- Reported net sales totaled $1.4
billion, up 2.1 percent. Sales grew 4.1 percent in constant
currency.
- GAAP earnings from continuing
operations increased 12 percent to $0.48 per diluted
share.
- Adjusted earnings from continuing
operations1 were flat at $0.56 per diluted
share.
- Company elects not to extend the
exclusive portion of its Sirona relationship after September 2017,
but intends to remain a strategic partner and continue offering the
full Sirona product line thereafter.
- Company revises Fiscal 2017 outlook
and expects non-GAAP earnings to be in the range of $2.25 to $2.35
per diluted share.
Patterson Companies, Inc. (Nasdaq: PDCO) today reported
consolidated net sales of $1.4 billion (see attached Sales Summary
for further details) in its fiscal second quarter ended October 29,
2016, up 2.1 percent over the same period last year. Adjusting for
the effects of currency translation, sales increased 4.1
percent.
Reported net income from continuing operations was $45.8
million, or $0.48 per diluted share, compared to $42.6 million, or
$0.43 per diluted share, in last year’s fiscal second quarter.
Adjusted net income from continuing operations1, which excludes
certain non-recurring and deal amortization costs, totaled $53.5
million for the second quarter of fiscal 2017, down 3.2 percent
from $55.3 million in the same quarter last year. Adjusted earnings
per diluted share from continuing operations1 totaled $0.56 in the
2017 second quarter, unchanged year-over-year.
“Patterson Companies competes in two markets with attractive
long-term fundamentals. The Dental business is positioned to
benefit from favorable demographic trends, including an aging
population. In Animal Health, the worldwide demand for protein will
intensify; and consumers are increasing both their pet ownership
and the dollars they spend on their pets. These are compelling
trends. However, our markets are evolving, and we are adapting our
strategies to take full advantage of new opportunities to deliver
even greater value to our customers,” said Scott Anderson,
chairman, president and chief executive officer.
Anderson continued, “During the second quarter, we continued to
move Patterson’s growth agenda forward and, despite relatively
stable yet challenging dental and animal health environments, we
continued to make the necessary decisions to unlock growth
potential for the long term. In our Dental segment, we expanded on
our strategy to broaden our approach to the market, which resulted
in a new relationship with Heartland Dental, the largest dental
support organization in the U.S. In our Animal Health segment, our
focus on sales execution is driving expansion and market-share
gains.”
Patterson DentalReported net sales in our Dental segment,
which represents approximately 43 percent of total company sales,
were $601.6 million, flat with prior year. Sales were unchanged on
a constant currency basis from the 2016 second fiscal quarter. On
that same basis, year-over-year sales by category were as
follows:
- Consumable dental supplies decreased
2.5 percent
- Equipment sales improved 4.2 percent,
led by double-digit increases in core equipment and digital x-ray
products
- Other services and products, primarily
composed of technical service, parts and labor, software support
services and office supplies, rose 0.2 percent
Anderson said, “We are pleased with our dental equipment sales
during the period, especially considering the difficult
year-over-year comparable. Dental markets, overall, remained soft
but relatively stable in the second quarter. After the end of the
second quarter, Patterson Companies elected not to extend
exclusivity with Sirona for its entire portfolio beyond September
2017. This decision is consistent with our strategy of serving the
evolving needs of all our customers and will allow us to better
serve the full range of practice models in the future. Importantly,
it will also potentially enable more product innovation and bring
more options to our customers by opening up our superior technology
support infrastructure to more manufacturers, who view our
expertise and support as a meaningful competitive advantage. We
expect this move, along with our sales realignment activities taken
earlier in fiscal 2017, to better position Patterson Dental to
serve the evolving dental market.”
Anderson continued, “In no way does this decision change our
commitment to our long-standing partnership with Sirona. Together,
for the past 20 years, we have built the market for chair-side
restoration technology in North America. We are very proud of our
achievements together and intend to preserve our unwavering
commitment to this important relationship. We look forward to
helping Dentsply Sirona drive further innovation in the dental
marketplace.”
