margin after the Irwin acquisition, and potential revenue synergies between FitLife and Irwin.

    Answer

    The company is optimistic about achieving organic growth despite challenges with the Dr. Tobias brand. The blended gross margin is expected to be in the high 30s, with plans to improve Irwin's margin by increasing online sales. Revenue synergies are anticipated from taking the Irwin brand online to Amazon and leveraging Irwin's strong retail sales force to expand distribution for FitLife's brands like MusclePharm.

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    Ryan Meyers's questions to FITLIFE BRANDS (FTLF) leadership • Q1 2025

    Question

    Ryan Meyers asked if management's expectation to grow revenue and EBITDA for the full year 2025 has changed, inquired about the outlook for gross margins throughout the year, and sought commentary on the wholesale performance of the MusclePharm brand.

    Answer

    Executive Dayton Judd reiterated the company's expectation for organic revenue and EBITDA growth in 2025. He explained that gross margins will be impacted by a deliberate investment in MusclePharm, targeting a ~30% margin for that brand, while Legacy FitLife margins benefit from a shift to online sales. Judd characterized MusclePharm's wholesale performance as a "mixed bag," where promotional support is being adjusted based on its effectiveness in driving end-consumer sales.

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    Ryan Meyers's questions to Xponential Fitness (XPOF) leadership

    Ryan Meyers's questions to Xponential Fitness (XPOF) leadership • Q2 2025

    Question

    Ryan Meyers inquired about the financial impact and timing of the new FitCommerce retail partnership and whether the conclusion of the SEC investigation would accelerate debt refinancing.

    Answer

    President, North America John Kawaja explained the FitCommerce deal begins Dec 1, with most impact in 2026, and includes a $50M minimum guaranteed royalty over five years. CFO John Meloun confirmed that with the SEC investigation concluded, the company's focus has shifted to actively pursuing a debt refinancing as soon as possible.

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    Ryan Meyers's questions to Bark (BARK) leadership

    Ryan Meyers's questions to Bark (BARK) leadership • Q1 2026

    Question

    Ryan Meyers of Lake Street Capital Markets inquired about the factors that would lead to the high or low end of the Q2 adjusted EBITDA guidance range and asked for details on the significant reduction in G&A expenses.

    Answer

    CFO Zahir Ibrahim explained that the breadth of the EBITDA guidance is primarily due to the timing of tariff flow-through and certain operating expenses. Regarding G&A, Ibrahim noted that the reduction stems from sustained cost discipline over the past 18-24 months, particularly in consultancy and professional services, and mentioned a minor timing benefit in Q1 that will partially reverse in subsequent quarters.

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    Ryan Meyers's questions to Bark (BARK) leadership • Q4 2025

    Question

    Ryan Meyers from Lake Street Capital Markets, LLC questioned the shift in the direct-to-consumer strategy, asking why BARK pulled back on marketing spend after recent positive signs and why it is now accelerating diversification away from the subscription business. He also sought to clarify if the Q1 commerce segment impact was due to demand changes or order timing.

    Answer

    Co-Founder and CEO Matt Meeker stated that a combination of weakening consumer sentiment and significant tariff-related cost pressures made new customer acquisition for its discretionary products untenable, prompting a strategic pivot to invest in future growth areas. CFO Zahir Ibrahim clarified that commerce demand remains strong and the Q1 impact was a temporary pullback in order timing by retailers due to tariff uncertainty, not a change in underlying demand.

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    Ryan Meyers's questions to Bark (BARK) leadership • Q3 2025

    Question

    Ryan Meyers sought clarification on the wide fourth-quarter revenue guidance, asking if the variability was primarily due to the uncertain timing of retail shelf resets. He also requested commentary on the performance of the new partnership with Chewy.

    Answer

    Zahir Ibrahim, CFO, confirmed the wide Q4 guidance range is due to timing variability of retail shelf resets, which can shift revenue between late Q4 and early Q1. Regarding the Chewy partnership, Ibrahim highlighted its strong momentum, noting a rapid expansion from 30 to over 150 SKUs since its June launch. He added that BARK is already one of the largest pet toy suppliers on Chewy's site and is seeing similar strong performance with Amazon.

