Fair enough. And then you additional capabilities, I guess I wouldn't get into all the -- just competitively get into all the specific capabilities, I think I would say that we are making investments in both our Eaglesoft platform and Fuse. Future outlook is an important aspect when youre looking at buying a stock, especially if you are an investor looking for growth in your portfolio. So for us this has been a good story and expect it to continue to be. But Don, when I think about the dental equipment business, you are notwithstanding your 8% growth over the last eight quarters, I think over the last six months, it's been 5% growth over the last 12 months. The majority of business in Canada comes from Quebec, Ontario, British Columbia, Alberta and Saskatchewan. There's been a growing demand among our customers and vendors for tightly integrated software, technology and actionable data and insights to drive top and bottom-line growth and compete more effectively. Please go ahead. And so, as you look forward, I think we would talk about and I think we have talked about our profit margins for the company. 11d. Thank you for your service, Chad, and to all service members as well. Disability Accommodation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, April 29, Find equipment service and repair. Compared to the prior year period, internal sales of consumables grew 2.4 percent, equipment increased 16.7 percent and value-added services increased 52.6 percent. Adjusted operating expenses as a percentage of net sales for the fourth quarter of fiscal 2023 were 16.0%, unfavorable by 26 basis points compared to the fourth quarter of fiscal 2022. Get in touch with us directly. Do you work for this business? - Our Patterson Pride group attended our annual Dental and Animal Health sales meetings, connecting with employees and discussing how they can get involved. This press release contains, and our officers and representatives may from time to time make, certain forward-looking statements within the meaning of the safe harbor provisions of the U.S. 1.800.328.5536 Let us know what you've got planned in the comments below. The company believes the disclosure of net sales changes in constant currency provides useful supplementary information to investors in light of fluctuations in currency rates. Patterson had an exceptionally strong fourth quarter including a fiscal year in which we achieved our financial goals and delivered value for our customers and shareholders. Beyond software, we are also focused on expanding our value-added services more broadly. These non-GAAP measures are not intended to be a substitute for our GAAP results. Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. I mean it's evolving, but our strategy is consistent and so, overall, I think this is a good story. Software and e-services are a key part of our strategy going forward and we will expand our investment in this area to ensure Patterson remains the partner of choice for dentists looking to modernize their practices. Reported net income attributable to Patterson Companies, Inc. for the fourth quarter of fiscal 2023 was $75.0 million, or $0.77 per diluted share, compared to $63.9 million, or $0.65 per diluted share, in the fourth quarter of fiscal 2022. Lamentamos This was primarily due to an increased level of capital spending in fiscal 2023 as well as a slightly higher level of receivables related to the strong sales month we had in April. Our comprehensive portfolio, distribution network and supply chain are equaled only by our focused and passionate people. PDCO holds a better value than 78% of stocks at its current price. Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Obviously, I think Jason asked about coming off the strong equipment quarter, but any other moving pieces, any product launches on either segment that you are expecting to have a meaningful variation versus what you'd normally expect in a given year or what's built in the guidance. During fiscal 2023, Patterson Companies returned $156.8 million to shareholders in the form of cash dividends and share repurchases. For instance, we've identified 2 warning signs for Patterson Companies (1 is a bit concerning) you should be familiar with. In the fourth quarter of fiscal 2023, internal sales of Dental equipment increased 19.2% compared to the fourth quarter of fiscal 2022, with strong growth across all product categories. select Patterson Services, Inc Contact Information. Now, I'd like to hand the call over to Don Zurbay. We have a healthy program and a disciplined program and the pricing has held up in spite of some of the macroeconomic trends and so has the demand. The year-over-year increase in reported and adjusted net income attributable to Patterson Companies, Inc. in the fourth quarter of fiscal 2023 is primarily due to increased sales of dental equipment and value-added services and operating margin expansion in both business segments. Our strategy is reflected in the fiscal 2024 adjusted earnings guidance range of $2.45 to $2.55 per diluted share that we initiated today. Okay, great, thanks. So is that a reasonably good with what you're seeing in the backlog and order trends, is that kind of mid-single digit on dental equipment a good jumping off place to be thinking about