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PDCO Patterson Companies

Patterson Companies Inc. 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. Its comprehensive portfolio, distribution network and supply chain is equaled only by its dedicated, knowledgeable people who deliver unrivalled expertise and unmatched customer service and support.

Company profile

Ticker
PDCO
Exchange
CEO
Mark Walchirk
Employees
Incorporated
Location
Fiscal year end
Former names
PATTERSON DENTAL CO
SEC CIK
IRS number
410886515

PDCO stock data

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Calendar

23 Jun 21
2 Aug 21
24 Apr 22
Quarter (USD)
Apr 21 Jan 21 Oct 20 Jul 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Apr 21 Apr 20 Apr 19 Apr 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 143.24M 143.24M 143.24M 143.24M 143.24M 143.24M
Cash burn (monthly) 4.24M (positive/no burn) (positive/no burn) (positive/no burn) 41.88M 60.88M
Cash used (since last report) 14.04M n/a n/a n/a 138.69M 201.6M
Cash remaining 129.21M n/a n/a n/a 4.56M -58.36M
Runway (months of cash) 30.5 n/a n/a n/a 0.1 -1.0

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
6 Jul 21 Frohning Andrea L. Common Stock Sell Dispose S No Yes 30.28 77 2.33K 41,482
1 Jul 21 Frohning Andrea L. Common Stock Grant Aquire A No No 30.77 4,469 137.51K 41,559
1 Jul 21 Frohning Andrea L. Common Stock Payment of exercise Dispose F No No 30.77 155 4.77K 37,090
1 Jul 21 Frohning Andrea L. Employee Stock Options Common Stock Grant Aquire A No No 30.77 17,339 533.52K 17,339
1 Jul 21 Korsh Les B Common Stock Grant Aquire A No No 30.77 4,469 137.51K 89,486
1 Jul 21 Korsh Les B Common Stock Payment of exercise Dispose F No No 30.77 679 20.89K 85,017
1 Jul 21 Korsh Les B Employee Stock Options Common Stock Grant Aquire A No No 30.77 17,339 533.52K 17,339
1 Jul 21 Shirley Eric R Common Stock Grant Aquire A No No 30.77 3,656 112.5K 55,567
1 Jul 21 Shirley Eric R Employee Stock Options Common Stock Grant Aquire A No No 30.77 14,187 436.53K 14,187

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

84.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 267 262 +1.9%
Opened positions 40 56 -28.6%
Closed positions 35 32 +9.4%
Increased positions 82 64 +28.1%
Reduced positions 96 101 -5.0%
13F shares
Current Prev Q Change
Total value 2.65B 2.51B +5.5%
Total shares 81.51M 84.64M -3.7%
Total puts 105.2K 115.5K -8.9%
Total calls 153K 199.5K -23.3%
Total put/call ratio 0.7 0.6 +18.8%
Largest owners
Shares Value Change
TROW T. Rowe Price 13.02M $415.99M -2.6%
BLK Blackrock 11.14M $355.9M +8.7%
Vanguard 8.56M $273.41M +2.1%
FMR 6.78M $216.68M -28.0%
Dimensional Fund Advisors 4.47M $142.69M -2.1%
STT State Street 2.68M $85.65M -5.6%
Victory Capital Management 2.25M $71.78M -3.3%
WFC Wells Fargo & Co. 2.04M $65.22M +5.6%
NTRS Northern Trust 1.66M $53.16M -16.5%
Geode Capital Management 1.53M $48.79M +7.4%
Largest transactions
Shares Bought/sold Change
FMR 6.78M -2.63M -28.0%
Norges Bank 0 -1.12M EXIT
BLK Blackrock 11.14M +896.13K +8.7%
Tamarack Advisers 770K +770K NEW
State Of Michigan Retirement System 32.19K -497.9K -93.9%
Lodge Hill Capital 430K +430K NEW
ATAC Neuberger Berman 790.96K -393.18K -33.2%
TROW T. Rowe Price 13.02M -348.51K -2.6%
NTRS Northern Trust 1.66M -328.82K -16.5%
IVZ Invesco 757.67K +272K +56.0%

