Revenue Performance - Revenue for the fourth quarter of 2025 was $61.2 million, representing a 7.5% increase compared to $56.9 million in the fourth quarter of 2024[2] - Full-year revenue for 2025 grew 6.4% to $244.5 million, up from $229.8 million in 2024[2] - Revenue for Q4 2025 was $61,208,000, an increase of 7.6% from $56,923,000 in Q4 2024[25] - Same practice revenue growth for the three months ended December 31, 2025, was 6.3%, a significant improvement from a decline of 0.8% in the same period of 2024[36] - The company anticipates 3.5% to 5.0% same practice revenue growth for 2026[12] Profitability Metrics - Adjusted EBITDA for 2025 was $22.0 million, reflecting a 13.7% increase from $19.4 million in 2024[7] - Adjusted EBITDA for Q4 2025 was $3,732,000, with an adjusted EBITDA margin of 6.1%[31] - The adjusted gross margin for 2025 was $49.3 million, or 20.1% of revenue, an increase of 90 basis points from the previous year[7] - The adjusted earnings per share for the year ended December 31, 2025, was $2.44, down from $3.17 in 2024[33] Losses and Expenses - Operating loss for Q4 2025 was $(8,235,000), compared to an operating income of $1,250,000 in Q4 2024[25] - Net loss for Q4 2025 was $(5,745,000), compared to a net loss of $(243,000) in Q4 2024[28] - Restructuring costs for the year ended December 31, 2025, totaled $2,709,000, up from $416,000 in 2024, indicating ongoing operational adjustments[33] - The company reported a net loss attributable to common stockholders of $(5,745,000) for the three months ended December 31, 2025, compared to a loss of $(243,000) in the same period of 2024[33] Cash and Assets - Cash and cash equivalents were $25.2 million as of December 31, 2025, primarily due to IPO proceeds[11] - Cash and cash equivalents increased to $25,185,000 at the end of 2025, up from $2,672,000 at the end of 2024[27] - Total assets rose to $178,183,000 in 2025, compared to $148,869,000 in 2024[27] Patient Metrics - Patient visits across affiliated practices increased to 719,295 in 2025[7] - Patient visits increased to 179,055 for the three months ended December 31, 2025, compared to 177,774 in the same period of 2024, reflecting a growth in demand[36] - The patient retention rate was reported at 89.9% as of December 31, 2025[11] - The patient retention rate remained stable at 89.9% for both the three months ended December 31, 2025, and 2024, indicating consistent customer loyalty[36] Acquisitions and Growth - The company completed three acquisitions in 2025, including two on December 31[7] - The doctor count increased to 214 as of December 31, 2025, up from 206 in the same period of 2024, suggesting an expansion in service capacity[36] IPO and Shareholder Information - The initial public offering (IPO) in December 2025 generated gross proceeds of $20.0 million, issuing 1,535,000 common shares at $13.00 per share[7] - Share-based compensation for Q4 2025 was $8,811,000, contributing to the adjusted gross margin[29] - Share-based compensation for the three months ended December 31, 2025, amounted to $8,811,000, compared to $0 in the same period of 2024[33]
Park Dental Partners(PARK) - 2025 Q4 - Annual Results