Park Dental Partners (PARK) investor relations material

Executive summary

• Revenue grew 6.2% year-over-year to $62.7 million, driven by increased patient visits, expanded clinical hours, acquisitions, and provider base growth.

• Net loss was $0.4 million, down from net income of $1.6 million in the prior year, primarily due to higher share-based compensation, salaries, benefits, and increased operating expenses.

• Adjusted EBITDA was $4.7 million (7.6% margin), down 13.2% year-over-year, reflecting higher general and administrative costs.

• Same practice revenue grew 4.1% year-over-year, with patient retention at 90.1%.

• 221 affiliated doctors across three states and 86 affiliated practices as of March 31, 2026.

Financial highlights

• Q1 2026 revenue was $62.7 million, up 6.2% year-over-year.

• General practice revenue increased 6.4% to $46.1 million; multi-specialty revenue rose 5.7% to $16.6 million.

• Gross margin declined to $6.4 million (10.2%), while adjusted gross margin was $12.2 million (19.5%).

• GAAP net loss of $0.4 million ($0.09 loss per share); adjusted EPS was $0.44 per share, down from $1.14.

• Operating cash flow was $5.0 million; cash and cash equivalents stood at $24.4 million, with total debt of $11.5 million and an undrawn $15 million revolver.

Outlook and guidance

• Full year 2026 revenue guidance is $254.0–$258.0 million, up 4.7% at midpoint from 2025, with adjusted EBITDA guidance of $21.0–$23.0 million (8.3%–8.9% margin).

• Same practice revenue growth expected at 3.5%–5.0% for 2026.

• Management expects existing cash and operating cash flows to be sufficient for at least the next 12 months.

• Q2 revenue growth expected to be lower than Q1, with Q3 and Q4 tracking at or above Q1's growth rate.

• Acquisitions closed at year-end 2025 and Q1 2026 expected to be integrated by the second half of the year.