Despite an uptick in sales of consumables during the first quarter of fiscal year 2014 (end-July 27), Patterson Companies' revenues were down slightly year over year.
Patterson reported sales of $880.1 million for the quarter, down 1% from sales of $889.2 million for the same quarter a year ago. Net income for the quarter was $45.9 million, compared with net income of $47.5 million in the same period a year ago.
Patterson Dental, which comprises two-thirds of total company overall sales, saw its Q1 sales decline 2.3% from the previous year, to $554.2 million. Consumable dental supplies rose 3.3%, but dental equipment declined 11.7%, company officials noted in a press release.
"Since the economic downturn, dentists have remained cautious about expanding and upgrading their basic practice infrastructure, and we believe there is considerable pent-up demand for investments in their businesses," stated Scott Anderson, Patterson CEO. "Additionally, sales of the new Cerec Omnicam, which was introduced in fiscal 2013, are strong and meeting expectations."
