Record Revenues and Adjusted EBITDA combine to
deliver sustained margin expansion and double-digit free cash flow
growth
Second Quarter 2024 Highlights
- Revenue of $399.8 million, an increase of 8.6% over the second
quarter of 2023, with Same Practice Revenue Growth1 of 2.0%.
- Adjusted EBITDA1 of $73.9 million, an increase of 10.3%
compared to the same period in 2023; Adjusted EBITDA Margin1 of
18.5%, an increase of 0.3% compared to the same period in
2023.
- Adjusted Net Income1 of $22.5 million, and Adjusted Free Cash
Flow1 of $40.7 million, an increase of 21.1% compared to the same
period in 2023.
- Net debt to PF Adjusted EBITDA after rent of 4.1x, a decrease
of 0.2x from the first quarter of 2024.
- Acquired 9 new practices in the quarter, expected to generate
$6.2 million in PF Adjusted EBITDA after rent1 at 6.6x,
representing multiples 3% lower than the same period in 2023.
Third Quarter 2024 Outlook
- Revenue and Same Practice Revenue Growth1 for the third quarter
of 2024 are estimated to increase by 8% to 10% ($363.9M to $370.6M)
and 3.5% to 4.5%, respectively, over the third quarter of
2023.
- Adjusted EBITDA Margin1 for the third quarter of 2024 is
estimated to be materially consistent with the third quarter of
2023.
(1) Non-IFRS financial measure, non-IFRS ratio, or supplementary
financial measure. For comprehensive definitions and quantitative
reconciliations, please refer to the “Non-IFRS and Other Financial
Measures” section within this news release.
Dentalcorp Holdings Ltd. (“Dentalcorp” or the “Company”) (TSX:
DNTL), Canada’s largest and one of North America’s fastest growing
networks of dental practices, today announced its financial and
operating results for the second quarter ended June 30, 2024. All
financial figures are in Canadian dollars unless otherwise
indicated.
“Our teams across the country delivered another outstanding
quarter of results, with revenue and Adjusted EBITDA growth of
approximately 9% and 10%, respectively, over the second quarter of
2023. We continued to realize operating leverage in the business,
with our Adjusted EBITDA Margin expanding 0.3% over the second
quarter of 2023 and sequentially for the fourth quarter in a row,”
said Graham Rosenberg, CEO and Chairman of Dentalcorp.
“In the second quarter, we generated record revenues of $399.8
million and Adjusted Free Cash Flow of $40.7 million, a 21.1%
increase compared to the second quarter of 2023. This led to an
accelerated pace of deleveraging, with leverage levels down for the
third consecutive quarter to 4.1x, a reduction of 0.3x from the
second quarter of 2023,” Rosenberg added.
“We self-funded our acquisition program for the fifth
consecutive quarter and deployed approximately $41 million into
nine accretive acquisitions, which are expected to generate PF
Adjusted EBITDA after rent of $6.2 million,” Rosenberg
continued.
With regard to the federal government’s Canadian Dental Care
Plan (“CDCP”), Nate Tchaplia, President and Chief Financial
Officer, noted “on May 1, 2024, we began providing care to eligible
patients under the CDCP. To date, we have treated over 20,000 CDCP
patients and are pleased with the program’s progression.”
“The CDCP is significantly increasing access to dental care for
Canadians, aligning with our patient-first approach. Over the short
to medium term, we continue to expect the CDCP to have a neutral to
slightly positive impact on our business,” Tchaplia added.
“Consistent with our previous outlook, we expect to see SPRG
continue to increase in the second half of 2024 to 4%+. Overall, we
remain on track to meet our full-year targets for Adjusted EBITDA
Margin expansion, acquisition pacing, Adjusted Free Cash Flow Per
Share growth, and balance sheet deleveraging. Finally, we
anticipate reducing our borrowing costs by 50 basis points before
year-end,” Rosenberg concluded.
Financial and Operating Results for the Second Quarter Ended
June 30, 2024:
- Revenue of $399.8 million, representing an increase of 8.6%
compared to the second quarter of 2023, driven in part by Same
Practice Revenue Growth1 of 2.0%.
