Patterson Reports a Pressured Fiscal Q2 as Consumable Dental Results Disappoint
Patterson reported results that continue to reflect material pressure within its consumable dental segment. We plan to reevaluate our long-term assumptions, given these latest developments, and we anticipate that we may slightly lower our $47 fair value estimate. Sales for consumable dental fell 2.5% for the fiscal quarter, as softness from earlier in the calendar year continued into the fiscal second quarter. We believe Patterson and its major peer, Henry Schein, are facing significant pressure...Patterson Companies is a distributor serving the U.S. and Canadian dental supply and the U.S., Canadian and U.K. animal health supply markets. The company operates through two business units, Patterson Dental and Patterson Animal Health. Patterson Dental provides consumable products, including infection control, restorative materials, hand instruments and sterilization products; technology dental equipment; technology solutions, including practice management software and e-commerce solutions; patient education systems; and office forms and stationery to dentists, dental laboratories, institutions, and other healthcare personnel. Patterson Animal Health is a distributor of animal health products.
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