Non-cash Impairment ChargeIn the
first quarter of fiscal 2006, Patterson extended its exclusive
North American distribution relationship with Sirona Dental Systems
for Sirona’s CEREC 3D dental restorative system. At that time,
Patterson paid a $100 million distribution fee to extend the
existing exclusive relationship for at least a 10-year period
beginning in 2007. In 2012, the relationship was amended to include
the full Sirona product portfolio in the U.S. market and to provide
for the potential for the exclusivity relationship to extend beyond
2017. This distribution fee has been accounted for as an intangible
asset that has been amortized since October 2007.
Based on Patterson’s decision not to extend sales exclusivity
for the full Sirona portfolio of products, Patterson Companies
expects to record a pre-tax non-cash impairment charge of
approximately $36 million, or approximately $22 million after taxes
or $0.23 per diluted share in the fiscal 2017 third quarter,
related to the distribution fee associated with the CEREC product
component of this arrangement. While this non-cash accounting
charge will not affect Patterson’s liquidity, cash flows or
compliance with its debt covenants, the company expects this
decision to negatively affect near-term operations. This impact is
reflected in the company’s updated fiscal 2017 earnings
guidance.
Patterson Animal HealthReported net sales for Patterson
Animal Health, which comprises approximately 57 percent of the
company’s total sales, were $807.1 million, up 4.2 percent over
last year and up 7.8 percent in constant currency. Companion animal
sales rose 10.8 percent in constant currency. Production animal
sales increased 4.9 percent, reflecting strong sales in swine and
beef species.
Anderson continued, “Revenue growth and sales execution have
been key priorities for us, and we are pleased with the significant
sales expansion and share gains in our animal health business
during the second quarter. However, we face a more challenging
environment with branded pharmaceutical manufacturers that are
impacting the profit contribution from this sales momentum, and we
are implementing programs immediately to respond to these
challenges. We have a long history of working with innovative
product manufacturers and using our market leadership and scale to
create mutually beneficial relationships. We are a partner of
choice and are focusing on our strengths to create value and drive
performance.”
Discontinued OperationsOn August 28, 2015, Patterson
Companies completed the sale of Patterson Medical to Madison
Dearborn Partners for approximately $717 million. As a result of
the sale, Patterson Medical is classified and reported as
discontinued operations for all periods presented.
Share Repurchases and DividendsIn the fiscal 2017 second
quarter, Patterson repurchased approximately 0.5 million shares of
its outstanding common stock, with a value of $25.0 million,
leaving approximately 15 million shares for repurchase under the
current authorization, which expires in March 2018. The company
also paid $23.5 million in cash dividends to shareholders in the
second quarter of fiscal 2017.
Year-to-Date Results1Consolidated sales for the
first six months of fiscal 2017 totaled $2.8 billion, an 8.6
percent year-over-year increase. Reported net income from
continuing operations was $84.7 million, or $0.88 per diluted
share, compared to $62.9 million, or $0.63 per diluted share in
last year’s period. Adjusted net income from continuing
operations1, which excludes certain non-recurring and deal
amortization costs and tax costs related to tax repatriation,
totaled $102.3 million, or $1.06 per diluted share,
compared to adjusted net income from continuing operations
of $102.2 million, or $1.03 per diluted share, in
the year-ago period. Sales in the prior year six-month period
included an extra sales week and approximately six fewer weeks of
contribution from Animal Health International, Inc.
Business OutlookAnderson concluded, “We believe that we
are making the right strategic moves to build sustainable growth
platforms in our two fundamentally strong and changing markets. In
light of both external market factors and our strategic decisions,
we have re-examined our financial outlook for the year. When we
entered fiscal 2017, our guidance was predicated on end markets
similar to those experienced in fiscal 2016. But we, along with
others in our industry, have seen softness in the U.S. dental
market and challenges with branded pharmaceutical companies in our
animal health business. Just as important as these external
factors, we made important strategic decisions in the first half of
fiscal 2017 to realign our Dental sales force to enhance our
effectiveness and, more recently, to enable leveraging of our
sales, service and technical support infrastructure across a wide
range of products and customers in the future. While these
strategic decisions will impact our near-term performance, we
believe they are integral to evolving the customer-centric approach
for which we are known and to realize our growth ambitions.”