- Adjusted EBITDA1 of $73.9 million, a 10.3% increase over the
second quarter of 2023, with Adjusted EBITDA Margin1 of 18.5%.
- Adjusted Net Income1 for the quarter was $22.5 million, a
decrease of 36.6% from the second quarter of 2023.
- Adjusted Free Cash Flow1 for the quarter was $40.7 million, a
21.1% increase over the second quarter of 2023.
- Acquired 9 practices expected to contribute $6.2 million in PF
Adjusted EBITDA after rent1.
(1) Non-IFRS financial measure, non-IFRS ratio, or supplementary
financial measure. For comprehensive definitions and quantitative
reconciliations, please refer to the “Non-IFRS and Other Financial
Measures” section within this news release.
Consolidated Financial Results
Three months ended June 30,
2024
2023
(expressed in millions of dollars) Revenue
399.8
368.3
Cost of revenue
207.7
193.1
Gross profit
192.1
175.2
Selling, general and administrative expenses
122.0
121.4
Depreciation and amortization
51.1
50.5
Share-based compensation
3.6
2.1
Foreign exchange (gain) loss
(0.1
)
0.6
Net finance costs
21.8
23.0
Change in fair value of derivative instruments
3.9
(21.1
)
Change in fair value of contingent consideration
1.5
1.3
Change in fair value of preferred shares
(0.1
)
4.1
Loss on disposal of dental practices
2.3
1.2
Share of associate losses
—
0.1
Loss before income taxes
(13.9
)
(8.0
)
Income tax recovery
(2.0
)
(0.7
)
Net loss and comprehensive loss
(11.9
)
(7.3
)
Other Metrics
Adjusted EBITDA(a)
73.9
67.0
Adjusted net income(a)
22.5
35.5
(a)
Non-IFRS financial measure,
non-IFRS ratio or supplementary financial measure. See the
“Non-IFRS and Other Financial Measures” section of this release for
definitions and quantitative reconciliations.
Conference Call Notification
The Company will hold a conference call to provide a business
update on Thursday, August 8, 2024, at 8:30 a.m. ET. A
question-and-answer session will follow the business update.
LIVE CONFERENCE CALL DETAILS
DATE:
Thursday, August 8, 2024
TIME:
8:30 a.m. ET
WEBCAST:
https://events.q4inc.com/attendee/631570400
DIAL-IN NUMBERS:
1 (888) 660-6396 or 1 (929)
203-0889
CONFERENCE ID:
9097710
REPLAY
Available for two weeks after the
call
DIAL-IN NUMBERS:
1 (800) 770-2030 or 1 (647)
362-9199
CONFERENCE ID:
9097710
Non-IFRS and Other Financial Measures
As appropriate, we supplement our results of operations
determined in accordance with IFRS with certain non-IFRS and other
financial measures that we believe are useful to investors,
lenders, and others in assessing our performance and which
highlight trends in our core business that may not otherwise be
apparent when relying solely on IFRS measures. These non-IFRS and
other financial measures are described and reconciled to the
closest applicable IFRS measure in further detail below. Our
management also uses non-IFRS and other financial measures for
purposes of comparison to prior periods, to prepare annual
operating budgets, for the development of future projections and
earnings growth prospects, to measure the profitability of ongoing
operations and in analyzing our financial condition, business
performance and trends, including the operating performance of the
business after taking into consideration the acquisitions of dental
practices, and to determine components of employee compensation. As
such, these measures are provided as additional information to
complement those IFRS measures by providing further understanding
of our results of operations from management’s perspective,
including how we evaluate our financial performance and how we
manage our capital structure. We also believe that securities
analysts, investors, and other interested parties frequently use
these non-IFRS and other financial measures and industry metrics in
the evaluation of issuers. These non-IFRS and other financial
measures are not recognized measures under IFRS and do not have a
standardized meaning prescribed by IFRS and may include or exclude
certain items as compared to similar IFRS measures, and such
measures may not be comparable to similarly titled measures
reported by other companies. Accordingly, these measures should not
be considered in isolation nor as a substitute for analysis of our
financial information reported under IFRS. For further information
on non-IFRS and other financial measures, including the most
directly comparable IFRS measures, composition of the measures, a
description of how we use these measures, an explanation of how
these measures are useful to investors and applicable
reconciliations, refer to the “Non-IFRS and Other Financial
Measures”, “Non-IFRS Financial Measures”, “Non-IFRS Ratios” and
“Certain Supplementary Financial Measures” sections of management’s
discussion and analysis of operations for the three months ended
June 30, 2024 (the “MD&A”), which is available on the Company’s
profile on SEDAR+ at www.sedarplus.ca.
