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Reported net sales increased 6.2 percent year-over-year to $1.65 billion, and internal sales increased8.3 percent.
Dental segment internal sales decreased 2.0 percent year-over-year and increased 9.8 percent compared to the pre-pandemic period of the second quarter of fiscal 2020.
Animal Health segment internal sales increased 16.2 percent year-over-year and increased 24.3 percent compared to the pre-pandemic period of the second quarter of fiscal 2020.
Delivered second-quarter GAAP earnings of $0.49 per diluted share and adjusted earnings1 of $0.58 per diluted share.
Increased fiscal 2022 GAAP earnings guidance range to $1.69 to $1.79 per diluted share and adjusted earnings1 guidance range to $2.00 to $2.10 per diluted share.
St. Paul, Minn. —December 1, 2021 — Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of $1.65 billion (see attached Sales Summary for further details) in its fiscal second quarter ended October 30, 2021, an increase of 6.2 percent compared to the same period last year. Internal sales, which are adjusted for the effects of currency translation, changes in product selling relationships and contributions from recent acquisitions, increased 8.3 percent over the prior year.
Reported net income attributable to Patterson Companies, Inc. for the second quarter of fiscal 2022 was $48.3 million, or $0.49 per diluted share, compared to $54.1 million, or $0.56 per diluted share, in the second quarter of fiscal 2021. Adjusted net income1 attributable to Patterson Companies, Inc., which excludes deal amortization and integration and business restructuring expenses, totaled $57.1 million for the second quarter of fiscal 2022, or $0.58 per diluted share, compared to $61.1 million in the same quarter of fiscal 2021, or $0.63 per diluted share. The year-over-year decline in reported and adjusted net income attributable to Patterson Companies, Inc. is primarily due to lower expenses in the prior year period associated with COVID-19. The year-over-year decline was partially offset by strong sales performance in the Animal Health segment during the second quarter of fiscal 2022.
“Our top and bottom line results during the second quarter and first half of fiscal 2022 reflect the strong focus and execution of our team and that our value proposition continues to resonate with our customers,” said Mark Walchirk, President and CEO of Patterson Companies. “Given our momentum and confidence in the business, we are increasing our adjusted EPS guidance range for fiscal 2022. We remain focused on leveraging the combined strength of Patterson’s team, strategy and deep value proposition to serve our customers, accelerate our growth and drive long-term value creation.”
Patterson Dental
Reported net sales in our Dental segment for the second quarter of fiscal 2022, which represented approximately 38 percent of total company sales, were$622.2 million. Internal sales decreased 2.0 percent compared to the fiscal 2021 second quarter, including a 0.8 percent decline in consumables and a 3.0 percent decline in equipment and software. Compared to the pre-pandemic period of the second quarter of fiscal 2020, internal sales increased 9.8 percent, including 16.7 percent growth in consumables and 2.3 percent growth in equipment and software.