Patterson Companies tumbles on Q1 profit miss

Patterson Companies

28/08/2024 12:43

(Updates)
    ** Shares of medical device supplier Patterson Companies
 PDCO.O  fall ~7% to $23.89 premarket
    ** Company reports Q1 adj. profit of 24 cents/shr vs
analysts' average estimate of 32 cents/shr - LSEG data
    ** PDCO says Q1 results fell short due to negative impact
from the cybersecurity attack on Change Healthcare along with
lower sales in co's companion animal business and the timing of
certain corporate expenses
    ** "In light of these factors and against the backdrop of a
challenging macroeconomic environment, we are taking dedicated
cost and management actions across Patterson to deliver on our
financial plan for fiscal 2025" - Patterson CEO Don Zurbay
    ** Co's quarterly revenue of $1.54 bln misses analysts'
average expectation of $1.59 bln 
    ** Up to last close, stock down 9.7% YTD
    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))