Strong Second Quarter 2021 Results - Revenue of $261 million for the quarter
- Adjusted EBITDA(1) of $48.9 million, resulting in an Adjusted EBITDA margin of 19% for the quarter
- Acquired 20 dental practices in the quarter, budgeted to generate a total of $12 million in annual Adjusted EBITDA(1
- Same Practice Sales Growth(1) of 345% compared with the second quarter of 2020, and up over the second quarter of 2019
- Last-twelve-months PF Revenue(1) and PF Adjusted EBITDA([1]) of $1,037 million and $207 million, respectively, resulting in a PF Adjusted EBITDA(1) margin of 20%
- Adjusted Free Cash Flow(1) of $26.0 million for the quarter
- Adjusted Net Income(1) of $13.6 million for the quarter
TORONTO, Aug. 10, 2021 /CNW/ - dentalcorp Holdings Ltd. ("dentalcorp" or the "Company") (TSX: DNTL), Canada's largest and fastest growing network of dental practices, announced today its three and six month financial and operating results for the period ended June 30, 2021. All references to dollar values in this press release are in Canadian dollars, unless otherwise indicated.
"Our second quarter results came in higher than our expectations, driven by our strong acquisition program, which has surpassed our targets so far this year," said Graham Rosenberg, Chief Executive Officer of dentalcorp. "Despite ongoing provincial and regulatory pandemic restrictions, we continued to execute on our core strategies to drive shareholder value, including accretive acquisitions, organic growth - augmented by our insourcing agenda - and the realization of ongoing operating efficiencies. We also continued to evaluate opportunities to leverage our existing infrastructure in order to deliver more value-added services to our 1.6 million active patients nationwide."
Second Quarter Financial and Operating Results For the Three Months Ended June 30, 2021
- Revenues for the second quarter of 2021 increased to $261.1 million, up 390% over the second quarter of 2020, and up 6% over the first quarter of 2021. Second quarter 2021 revenues were higher compared to the same period in 2020 due to more stringent pandemic restrictions in 2020, plus strong second quarter 2021 acquisitive and organic growth including a positive contribution from the Company's orthodontics insourcing agenda. Same Practice Sales Growth was 345% compared with the second quarter of 2020, and up over the second quarter of 2019.
- Second quarter Adjusted EBITDA increased to $48.9 million, up from ($0.1) million in the second quarter of 2020, and up 3% over the first quarter of 2021 resulting in a second quarter Adjusted EBITDA margin increase to 18.7% from (0.2%) in the second quarter of 2020.
- Adjusted Free Cash Flow(1) was $26.0 million for the second quarter compared to ($33.9) million for the second quarter of 2020, and $27.8 million in the first quarter of 2021.
- Adjusted Net Income for the second quarter of 2021 was $13.6 million, compared to ($24.6) million for the second quarter of 2020, and $11.4 million in the first quarter of 2021.
- The Company acquired 20 dental practices during the quarter, which are budgeted to generate a total of $12 million in annual Adjusted EBITDA, for a total consideration of $77.6 million. As at June 30, 2021, the Company owned 431 dental practices in Canada compared to 374 practices at June 30, 2020.
- In the second quarter, the Company completed its initial public offering, raising gross proceeds of $718 million (including proceeds from the underwriter's exercise of the over-allotment option). The Company also closed a concurrent private placement of $232 million, which resulted in the Company raising total gross proceeds of $950 million.
- The Company ended the second quarter of 2021 with liquidity of $661.6 million, comprised of $261.6 million in cash, and $400 million in debt capacity under its $1.3 billion Senior Debt facility (of which $900 million was drawn at quarter end).
https://www.newswire.ca/news-releases/dentalcorp-reports-strong-second-quarter-2021-results-877936976.html