Patterson Companies

Patterson Companies Inc.
Public
Traded as
Industry Dental equipment
Rehabilitation
Veterinary pharmaceuticals
Founded 1878 (Patterson Dental)
Milwaukee, Wisconsin
Founder Myron F., John G. Patterson
Headquarters Mendota Heights, Minnesota, United States
Key people
 John D. Buck Chair
Mark S. Walchirk Pres,CEO
Revenue $3.237 bil FY'10Increase4.6%[1]
$212.254 mil FY'10Increase6.3%[1]
Total assets $2,447.952 mil July'10Increase1%[2]
Total equity $1,485.881 mil July'10 Increase1%[2]
Number of employees
 6890[3]
Divisions 18 sub, 3 div
Patterson Dental Supply, Inc.
Patterson Veterinary Supply, Inc.
Animal Health International
Website pattersoncompanies.com

Patterson Companies Inc is a medical supplies conglomerate primarily in the business of veterinary and dental products (ranging from xray equipment to consumable products, dental consumables make up the biggest part of the dental industry).[4] Since 2003, it has also distributed general medical rehabilitative devices like braces and wheel chairs. Traditionally a dental company, it diversified its business at the turn of the millennium when it acquired 55-year-old company, JA Webster Inc, a distributor of veterinary products. That business segment (now known as Patterson Veterinary) currently distributes equipment (diagnostic and surgical) and medicine (anaesthetics, vaccines). The company operates directly in only the US and Canada (in Canada through subsidiaries Sammons Preston Canada and Patterson Dental Canada).

In 2008 it was noted as having one of the lowest debt ratios among companies in the health care sector.[5] Patterson was also a member of the Nasdaq-100 until December 10, 2010 when it and six other companies were replaced. The Nasdaq-100 is composed of the 100 largest non financial stocks traded on the Nasdaq.[6]

On June 17, 2010 Patterson Medical purchased the rehabilitation part of Ireland-based DCC Healthcare (Days Healthcare, Physiomed and Ausmedic) in a move that increased Patterson Medical's revenue by 16.43% (US$70 million, fiscal year ended April 24, 2010). The new companies were added to its Homecraft Rolyan unit in the UK.[7]

History

The company traces its roots through division Patterson Dental Supply back to one established in 1878 named Patterson Dental Company. It remained focused solely on the dental products market until the 21st century when it branched out into the veterinary supplies market through 2 large acquisitions, JA Webster in 2001 (92.5 million dollars)[8] and ProVet in 2004. For about 130 years it dealt only in dental supplies.[9][10] It began selling rehabilitation supplies in 2004 after acquiring Ability One Products Corporation followed by Medco the same year.[11]

It went public on the Nasdaq in 1992 with an IPO of around 480 million dollars.[12]

Key dates and events

  • 1987 - Acquired D.L. Saslow Co another major distributor
  • 1993 - Started doing business outside of the US by purchasing Healthco Canada.
  • 1997 - purchased software developer Eaglesoft Inc a company founded by Scott R. Kabbes who 6 years later was made president of Patterson Dental Company. It later became Patterson Technology Center [13]
  • 2004 - CAESY Patient Education Systems was acquired. It is used by the company to provide information relating to treatment procedures for patients. As a subsidiary the company retained its name.
  • July 2004 - was renamed Patterson Companies Inc because by then it was not only in the business of dental equipment distribution, it also made software, served the veterinary market and supplied products for general medical use. Until that time it was named Patterson Dental Company.

Business segments

Patterson Dental Supply, Inc, Patterson Veterinary Supply, Inc. (formerly Webster Veterinary Supply), and Patterson Medical Supply, Inc. comprise the three core segments of the company. Those core businesses branch out into many regional subsidiaries, most of which are based in the United States (except for a few Canadian ones like Sammons Preston Canada and Patterson Dental Canada (has 550 employees). The majority of business in Canada comes from Quebec, Ontario, British Columbia, Alberta and Saskatchewan. Software and hardware businesses are part of Patterson Dental.