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    Ryan Meyers's questions to Bark (BARK) leadership • Q2 2025

    Question

    Ryan Meyers inquired about the drivers of the strong commerce segment growth, asking for a quantification of how much came from new versus existing retail partners. He also asked for guidance on the expected trend for consolidated gross margin for the remainder of the fiscal year, given the mix shift towards commerce.

    Answer

    CFO Zahir Ibrahim responded that commerce growth was well-balanced between securing new customers, such as Chewy and Fressnapf, and expanding with existing partners like Amazon and T.J. Maxx. He also cited strong performance from partnerships like Girl Scouts. Regarding gross margin, Ibrahim explained that while the mix shift to commerce will lower the consolidated gross margin percentage, the contribution margin from commerce is currently on par with or even higher than DTC, making the growth accretive to overall profitability.

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    Ryan Meyers's questions to A.K.A. BRANDS HOLDING (AKA) leadership

    Ryan Meyers's questions to A.K.A. BRANDS HOLDING (AKA) leadership • Q2 2025

    Question

    Ryan Meyers from Lake Street Capital Markets asked for clarification on the gross margin dynamics for the third quarter and questioned the drivers behind the growth in active customers and order volume.

    Answer

    CFO Kevin Grant clarified that a 120 basis point tariff headwind, similar to Q2, will impact Q3 gross margin. He noted that underlying margin expansion is strong due to improvements at Culture Kings and that a normal promotional cadence will resume. CEO Ciaran Long attributed customer and order growth to the successful execution of their strategy to retain customers via DTC channels while acquiring new ones through stores and wholesale, all underpinned by the test-and-repeat product model.

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    Ryan Meyers's questions to A.K.A. BRANDS HOLDING (AKA) leadership • Q1 2025

    Question

    Sought clarification on the timeline for exiting China manufacturing and inquired about second-half demand trends, particularly for Australia/New Zealand, and what is incorporated into the full-year guidance.

    Answer

    The company clarified it will be 'predominantly' out of China for its U.S. business by Q4, while maintaining relationships there for other regions. Australia is expected to return to full-year growth, though Q2 may be slightly down. The U.S. remains strong, and the guidance accounts for some Q2 moderation due to tariff management actions.

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    Ryan Meyers's questions to LifeMD (LFMD) leadership

    Ryan Meyers's questions to LifeMD (LFMD) leadership • Q2 2025

    Question

    Ryan Meyers of Lake Street Capital Markets sought confirmation that the full-year guidance reduction was primarily due to challenges in the RexMD business and asked about marketing spend for the new LifeMD Plus offering.

    Answer

    CFO Marc Benathen confirmed the vast majority of the guidance revision stemmed from RexMD's Q2 performance and its downstream impact, with a smaller portion from higher refund rates in weight management. He noted the new guidance is prudent and does not assume a full rebound. Regarding LifeMD Plus, he stated marketing spend is included in the plan and will be scaled in a measured way to balance growth and profitability.

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    Ryan Meyers's questions to Mama's Creations (MAMA) leadership

    Ryan Meyers's questions to Mama's Creations (MAMA) leadership • Q1 2026

    Question

    Ryan Meyers inquired about the expected revenue growth rate for the remainder of the fiscal year and the outlook for gross margins, considering chicken commodity hedging and recent operational efficiency improvements.

    Answer

    CEO Adam L. Michaels stated he is comfortable with a double-digit growth rate for the year, emphasizing that it must be profitable. He explained that the 26.1% gross margin was achieved despite a record 6% trade promotion investment, implying a theoretical 32% margin. Michaels noted that operational efficiencies from new equipment and fixed-price contracts on protein are blunting commodity headwinds, and the company will continue to reinvest margin gains into high-ROI trade promotions.

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    Ryan Meyers's questions to Mama's Creations (MAMA) leadership • Q3 2025

    Question

    Ryan Meyers inquired about the revenue outlook for the fourth quarter, asking if the traditional sequential decline would persist or if new customer wins could offset it. He also asked about the gross margin outlook, specifically regarding commodity price improvements and the timing of realizing the full benefits from recent CapEx projects.

