Park Dental Partners Inc.
11/13/2026 | Press release | Distributed by Public on 11/13/2026 14:05
Amendment to Current Report (Form 8-K/A)
Park Dental Partners Announces Third Quarter 2026 Results
FOR IMMEDIATE RELEASE
Correction: This press release corrects the "Percent Change (At Midpoint)" in the outlook table contained in the Company's press release originally issued on November 12, 2026. The corrected table is included herein. There were no changes to the outlook ranges. In all other respects, the press release remains unchanged.
Minneapolis, Minn. - November 13, 2026 - Park Dental Partners, Inc. (NASDAQ: PARK) and affiliated dental practices ("Park Dental Partners," "we," "our," "us," or the "Company") today reported its third quarter financial results for 2026. Summary financial results are listed below and in the accompanying supplemental financial tables.
|
(Unaudited, in millions, except per share data, |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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|
and Doctor counts) |
|
2026 |
|
2025 |
|
Change |
|
2026 |
|
2025 |
|
Change |
||||||||||||
|
Revenue |
$ |
64.9 |
$ |
61.3 |
6.0 |
% |
$ |
193.8 |
$ |
183.3 |
5.8 |
% |
||||||||||||
|
Gross Margin |
$ |
8.2 |
$ |
9.4 |
(13.3) |
% |
$ |
24.1 |
$ |
31.2 |
(22.8) |
% |
||||||||||||
|
Gross Margin percentage |
12.6 |
% |
15.4 |
% |
(280) |
bps |
12.4 |
% |
17.0 |
% |
(460) |
bps |
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|
Net Income |
$ |
1.7 |
$ |
1.3 |
36.1 |
% |
$ |
2.7 |
$ |
5.4 |
(50.6) |
% |
||||||||||||
|
Diluted EPS |
$ |
0.27 |
$ |
0.72 |
$ |
(0.45) |
$ |
0.43 |
$ |
3.06 |
$ |
(2.63) |
||||||||||||
|
Adjusted Gross Margin(a) |
$ |
12.1 |
$ |
11.9 |
1.6 |
% |
$ |
39.0 |
$ |
37.9 |
2.9 |
% |
||||||||||||
|
Adjusted Gross Margin Percentage(a) |
18.6 |
% |
19.4 |
% |
(80) |
bps |
20.1 |
% |
20.7 |
% |
(60) |
bps |
||||||||||||
|
Adjusted EBITDA(b) |
$ |
5.0 |
$ |
5.3 |
(6.2) |
% |
$ |
17.1 |
$ |
18.3 |
(6.5) |
% |
||||||||||||
|
Adjusted EBITDA margin(b) |
7.7 |
% |
8.7 |
% |
(100) |
bps |
8.8 |
% |
10.0 |
% |
(120) |
bps |
||||||||||||
|
Adjusted Diluted EPS(c) |
$ |
0.57 |
$ |
1.19 |
$ |
(0.62) |
$ |
1.68 |
$ |
4.21 |
$ |
(2.53) |
||||||||||||
|
Same Practice Revenue Growth |
3.2 |
% |
9.9 |
% |
(670) |
bps |
3.0 |
% |
5.8 |
% |
(280) |
bps |
||||||||||||
|
Practicing Affiliated Doctors |
225 |
218 |
3.2 |
% |
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|
(a) |
See Non GAAP Reconciliation of Gross Margin to Adjusted Gross Margin below |
|
(b) |
See Non GAAP Reconciliation of Net Income to Adjusted EBITDA below |
|
(c) |
See Non GAAP Reconciliation of Earnings Per Share to Adjusted Earnings Per Share below |
Executive Commentary - Pete Swenson, Chief Executive Officer and Chair of the Board of Directors
"Third-quarter revenue increased 6%, supported by same-practice growth, an expanding affiliated doctor base and contributions from recently acquired practices. We have made meaningful progress adding clinical capacity and strengthening our platform, and our focus now is converting that capacity and revenue growth into improved productivity and stronger earnings performance.
The completion of the Village Family transaction represents an important step in our growth strategy and extends our affiliated practice network into a fourth state. We remain focused on disciplined integration, supporting our affiliated practices and executing against the opportunities already within our business."
