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June 23, 2021, 7:56 a.m. EDT

Patterson shares slide 11% premarket as profit and guidance fall short of estimates

Patterson Cos. Inc. shares (NAS:PDCO) tumbled 11% in premarket trade Wednesday, after the maker of dental and animal health products missed profit estimates for its fiscal fourth quarter and offered guidance that lagged consensus. St. Paul, Minn.-based Patterson said it had net income of $28.8 million, or 30 cents a share, in the quarter to April 24, after a loss of $608.6 million, or $6.44 a share, in the year-earlier period. Excluding deal amortization, integration and business restructuring expenses, an investment loss and goodwill impairment, adjusted per-share earnings came to 38 cents a share, below the 52 cents FactSet consensus. Sales of $1.56 billion were up 21.4% from a year ago and ahead of the $1.52 billion FactSet consensus. Dental sales came to $616 million, up from $409.6 million a year ago, and accounted for about 40% of total sales. Animal health sales came to $939.3 million, up from $853.2 million, and accounted for about 60% of total sales. The company is now expecting fiscal 2022 adjusted EPS of $1.90 to $2.05, below the current FactSet consensus of $2.10. Shares have gained 18.5% in the year to date, while the S&P 500 (S&P:SPX) has gained 13%.

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