    Answer

    CEO Adam Michaels responded that while some holiday-related softness in Q4 is expected, the sales team's success in securing incremental rotations and stronger trade programs, like with Publix, should mitigate the historical pullback. Regarding margins, he noted that while commodity markets remain challenging, the company is securing better procurement terms due to higher volumes and is optimistic about margin improvement in Q4 and beyond, independent of major market price drops.

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    Ryan Meyers's questions to Mama's Creations (MAMA) leadership • Q2 2025

    Question

    Ryan Meyers asked for an update on the full-year revenue growth forecast, considering the new Walmart win, and inquired about remaining gross margin headwinds beyond the construction impact.

    Answer

    CEO Adam Michaels reiterated the company's 'double-digit' revenue growth target for the year but chose not to provide a more specific figure due to market uncertainties. Regarding margins, he stated that the 500 basis point impact from construction is now largely resolved. The primary remaining headwind is high chicken commodity prices, though he noted that internal efficiency gains, such as in-sourcing chicken processing, have significantly blunted this impact.

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    Ryan Meyers's questions to GigaCloud Technology (GCT) leadership

    Ryan Meyers's questions to GigaCloud Technology (GCT) leadership • Q1 2025

    Question

    Ryan Meyers of ROTH Capital Partners asked for details on the drivers behind the Q1 2025 revenue beat and inquired about the gross margin outlook for Q2, particularly considering the ongoing SKU rationalization at Noble House.

    Answer

    Erica Wei, CFO, attributed the stronger-than-expected Q1 results to robust growth in service revenue and European markets. Regarding Q2 gross margins, she stated the company could not provide a definitive forecast due to market uncertainty. She also noted that any significant margin impact from the new, more profitable Noble House SKUs would likely take 3 to 6 months to materialize, tempering near-term expectations.

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    Ryan Meyers's questions to GigaCloud Technology (GCT) leadership • Q4 2024

    Question

    Ryan Meyers asked for the primary drivers behind the Q1 growth deceleration and the expected impact of SKU rationalization versus macro softness on Q2. He also inquired about the gross margin outlook for 2025.

    Answer

    CFO Erica Wei attributed the Q1 slowdown to a combination of the soft macro environment, channel-specific partner weakness, and the ongoing Noble House integration. For Q2, she emphasized that the planned retirement of older, less profitable Noble House SKUs would be the main factor in a potential revenue decline. Regarding margins, Wei noted continued pressure in Q1 and Q2, highlighting that the company still needs to sell through high-cost ocean freight inventory in Q1, which will compress margins before the benefits of new fixed-rate contracts are fully realized.

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    Ryan Meyers's questions to GigaCloud Technology (GCT) leadership • Q3 2024

    Question

    Ryan Meyers asked about the key factors that would enable GigaCloud to reach the high end of its Q4 guidance or exceed it, given its history of beating expectations. He also requested commentary on margin expectations for 2025, considering the company's ongoing initiatives and investments.

    Answer

    CFO Erica Wei explained that achieving the high end of Q4 guidance is heavily dependent on overall market performance, as GigaCloud's results are a direct reflection of the activity of its large base of marketplace participants. Regarding 2025 margins, Wei stated the company does not provide annual guidance but expects positive contributions from newly developed Noble House SKUs. However, she cautioned that macroeconomic headwinds may continue to pressure margins in the near term, with a potential recovery later in the year contingent on factors like the economy and the housing market.

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    Ryan Meyers's questions to Karat Packaging (KRT) leadership

    Ryan Meyers's questions to Karat Packaging (KRT) leadership • Q1 2025

    Question

    Ryan Meyers of Lake Street sought clarity on the full-year gross margin guidance, noting the implied margin compression in the second half of the year. He also asked about the revenue contribution from domestic manufacturing and its expected trend, and questioned the primary drivers behind the company's significant market share gains.