EBITDA
“EBITDA” means, for the applicable period, net loss and
comprehensive loss plus (a) net finance costs, (b) income tax
recovery, and (c) depreciation and amortization. Management does
not use EBITDA as a financial performance metric, but we present
EBITDA to assist investors in understanding the mathematical
development of Adjusted EBITDA. The most comparable IFRS measure to
EBITDA is Net loss and comprehensive loss, for which a
reconciliation is provided below.
Three months ended June 30,
2024
2023
(expressed in millions of dollars) Net loss and
comprehensive loss
(11.9
)
(7.3
)
Adjustments: Net finance costs
21.8
23.0
Income tax recovery
(2.0
)
(0.7
)
Depreciation and amortization
51.1
50.5
EBITDA
59.0
65.5
Adjusted EBITDA
“Adjusted EBITDA” is calculated by adding to EBITDA certain
expenses, costs, charges or benefits incurred in such period which
in management’s view are either not indicative of underlying
business performance or impact the ability to assess the operating
performance of our business, including: (a) net impact of
unrealized foreign exchange gains and losses on non-cash balances,
change in fair value of derivative instruments, and share of
associate losses; (b) share-based compensation; (c) external
acquisition expenses; (d) change in fair value of contingent
consideration; (e) change in fair value of preferred shares; (f)
strategic review costs; (g) other corporate costs; (h) loss on
disposal of dental practices; and (i) short-term benefits. Adjusted
EBITDA is a supplemental measure used by management and other users
of our financial statements to assess the financial performance of
our business without regard to the effects of interest,
depreciation and amortization costs, expenses that are not
considered reflective of underlying business performance, and other
expenses that are expected to be one-time or non-recurring. We use
Adjusted EBITDA to facilitate a comparison of our operating
performance on a consistent basis from period to period and to
provide for a more complete understanding of factors and trends
affecting our business. The most comparable IFRS measure to
Adjusted EBITDA is Net loss and comprehensive loss.
Adjusted EBITDA Margin
“Adjusted EBITDA Margin” means Adjusted EBITDA divided by
revenue. We use Adjusted EBITDA Margin to facilitate a comparison
of our operating performance on a consistent basis from period to
period and to provide for a more complete understanding of factors
and trends affecting our business.
Three months ended June 30,
2024
2023
(expressed in millions of dollars) EBITDA
59.0
65.5
Add: Net impact of unrealized foreign exchange gains or losses on
non-cash balances, change in fair value of derivative instruments,
and share of associate losses(a)
3.9
(21.0
)
Share-based compensation
3.6
2.1
External acquisition expenses(b)
0.8
1.9
Change in fair value of contingent consideration(c)
1.5
1.3
Change in fair value of preferred shares(d)
(0.1
)
4.1
Strategic review costs(e)
—
6.1
Other corporate costs(f)
2.4
5.8
Loss on disposal of dental practices(g)
2.3
1.2
Short-term benefits(h)
0.5
—
Adjusted EBITDA
73.9
67.0
Adjusted EBITDA Margin
18.5
%
18.2
%
(a)
Represents the sum of (i) unrealized
foreign exchange gains or losses on non-cash balances, (ii) change
in fair value of derivative instruments and (iii) share of
associate losses.
(b)
Represents professional fees and other
expenses paid to third parties related to practice acquisitions.