Fiscal 2017 GuidanceFor the first time, Patterson today
introduced fiscal 2017 GAAP earnings guidance. It also revised
fiscal 2017 non-GAAP adjusted earnings guidance to reflect the
company’s current business environment and strategies. For
comparison purposes, it should be noted that Patterson previously
disclosed 2017 non-GAAP adjusted earnings guidance in its prior
earnings releases.
- GAAP earnings are expected to be in the
range of $1.65 to $1.75 per diluted share for fiscal 2017.
- Non-GAAP adjusted earnings for fiscal
2017 are now expected to be in the range of $2.25 to $2.35 per
diluted share.
- Our non-GAAP adjusted earnings guidance
excludes the after-tax impact of:
- Deal amortization expense of
approximately $27 million ($0.28 per diluted share)
- Non-cash impairment charges of
approximately $22 million ($0.23 per diluted share)
- Integration and business restructuring
expenses of approximately $6 million ($0.06 per diluted share)
- Transaction-related costs of
approximately $3 million ($0.03 per diluted share)
Our guidance is for current continuing operations as well as
completed or previously announced acquisitions and does not include
the impact of potential future acquisitions or similar
transactions, if any, or impairments and material restructurings
beyond those previously publicly disclosed. Our guidance assumes
North American and international market conditions similar to those
experienced in the first half of fiscal 2017 and includes the
previously disclosed pretax $25 million step-up in operating
expense associated with the enterprise resource planning system
implementation.
1Non-GAAP Financial MeasuresThe Reconciliation of
GAAP to non-GAAP Measures table appearing behind the accompanying
financial information is provided to adjust reported GAAP measures,
namely earnings from continuing operations, net income from
continuing operations, and earnings per diluted share from
continuing operations, for the impact of transaction related costs,
deal amortization, integration and business restructuring expenses,
accelerated debt issuance costs and tax impact of cash
repatriation.
Management believes that these non-GAAP measures may provide a
helpful representation of the company’s current quarter
performance, and enable comparison of financial results between
periods where certain items may vary independent of business
performance. These non-GAAP financial measures are presented
solely for informational and comparative purposes and should not be
regarded as a replacement for corresponding, similarly captioned,
GAAP measures.
In addition, the term constant currency used in this release
represents net sales adjusted to exclude foreign currency impacts.
Foreign currency impact represents the difference in results that
is attributable to fluctuations in currency exchange rates the
company uses to convert results for all foreign entities where the
functional currency is not the U.S. dollar. The company calculates
the impact as the difference between the current period results
translated using the current period currency exchange rates and
using the comparable prior period’s currency exchange rates. The
company believes the disclosure of net sales changes in constant
currency provides useful supplementary information to investors in
light of significant fluctuations in currency rates.
Second-Quarter Conference Call and ReplayPatterson’s
second-quarter earnings conference call will start at 10 a.m.
Eastern today. Investors can listen to a live webcast of the
conference call at www.pattersoncompanies.com. The conference call
will be archived on Patterson’s website. A replay of the
second-quarter conference call can be heard for one week at
888-203-1112 and by providing the Conference ID 6130925 when
prompted.
About Patterson Companies, Inc.Patterson Companies, Inc.
is a value-added distributor serving the dental and animal health
markets.
Dental MarketPatterson's Dental
segment provides a virtually complete range of consumable dental
products, equipment and software, turnkey digital solutions and
value-added services to dentists and dental laboratories throughout
North America.
Animal Health MarketPatterson's
Animal Health segment is a leading distributor of products,
services and technologies to both the production and companion
animal health markets in North America and the U.K.
This press release contains certain forward-looking statements,
as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are information of a non-historical
nature and are subject to risks and uncertainties that are beyond
Patterson's ability to control. Forward-looking statements
generally can be identified by words such as "believes," "expects,"
"anticipates," "foresees," "forecasts," "estimates" or other words
or phrases of similar import. It is uncertain whether any of the
events anticipated by the forward-looking statements will transpire
or occur, or if any of them do, what impact they will have on the
results of operations and financial condition of Patterson or the
price of Patterson stock. These forward-looking statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in such forward-looking
statements, including but not limited to the other risks and
important factors contained and identified in Patterson's filings
with the Securities and Exchange Commission, such as its Quarterly
Reports on Form 10-Q and Annual Reports on Form 10-K, any of which
could cause actual results to differ materially from the
forward-looking statements. Any forward-looking statement in this
press release speaks only as of the date on which it is made.