Financial report summary

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Risks
  • The COVID-19 pandemic and measures taken in response thereto had, and may continue to have, adverse effects on our results of operations and our financial condition, and the full impact of the pandemic will depend on future developments, which are highly uncertain and cannot be predicted.
  • Customer retention and business development depend heavily on our relationships with our sales representatives and service technicians, who interact directly with our customers, and the technological products and services we offer.
  • Disruption to our distribution capabilities, including service issues with our third-party shippers, could materially adversely affect our results.
  • We are dependent on our suppliers and exposed to the risks of their businesses, because we generally do not manufacture the products we sell.
  • The products we sell are subject to market and technological obsolescence; our software products may contain undetected errors or bugs when released.
  • Adverse changes in supplier rebates could negatively affect our business.
  • Sales of private label products entail additional risks, including the risk that such sales could adversely affect our relationships with suppliers.
  • Patterson’s continued success is substantially dependent on positive perceptions of Patterson’s reputation.
  • Risks inherent in asset or business acquisitions and dispositions could offset the anticipated benefits of such transactions, and we may face difficulty in efficiently and effectively integrating acquired businesses.
  • Our credit agreements contain restrictive covenants and additional limits and our other debt instruments contain cross-default provisions, which limit our business and financing activities.
  • Leadership development and succession planning are key to our future success.
  • Our governing documents, other documents to which we are a party, and Minnesota law may discourage takeovers and business combinations that our shareholders might consider to be in their best interests.
  • The dental and animal health supply markets are highly competitive and consolidating, and we may not be able to compete successfully.
  • Our animal health segment is exposed to the risks of the production animal business, including changes in consumer demand for food animal products, the cyclical livestock market, and other factors outside our control.
  • The formation of group purchasing organizations (“GPOs”), provider networks and buying groups may place us at a competitive disadvantage.
  • Increases in over-the-counter sales of and e-commerce options for companion animal products, or sales of companion animal products from non-veterinarian sources, could adversely affect our business.
  • Change and uncertainty in the health care industry, including continued implementation of the Health Care Reform, could materially adversely affect our business.
  • Failure to comply with existing and future U.S. and foreign laws and regulatory requirements, including those governing the distribution of pharmaceuticals and controlled substances, could subject us to claims or otherwise harm our business.
  • Public concern over the abuse of opioid medications in the U.S., including increased legal and regulatory action, could negatively affect our business.
  • If we fail to comply with laws and regulations relating to health care fraud or other laws and regulations, we could suffer penalties or be required to make significant changes to our operations, which could materially adversely affect our business.
  • We are subject to a variety of litigation that could adversely affect our results of operations and financial condition.
  • If we fail to comply with the evolving laws and regulations relating to the confidentiality of sensitive personal information or standards in electronic health records or transmissions, we could be required to make significant changes to our products, or incur substantial fines, penalties or other liabilities.
  • Tax legislation could materially adversely affect our financial results and tax liabilities.
  • Our international operations are subject to inherent risks that could adversely affect our operating results.
  • Risks generally associated with information systems and cyber-security attacks could adversely affect our results of operations.
  • We may experience significant disruptions in our operations resulting from our enterprise resource planning system.
  • In fiscal 2020, we recorded impairment charges that eliminated our Animal Health segment’s goodwill, and we may be required in the future to record a significant charge to earnings if our Dental segment’s goodwill or other intangible assets become impaired.
Management Discussion
  • Net sales. Consolidated net sales in fiscal 2021 were $5,912.1 million, an increase of 7.7% from $5,490.0 million in fiscal 2020. Foreign exchange rate changes had a favorable impact of 0.5% on fiscal 2021 sales. Sales of certain products previously recognized on a gross basis were recognized on a net basis during fiscal 2021, resulting in an estimated 1.0% unfavorable impact to sales. This change in revenue recognition was driven by changes in contractual terms with certain suppliers.
  • Dental segment sales increased 10.7% to $2,327.0 million in fiscal 2021 from $2,101.9 million in fiscal 2020. Foreign exchange rate changes had a favorable impact of 0.3% on fiscal 2021 sales. Sales of consumables increased 15.2%, sales of equipment and software increased 7.9%, and sales of value-added services and other decreased 0.5% in fiscal 2021. While Dental segment sales were negatively affected by the COVID-19 pandemic during fiscal 2021, we recorded increased sales of infection control products during this period compared to fiscal 2020 within consumable sales.
  • Animal Health segment sales increased 6.7% to $3,560.0 million in fiscal 2021 from $3,336.3 million in fiscal 2020. Foreign exchange rate changes had a favorable impact of 0.7% on fiscal 2021 sales. Sales of certain products previously recognized on a gross basis were recognized on a net basis during fiscal 2021, resulting in an estimated 1.7% unfavorable impact to sales. This change in revenue recognition was driven by changes in contractual terms with certain suppliers. Sales were higher in fiscal 2021 as compared to fiscal 2020, driven by increased sales in our companion animal business.
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