These costs are excluded as they are incurred in connection with
each practice acquisition and are not related to the underlying
business operations of the Company.
(c)
On acquisition, and at each subsequent
reporting date, obligations under earn-out arrangements are
measured at fair value with the changes in fair value recognized in
the condensed interim consolidated statements of loss and
comprehensive loss.
(d)
The Management Preferred Shares are
classified as a financial asset at fair value through profit or
loss (“FVTPL”). During the three months ended June 30, 2024, the
Company recognized a gain on change in fair value of preferred
shares of $0.1 million in the condensed interim consolidated
statements of loss and comprehensive loss.
(e)
Represents costs related to the strategic
review process and other costs incurred by the Company to evaluate
strategic alternatives to unlock shareholder value.
(f)
Represents costs related to implementation
of new corporate technology systems, the undertaking of vendor
consolidations, termination benefits and other costs of
restructuring, and implementation of the Canadian Federal
government’s Canadian Dental Care Plan.
(g)
Represents the loss on disposal of dental
practices that were disposed of during the three months ended June
30, 2024 and 2023.
(h)
Represents short-term benefits that were
paid to the CEO during the three months ended June 30, 2024 in
contemplation of the CEO continuing to facilitate the leadership
changes that were announced in June 2024, assist with related
transition matters, and otherwise assist the Board to develop a
long-term plan intended to position the Company to drive sustained
value for its practices, patients and shareholders.
Adjusted Free Cash Flow
“Adjusted free cash flow” is calculated by adding or subtracting
from cash flow from operating activities: (a) external acquisition
expenses; (b) strategic review costs; (c) other corporate costs;
(d) short-term benefits; (e) repayment of principal on leases; (f)
maintenance capital expenditure; and (g) changes in working
capital. We use Adjusted free cash flow to facilitate a comparison
of our operating performance on a consistent basis from period to
period, to provide for a more complete understanding of factors and
trends affecting our business, and to determine components of
employee compensation. The most comparable IFRS measure to Adjusted
free cash flow is cash flow from operating activities, for which a
reconciliation is provided below.
Three months ended June 30,
2024
2023
(expressed in millions of dollars) Cash flow from operating
activities
52.5
40.5
Adjustments: External acquisition expenses(a)
0.8
1.9
Strategic review costs(b)
—
6.1
Other corporate costs(c)
2.4
5.8
Short-term benefits(d)
0.5
—
56.2
54.3
Deduct: Repayment of principal on leases
(6.6
)
(6.5
)
Maintenance capital expenditure
(4.3
)
(5.0
)
Changes in working capital(e)
(4.6
)
(9.2
)
Adjusted free cash flow
40.7
33.6
(a)
Represents professional fees and other
expenses paid to third parties related to practice acquisitions.
These costs are excluded as they are incurred in connection with
each practice acquisition and are not related to the underlying
business operations of the Company.
(b)
Represents costs related to the strategic
review process and other costs incurred by the Company to evaluate
strategic alternatives to unlock shareholder value.
(c)
Represents costs related to implementation
of new corporate technology systems, the undertaking of vendor
consolidations, termination benefits and other costs of
restructuring, and implementation of the Canadian Federal
government’s Canadian Dental Care Plan (“CDCP”).
(d)
Represents short-term benefits that were
paid to the CEO during the three months ended June 30, 2024 in
contemplation of the CEO continuing to facilitate the leadership
changes that were announced in June 2024 (refer to ‘Recent Company
Developments’), assist with related transition matters, and
otherwise assist the Board to develop a long-term plan intended to
position the Company to drive sustained value for its practices,
patients an shareholders.
(e)
Represents the change in non-cash working
capital items for the period.
Adjusted Net Income
“Adjusted net income” is calculated by adding to Net loss and
comprehensive loss certain expenses, costs, charges or benefits
incurred in such period which in management’s view are either not
indicative of underlying business performance or impact the ability
to assess the operating performance of our business, including: (a)
amortization of intangible assets; (b) share-based compensation;
(c) change in fair value of contingent consideration; (d) change in
fair value of preferred shares; (e) external acquisition expenses;
(f) strategic review costs; (g) other corporate costs; (h) loss on
disposal of dental practices; (i) short-term benefits; and (j) the
tax impact of the above. We use Adjusted net income to facilitate a
comparison of our operating performance on a consistent basis from
period to period and to provide for a more complete understanding
of factors and trends affecting our business. The most comparable
IFRS measure to Adjusted net income is Net loss and comprehensive
loss, for which a reconciliation is provided below.