Except to the extent required under the federal securities laws,
Patterson does not intend to update or revise the forward-looking
statements.
PATTERSON COMPANIES, INC. CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (In thousands, except per share
amounts) (Unaudited)
Three Months Ended Six Months
Ended October 29, October 31, October 29,
October 31, 2016 2015 2016 2015
Net sales $ 1,418,241 $ 1,389,210 $ 2,750,677 $ 2,532,080
Gross profit 318,960 330,899 636,138 619,143
Operating expenses 239,157 247,436
490,919 473,503 Operating income
from continuing operations 79,803 83,463 145,219 145,640
Other income and expense: Other income, net 1,622 954 3,986 1,624
Interest expense (10,097 ) (17,154 ) (20,259 )
(29,297 ) Income from continuing operations before
taxes 71,328 67,263 128,946 117,967 Income tax expense
25,572 24,700 44,284
55,093 Net income from continuing operations
45,756 42,563 84,662 62,874 Net income (loss) from discontinued
operations - (7,142 ) -
2,250 Net income $ 45,756 $ 35,421 $ 84,662
$ 65,124 Basic earnings (loss) per share:
Continuing operations $ 0.48 $ 0.43 $ 0.89 $ 0.64 Discontinued
operations - (0.07 ) -
0.02 Net basic earnings (loss) per share $ 0.48 $
0.36 $ 0.89 $ 0.66 Diluted earnings
(loss) per share: Continuing operations $ 0.48 $ 0.43 $ 0.88 $ 0.63
Discontinued operations - (0.07 ) -
0.02 Net diluted earnings (loss) per share $
0.48 $ 0.36 $ 0.88 $ 0.65
Shares: Basic 95,290 98,525 95,510 98,981 Diluted 95,904 99,185
96,138 99,674 Dividends declared per common share $ 0.24 $
0.22 $ 0.48 $ 0.44
PATTERSON COMPANIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
October 29, April 30,
2016 2016 (Unaudited) ASSETS Current
assets: Cash and cash equivalents $ 110,387 $ 137,453 Receivables
822,734 796,693 Inventory 795,454 722,140 Prepaid expenses and
other current assets 104,257 91,255 Total current
assets 1,832,832 1,747,541 Property and equipment, net 303,342
293,315 Goodwill and other intangible assets 1,292,396 1,325,889
Long-term receivables, net and other 161,798 154,059
Total assets $ 3,590,368 $ 3,520,804
LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $
545,366 $ 566,253 Other accrued liabilities 217,678 226,582 Current
maturities of long-term debt 20,625 16,500 Borrowings on revolving
credit 163,000 20,000 Total current liabilities
946,669 829,335 Long-term debt 1,010,211 1,022,155 Other
non-current liabilities 227,436 227,568 Total
liabilities 2,184,316 2,079,058 Stockholders' equity
1,406,052 1,441,746 Total liabilities and stockholders'
equity $ 3,590,368 $ 3,520,804
PATTERSON
COMPANIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands) (Unaudited)
Six Months Ended October 29, October
31, 2016 2015 Operating activities: Net
income $ 84,662 $ 65,124 Net income from discontinued operations
- 2,250 Net income from continuing
operations 84,662 62,874
Adjustments to reconcile net income from
continuing operations to net cash used in operating activities:
Depreciation and amortization 42,007 38,400 Non-cash employee
compensation 14,693 13,541 Change in assets and liabilities, net of
acquired (196,668 ) (128,782 ) Net cash used in
operating activities - continuing operations (55,306 ) (13,967 )
Net cash used in operating activities - discontinued operations
- (38,985 ) Net cash used in operating