as we go into fiscal 2024 here? But I look back and we've talked about this before, three-month increments are important but in equipment particularly, I think if you look back over longer periods of time, and I'm particularly proud of 8% growth average over the last eight quarters. Join to see who you already know at Patterson Companies, Inc. #WeArePatterson. WEB: pattersoncompanies.com, To sign up for email alerts, enter your email address below and click "submit. Fiscal 2023 Dental segment internal sales increased 1.3 percent, including a 2.1 percent decline in consumables, a 4.9 percent increase in equipment and an 8.1 percent increase in value-added services. Patterson Dental has strengthened the dental industry since our companys founding in 1877. . Trained specifically for veterinary equipment, our team can keep your equipment running at peak performance. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. No, I don't think so. This press release contains, and our officers and representatives may from time to time make, certain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Thank you. 5 miles Thanks. We caution that these factors may not be exhaustive, accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. So I probably heard you already answered this question as well. Buying a great company with a robust outlook at a cheap price is always a good investment, so lets also take a look at the company's future expectations. Just the first one, maybe just in light of some of the recent news from other companies, can you talk to trends throughout the most recent quarter. 1031 Mendota Heights Road Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Okay, great. I'd like to highlight a few of the key areas of focus in the year ahead, which include expanding our investments in strategic growth opportunities like software and value-added services. We will also discuss free cash flow as defined in our earnings release, which is a non-GAAP measure, and use the term internal sales to represent net sales, adjusted to exclude the impact of foreign currency, contributions from recent acquisitions, and the extra week of selling results in the first quarter of fiscal 2022. Yeah. Its trading around 19.49% above my intrinsic value, which means if you buy Patterson Companies today, youd be paying a relatively reasonable price for it. I think -- lets maybe start with the buy versus built. Patterson Companies Inc is a medical supplies conglomerate primarily in the business of veterinary and dental products (ranging from xray equipment to consumable products, dental consumables make up the biggest part of the dental industry). These factors which could cause actual results to materially differ from those indicated in such forward-looking statements are discussed in detail in our Form 10-K and our other filings with the Securities and Exchange Commission. Okay, that's very helpful. Internal sales for fiscal 2023, which are adjusted for the effects of currency translation, the extra week of selling results in the first quarter of fiscal 2022 and contributions from recent acquisitions, increased 2.9 percent year-over-year. Patterson Companies fiscal 2023 fourth quarter conference call will start at 8:30 a.m. Eastern today. According to The Washington Post, "Pet Blood Bank owner Shane Altizer did not deny that the images were taken there, but said they predated his 2015 purchase of the company or were moment snapshots unrepresentative of overall conditions now." Direct deposit. Investors should understand it is impossible to predict or identify all such factors or risks. The third was the feeling of pride in my work and working for a reputable company. However, the optimistic prospect is encouraging for the company, which means its worth diving deeper into other factors such as the strength of its balance sheet, in order to take advantage of the next price drop. All Rights Reserved. Patterson undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. Address: 5031 Waterford Drive, Mableton, GA 30126 Edit. Any positive or negative impact related to our equipment financing portfolio is nearly offset by our corresponding hedging instrument, which is reflected in the interest and other expense line on our P&L. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. naar So there's always a little bit of second-half bias. Therefore, you should not place undue reliance on any of these forward-looking statements. I think our view is that we really are excited about where these products are and where they're headed. We remain focused on positioning Patterson Animal Health as the leading provider of technology, software, data insight, services, and products to the animal health industry. As a people-first company, Patterson promotes a culture that embodies and celebrates diversity and inclusivity. Probably not going to give that level of data, it's something we track, I think maybe just suffice it to say that this is a very important part of our product portfolio, it's a high margin part of our product portfolio and a huge focus for us going forward. Internal sales of value-added services increased 13.4 percent. Should Medical Devices Stock Stryker Corp (SYK) Be in Your Portfolio Friday? Yeah. Also in the fourth quarter of fiscal 2023, the company repurchased approximately 1.5 million shares of stock, during fiscal 2023, Patterson Companies returned $156.8 million of cash to shareholders in the form of dividends and share repurchases. I'm not going to give you too much of a break down, I think it's a big addressable market for us. Today we commemorate Juneteenth, the day in 1865 when the last enslaved African Americans in Galveston, Texas, were informed of their freedom. This 18% year-over-year increase in adjusted earnings per diluted share for the fourth quarter is primarily due to increased sales of dental equipment and value-added services, as well as operating margin expansion in both business segments. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de The investment themselves that it is reflected in the guidance. I joined Patterson five years ago during the early months of fiscal 2019. Stock Price data may be delayed up to 15 minutes. Yeah, Kevin, I'd say, I think as we look forward, our first-half, second-half split should be fairly in line with the past couple of years, in terms of how we're modeling it right now. info@pattersoncompanies.com Interested parties can register for or listen to the call. For the full year of fiscal 2023 internal sales of value-added services increased 8.1% compared to fiscal 2022. 1993 - Started doing business outside of the US by purchasing Healthco Canada. Internal sales for fiscal 2023 which are adjusted for the effects of currency translations, contributions from recent acquisitions and the extra week of selling results in the first quarter of fiscal 2022, increased 2.9% compared to fiscal 2022. The company operates through three segments: Dental, Animal Health, and Corporate segments. Patterson Companies Inc is a medical supplies conglomerate primarily in the business of veterinary and dental products (ranging from xray equipment to consumable products, dental consumables make up the biggest part of the dental industry). Our strong performance enabled us to return $157 million to shareholders during fiscal 2023 in the form of cash dividends and share repurchases. We offer a wide range of opportunities, and the hiring process may vary based on position. In addition to building upon Patterson Veterinarys strong suite of offerings, this acquisition illustrates Pattersons focus on making strategic investments to drive profitable growth and create shareholder value., RSVP and ACT President Dr. David Grant stated, We are excited about joining the Patterson Veterinary team and broadening the resources available to our respective customers. And I think what's also -- long-term for us too is we feel like we've got a cost base that we can leverage. To sign up for email alerts, enter your email address below and click "submit." Importantly during the fiscal fourth quarter and for the entire fiscal 2023 year, each of our business units posted a year-over-year increase to their respective gross margins versus the prior year period. [15], In 2016, a security researcher named Justin Shafer found 22,000 patients data on an FTP Server owned by Patterson Dental. Our comprehensive portfolio, distribution network and supply chain are equaled only by our dedicated, knowledgeable people who deliver unrivaled expertise and unmatched customer service and support. Please go ahead. It later became Patterson Technology Center. Current share price of US$33.26 suggests Patterson Companies is potentially trading close to its fair value. Traditionally a dental company, it diversified its business at the turn of . - $86,547 from our Dollars for Doers program. The first was the team of people that I was fortunate to work with. [16], In 2017, photographs captured by a former employee of a Texas blood bank that Patterson Veterinary distributed products from showed greyhounds under duress. About Patterson Companies Inc. Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. The foundational initiatives we put in place to improve gross margin with pricing and cost execution, working more closely with strategic vendors who reward us for our sales performance, driving improved mix, exercising expense discipline, and leveraging our cost structure have certainly translated to a higher level of profitability for Patterson. I think that's a good way to think about this over the slightly longer term. We like the 20 basis point to 30 basis point improvement on a year-over-year basis, that could go up or down and certainly as we make some investment decisions that could impact that, but we're committed to operating profit improvement in both of the business units and the overall company and that's a drumbeat that's constant here, we work really hard, there's a lot of programs in place. Patterson strengthens the dental and animal health markets in North . Any number of factors could affect our actual results and cause such results to differ materially from those contemplated by any forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic and measures taken in response thereto; uncertain macro-economic conditions, including inflationary pressures; our dependence on relationships with sales representatives and service technicians to retain customers and develop business; potential disruption of distribution capabilities, including service issues with third-party