Three months ended June 30,
2024
2023
(expressed in millions of dollars) Net loss and
comprehensive loss
(11.9
)
(7.3
)
Adjustments: Amortization of intangible assets
27.0
25.8
Share-based compensation
3.6
2.1
Change in fair value of contingent consideration(a)
1.5
1.3
Change in fair value of preferred shares(b)
(0.1
)
4.1
External acquisition expenses(c)
0.8
1.9
Strategic review costs(d)
—
6.1
Other corporate costs(e)
2.4
5.8
Loss on disposal of dental practices(f)
2.3
1.2
Short-term benefits(g)
0.5
—
26.1
41.0
Estimated tax impact of the above
(3.6
)
(5.5
)
Adjusted net income
22.5
35.5
(a)
On acquisition, and at each subsequent
reporting date, obligations under earn-out arrangements are
measured at fair value with the changes in fair value recognized in
the condensed interim consolidated statements of loss and
comprehensive loss.
(b)
The Management Preferred Shares are
classified as a financial asset at FVTPL. During the three months
ended June 30, 2024, the Company recognized a gain on change in
fair value of preferred shares of $0.1 million in the condensed
interim consolidated statements of loss and comprehensive loss
(three months ended June 30, 2023 - a loss of $4.1 million).
(c)
Represents professional fees and other
expenses paid to third parties related to practice acquisitions.
These costs are excluded as they are incurred in connection with
each practice acquisition and are not related to the underlying
business operations of the Company.
(d)
Represents costs related to the strategic
review process and other costs incurred by the Company to evaluate
strategic alternatives to unlock shareholder value.
(e)
Represents costs related to implementation
of new corporate technology systems, the undertaking of vendor
consolidations, termination benefits and other costs of
restructuring, and implementation of the Canadian Federal
government’s Canadian Dental Care Plan (“CDCP”).
(f)
Represents the loss on disposal of dental
practices that were disposed of during the three months ended June
30, 2024 and 2023.
(g)
Represents short-term benefits that were
paid to the CEO during the three months ended June 30, 2024 in
contemplation of the CEO continuing to facilitate the leadership
changes that were announced in June 2024, assist with related
transition matters, and otherwise assist the Board to develop a
long-term plan intended to position the Company to drive sustained
value for its practices, patients and shareholders.
PF Revenue
“PF Revenue” in respect of a period means revenue for that
period plus the Company’s estimate of the additional revenue that
it would have recorded if it had acquired each of the dental
practices that it acquired during that period on the first day of
that period, calculated in accordance with the methodology
described in the reconciliation table in “Reconciliation of
Non-IFRS Measures”. Given the highly acquisitive nature of our
business, management believes PF Revenue is more reflective of our
operating performance. We use PF Revenue to determine components of
employee compensation. The most comparable IFRS measure to PF
Revenue is revenue, for which a reconciliation is provided in the
table below.
Twelve months ended June 30, 2024 (expressed in millions
of dollars) Revenue
1,471.3
Add: Acquisition adjustment(a)
51.5
PF Revenue
1,522.8
(a)
The Company regularly acquires dental
practices and estimates that if it had acquired each of the
practices that it acquired during the last twelve months ended June
30, 2024, it would have recorded additional revenue of $51.5
million. These estimates are based on the amount of revenue
budgeted by the Company to be earned by the relevant practices at
the time of their acquisition by Dentalcorp. There can be no
assurance that if the Company had acquired these practices on the
first day of the applicable fiscal period, they would have actually
generated such budgeted revenue, nor is this estimate indicative of
future results.
