The maintained guidance and 4.1% same-practice growth suggest steady organic performance, but margin compression from IPO-related costs and share-based compensation is a headwind. Monitor the next 10-Q for operating leverage improvement as public company costs annualize. The $86M market cap and $24.4M cash provide a floor, but no catalyst for near-term re-rating.
Price Chart
Executive Summary
Park Dental Partners reported Q1 2026 revenue of $62.7M (+6.2% YoY), in line with the $61.0M consensus, but GAAP net income swung to a loss of -$0.4M from a profit of $1.6M a year ago, driven by $4.0M in share-based compensation. The company maintained its full-year 2026 guidance of $254-258M revenue and $21-23M Adjusted EBITDA, but adjusted EBITDA margin contracted 170bps to 7.6%, signaling cost pressures from public company expenses and staffing investments.
Key Financial Metrics
Key Facts
- Revenue of $62.7M (+6.2% YoY), in line with $61.0M consensus
- GAAP net loss of -$0.4M vs net income of $1.6M in Q1 2025
- Adjusted EBITDA of $4.7M (-13.2% YoY), margin contracted 170bps to 7.6%
- Full-year 2026 guidance maintained: revenue $254-258M, Adj. EBITDA $21-23M
- Same-practice revenue growth of 4.1% (vs 1.2% in Q1 2025)
- Operating cash flow of $5.0M, down from $5.9M in Q1 2025
- Cash and equivalents $24.4M, $15M line of credit undrawn
- Share count increased to 4.5M shares outstanding from 4.25M at year-end 2025
Financial Impact
Revenue grew $3.7M YoY but GAAP net income swung -$2.0M to a loss; adjusted EBITDA fell $0.7M. No material change to full-year guidance.
Risk Factors
- Share-based compensation and public company costs continue to pressure GAAP profitability
- Adjusted EBITDA margin declining 170bps YoY signals cost growth outpacing revenue
- Geographic concentration in Minnesota creates single-region demand risk
- Dilution from 2.36M unvested restricted shares vesting through 2028
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-060312 |
| Document: tm2614439d1_8k.htm | 0001104659-26-060312 |
| Document: 0001104659-26-060312-index-headers.html | 0001104659-26-060312 |
| Document: 0001104659-26-060312-index.html | 0001104659-26-060312 |
| Document: 0001104659-26-060312.txt | 0001104659-26-060312 |
| 8-K Data (Synthetic) | 0001104659-26-060312 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 12d ago | SC 13G/A | $19.21 $20.24 | ▼ −5.39% | ▼ −6.40% | $19.31 (−0.55%) |
Oct 13, 2026 14d ago | 8-K | $19.00 $19.92 | ▼ −4.87% | ▼ −4.42% | $19.31 (−1.66%) |
Aug 12, 2026 10w ago | Press Release | $23.05 $21.64 | ▲ +6.12% | ▲ +4.15% | $19.31 (+16.23%) |
Aug 10, 2026 11w ago | 8-K | $21.71 $22.88 | ▲ +5.39% | ▲ +5.44% | $19.31 (−11.05%) |
Jul 20, 2026 14w ago | Press Release | $19.28 | awaiting T+5 | — | $19.31 (+0.16%) |
Jun 4, 2026 20w ago | Press Release | $18.96 $17.98 | ▼ −5.17% | ▼ −5.74% | $19.31 (+1.85%) |
May 13, 2026 23w ago | 8-K | $17.98 $18.39 | ▲ +2.28% | ▲ +3.00% | $19.31 (+7.40%) |
May 13, 2026 23w ago | Press Release | $17.98 $18.39 | ▼ −2.28% | ▼ −3.00% | $19.31 (−7.40%) |
Apr 24, 2026 26w ago | Press Release | $18.22 $17.69 | ▼ −2.91% | ▼ −3.31% | $19.31 (+5.98%) |
Feb 25, 2026 34w ago | 8-K | $19.41 $18.77 | ▼ −3.30% | ▼ −2.17% | $19.31 (−0.52%) |
US Market Status
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