shippers; our dependence on suppliers to manufacture and supply substantially all of the products we sell; the risk of the products we sell becoming obsolete or containing undetected errors; adverse changes in supplier rebates or other purchasing incentives; the risk that private label sales could adversely affect our relationships with suppliers; our dependence on positive perceptions of Pattersons reputation; risks inherent in acquiring and disposing of assets or other businesses and the risks inherent in integrating acquired businesses; our ability to comply with restrictive covenants in our credit agreement; turnover or loss of key personnel or highly skilled employees; the risk that our governing documents and Minnesota law may discourage takeovers and business combinations; risks related to climate change; the effects of the highly competitive and consolidating dental and animal health supply markets in which we compete; exposure to the risks of the animal production business, including changing consumer demand, the cyclical livestock market, and other factors outside our control, and the risks of the companion animal business, including the possibility of disease adversely affecting the pet population; risks from the formation or expansion of GPOs, provider networks and buying groups that may shift purchasing decisions and place us at a competitive disadvantage; increases in over-the-counter sales and e-commerce options for companion animal products or sales of companion animal products from non-veterinarian sources; change and uncertainty in the health care industry; failure to comply with existing or future U.S. or foreign laws and regulations including those governing the distribution of pharmaceuticals and controlled substances; failure to comply with health care fraud or other laws and regulations; litigation risks, including the diversion of managements attention, the cost of defending against such actions, the possibility of damage awards or settlements, fines or penalties, or equitable remedies (including but not limited to the revocation of or non-renewal of licenses) and inherent uncertainty; failure to comply with evolving data privacy laws and regulations; tax legislation; the risks inherent in international operations, including currency fluctuations; and risks associated with information systems, software products and cyber-security attacks. Create an Account . These products truly are the nerve center of a dental practice, and help our customers operate efficiently, scale their business and provide a better patient experience. Patterson expects to close the transaction during its third fiscal quarter of FY2023. Patterson Cos., Inc. provides products, technologies, services, and business solutions to the dental and animal health markets. The conference call will be archived on the Patterson Companies website. As such, you should not consider the foregoing list, or the risks identified in our SEC filings, to be a complete discussion of all potential risks or uncertainties. Please go ahead. PETA revealed pictures and video taken at The Pet Blood Bank showing kenneled dogs with open wounds, rotting teeth and severely overgrown toenails. Given that Patterson Companiess share is fairly volatile (i.e. I know basic is up very nicely, is that helping offset fully some of the deflationary pressures on the tax side or just how those two are balancing out on pricing? There's been obviously a lot of discussion about the tightness of supply of dental hygienists, and so forth. Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, and the objectives and expectations of management. It operates through the following segments: Dental, Animal Health . And then my second question, looking back at the value added services and software segment. Foreign currency impact represents the difference in results that is attributable to fluctuations in currency exchange rates the company uses to convert results for all foreign entities where the functional currency is not the U.S. dollar. She is very meticulous and detail oriented. We continue to execute and refine our overall strategy, which is designed to achieve four core objectives. Department Manager. Information received will be routed to a representative who will provide assistance to ensure appropriate consideration of your request. Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of $1.72 billion (see attached Sales Summary for further details) in its fiscal fourth quarter ended April 29, 2023, an increase of 5.0 percent compared to the same period last year. pattersoncompanies.com, To sign up for email alerts, enter your email address below and click "submit. Those core businesses branch out into many regional subsidiaries, most of which are based in the United States (except for Patterson Dental Canada (has 550 employees). Compared to the prior year period, internal sales of equipment increased 19.2 percent driven by strength across all product categories. That is built into our guidance. So, is there another chance to buy low in the future? Kevin Barry, most recently the Companys Interim Chief Financial Officer, has been named Chief Financial Officer, and Kevin Pohlman, most recently President of Patterson Animal Health, has been named Chief Operating Officer. Join