Patterson Companies

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Patterson Companies Inc.
Type public
Traded as NASDAQPDCO
S&P 500 Component
Industry Dental equipment
Rehabilitation
Veterinary pharmaceuticals
Founded 1878 (Patterson Dental)
Milwaukee, Wisconsin
Founder(s) Myron F., John G. Patterson
Headquarters Saint Paul, Minnesota, USA
Key people Peter L. Frechette Chair
Scott Anderson Pres,CFO,dir
R. Stephen Armstrong CFO
Revenue $3.237 bil FY'10Increase4.6%[1]
Net income $212.254 mil FY'10Increase6.3%[1]
Total assets $2,447.952 mil July'10Increase1%[2]
Total equity $1,485.881 mil July'10 Increase1%[2]
Employees 6890[3]
Divisions 18 sub, 3 div
Patterson Dental Supply, Inc.
Patterson Veterinary Supply, Inc.
Patterson Medical Supply, Inc.
Website www.pattersoncompanies.com

Patterson Companies Inc is a medical supplies conglomerate primarily in the business of veterinary and dental products (ranging from xray equipment to consumable products, dental consumables make up the biggest part of the dental industry).[4] Since 2003 it also distributes general medical rehabilitative devices like braces and wheel chairs. Traditionally a dental company it diversified its business at the turn of the millennium when it acquired 55 year old company JA Webster Inc, a distributor of veterinary products. That business segment (now known as Patterson Veterinary) currently distributes equipment (diagnostic and surgical) and medicine (anaesthetics, vaccines). The company operates directly in only the US and Canada (in Canada through subsidiaries Sammons Preston Canada and Patterson Dental Canada).

In 2008 it was noted as having one of the lowest debt ratios among companies in the health care sector.[5] Patterson was also a member of the Nasdaq-100 until December 10, 2010 when it and six other companies were replaced. The Nasdaq-100 is composed of the 100 largest non financial stocks traded on the Nasdaq.[6]

Patterson is the distribution company for Sirona, one of the world's biggest dental equipment manufacturers.[7] More recently the company has been active in making acquisitions abroad; On June 17, 2010 Patterson Medical purchased the rehabilitation part of Ireland based DCC Healthcare (Days Healthcare, Physiomed and Ausmedic) in a move that increased Patterson Medical's revenue by 16.43% (US$70 million, fiscal year ended April 24, 2010). The new companies were added to its Homecraft Rolyan unit in the UK.[8]

History[edit]

The company traces its roots through division Patterson Dental Supply back to one established in 1878 named Patterson Dental Company. It remained focused solely on the dental products market until the 21st century when it branched out into the veterinary supplies market through 2 large acquisitions, JA Webster in 2001 (92.5 million dollars)[9] and ProVet in 2004. For about 130 years it dealt only in dental supplies.[10][11] It began selling rehabilitation supplies in 2004 after acquiring Ability One Products Corporation followed by Medco the same year.[12]

It went public on the Nasdaq in 1992 with an IPO of around 480 million dollars.[13]

Key dates and events

  • 1987 - Acquired D.L. Saslow Co another major distributor
  • 1993 - Started doing business outside of the US by purchasing Healthco Canada.
  • 1997 - purchased software developer Eaglesoft Inc a company founded by Scott R. Kabbes who 6 years later was made president of Patterson Dental Company. It later became Patterson Technology Center [14]
  • 2004 - CAESY Patient Education Systems was acquired. It is used by the company to provide information relating to treatment procedures for patients. As a subsidiary the company retained its name.
  • July 2004 - was renamed Patterson Companies Inc because by then it was not only in the business of dental equipment distribution, it also made software, served the veterinary market and supplied products for general medical use. Until that time it was named Patterson Dental Company.

Business segments[edit]

Patterson Dental Supply, Inc, Patterson Veterinary Supply, Inc. (formerly Webster Veterinary Supply), and Patterson Medical Supply, Inc. comprise the three core segments of the company. Those core businesses branch out into many regional subsidiaries, most of which are based in the United States (except for a few Canadian ones like Sammons Preston Canada and Patterson Dental Canada (has 550 employees). The majority of business in Canada comes from Quebec, Ontario, British Columbia, Alberta and Saskatchewan. Software and hardware businesses are part of Patterson Dental.

Patterson Medical provides over 20,000 rehabilitation supplies, equipment and assistive living products.

Patterson Medical’s international operations consist of Homecraft in the United Kingdom and Kinetec in France. Homecraft is a supplier of aids to daily living and rehabilitation products in the United Kingdom. In France, Kinetec consists of two operations: the manufacturing and distribution of Continuous Passive Motions machines and distribution of Sammons Preston and Homecraft products.

More recent acquisitions[edit]

For 2010 the last 3 rehabilitation companies (Days Healthcare, Physiomed and Ausmedic) were formerly part of DCC Plc a company that serves the UK market.

2010 2009 2008
Rehabilitation Empi Therapy Solutions
Summit Sports Medical
Therapeutic Technologies
Days Healthcare
Physiomed and Ausmedic
Mobilis Healthcare Group Quality Health Products
Kees-Goebel Medical Specialties
Advanced Practice Systems, LLC

Goldsmith Medical Company
Seneca Medical
WS Medical LLC
Cripps Corp

Veterinary Columbus Serum Company
Odyssey Veterinary Software LLC
Associated Medical Supply
New England X-Ray
Dental Global Medical & Dental Dolphin Imaging Systems
Denesca
Leventhal & Sons[1]


References[edit]

  1. ^ a b c "2010 fiscal year report page 3". April 2010. 
  2. ^ a b "Patterson Companies First Quarter 2010 Results". 2010-08-26. 
  3. ^ "Key Patterson Companies Inc. Financials". Hoovers. Retrieved 2010-09-16. 
  4. ^ "Dental Consumables Market". 2010-06-21. 
  5. ^ Financial Management:theory and practice
  6. ^ "Annual Changes to the NASDAQ-100 Index". 2010-12-10. 
  7. ^ Sirona and Patterson to Supply CEREC to over 150 Pacific Dental Affiliated Practices
  8. ^ "Patterson Medical Acquires Rehabilitation Operating Units of DCC plc". 2010-06-17. 
  9. ^ Patterson Dental Company Acquires Third Largest Distributor
  10. ^ Dental Supplier Sinks Teeth Into New Sectors
  11. ^ Lextron Inc History
  12. ^ "Patterson Dental To Purchase Health Care Supplier". The New York Times. 2003-09-19. 
  13. ^ Securities and Exchange Commission 10 k form Patterson Companies, Inc.
  14. ^ "Inside Patterson Dental". Dental Tribune. 2010-05-24.