PF Adjusted EBITDA
“PF Adjusted EBITDA” in respect of a period means Adjusted
EBITDA for that period plus the Company’s estimate of the
additional Adjusted EBITDA that it would have recorded if it had
acquired each of the dental practices that it acquired during that
period on the first day of that period, calculated in accordance
with the methodology described in the reconciliation table below.
Both creditors and the Company use PF Adjusted EBITDA to assess our
borrowing capacity, which management believes, given the highly
acquisitive nature of our business, is more reflective of our
operating performance. We also use PF Adjusted EBITDA to determine
components of employee compensation. The most comparable IFRS
measure to PF Adjusted EBITDA is Net loss and comprehensive
loss.
PF Adjusted EBITDA Margin
“PF Adjusted EBITDA Margin” means PF Adjusted EBITDA divided by
PF Revenue. Both creditors and the Company use PF Adjusted EBITDA
Margin to assess our borrowing capacity, which management believes,
given the highly acquisitive nature of our business, is more
reflective of our operating performance.
Twelve months ended June 30, 2024 (expressed in millions
of dollars) Adjusted EBITDA
269.6
Add: Acquisition adjustment(a)
13.4
PF Adjusted EBITDA
283.0
PF Adjusted EBITDA Margin
18.6%
(a)
The Company regularly acquires dental
practices and estimates that if it had acquired each of the
practices that it acquired during the last twelve months ended June
30, 2024, it would have recorded additional Adjusted EBITDA of
$13.4 million. These estimates are based on the amount of
Practice-Level EBITDA budgeted by the Company to be earned by the
relevant practices at the time of their acquisition by Dentalcorp.
There can be no assurance that if the Company had acquired these
practices on the first day of the applicable fiscal period, they
would have actually generated such budgeted Practice-Level EBITDA,
nor is this estimate indicative of future results.
PF Adjusted EBITDA after rent
“PF Adjusted EBITDA after rent” in respect of a period means PF
Adjusted EBITDA less interest and principal repayments on leases
and lease interest and principal repayments on acquisitions. Both
creditors and the Company use PF Adjusted EBITDA after rent to
assess our borrowing capacity, which management believes, given the
highly acquisitive nature of our business, is more reflective of
our operating performance. The most comparable IFRS measure to PF
Adjusted EBITDA after rent is Net loss and comprehensive loss.
Net debt / PF Adjusted EBITDA after rent Ratio
“Net debt / PF Adjusted EBITDA after rent Ratio” means
non-current borrowings divided by PF Adjusted EBITDA after rent. We
use Net debt / PF Adjusted EBITDA after rent Ratio to assess our
borrowing capacity.
Same Practice Revenue Growth
“Same Practice Revenue Growth” in respect of a period means the
percentage change in revenue derived from Established Practices in
that period as compared to revenue from the same dental practices
in the corresponding period in the immediately prior year.
About Forward-Looking Information
This release includes forward-looking information and
forward-looking statements within the meaning of applicable
Canadian securities legislation, including the Securities Act
(Ontario). Forward-looking information includes, but is not limited
to, statements about the Company’s objectives and strategies to
achieve those objectives, our financial outlook, and about the
Company’s beliefs, plans, expectations, anticipations, estimates,
or intentions. Forward-looking information includes words like
could, expect, may, anticipate, assume, believe, intend, estimate,
plan, project, guidance, outlook, target, and similar expressions
suggesting future outcomes or events.
Our forward-looking information includes, but is not limited to,
the information and statements under “Outlook” relating to our
goals for the third quarter of 2024 for Revenue, Same Practice
Revenue Growth, Adjusted EBITDA Margin, PF Adjusted EBITDA after
rent attributable to practices acquired in 2024, as well as our
medium-term expectations regarding Same Practice Revenue Growth and
Net Debt / PF Adjusted EBITDA after rent Ratio. Such
forward-looking information relating to these metrics are not
projections; they are goals based on the Company’s current
strategies and may be considered forward-looking information under
applicable securities laws and subject to significant business,
economic, regulatory and competitive uncertainties and
contingencies, many of which are beyond the control of the Company
and its management.