Financial Results
| ● | Revenue increased 6.0% to $64.9 million for the third quarter of 2026, compared to $61.3 million in the prior-year period. For the first nine months of 2026, revenue increased 5.8% to $193.8 million, compared to $183.3 million in the prior-year period. The increases were primarily driven by reimbursement trends, acquisitions completed since the comparable prior-year periods, and growth in clinical hours. Revenue from acquisitions in the past 12 months contributed approximately $1.2 million in the quarter and $3.7 million year-to-date. |
| ● | Gross margin was $8.2 million for the third quarter of 2026, compared to $9.4 million in the prior-year period. For the first nine months of 2026, gross profit was $24.1 million, compared to $31.2 million in the prior-year period. Gross profit was impacted by higher salaries and benefits expense, including doctor share-based compensation associated with the Company's public company transition. |
| ● | Net income was $1.7 million, or $0.27 per diluted share, for the third quarter of 2026, compared to $1.3 million, or $0.72 per diluted share, in the third quarter of 2025. For the first nine months of 2026, net income was $2.7 million, or $0.43 per diluted share, compared to $5.4 million, or $3.06 per diluted share, in the prior-year period. |
| ● | Adjusted EBITDA was $5.0 million for the third quarter of 2026, compared to $5.3 million in the prior-year period. For the first nine months of 2026, Adjusted EBITDA was $17.1 million, compared to $18.3 million in the prior-year period. |
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| ● | Adjusted diluted earnings per share was $0.57 for the third quarter of 2026, compared to $1.19 in the prior-year period. For the first nine months of 2026, adjusted diluted earnings per share was $1.68, compared to $4.21 in the prior-year period. |
Affiliated Practice Updates
| ● | As of September 30, 2026, we supported 88 affiliated practices and 225 affiliated doctors. |
| ● | Third quarter patient retention rate was 90.2%. |
| ● | Patient visits increased to 180,955 across our affiliated dental practices. |
| ● | During the third quarter our affiliated dental practices completed one general practice acquisition in Arizona, as previously announced on September 23, 2026. The acquired practice's impact on revenues and net earnings was not material for the quarter. |
| ● | As announced earlier this week, we completed the acquisition of Village Family DSO on November 6, 2026. The Village Family DSO is currently affiliated with Village Family Dental practices, a multi-specialty dental group based in Fayetteville, North Carolina. Integration activities commenced immediately following completion of the acquisition and Village Family financial performance will be included in our financial results beginning in the fourth quarter of 2026. |
Balance Sheet, Liquidity, and Cash Flow
| ● | Cash and cash equivalents were $23.2 million as of September 30, 2026. |
| ● | Total debt outstanding was approximately $10.6 million as of September 30, 2026, and our $15 million line of credit was undrawn at quarter end. |
| ● | Total shares outstanding were 5.1 million shares as of the end of the quarter. |
| ● | We generated $12.0 million in operating cash flow in the first nine months of 2026, a decrease of $4.8 million compared to the prior year that was driven by timing of working capital. |
| ● | Year-to-date capital investments were $7.6 million. |
Full-Year 2026 Outlook
Following the completion of the Village Family DSO acquisition, we have incorporated the expected contribution from Village Family DSO for the remainder of 2026 into our full-year outlook. The outlook reflects Village Family DSO's expected contribution from the closing date through year-end, as well as our current expectations for existing operations.
The updated outlook also reflects increased investment in clinical capacity, including the hiring and onboarding of additional hygienists during the second half of the year, as well as the impact of the cybersecurity event experienced during the third quarter. We believe the additional investments in clinical capacity position our affiliated practices to serve additional patient demand and support future growth.
|
Year Ending |
Year Ended |
Percent |
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|
December 31, 2026 |
December 31, 2025 |
Change |
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|
($ in millions) |
|
(Outlook) |
|
(Actual) |
|
(At Midpoint) |
||||
|
Revenue |
$262.0 - $265.0 |
$ |
244.5 |
7.8 |
% |
|||||
|
Adjusted EBITDA |
$21.2 - $22.2 |
$ |
22.0 |
(1.4) |
% |
|||||
|
Adjusted EBITDA margin |
8.1% - 8.4% |
9.0 |
% |
|
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The outlook assumes continued patient demand across general and specialty services, stable reimbursement trends, ongoing recruitment and retention initiatives, and contributions from recently affiliated practices. We continue to monitor patient demand, industry and professional staffing trends that could impact our outlook.
We expect to provide our full-year 2027 outlook in connection with the reporting of our fourth-quarter and full-year 2026 results.
Conference Call
As previously announced, the Company will host a conference call to discuss these results tomorrow morning, Friday, November 13, 2026, at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).
A live webcast of the call will be accessible by registering using the link below or through the Investor Relations section of the Company's website at https://investors.parkdentalpartners.com. A replay of the webcast will be available on the website for a limited time following the call.
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About Park Dental Partners, Inc.
Park Dental Partners, Inc., and its subsidiaries (NASDAQ:PARK) is a dental resource organization that has put patients first since the establishment of its general dentistry group in 1972. The Company provides comprehensive business support services, including clinical team members, administrative personnel, facilities, and equipment, to its affiliated general and multi-specialty dental practices. As of September 30, 2026, the Company has supported 225 affiliated doctors across 88 practice locations in three states. The Company's clinical support team consists of over 1,000 hygienists, dental assistants, and patient care coordinators that support affiliated doctors in operating their practices. The mission of our affiliated dental practices since inception has been to ensure patients enjoy the benefits of a lifetime of good oral health. This mission continues to be the driving force behind our organization today.
Park Dental Partners is based in Roseville, Minnesota. For more information, please visit parkdentalpartners.com. Information contained on, or that can be accessed through, our website is not incorporated by reference into, and should not be considered a part of, this press release.
Basis of Consolidation
In accordance with generally accepted accounting principles in the United States, we consolidate the net assets and results of operations of the affiliated dental practices operating under long-term administrative resource agreements with us. As a result, references to our revenues, our expenses and similar items relating to our results of operations and net assets includes the revenues, expenses and similar items of our affiliated dental practices and all transactions between the affiliated dental practices and us, such as the service fees we charge, are eliminated in consolidation.
Park Dental Partners Inc. published this content on November 13, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 13, 2026 at 20:05 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]