- Reported net sales increased 9.5 percent year-over-year to
$1.55 billion, and internal sales increased 9.0 percent.
- Adjusted operating margin increased by 130 bps to 5.3
percent.
- Dental segment internal sales increased 12.1 percent driven
by strong sales growth across consumables, equipment and
value-added services.
- Animal Health segment internal sales increased 6.9 percent
due to strong Companion Animal performance and growth in the
Production Animal business.
- Delivered second-quarter GAAP earnings of $0.56 per diluted
share and adjusted earnings1 of $0.63 per diluted share, an
increase of 62 percent.
Patterson Companies, Inc. (Nasdaq: PDCO) today reported
consolidated net sales of $1.55 billion (see attached Sales Summary
for further details) in its fiscal second quarter ended October 24,
2020, an increase of 9.5 percent compared to the same period last
year. Internal sales, which are adjusted for the effects of
currency translation, increased 9.0 percent.
Reported net income attributable to Patterson Companies, Inc.
for the second quarter of fiscal 2021 was $54.1 million, or $0.56
per diluted share, compared to a net loss attributable to Patterson
Companies, Inc., of $33.1 million, or a loss of $0.35 per diluted
share, in the second quarter of fiscal 2020. Adjusted net income1
attributable to Patterson Companies, Inc., which excludes deal
amortization, integration and business restructuring expenses,
legal reserve costs, accelerated debt-related costs and an
investment gain, totaled $61.1 million for the second quarter of
fiscal 2021, or $0.63 per diluted share, compared to $36.6 million
in the same quarter of fiscal 2020, or $0.39 per diluted share. The
62 percent year-over-year increase in the period is primarily
attributed to strong sales execution, improved mix, and the benefit
of continued expense discipline during the fiscal 2021 second
quarter.
“Patterson’s strong revenue growth and adjusted earnings in the
second quarter reflect the resilience of our customers and the
focus and dedication of our team as we continue to successfully
execute our strategy,” said Mark Walchirk, President and CEO of
Patterson Companies. “Despite the disruption of the COVID-19
pandemic, focused investments in our people, technology and
services have enabled us to deepen our partnerships with our
customers and continue the sales momentum we are building across
our Dental and Animal Health businesses.
“I am incredibly proud of the entire Patterson team and our
ongoing efforts to protect employee health and safety while
ensuring business continuity and support for our customers. I am
confident in our ability to drive long-term value by capitalizing
on opportunities as business conditions continue to improve in our
end markets, while remaining prepared to address challenges related
to the pandemic as the situation evolves.”
Patterson Dental
Reported net sales in our Dental segment for the second quarter
of fiscal 2021, which represented approximately 41 percent of total
company sales, were $631.7 million compared to $564.6 million in
the second quarter of last year. Internal sales increased 12.1
percent compared to the fiscal 2020 second quarter.
Patterson Animal Health
Reported net sales in our Animal Health segment for the second
quarter of fiscal 2021, which comprised approximately 59 percent of
the company’s total sales, were $914.2 million compared to $848.2
million in the second quarter of last year. Internal sales for the
segment increased 6.9 percent from the fiscal 2020 second
quarter.
Balance Sheet and Capital Allocation
During the first six months of fiscal 2021, Patterson Companies
used $423.0 million of cash from operating activities and collected
deferred purchase price receivables of $408.9 million, resulting in
a use of cash of $14.1 million, compared to generating $197.6
million in the first six months of fiscal 2020. Free cash flow1
(see definition below and attached free cash flow table) generated
during the first six months of fiscal 2021 is down $203.3 million
compared to the first six months of fiscal 2020, primarily due to
an increased level of working capital in the period.
During the second quarter of fiscal 2021, Patterson Companies
declared a quarterly cash dividend of $0.26 per share. On a
year-to-date basis, Patterson has returned $25.0 million in cash
dividends to shareholders.
