Patterson Companies rises on plan to explore options, including sale

Patterson Companies

05/12/2024 14:01

** Shares of medical device supplier Patterson Companies
 PDCO.O  rise 7.3% to $23.47 premarket
    ** PDCO says it is evaluating strategic alternatives
including a sale or merger to increase shareholder value
    ** Brokerage Leerink Partners says the review could "shine a
light" on the gap between PDCO's current stock price and its
historical valuations
    ** PDCO lowers forecast for annual adj. EPS to between $2.25
and $2.35, from prior range of $2.33 to $2.43 
    ** Co's Q2 adj. profit of 47 cents/shr misses analysts' est.
of 49 cents/shr, according to LSEG data, hurt by weaker dental
equipment sales and cybersecurity attack on vendor Change
Healthcare
    ** Co reports Q2 sales of $1.67 bln vs. est. of $1.65 bln -
LSEG
    ** As of last close, stock has fallen 23.1% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))