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Park Dental Partners (PARK) investor relations material
Park Dental Partners Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Company overview and business model
Operates as a dental resource organization providing business support services to over 200 dentists at 84 locations in Minnesota and Wisconsin under long-term agreements with affiliated practices.
Revenue is primarily derived from management fees and cost reimbursements from affiliated dental practices, which are consolidated in financial statements due to variable interest entity status.
The organization is majority-owned by dentists, who have significant governance rights, including appointing three directors to the board.
Growth has been achieved through acquisitions (40 since 2014) and opening de novo practices (11 since 2014), with a focus on operational efficiency and patient-centered care.
Financial performance and metrics
Revenue for the nine months ended September 30, 2025, was $183.3M, up 6% from $172.9M in the prior year period; full-year 2024 revenue was $229.8M, up 2.8% from $223.5M in 2023.
Net income for the nine months ended September 30, 2025, was $5.4M, up 17% year-over-year; full-year 2024 net income was $4.4M.
Adjusted EBITDA for the nine months ended September 30, 2025, was $18.3M (10.0% margin), up 17.5% year-over-year; full-year 2024 Adjusted EBITDA was $19.4M (8.4% margin).
Same practice revenue growth was 5.8% for the nine months ended September 30, 2025, and 1.6% for full-year 2024.
Cash at September 30, 2025, was $8.4M, with $12.5M in term debt and $2.2M in subordinated notes; unused line of credit was $15M.
Use of proceeds and capital allocation
Net proceeds of approximately $18.1M (or $20.8M if over-allotment is exercised) are expected, assuming a $13.00/share IPO price.
Proceeds will be used for organic and inorganic growth (acquisitions, de novo practices), working capital, general corporate purposes, and potential debt repayment.
Management has broad discretion over allocation of proceeds; no specific acquisitions or repayments are committed as of the filing.
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