Year-to-Date Results
Consolidated reported net sales for the first six months of
fiscal 2021 totaled $2.80 billion, a 1.9 percent year-over-year
increase. Internal sales have increased 1.8 percent compared to the
first six months of fiscal 2020. Reported net income attributable
to Patterson Companies, Inc. was $78.5 million, or $0.82 per
diluted share, compared to a net loss attributable to Patterson
Companies, Inc. of $3.1 million, or a net loss of $0.03 per diluted
share in last year's period. Adjusted net income1 attributable to
Patterson Companies, Inc., which excludes deal amortization,
integration and business restructuring expenses, legal reserve
costs, accelerated debt-related costs and an investment gain,
totaled $92.6 million, or $0.96 per diluted share, compared to
adjusted net income attributable to Patterson Companies, Inc. of
$62.0 million, or $0.65 per diluted share, in the year-ago
period.
Fiscal 2021 Guidance
Due to the continued uncertainty surrounding the COVID-19
pandemic and its impact on business operations, Patterson is not
providing fiscal 2021 financial guidance at this time.
1Non-GAAP Financial Measures
The Reconciliation of GAAP to non-GAAP Measures table appearing
behind the accompanying financial information is provided to adjust
reported GAAP measures, namely operating income (loss), income
(loss) before taxes, income tax expense, net income (loss), net
income (loss) attributable to Patterson Companies, Inc. and diluted
earnings (loss) per share attributable to Patterson Companies,
Inc., for the impact of deal amortization, integration and business
restructuring expenses, legal reserve costs, accelerated
debt-related costs and an investment gain, along with the related
tax effects of these items.
The term “free cash flow” used in this release is defined as net
cash used in operating activities less capital expenditures plus
collection of deferred purchase price receivables.
In addition, the term “internal sales” used in this release
represents net sales adjusted to exclude the impact of foreign
currency. 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.
Management believes that these non-GAAP measures may provide a
helpful representation of the company's second-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.
Second-Quarter Conference Call and Replay
Patterson Companies’ fiscal 2021 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
the Patterson Companies website. A replay of the fiscal 2021
second-quarter conference call can be heard for one week at
800-585-8367 and by providing the Conference ID 1517668 when
prompted.
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) 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. Our comprehensive
portfolio, distribution network and supply chain is equaled only by
our dedicated, knowledgeable people who deliver unrivalled
expertise and unmatched customer service and support.
Learn more: pattersoncompanies.com
This press release contains, and our officers and
representatives may from time to time make, certain
“forward-looking statements” within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, including statements regarding future financial performance,
and the objectives and expectations of management. Forward-looking
statements often include words such as “believes,” “expects,”
“anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of
similar meaning, or future or conditional verbs, such as “will,”
“should,” “could” or “may.” Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not place
undue reliance on any of these forward-looking statements.
Any number of factors could affect our actual results and cause
such results to differ materially from those contemplated by any
forward-looking statements, including, but not limited to, the
following: the effects of the highly competitive dental and animal
health supply markets in which we compete; the COVID-19 pandemic
and measures taken in response thereto; general economic
conditions, including political and economic uncertainty; risks
from disruption to our information systems; our ability to comply
with restrictive covenants in our amended credit agreement; our
dependence on relationships with sales representatives, service
technicians and customers; our ability to realize the long-term
strategic benefits of our acquisition of Animal Health
International; potential disruption of distribution capabilities,
including service issues with third-party shippers; our ability to
provide our sales force and customers with the latest technology;
our dependence on suppliers for the manufacture and supply of the
products we sell; material changes in our purchasing relationship
with suppliers; the risk that private label sales could adversely
affect our relationships with suppliers; our dependence on positive
perceptions of Patterson’s reputation; risks inherent in acquiring
other businesses; the risk that our acquired technology or
developed technology might not be successful in maintaining or
gaining customers; litigation risks, including new or unanticipated
litigation developments and new or unanticipated regulatory
investigations; changes in consumer preferences; regulatory
restrictions; the cyclicality of the livestock market; the outbreak
of an infectious disease within the production animal or companion
animal population; pressure from animal rights groups; adverse
changes in supplier rebates; fluctuations in quarterly financial
results; volatility in the price of our stock; risks from the
expansion of customer purchasing power; increases in
over-the-counter sales of companion animal products; the risks
inherent in international operations, including currency
fluctuations; the effects of health care reform; failure to comply
with regulatory requirements and data privacy laws; cyberattacks or
other privacy or data security breaches; the risk of the products
we sell becoming obsolete or containing undetected errors;
volatility in the financial markets; our dependence on our senior
management; our dependence on leadership development and succession
planning; disruptions from our enterprise resource planning system;
risks associated with shareholder activism; the risk of being
required to record impairment charges; the risk of audit by tax
authorities; risks associated with interest rate fluctuations; and
the risk that our governing documents and Minnesota law may
discourage takeovers and business combinations. The order in which
these factors appear should not be construed to indicate their
relative importance or priority. We caution that these factors may
not be exhaustive, accordingly, any forward-looking statements
contained herein should not be relied upon as a prediction of
actual results.