    Answer

    CFO Jian Guo confirmed that Q2 2025 gross margin is expected to be in line with Q1, attributing this to good inventory visibility. Guo explained that the full-year guidance includes conservatism for the second half to account for potential margin pressure from tariffs. Executive Alan Yu stated that domestic manufacturing is ramping up significantly to meet overwhelming demand and market shortages, though he could not provide a specific revenue percentage. Yu attributed recent market share gains to the company's established credibility and reliability, which was reinforced by its ability to build inventory in its new warehouse ahead of the tariff announcements, positioning Karat to supply customers when competitors could not.

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    Ryan Meyers's questions to Karat Packaging (KRT) leadership • Q4 2024

    Question

    Ryan Meyers asked for details on the expected revenue growth acceleration throughout 2025 and the drivers behind the guided expansion of adjusted EBITDA margins from Q1 to the full year.

    Answer

    CEO Alan Yu attributed revenue acceleration to the stabilization and growth in the California market, strong performance in the Midwest, and increased demand for eco-friendly products as styrofoam bans take effect. He also noted the company is building inventory in anticipation of tariff-related demand. CFO Jian Guo added that the guidance incorporates new business deals expected to convert to revenue mid-year. Regarding EBITDA margins, Alan Yu highlighted future operational savings from securing a new, more cost-effective shipping carrier and lower lease rates on a new warehouse.

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    Ryan Meyers's questions to Karat Packaging (KRT) leadership • Q3 2024

    Question

    Ryan Meyers asked for clarification on the Q4 sales guidance, noting a discrepancy between the current mid-to-high single-digit forecast and what seemed to be an implied double-digit growth rate from the previous quarter's full-year guidance. He also inquired about the flat year-over-year revenue in the national and regional chain segment, asking if pricing was the primary factor.

    Answer

    CFO Jian Guo confirmed the mid-to-high single-digit Q4 growth forecast and reaffirmed full-year guidance. She explained the comparison is skewed by a $6 million accounting misclassification that benefited Q4 2023 sales. Regarding the chain segment, she acknowledged pricing adjustments to remain competitive and noted that shipments to a new major supermarket chain began late in Q3, with the full benefit expected in Q4. Executive Alan Yu added that on an 'apple-to-apple' basis, excluding the $6 million adjustment, the Q4 growth forecast is over 14%, which is double-digit growth.

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    Ryan Meyers's questions to SunOpta (STKL) leadership

    Ryan Meyers's questions to SunOpta (STKL) leadership • Q1 2025

    Question

    Ryan Meyers asked about the typical timeline for converting the new business pipeline into actual sales and revenue.

    Answer

    Executive Brian Kocher explained that the pipeline's close cycle is typically between 6 and 18 months. He emphasized that while the pipeline has projects at all stages, its primary role is to provide confidence in achieving the company's long-term growth algorithm. As projects convert to actual sales, the company will update its guidance accordingly.

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    Ryan Meyers's questions to SunOpta (STKL) leadership • Q4 2024

    Question

    Ryan Meyers asked about the potential for new business to enter the pipeline throughout the year and which areas the company sees as potential sources for new customer wins.

    Answer

    CEO Brian Kocher outlined the growth strategy, ranking opportunities as: first, expanding share and innovation with existing customers; second, acquiring new customers by providing solutions like assured supply or R&D solves; and third, long-term TAM expansion. He noted that while some new business is in the guidance, the business development team is pressured to exceed the 7-11% growth target.

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    Ryan Meyers's questions to SunOpta (STKL) leadership • Q2 2024

    Question

    Ryan Meyers from Lake Street Capital Markets inquired about the potential for adding new business to the pipeline for the remainder of the current year and into the next.

    Answer

    Executive Brian Kocher reiterated the company's philosophy of guiding based on what they can see, not what they hope for. He emphasized that their consistent high growth rates are the result of continuously working on a wide range of initiatives, including growing share with existing customers, acquiring new ones, and innovating, but did not provide specific new business forecasts.