activities (55,306 ) (52,952 ) Investing activities:
Additions to property and equipment, net of disposals (29,377 )
(40,978 ) Acquisitions and equity investments - (1,105,229 )
Proceeds from sale of securities - 48,744 Other investing
activities 23,115 - Net cash used in
investing activities - continuing operations (6,262 )
(1,097,463 ) Net cash provided by investing activities -
discontinued operations -
715,430 Net cash used in investing activities (6,262
)
(382,033 ) Financing activities: Dividends paid (47,655 )
(45,356 ) Repurchases of common stock (50,000 ) (160,579 ) Proceeds
from issuance of long-term debt, net - 988,400 Retirement of
long-term debt (8,250 ) (674,125 ) Draw on revolver 143,000 80,000
Other financing activities 974 2,894
Net cash provided by financing activities 38,069 191,234
Effect of exchange rate changes on cash (3,567 )
(8,058 ) Net change in cash and cash equivalents $ (27,066 ) $
(251,809 )
PATTERSON COMPANIES, INC. SALES
SUMMARY (Dollars in thousands) (Unaudited)
Total Foreign Animal Health October 29,
October 31, Sales Exchange
International Internal 2016 2015
Growth
Impact Impact
Growth
Three Months
Ended
Consolidated net sales Consumable $ 1,112,232 $ 1,087,489
2.3 % (2.5 ) % - % 4.8 % Equipment and software 217,194 207,809 4.5
- - 4.5 Other 88,815 93,912 (5.4 ) (0.9 ) -
(4.5 ) Total $ 1,418,241 $ 1,389,210 2.1 % (2.0 ) % -
% 4.1 % Dental Consumable $ 324,237 $ 332,436 (2.5 )
% - % - % (2.5 ) % Equipment and software 205,062 196,767 4.2 - -
4.2 Other 72,254 72,119 0.2 - -
0.2 Total $ 601,553 $ 601,322 - % - % -
% - % Animal Health Consumable $ 787,995 $ 755,053
4.4 % (3.6 ) % - % 8.0 % Equipment and software 12,132 11,042 9.9
(0.3 ) - 10.2 Other 7,019 8,358 (16.0 ) (9.9 ) -
(6.1 ) Total $ 807,146 $ 774,453 4.2 % (3.6 ) % -
% 7.8 % Corporate Other $ 9,542 $ 13,435 (29.0
) % - % - % (29.0 ) % Total $ 9,542 $ 13,435 (29.0 )
% - % - % (29.0 ) %
Six Months
Ended
Consolidated net sales Consumable $ 2,188,453 $ 1,982,796
10.4 % (2.3 ) % 9.8 % 2.9 % Equipment and software 378,140 361,292
4.7 (0.2 ) - 4.9 Other 184,084 187,992 (2.1 ) (0.8 )
(0.1 ) (1.2 ) Total $ 2,750,677 $ 2,532,080 8.6 % (1.9 ) %
7.7 % 2.8 % Dental Consumable $ 657,185 $
690,488 (4.8 ) % (0.2 ) % - % (4.6 ) % Equipment and software
355,944 340,437 4.6 (0.2 ) - 4.8 Other 143,439
145,514 (1.4 ) (0.1 ) - (1.3 ) Total $ 1,156,568 $ 1,176,439
(1.7 ) % (0.2 ) % - % (1.5 ) % Animal Health
Consumable $ 1,531,268 $ 1,292,308 18.5 % (3.4 ) % 15.0 % 6.9 %
Equipment and software 22,196 20,855 6.4 (0.2 ) - 6.6 Other
16,313 18,587 (12.2 ) (7.0 ) (0.9 ) (4.3 ) Total $ 1,569,777
$ 1,331,750 17.9 % (3.4 ) % 14.6 % 6.7 %
Corporate Other $ 24,332 $ 23,891 1.8 % - % -
% 1.8 % Total $ 24,332 $ 23,891 1.8 % -
% - % 1.8 %
PATTERSON COMPANIES,
INC. OPERATING INCOME BY SEGMENT (In thousands)
(Unaudited)
Three Months Ended Six Months Ended October
29, October 31, October 29, October 31,
2016 2015 2016 2015 Operating
income (loss) Dental $ 77,043 $ 74,094 $ 137,338 $ 141,346 Animal
Health 21,854 25,177 36,683 38,149 Corporate (19,094 )
(15,808 ) (28,802 ) (33,855 ) Total $ 79,803
$ 83,463 $ 145,219 $ 145,640
PATTERSON COMPANIES, INC. RECONCILIATION OF GAAP
TO NON-GAAP MEASURES (Dollars in thousands, except per share
amounts) (Unaudited)
For the three months ended October 29, 2016 GAAP