You should carefully consider these and other relevant factors,
including those risk factors in Part I, Item 1A, (“Risk Factors”)
in our most recent Form 10-K, and information which may be
contained in our other filings with the U.S. Securities and
Exchange Commission, or SEC, when reviewing any forward-looking
statement. Investors should understand it is impossible to predict
or identify all such factors or risks. As such, you should not
consider the foregoing list, or the risks identified in our SEC
filings, to be a complete discussion of all potential risks or
uncertainties.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We do not undertake any
obligation to release publicly any revisions to any forward-looking
statements whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
PATTERSON COMPANIES, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share
amounts) (Unaudited) Three Months Ended
Six Months Ended October 24,2020 October
26,2019 October 24,2020 October 26,2020
Net sales
$
1,553,168
$
1,418,744
$
2,799,005
$
2,747,395
Gross profit
320,368
301,494
574,184
591,548
Operating expenses
246,662
319,640
462,606
593,020
Operating income (loss)
73,706
(18,146
)
111,578
(1,472
)
Other income (expense): Other income, net
3,223
269
5,257
32,186
Interest expense
(6,381
)
(9,046
)
(13,072
)
(17,736
)
Income (loss) before taxes
70,548
(26,923
)
103,763
12,978
Income tax expense
16,722
6,426
25,735
16,520
Net income (loss)
53,826
(33,349
)
78,028
(3,542
)
Net loss attributable to noncontrolling interests
(234
)
(220
)
(439
)
(455
)
Net income (loss) attributable to Patterson Companies, Inc.
$
54,060
$
(33,129
)
$
78,467
$
(3,087
)
Earnings (loss) per share attributable to Patterson Companies,
Inc.: Basic
$
0.57
$
(0.35
)
$
0.82
$
(0.03
)
Diluted
$
0.56
$
(0.35
)
$
0.82
$
(0.03
)
Weighted average shares: Basic
95,518
94,093
95,341
93,944
Diluted
96,415
94,093
96,105
93,944
Dividends declared per common share
$
0.26
$
0.26
$
0.52
$
0.52
PATTERSON COMPANIES, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands) (Unaudited)
October 24, 2020 April 25, 2020
ASSETS Current assets: Cash and cash
equivalents
$
139,481
$
77,944
Receivables, net
491,687
416,523
Inventory
761,941
812,194
Prepaid expenses and other current assets
263,149
236,104
Total current assets
1,656,258
1,542,765
Property and equipment, net
298,460
303,725
Operating lease right-of-use assets, net
81,171
79,021
Goodwill and identifiable intangibles, net
435,682
452,229
Long-term receivables, net and other
317,453
337,610
Total assets
$
2,789,024
$
2,715,350
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable
$
690,755
$
862,093
Other accrued liabilities
239,317
182,099
Operating lease liabilities
31,814
30,706
Borrowings on revolving credit
111,000
-
Total current liabilities
1,072,886
1,074,898
Long-term debt
588,329
587,766
Non-current operating lease liabilities
53,796
49,854
Other non-current liabilities
181,286
166,388
Total liabilities
1,896,297
1,878,906
Stockholders' equity
892,727
836,444
Total liabilities and stockholders' equity
$
2,789,024
$
2,715,350
PATTERSON COMPANIES, INC. CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited)
Six Months Ended
October 24, 2020
October 26, 2019
