Patterson Companies 10-K Report Highlights 10.6% Share Movement

By Tamara Parker • Tuesday, June 18 15:19 • Permanent Link

Patterson Companies, Inc. has recently released its 10-K report, providing a detailed insight into its financial performance and operations. The company operates through three segments: Dental, Animal Health, and Corporate. The Dental segment offers a wide range of dental products and equipment, while the Animal Health segment distributes various animal health products and services. The Corporate segment includes general and administrative expenses, customer financing services, and other miscellaneous sales.

In the 10-K report, Patterson Companies, Inc. highlighted that its fiscal year 2024, which ended on April 27, 2024, consisted of 52 weeks. The company emphasized the importance of analyzing its business in terms of growth in various markets, internal growth, growth through acquisition, and continued focus on controlling costs and enhancing efficiency.

The report also detailed factors affecting the company's results, including macro-economic conditions, a receivables securitization program, a legal reserve from fiscal 2022, gains on investments in Vetsource and Vets Plus, and inventory donation charges related to COVID-19 recovery efforts.

In terms of financial performance, the report revealed that consolidated net sales in fiscal 2024 were $6,568.3 million, representing a 1.5% increase from the previous fiscal year. The Dental segment's net sales decreased slightly, while the Animal Health segment's net sales saw a 2.6% increase. The consolidated gross profit margin decreased to 21.0% in fiscal 2024, and the operating expenses increased by 2.8% compared to the prior year.

The operating income for fiscal 2024 was $252.9 million, representing 3.9% of net sales, a decrease from the previous fiscal year. The net income attributable to Patterson Companies, Inc. was $185.9 million in fiscal 2024, down from $207.6 million in fiscal 2023. The report also provided details on liquidity and capital resources, including net cash provided by investing activities and net cash used in operating activities over the past three fiscal years.

Today the company's shares have moved 10.6% to a price of $25.27. If you want to know more, read the company's complete 10-K report here.

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