Patterson Companies, Inc. reported its financial results for the three months ended July 27, 2024, revealing a decline in both revenue and profitability compared to the same period in the previous fiscal year. Consolidated net sales for the quarter were $1,541.7 million, a decrease of 2.2% from $1,576.7 million for the three months ended July 29, 2023. The decline was attributed to lower sales in both the Dental and Animal Health segments, which saw net sales of $550.4 million and $982.4 million, respectively, down 3.0% and 2.8% year-over-year.
Net income for the quarter was $13.6 million, significantly lower than $31.1 million reported in the prior year, resulting in earnings per diluted share of $0.15 compared to $0.32. The effective income tax rate for the quarter was 23.6%, slightly up from 23.3% in the previous year. The company’s operating income also fell to $29.4 million, or 1.9% of net sales, down from $38.2 million, or 2.4% of net sales, in the prior year.
Patterson's cash and cash equivalents increased to $148.1 million as of July 27, 2024, from $114.5 million at the end of the previous quarter. However, net cash used in operating activities rose to $285.0 million, compared to $253.4 million in the prior year. The company reported a net cash inflow from financing activities of $58.8 million, a significant improvement from a net cash outflow of $23.1 million in the same period last year.
Strategically, Patterson Companies made notable acquisitions, including Infusion Concepts Limited, a U.K. leader in veterinary infusion products, with a base purchase price of approximately $5.5 million. The company also announced a $500 million share repurchase program, with $450 million remaining as of the end of the reporting period.
The company continues to face challenges, including a class action lawsuit related to a data breach that occurred in February 2024, which it is vigorously defending. Despite these challenges, Patterson Companies remains focused on enhancing operational efficiency and managing costs across its three reportable segments: Dental, Animal Health, and Corporate.
About PATTERSON COMPANIES, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.