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    Ryan Meyers's questions to TrueCar (TRUE) leadership

    Ryan Meyers's questions to TrueCar (TRUE) leadership • Q1 2025

    Question

    Ryan Meyers asked about the outlook for business margins without planned headcount investments, the primary levers in the cost structure, and for clarification on whether the AAA partnership has replaced the lost American Express business.

    Answer

    Jantoon Reigersman (executive) identified headcount, marketing, and overhead as the three main cost buckets. Oliver Foley (CFO) added that margins will be driven by revenue mix, particularly high-margin OEM revenue, and the flexibility of the cost structure. Reigersman confirmed the AAA program is ramping up quickly and approaching the revenue levels previously seen with American Express.

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    Ryan Meyers's questions to TrueCar (TRUE) leadership • Q4 2024

    Question

    Ryan Meyers sought more color on the Q1 EBITDA guidance, questioning the relative impacts from the wholesale business versus headcount costs, and asked for confirmation that the Q1 revenue outlook was primarily affected by the loss of the American Express partnership.

    Answer

    CFO Oliver Foley stated that the wholesale business is not a key factor and that the Q1 EBITDA guide is driven by seasonal payroll costs and strategic investments in sales headcount. Executive Jantoon Reigersman confirmed the Q1 revenue growth moderation is a direct result of the transition from American Express to new affinity partners, which requires a ramp-up period.

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    Ryan Meyers's questions to TrueCar (TRUE) leadership • Q3 2024

    Question

    Ryan Meyers asked about the anticipated impact of the wholesale business on gross margins in the coming quarters and sought insights into the trends and outlook for dealer activations for the remainder of 2024 and into 2025.

    Answer

    CFO Oliver Foley stated that the wholesale business, as a percentage of revenue, is not expected to grow beyond Q3 levels, suggesting gross margins should stabilize. Regarding dealer count, Foley noted that steady growth in franchise dealers has been offset by churn in independent dealers. He expressed optimism for an inflection point in franchise dealer growth in 2025, driven by TrueCar's increasing new unit sales per dealer and an expected improvement in overall market conditions for dealers.

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    Ryan Meyers's questions to J.Jill (JILL) leadership

    Ryan Meyers's questions to J.Jill (JILL) leadership • Q4 2024

    Question

    Ryan Meyers from Lake Street Capital Markets asked for a breakdown of the expected gross margin cadence for the fiscal year and questioned the company's overall traffic trends and strategies for driving digital customers to physical stores.

    Answer

    Executive Mark Webb explained that Q1 presents the most difficult gross margin comparison, with headwinds expected in the first half, followed by easier comparisons, lower freight costs, and OMS benefits in the second half. Executive Claire Spofford acknowledged that traffic was challenged but highlighted the successful testing of geo-targeted marketing efforts to drive store traffic, which the company plans to expand in 2025.

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    Ryan Meyers's questions to J.Jill (JILL) leadership • Q3 2024

    Question

    Ryan Meyers asked about the potential impact of tariffs on the company's supply chain.

    Answer

    Executive Mark Webb stated that the direct risk from potential China tariffs is low, as finished goods production from China is below 5%. He acknowledged that broad, all-country tariffs would be meaningful and would necessitate vendor negotiations, price reviews, and some cost absorption, but noted it is too early to quantify any impact.

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    Ryan Meyers's questions to J.Jill (JILL) leadership • Q2 2025

    Question

    Ryan Meyers from Lake Street Capital Markets asked for clarification on Q3 gross margin pressure relative to Q2 and inquired about the key levers the company can pull to improve store traffic.

    Answer

    Mark Webb, an executive, clarified that Q3 gross margin pressure is expected to be less severe than in Q2. The pressure stems from elevated ocean freight costs, which are less impactful than the air freight used in Q2, and from promotional activity to manage inventory. Executive Claire Spofford outlined traffic-driving levers, including performance marketing, significant marketing support for the new fall collection, and personalized outreach from store teams to key customers.

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    Ryan Meyers's questions to Honest Company (HNST) leadership

    Ryan Meyers's questions to Honest Company (HNST) leadership • Q4 2024

    Question

    Ryan Meyers from Lake Street Capital Markets asked where the company expects to gain operating expense leverage in 2025 and requested the current All-Commodity Volume (ACV) for its retail distribution.

