Patterson Struggles Through Another Quarter as Dental Headwinds Persist
We recently downgraded our moat rating to narrow from wide and our moat trend rating to negative from stable because of concerns that Patterson's competitive position in the dental wholesaling market has significantly deteriorated. Fiscal second-quarter results highlight our fears as the company reported a deep retrenchment in overall dental sales, with consumable sales falling 4% and capital equipment sales falling 17.3%. We believe Patterson faces significant pressure from alternative sourcing...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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