Transaction-related
costs
Dealamortization
Integrationand
businessrestructuringexpenses
Accelerateddebt
issuancecosts
Tax impact
ofcashrepatriation
Non-GAAP Operating income from continuing operations $
79,803 $ 896 $ 10,247 $ 804 $ - $ - $ 91,750 Other expense, net
(8,475 ) - - - - -
(8,475 ) Income from continuing operations before taxes
71,328 896 10,247 804 - - 83,275 Income tax expense 25,572
338 3,537 304 - -
29,751 Net income from continuing operations $ 45,756
$ 558 $ 6,710 $ 500 $ - $ - $ 53,524
Diluted EPS from continuing operations* $ 0.48 $ 0.01 $ 0.07
$ 0.01 $ - $ - $ 0.56 Consolidated operating
income as a % of sales 5.6 % 6.5 % Effective tax rate 35.9 % 35.7 %
For the three months ended October 31, 2015
GAAP
Transaction-related
costs
Dealamortization
Integrationand
businessrestructuringexpenses
Accelerateddebt
issuancecosts
Tax impact
ofcashrepatriation
Non-GAAP Operating income from continuing operations $
83,463 $ 723 $ 10,862 $ 2,183 $ - $ - $ 97,231 Other expense, net
(16,200 ) - - - 5,153 -
(11,047 ) Income from continuing operations before
taxes 67,263 723 10,862 2,183 5,153 - 86,184 Income tax expense
24,700 46 3,888 825 1,948
(500 ) 30,907 Net income from continuing
operations $ 42,563 $ 677 $ 6,974 $ 1,358 $ 3,205 $ 500
$ 55,277 Diluted EPS from continuing
operations* $ 0.43 $ 0.01 $ 0.07 $ 0.01 $ 0.03 $ 0.01
$ 0.56 Consolidated operating income as a % of sales
6.0 % 7.0 % Effective tax rate 36.7 % 35.9 %
For the six
months ended October 29, 2016 GAAP
Transaction-related
costs
Dealamortization
Integrationand
businessrestructuringexpenses
Accelerateddebt
issuancecosts
Tax impact
ofcashrepatriation
Non-GAAP Operating income from continuing operations $
145,219 $ 1,243 $ 20,261 $ 5,679 $ - $ - $ 172,402 Other expense,
net (16,273 ) - - - - -
(16,273 ) Income from continuing operations before
taxes 128,946 1,243 20,261 5,679 - - 156,129 Income tax expense
44,284 469 6,914 2,147 -
- 53,814 Net income from continuing
operations $ 84,662 $ 774 $ 13,347 $ 3,532 $ - $ - $
102,315 Diluted EPS from continuing operations* $
0.88 $ 0.01 $ 0.14 $ 0.04 $ - $ - $ 1.06
Consolidated operating income as a % of sales 5.3 % 6.3 %
Effective tax rate 34.3 % 34.5 %
For the six months ended
October 31, 2015 GAAP
Transaction-elated costs
Dealamortization
Integrationand
businessrestructuringexpenses
Accelerateddebt
issuancecosts
Tax impact
ofcashrepatriation
Non-GAAP Operating income from continuing operations $
145,640 $ 13,088 $ 17,896 $ 3,583 $ - $ - $ 180,207 Other expense,
net (27,673 ) - - - 5,153
- (22,520 ) Income from continuing operations before
taxes 117,967 13,088 17,896 3,583 5,153 - 157,687 Income tax
expense 55,093 3,109 6,310 1,354
1,948 (12,300 ) 55,514 Net income from
continuing operations $ 62,874 $ 9,979 $ 11,586 $ 2,229 $
3,205 $ 12,300 $ 102,173 Diluted EPS from
continuing operations* $ 0.63 $ 0.10 $ 0.12 $ 0.02 $ 0.03 $
0.12 $ 1.03 Consolidated operating income as a
% of sales 5.8 % 7.1 % Effective tax rate 46.7 % 35.2 % *
May not sum due to rounding
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161122005368/en/
Patterson Companies, Inc.Ann B. Gugino,
651-686-1600Executive Vice President & CFOorJohn M. Wright,
651-686-1364Vice President, Investor Relations
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