patterson companies inc earnings call

I think there certainly as they mentioned earlier a wide range of factors that all are impacting where the Dental market is going. And certainly the DSO space is one of those factors.

Where do you think it could go? Thanks very much. So in terms of any seasonality of those investments, I wouldn't suggest that there's any notable seasonality there.Okay, that's very helpful.

So not only can we improve penetration with our existing portfolio but also expand our portfolio which we would expect would drive growth over time.

After a review of the fiscal 2019 fourth quarter and full year by management, we will open up the call to your questions.Before we begin, let me remind you that certain comments made during this conference call are forward-looking in nature and subject to certain risks and uncertainties. We've made great progress to accelerate our performance throughout fiscal 2020 as part of our three year plan to deliver improved results and enhanced value for our shareholders.

So the strength is not only in one specific product area or one specific manufacturer, certainly, we see strength across the categories. Our comprehensive portfolio, distribution network and supply chain are equaled only by our focused and passionate people.

Veterinarian customers adapted their business model with curbside pet pickup and increased home delivery and, yet, pet owner visits were still down double-digits.Our production business actually posted positive year-over-year growth in the early stages of the COVID-19 impact in March and April as consumers stocked up on groceries including protein to comply with state orders to shelter in place. And again specific to your question adding some productivity tools to help with analytics lead generation etc that's been a good formula for us so far.Your next question comes from the line of Glen Santangelo from Guggenheim. Patterson Companies, Inc. is focused on providing the best products, technologies, services and business solutions to the animal and oral health markets. Now, I’d like to hand the call over to Mark Walchirk.Thank you, John and welcome everyone to Patterson’s fiscal 2020 fourth quarter and year end conference call. I think in the Animal Health segment, we see the market growth in the 2% to 4% range perhaps the production just given some of the (28:41) there, a little bit lower than the companion market.
And lastly is there an updated number to think about tax rate for the year? From a dental perspective, I think we see the growth rate in the 0% to 2%, probably little higher on the equipment side and perhaps a little bit lower on the consumable side. We obviously continue to monitor the data. I would tell you that, obviously as the dental growth rates continue to improve that as I mentioned earlier that right now at least has a higher margin profile. As the share price has been lower, there is a — we have two segments, so there is really — you have to look at the total value of the company and then allocate it to the segments. And, in fact, I think our customers — really, this is a great example of where they look to Patterson to help manage all the different elements of the supply chain and frankly to make sure that the products that we ultimately ship to them meet their — our quality standards and their quality standards. Mark, Don, you talked about the gross margin performance. This is Jason on for Jeff. This transcript is provided as is without express or implied warranties of any kind.

But between that and in companion animal it seems like there's some secular changes going on as well. So, I mean, there's a variety of elements that obviously drive that gross margin. And I'm a little bit surprised that we're seeing growth rates at low in this economic climate. If you look at our Animal Health operating margins on a historical basis you'll find our third quarter operating margins can be impacted by the seasonality of this business across both the companion animal and production animal categories of our Animal Health segment. Talking about the reaction you have from a COVID perspective and especially some of the cost management procedures you put in place and also the tie-in that you had relative to the Animal Health write-down, can you give us a sense on how you think about the structural costs, if any, that you’ve been able to take out specifically tied to COVID? Patterson undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call.Also a financial slide presentation can be found in the Investor Relations section of our website at pattersoncompanies.com.
Sharp execution and focus on our strategic plan drove continued progress throughout fiscal 2019. And certainly just to reinforce I think the veterinarian is really at the center of providing care to pets. So we believe that we're performing well there.

This represents a 10.7% improvement over the prior year, primarily driven by the improved performance in our Dental segment across consumables, equipment and value-added services.Now let’s turn to our business segments.

24, 2020Corporate Participants: John M. Wright — Vice President of Investor Relations. But certainly in terms of any specific shortages of specific products, we don't anticipate that at this time.Your next question comes from Steve Beuchaw from Wolfe Research. You guys have accomplished a lot in terms of restructuring and sort of getting your house in order. They’re really on a daily basis, and I think certainly some of the external data points that, perhaps you’ve seen, would also suggest that the trends over the past four to six weeks have continued to be good.

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