Operating activities: Net income (loss)
$
78,028
$
(3,542
)
Adjustments to reconcile net income (loss) to net cash used in
operating activities: Depreciation and amortization
38,881
41,275
Investment gain
-
(34,334
)
Non-cash employee compensation
16,660
19,302
Non-cash losses (gains) and other, net
5,976
-
Change in assets and liabilities: Receivables
(505,535
)
(209,100
)
Inventory
58,238
(27,238
)
Accounts payable
(179,276
)
118,301
Accrued liabilities
24,555
102,301
Long term receivables
687
(4,292
)
Other changes from operating activities, net
38,782
(17,326
)
Net cash used in operating activities
(423,004
)
(14,653
)
Investing activities: Additions to property and equipment
(14,370
)
(22,851
)
Collection of deferred purchase price receivables
408,907
212,307
Other investing activities
396
-
Net cash provided by investing activities
394,933
189,456
Financing activities: Dividends paid
(25,009
)
(50,504
)
Payments on long-term debt
-
(87,090
)
Draw on revolving credit
111,000
-
Other financing activities
631
(4,067
)
Net cash provided by (used in) financing activities
86,622
(141,661
)
Effect of exchange rate changes on cash
2,986
787
Net change in cash and cash equivalents
61,537
33,929
Cash and cash equivalents at beginning of period
77,944
95,646
Cash and cash equivalents at end of period
$
139,481
$
129,575
PATTERSON COMPANIES, INC. SALES SUMMARY (Dollars
in thousands) (Unaudited) October 24,2020
October 26,20191 TotalSalesGrowth
ForeignExchangeImpact InternalSalesGrowth Three
Months Ended Consolidated net sales Consumable
$
1,241,586
$
1,127,481
10.1
%
0.6
%
9.5
%
Equipment and software
220,181
205,790
7.0
(0.1
)
7.1
Value-added services and other
91,401
85,473
6.9
0.1
6.8
Total
$
1,553,168
$
1,418,744
9.5
%
0.5
%
9.0
%
Dental Consumable
$
357,849
$
304,565
17.5
%
(0.2
)%
17.7
%
Equipment and software
198,135
188,192
5.3
(0.1
)
5.4
Value-added services and other
75,764
71,846
5.5
(0.1
)
5.6
Total
$
631,748
$
564,603
11.9
%
(0.2
)%
12.1
%
Animal Health Consumable
$
883,737
$
822,916
7.4
%
0.9
%
6.5
%
Equipment and software
22,046
17,598
25.3
-
25.3
Value-added services and other
8,394
7,674
9.4
2.2
7.2
Total
$
914,177
$
848,188
7.8
%
0.9
%
6.9
%
Corporate Value-added services and other
$
7,243
$
5,953
21.7
%
-
%
21.7
%
Total
$
7,243
$
5,953
21.7
%
-
%
21.7
%
Six Months Ended Consolidated net sales
Consumable
$
2,286,567
$
2,222,665
2.9
%
0.2
%
2.7
%
Equipment and software
349,558
348,323
0.4
(0.1
)
0.5
Value-added services and other
162,880
176,407
(7.7
)
-
(7.7
)
Total
$
2,799,005
$
2,747,395
1.9
%
0.1
%
1.8
%
Dental Consumable
$
614,452
$
608,039
1.1
%
(0.1
)%
1.2
%
Equipment and software
311,098
313,876
(0.9
)
(0.1
)
(0.8
)
Value-added services and other
136,493
143,824
(5.1
)
(0.1
)
(5.0
)
Total
$
1,062,043
$
1,065,739
(0.3
)%
(0.1
)%
(0.2
)%
Animal Health Consumable
$
1,672,115
$
1,614,626
3.6
%
0.2
%
3.4
%
Equipment and software
38,460
34,447
11.6
-
11.6
Value-added services and other
15,755
16,654
(5.4
)
0.7
(6.1
)
Total
$
1,726,330
$
1,665,727
3.6
%
0.2
%
3.4
%
Corporate Value-added services and other
$
10,632
$
15,929
(33.3
)%
-
%
(33.3
)%
Total
$
10,632
$
15,929
(33.3
)%
-
%
(33.3
)%
1 Certain sales were reclassified between categories to conform
to the current period presentation.
