Park Dental Partners Announces First Quarter 2026 Results

MINNEAPOLIS, May 13, 2026 (GLOBE NEWSWIRE) -- Park Dental Partners, Inc. (NASDAQ: PARK) and affiliated dental practices (“Park Dental Partners,” “we,” “our,” “us,” or the “Company”) today reported its first-quarter financial results for 2026.   Summary financial results are listed below and in the accompanying supplemental financial tables.

(a)   See Non GAAP Reconciliation of Gross Margin to Adjusted Gross Margin below
(b)   See Non GAAP Reconciliation of Net Income (Loss) to Adjusted EBITDA below
(c)   See Non GAAP Reconciliation of Earnings (Loss) Per Share to Adjusted Earnings Per Share below

Executive Commentary – Pete Swenson, Chief Executive Officer and Chair of the Board of Directors

“We delivered a solid start to 2026, with revenue increasing 6.2% year over year, driven by strong same practice performance and continued patient demand. Results were consistent with our expectations and reflect continued execution against our operating plan. We continue to invest in recruiting, staffing, and clinical capacity to support long-term growth.

With strong liquidity and a flexible balance sheet, we remain well positioned to execute on our growth strategy, including expanding current practices and adding new practices through disciplined acquisitions and de novo expansion.”

Financial Results – First Quarter 2026

• Revenue increased 6.2% over the prior year’s comparable quarter to $62.7 million, due to increased patient visits and growth in clinical hours, the impact of acquisitions and reimbursement growth. Same practice revenue growth was 4.1%. Revenue from acquisitions in the past 12 months contributed approximately $0.8 million in the quarter.

• Total General Practice revenue grew 6.4% over the prior year’s comparable quarter to $46.1 million. Total Multi-Specialty Practice revenue grew 5.7% to $16.6 million.

• Cost of services was $56.3 million, an increase of $7.1 million above the prior year’s comparable quarter, driven primarily by share-based compensation recorded in the quarter and growth in doctors and team members.

• General and administrative costs were $7.8 million, an increase of $0.9 million above the prior year’s comparable quarter. The primary driver of these increases was share-based compensation, acquisition-related costs, and public company costs, net of lower IPO preparation costs related to our 2025 offering.

• Net loss was $(0.4) million, compared to net income of $1.6 million in the prior year comparable quarter, primarily driven by increased salaries and benefits, and share-based compensation, partially offset by revenue growth, tax benefits on share-based compensation, and operating leverage.

• Adjusted EBITDA was $4.7 million, or 7.6% of revenue, compared to $5.5 million, or 9.3% of revenue in the prior year comparable quarter.

• Adjusted diluted earnings per share were $0.44 versus $1.14 in the prior year’s comparable quarter, due primarily to the increase in shares issued and vested during the IPO.
  

Affiliated Practice Updates

• As of March 31, 2026, we supported 86 affiliated practices and 221 affiliated doctors.

• First quarter patient retention rate was 90.1%.

• Patient visits increased to 178,527 across our affiliated dental practices.

• During the first quarter our affiliated dental practices completed one general practice acquisition in Tucson, Arizona, as previously announced on January 23, 2026. The acquired practices’ impact on revenues and net earnings was not material for the quarter.

Balance Sheet, Liquidity, and Cash Flow

• Cash and cash equivalents were $24.4 million as of March 31, 2026.

• Total debt outstanding was approximately $11.5 million as of March 31, 2026, and our $15 million line of credit was undrawn at quarter end.

• Total shares outstanding were 4.5 million shares as of the end of the quarter.

• We generated $5.0 million in operating cash flow in the first quarter, a decrease of $0.8 million compared to the prior year comparable quarter due primarily to changes in working capital.

• First quarter capital investments were $2.3 million.
  

Full-Year 2026 Outlook

First quarter results were consistent with our expectations, and we are maintaining our fiscal 2026 outlook range. Our outlook excludes the impact of any future practice affiliations or acquisitions that have not yet closed. As a result, actual results may differ materially depending on the timing and number of future affiliations, de novo practice openings, or acquisitions completed during the year.

Our outlook includes 3.5% to 5.0% same practice revenue growth and approximately $2 million recurring public company costs we expect to incur in 2026. The outlook assumes continued patient demand across general and specialty services, stable reimbursement trends across commercial and government payors, ongoing recruitment and retention initiatives, and contributions from recently acquired and affiliated practices and de novos. We continue to monitor patient demand and labor market trends that could impact our outlook.

Conference Call

As announced on April 24, 2026, the Company will host a conference call to discuss these results tomorrow morning, Thursday, May 14, 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.

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. The Company has 221 affiliated doctors across 86 practice locations in three states. The Company’s clinical support team consists of approximately 990 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.

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.

Forward Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “may,” “will,” or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements because of, among other things, potential risks and uncertainties, such as:

• Regulatory and compliance risk, including state dental corporate practice of dentistry and fee-splitting restrictions, HIPAA and other privacy/cybersecurity obligations, and evolving healthcare and labor regulations;

• Reimbursement risk, including risks related to payer mix, reimbursement rates, audit/recoupment activity, enrollment and collections timing, and dependence on significant third-party payors;

• Our ability to identify, acquire, integrate and effectively support affiliated practices and to execute de novo expansion, and the risk of undiscovered liabilities in acquisitions;

• Dependence on affiliated dental practices and their clinical performance; our ability to attract, hire and retain dentists, specialists and hygienists; and risks related to ownership transitions of affiliated entities;

• Competition for patients and clinicians in our markets and the impact on patient volumes and staffing;

• Macroeconomic conditions, inflation and interest rates, and our geographic concentration, particularly in the markets we operate.

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether because of new information, future events or otherwise.

Non-GAAP Financial Measures

This news release and the related conference call include presentation of Non-GAAP measures that include or exclude special items of a nonrecurring and/or nonoperational nature. Management believes that the Non-GAAP measures provide useful information to investors regarding the Company’s results of operations and financial condition because they permit a more meaningful comparison and understanding of Park Dental Partners, Inc’s operating performance for the current, past or future periods. Management uses these Non-GAAP measures to monitor and evaluate ongoing operating results and trends and to gain an understanding of the comparative operating performance of the Company.

Please note that the Company has not provided the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, for the Adjusted EBITDA forward-looking guidance for 2026 included in this press release in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. Providing the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, cannot be done without unreasonable effort due to the inherent uncertainty and difficulty in predicting certain non-cash, material and/or non-recurring expenses or benefits; legal settlements or other matters; and certain tax positions. The variability of these items could have an unpredictable, and potentially significant, impact on our future GAAP financial results.

See Supplemental non-GAAP financial tables below for a reconciliation of adjusted non-GAAP financial measures to GAAP.

Supplemental Financial Tables 

CONTACT: Company Contact Information Investor Contact: Park Dental Partners Investor Relations Team 763-233-3377 ir@parkdentalpartners.com Media Contact: Park Dental Partners Media Relations Team 651-633-0500 marketing@parkdentalpartners.com