A Paid User Research SessionYoull receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Our adjusted tax rate for the fourth quarter of fiscal 2023 was 24.4%, an increase of 140 basis points compared to the prior year. He became one of the first groups to deploy to Afghanistan after the September 11th attacks. When I came to work at Patterson, it was the first time I had a sense of belonging to a team since being in the Marines. Internal sales for the fourth quarter of fiscal 2023, which are adjusted for the effects of currency translation and contributions from recent acquisitions increased 5.7% compared to the same period last fiscal year. Patterson Companies, Inc. is focused on providing the best products, technologies, services and business solutions to the animal and oral health markets. Now, let's move on to our Animal Health segment. Our comprehensive portfolio, distribution network and supply chain is equaled only by our focused and passionate people. In the fourth quarter of fiscal 2023, internal sales for our Dental business increased 8.0% compared to the fourth quarter of fiscal 2022. Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. I think that's a good proxy right now for the way the business is operating and probably if you're modeling it for next year, for us at least, you'd look at that same kind of dynamic. The second was the opportunity to always learn more and grow in my position. After a review of our results and outlook by management, we will open the call to your questions. Dentists continue to invest in their practices, whether through expansion or optimize within the practice, they have new technology and that's a strength of ours and so as we look forward, we're going to continue to work with those dentists and make sure that we're meeting them where they need to go with the products that we offer. Service is incredible We wish everyone was like you guys!! Thank you. Wir entschuldigen uns fr die Umstnde. Pardon for that, I'm going to go on and move on to next question. During fiscal 2023, Patterson Companies used $754.9 million of cash from operating activities and collected deferred purchase price receivables of $998.9 million, generating $244.1 million in cash, compared to generating $232.5 million during fiscal 2022. Now let me cover the free cash flow and capital allocation. Forward-looking statements are neither historical facts nor assurances of future performance. Operator, please open the line. What we're seeing right now is with that moderation visits are down slightly but spending is up. Internal sales, which are adjusted for the effects of currency translation and contributions from recent acquisitions, increased 5.7 percent over the prior year period. During the period from fiscal 2019 to fiscal 2023, we have increased reported net sales by $1 billion with average annual internal sales growth of 5%, increased our adjusted operating margin from 3.7% for fiscal 2019 to 4.9% in fiscal 2023, with an average annual improvement of 30 basis points, and we increased our adjusted EPS from $1.40 for fiscal 2019 to $2.42 per diluted share in fiscal 2023 with an average annual improvement of 15%. Yes, I think you'd have to look at both things really. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. I think most of my questions have been answered, but you used the word stability here a lot around the Dental business. Portfolio results are unaudited and based on varying investment expiration dates. And then maybe another sort of market oriented question. Okay, great. Our comprehensive portfolio, distribution network and supply chain are equaled only by our dedicated, knowledgeable people who deliver unrivaled expertise and unmatched customer service and support. First, equipment sales were up 19% in the fourth quarter on a tough prior year comparison, driven by strength across all equipment categories. https://www.businesswire.com/news/home/20221215005233/en/, INVESTOR CONTACT: John M. Wright, Investor Relations Third, as Don noted, our guidance reflects expanded investments to further develop and grow our software and value-added services capabilities. 72% of employees would recommend working at Patterson Companies to a friend and 66% have a positive outlook for the business. Normalizing for the impact of the mark-to-market accounting adjustment to the equipment financing portfolio in both periods results in a 50 basis points improvement in our gross margin in fiscal 2023 compared to fiscal 2022. This call is being recorded and will be available for replay starting at 10:00 AM, Central Time for a period of one week. Anything else that is seasonally different from what you would expect normally. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Yeah, I think, talking about the dental market, specifically, I try to just reiterate what Don said, we're just seeing very steady end market patient traffic, and for us, we start with kind of our consumables business, our value-added services business. In addition, the term internal sales used in this release represents net sales adjusted to exclude the impact of foreign currency, the extra week of selling results in the first quarter of fiscal 2022 and the impact from recent acquisitions.
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