PATTERSON COMPANIES, INC. OPERATING INCOME BY
SEGMENT (In thousands) (Unaudited)
Three Months Ended Six Months Ended October
24,2020 October 26,2019 October 24,2020
October 26,2019 Operating income (loss) Dental
$
72,957
$
52,632
$
110,726
$
86,636
Animal Health
17,591
18,174
34,990
37,798
Corporate
(16,842
)
(88,952
)
(34,138
)
(125,906
)
Total
$
73,706
$
(18,146
)
$
111,578
$
(1,472
)
PATTERSON COMPANIES, INC. RECONCILIATION OF GAAP TO
NON-GAAP MEASURES (Dollars in thousands, except per share
amounts) (Unaudited) For the three months ended
October 24, 2020 GAAP Dealamortization Integrationand
businessrestructuringexpenses Legalreservecosts
Accelerateddebt-relatedcosts Investmentgain Non-GAAP Operating
income (loss)
$
73,706
$
9,250
$
-
$
-
$
-
$
-
$
82,956
Other income (expense), net
(3,158
)
-
-
-
-
-
(3,158
)
Income (loss) before taxes
70,548
9,250
-
-
-
-
79,798
Income tax expense (benefit)
16,722
2,199
-
-
-
-
18,921
Net income (loss)
53,826
7,051
-
-
-
-
60,877
Net loss attributable to noncontrolling interests
(234
)
-
-
-
-
-
(234
)
Net income (loss) attributable to Patterson Companies, Inc.
$
54,060
$
7,051
$
-
$
-
$
-
$
-
$
61,111
Diluted earnings (loss) per share attributable to Patterson
Companies, Inc.*
$
0.56
$
0.07
$
-
$
-
$
-
$
-
$
0.63
Operating income (loss) as a % of sales
4.7
%
5.3
%
Effective tax rate
23.7
%
23.7
%
For the three months ended October 26, 2019 GAAP
Dealamortization Integrationand businessrestructuringexpenses
Legalreservecosts† Accelerateddebt-relatedcosts Investmentgain
Non-GAAP Operating income (loss)
$
(18,146
)
$
9,238
$
3,792
$
61,300
$
-
$
-
$
56,184
Other income (expense), net
(8,777
)
-
-
-
959
-
(7,818
)
Income (loss) before taxes
(26,923
)
9,238
3,792
61,300
959
-
48,366
Income tax expense (benefit)
6,426
2,200
948
2,125
240
-
11,939
Net income (loss)
(33,349
)
7,038
2,844
59,175
719
-
36,427
Net loss attributable to noncontrolling interests
(220
)
-
-
-
-
-
(220
)
Net income (loss) attributable to Patterson Companies, Inc.
$
(33,129
)
$
7,038
$
2,844
$
59,175
$
719
$
-
$
36,647
Diluted earnings (loss) per share attributable to Patterson
Companies, Inc.*
$
(0.35
)
$
0.07
$
0.03
$
0.62
$
0.01
$
-
$
0.39
Operating income (loss) as a % of sales
(1.3
)%
4.0
%
Effective tax rate
(23.9
)%
24.7
%
† Includes costs and expenses incurred in the second quarter of
fiscal 2020 of $58,300 related to the then-probable settlement of
litigation with the U.S. Attorney's Office for the Western District
of Virginia and $3,000 related to other legal proceedings. * May
not sum due to rounding
PATTERSON COMPANIES,
INC.
