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Patterson
🇺🇸 NASDAQ:PDCO
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Jul 31, 2021

Patterson Q1 2022 Earnings Report

Patterson's Q1 2022 earnings increased due to strong revenue growth and effective sales execution.

Key Takeaways

Patterson Companies reported a strong start to fiscal 2022, with net sales increasing by 29.6% year-over-year to $1.61 billion. Adjusted earnings per share increased by 30% over the prior year. The company raised the lower end of its adjusted EPS guidance range, reflecting continued momentum and confidence for the remainder of the year.

Net sales increased 29.6 percent year-over-year to $1.61 billion.

Dental segment internal sales increased 29.7 percent year-over-year.

Animal Health segment internal sales increased 16.5 percent year-over-year.

GAAP earnings of $0.35 per diluted share and adjusted earnings of $0.43 per diluted share were delivered.

Total Revenue
$1.62B
Previous year: $1.25B
+29.6%
EPS
$0.43
Previous year: $0.33
+30.3%
Gross Profit
$278M
Previous year: $254M
+9.5%
Cash and Equivalents
$137M
Previous year: $120M
+14.5%
Free Cash Flow
-$5.92M
Previous year: -$96.8M
-93.9%
Total Assets
$2.75B
Previous year: $2.65B
+4.0%

Patterson

Patterson

Patterson Revenue by Segment

Forward Guidance

Patterson Companies updated its fiscal 2022 earnings guidance, which is provided on both a GAAP and non-GAAP adjusted basis.

Positive Outlook

  • GAAP earnings are expected to be in the range of $1.64 to $1.74 per diluted share, compared to our prior guidance of $1.61 to $1.76 per diluted share.
  • Non-GAAP adjusted earnings are expected to be in the range of $1.95 to $2.05 per diluted share, compared to our prior guidance of $1.90 to $2.05 per diluted share.
  • Our guidance is for current operations as well as completed or previously announced acquisitions
  • Our guidance does not include the impact of potential future acquisitions, dispositions or similar transactions, if any, or impairments and material restructurings beyond those previously publicly disclosed.
  • Our guidance assumes North American and international market conditions will not revert back to the pandemic environment of early fiscal 2021.

Challenges Ahead

  • Gains on investments of approximately $65.4 million ($0.67 per diluted share).
  • Inventory donation charges of approximately $36.9 million ($0.38 per diluted share).
  • Deal amortization expenses of approximately $29.4 million ($0.30 per diluted share).
  • Legal reserves of approximately $27.5 million ($0.28 per diluted share).
  • Integration and business restructuring expenses of approximately $1.8 million ($0.02 per diluted share).

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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