The purpose of disclosing such forward-looking information is to
provide investors with more information concerning the financial
results that the Company currently believes are achievable based on
the assumptions below. Readers are cautioned that the information
may not be appropriate for other purposes. While these targets are
based on underlying assumptions that management believes are
reasonable in the circumstances, readers are cautioned that actual
results may vary materially from those described above.
Forward-looking statements are necessarily based upon
management’s perceptions of historical trends, current conditions
and expected future developments, as well as a number of specific
factors and assumptions that, while considered reasonable by
management as of the date on which the statements are made, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies which could result in
actions, events, conditions, results, performance or achievements
to be materially different from those projected in the
forward-looking statements. Forward-looking information is based on
many factors and assumptions including, but not limited to, the
following assumptions for the third quarter of 2024, the
implementation of the CDCP, the enrollment of patients in the CDCP,
the remainder of fiscal 2024 and the medium-term, as applicable:
the Company’s business, operations and capital structure continuing
as currently maintained, that the Company’s acquisition program
continues without any re-deployment of capital of the Company, the
Company’s ability to realize pricing increases, an increase in
patient visit volumes in the third quarter of 2024, the impact of
the investments the Company has made in its marketing and talent
teams and the upgrades to its core information technology systems;
the Company’s ability to continue to make and integrate
acquisitions at attractive valuations including a reduction in
acquisition purchase multiples as compared to prior periods, the
impact of corporate investments made in fiscal 2022 and 2023 on the
Company’s operations, including the Company’s corporate
infrastructure and technology stack and new Human Resource
Information system and ERP system, the expansion of service
offerings and frequency of patient visits which contribute to
optimal patient care, the Company’s ability to mitigate anticipated
supply chain disruptions, geopolitical risks, inflationary
pressures and labour shortages, expand service offerings and
generate cash flow, no changes in the competitive environment or
legal or regulatory developments affecting our business; and visits
by patients to our Practices at the same rate as current
visits.
Actual results and the timing of events may differ materially
from those anticipated in the forward-looking information as a
result of known and unknown risk factors, many of which are beyond
the control of the Company, and could cause actual results to
differ materially from the forward-looking statements. Such risks
include, but are not limited to, the Company’s potential inability
to successfully execute its growth strategy and complete additional
acquisitions; its dependence on the integration and success of its
acquired dental practices; the potential adverse effect of
acquisitions on its operations; its dependence on the parties with
which the Company has contractual arrangements and obligations;
changes in relevant laws, governmental regulations and policy and
the costs incurred in the course of complying with such changes;
competition in the dental industry; increases in operating costs;
the risk of difficulty complying with public company reporting
obligations; and the risk of a failure in internal controls and
other factors described herein under “Risk Factors” and in “Risk
Factors” in the AIF and the Annual MD&A. Accordingly, we warn
readers to exercise caution when considering statements containing
forward-looking information and caution them that it would be
unreasonable to rely on such statements as creating legal rights
regarding the Company’s future results or plans. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter any statements containing forward-looking
information or the factors or assumptions underlying them, whether
as a result of new information, future events, or otherwise, except
as required by applicable securities laws. All of the
forward-looking information in this release is qualified by the
cautionary statements herein.
About Dentalcorp
Dentalcorp is Canada's largest and one of North America's
fastest growing networks of dental practices, committed to
advancing the overall well-being of Canadians by delivering the
best clinical outcomes and unforgettable experiences. Dentalcorp
acquires leading dental practices, uniting its network in a common
goal: to be Canada's most trusted healthcare network. Leveraging
its industry-leading technology, know-how and scale, Dentalcorp
offers professionals the unique opportunity to retain their
clinical autonomy while unlocking their potential for future
growth. To learn more, visit dentalcorp.ca.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808617745/en/
For investor inquiries:
Investor Relations Nick Xiang Senior Director, Corporate
Finance nick.xiang@dentalcorp.ca (647) 220-4905
Media Sebastien Bouchard Vice President, Corporate
Communications sebastien.bouchard@dentalcorp.ca (437) 216-0733
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