RECONCILIATION OF GAAP TO
NON-GAAP MEASURES
(Dollars in thousands, except
per share amounts)
(Unaudited)
For the six months ended October 24, 2020 GAAP
Dealamortization Integrationand businessrestructuringexpenses
Legalreservecosts Accelerateddebt-relatedcosts Investmentgain
Non-GAAP Operating income (loss)
$
111,578
$
18,503
$
-
$
-
$
-
$
-
$
130,081
Other income (expense), net
(7,815
)
-
-
-
-
-
(7,815
)
Income (loss) before taxes
103,763
18,503
-
-
-
-
122,266
Income tax expense (benefit)
25,735
4,400
-
-
-
-
30,135
Net income (loss)
78,028
14,103
-
-
-
-
92,131
Net loss attributable to noncontrolling interests
(439
)
-
-
-
-
-
(439
)
Net income (loss) attributable to Patterson Companies, Inc.
$
78,467
$
14,103
$
-
$
-
$
-
$
-
$
92,570
Diluted earnings (loss) per share attributable to Patterson
Companies, Inc.*
$
0.82
$
0.15
$
-
$
-
$
-
$
-
$
0.96
Operating income (loss) as a % of sales
4.0
%
4.6
%
Effective tax rate
24.8
%
24.6
%
For the six months ended October 26, 2019 GAAP
Dealamortization Integrationand businessrestructuringexpenses
Legalreservecosts‡ Accelerateddebt-relatedcosts Investmentgain
Non-GAAP Operating income (loss)
$
(1,472
)
$
18,491
$
5,747
$
78,966
$
-
$
-
$
101,732
Other income (expense), net
14,450
-
-
-
959
(34,334
)
(18,925
)
Income (loss) before taxes
12,978
18,491
5,747
78,966
959
(34,334
)
82,807
Income tax expense (benefit)
16,520
4,401
1,442
6,541
240
(7,884
)
21,260
Net income (loss)
(3,542
)
14,090
4,305
72,425
719
(26,450
)
61,547
Net loss attributable to noncontrolling interests
(455
)
-
-
-
-
-
(455
)
Net income (loss) attributable to Patterson Companies, Inc.
$
(3,087
)
$
14,090
$
4,305
$
72,425
$
719
$
(26,450
)
$
62,002
Diluted earnings (loss) per share attributable to Patterson
Companies, Inc.*
$
(0.03
)
$
0.15
$
0.05
$
0.76
$
0.01
$
(0.28
)
$
0.65
Operating income (loss) as a % of sales
(0.1
)%
3.7
%
Effective tax rate
127.3
%
25.7
%
‡ Includes costs and expenses incurred in the first quarter of
fiscal 2020 of $17,666 related to the settlement of litigation with
SourceOne Dental, Inc., costs and expenses incurred in the second
quarter of fiscal 2020 of $58,300 related to the then-probable
settlement of litigation with the U.S. Attorney's Office for the
Western District of Virginia and $3,000 related to other legal
proceedings. * May not sum due to rounding
PATTERSON COMPANIES,
INC. FREE CASH FLOW (In thousands)
(Unaudited) Six Months Ended October 24,
2020 October 26, 2019 Net cash used in operating
activities
$
(423,004
)
$
(14,653
)
Additions to property and equipment
(14,370
)
(22,851
)
Collection of deferred purchase price receivables
408,907
212,307
Free cash flow
$
(28,467
)
$
174,803
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201202005346/en/
INVESTOR CONTACT: John M. Wright, Investor Relations
COMPANY: Patterson Companies Inc. TEL: 651.686.1364
EMAIL: john.wright@pattersoncompanies.com
MEDIA CONTACT: Patterson Corporate Communications
COMPANY: Patterson Companies Inc. TEL: 651.905.3349
EMAIL: corporate.communications@pattersoncompanies.com
WEB: pattersoncompanies.com
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