    Answer

    CFO David Loretta identified reduced legal costs as a primary driver of OpEx leverage but noted some savings would be reinvested into marketing and R&D. CEO Carla Vernon stated the national ACV is 84% but emphasized this metric is misleading. She explained that individual item-level ACV is much lower, citing key products with ACVs below 34%, which represents a significant runway for growth within existing retail footprints.

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    Ryan Meyers's questions to PETMED EXPRESS (PETS) leadership

    Ryan Meyers's questions to PETMED EXPRESS (PETS) leadership • Q3 2025

    Question

    Ryan Meyers of Lake Street Capital Markets inquired about the underlying drivers for the double-digit revenue decline beyond the marketing pullback and asked how the company plans to use its cash balance for future marketing investments to stimulate growth.

    Answer

    CEO Sandra Campos attributed the revenue softness to a strategic shift aimed at capturing younger Millennial and Gen Z consumers, a demographic the company has historically underserved. This requires modernizing the website and marketing, which is a multi-stage process. CFO Robyn D'Elia added that the company is first making foundational investments in the customer experience and technology to ensure a strong ROI before significantly increasing marketing spend. Campos highlighted last-mile delivery as a key investment area to meet modern consumer expectations.

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    Ryan Meyers's questions to PETMED EXPRESS (PETS) leadership • Q2 2025

    Question

    Ryan Meyers inquired about the revenue growth outlook for the second half of the year, the sustainability of the current gross margin rate, and the specific macroeconomic pressures impacting customer behavior.

    Answer

    CEO Sandra Campos explained that after intentionally reducing marketing spend, the company will now increase investment in Q3 and Q4 to drive new customer acquisition. CFO Robyn D'Elia noted that while Q2 gross margin was strong, it is expected to decline in the more promotional Q3, consistent with historical trends. D'Elia also confirmed that financially pressured consumers are seeking discounts and reducing vet visits, which has impacted sales.

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    Ryan Meyers's questions to PETMED EXPRESS (PETS) leadership • Q1 2025

    Question

    Ryan Meyers of Lake Street Capital Markets questioned the macroeconomic pressures behind the 13% revenue drop, the company's confidence in returning to growth, recent business stabilization, and the specific technology problems that impacted Q1 results.

    Answer

    CEO and President Sandra Campos explained that revenue was impacted by fewer veterinary visits and consumer spending constraints, leading to higher promotional usage. She expressed confidence in future growth driven by improved customer segmentation and experience. Campos noted that while Q1 results were below expectations, key metrics like conversion rates and gross margins began stabilizing and improving late in the quarter. She also clarified that a new order management system caused temporary disruptions, which have since been addressed with new technology and process improvements.

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    Ryan Meyers's questions to PETMED EXPRESS (PETS) leadership • Q4 2024

    Question

    Ryan Meyers of Lake Street Capital Markets inquired about the stabilization of the core business and the strategies, beyond consolidation, intended to drive growth.

    Answer

    CEO Sandra Campos explained that the company is focusing on its top-performing SKUs with guidance from its new Veterinary Advisory Board. She noted that returning customer numbers and conversion rates are improving, driven by customer care specialists and online engagement. Campos added that the strategy involves shifting away from deep discounts towards providing true value and services, which is expected to improve profit margins on core products.

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    Ryan Meyers's questions to PET leadership

    Ryan Meyers's questions to PET leadership • Q3 2024

    Question

    Inquired about the timing of the marketing challenges, the reason for conservative Q4 guidance despite a reported recovery in October/November, and asked for the current quarterly cash burn rate and its expected trajectory.

    Answer

    The marketing impact from Google changes occurred throughout Q3 and was significant. The Q4 guidance is conservative due to sensitivity and uncertainty around further Google changes. The net change in cash in Q3 was a decrease of just over $9 million, which included a $5 million debt paydown. The company ended the quarter with a healthy accounts receivable balance that is expected to convert to cash.

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