Patterson Medical provides over 20,000 rehabilitation supplies, equipment and assistive living products.

Patterson Medical’s international operations consist of Homecraft in the United Kingdom and Kinetec in France. Homecraft is a supplier of aids to daily living and rehabilitation products in the United Kingdom. In France, Kinetec consists of two operations: the manufacturing and distribution of Continuous Passive Motions machines and distribution of Sammons Preston and Homecraft products.

More recent acquisitions

For 2010 the last 3 rehabilitation companies (Days Healthcare, Physiomed and Ausmedic) were formerly part of DCC Plc a company that serves the UK market.

2010 2009 2008
Rehabilitation Empi Therapy Solutions
Summit Sports Medical
Therapeutic Technologies
Days Healthcare
Physiomed and Ausmedic		 Mobilis Healthcare Group Quality Health Products
Kees-Goebel Medical Specialties
Advanced Practice Systems, LLC

Goldsmith Medical Company
Seneca Medical
WS Medical LLC
Cripps Corp

Veterinary Columbus Serum Company
Odyssey Veterinary Software LLC		 Associated Medical Supply
New England X-Ray
Dental Global Medical & Dentals Denesca Dolphin Imaging Systems

Leventhal & Sons[1]

Criticism and Controversy

FTP Server Databreach

In 2016, a security researcher named Justin Shafer found 22,000 patients data on an FTP Server owned by Patterson Dental. He was reportedly raided by the FBI. [14]

Animal Welfare Issues

In 2017, photographs captured by a former employee of a Texas blood bank that Patterson Veterinary distributed products from showed greyhounds under duress. PETA revealed pictures and video taken at The Pet Blood Bank showing kenneled dogs with open wounds, rotting teeth and severely overgrown toenails. According to The Washington Post, "Pet Blood Bank owner Shane Altizer did not deny that the images were taken there, but said they predated his 2015 purchase of the company or were “moment snapshots” unrepresentative of overall conditions now." A veterinarian who visited the facility earlier in the year said she found the dogs to be in satisfactory condition but after seeing the pictures, believed that “(T)he facility was ‘cleaned up’ before our touring...This certainly suggests that regional, state and/or federal regulation is warranted.”[15]

On its website, Patterson said it had "ceased doing business" with the blood bank, which subsequently closed.[16] [17]

References

  1. 1 2 3 "2010 fiscal year report page 3" (PDF). April 2010. Archived from the original (PDF) on 2011-07-10.
  2. 1 2 "Patterson Companies First Quarter 2010 Results" (PDF). 2010-08-26. Archived from the original (PDF) on 2011-07-10.
  3. ↑ "Key Patterson Companies Inc. Financials". Hoovers. Retrieved 2010-09-16.
  4. ↑ "Dental Consumables Market". 2010-06-21.
  5. ↑ Financial Management:theory and practice
  6. ↑ "Annual Changes to the NASDAQ-100 Index". 2010-12-10.
  7. ↑ "Patterson Medical Acquires Rehabilitation Operating Units of DCC plc". 2010-06-17.
  8. ↑ Patterson Dental Company Acquires Third Largest Distributor
  9. ↑ Dental Supplier Sinks Teeth Into New Sectors
  10. ↑ Lextron Inc History
  11. ↑ "Patterson Dental To Purchase Health Care Supplier". The New York Times. 2003-09-19.
  12. ↑ Securities and Exchange Commission 10 k form Patterson Companies, Inc.
  13. ↑ "Inside Patterson Dental". Dental Tribune. 2010-05-24.
  14. ↑ "FBI raids dental software researcher who discovered private patient data on public server". 2016-05-27.
  15. ↑ Karin Brulliard, "Allegations of neglect at dog blood bank shine light on an unregulated industry," The Washington Post, 23 September 2017.
  16. ↑ "Update Regarding Patterson Veterinary Supply and Recent PETA Allegations," Patterson Veterinary, 28 September 2017.
  17. ↑ Karin Brulliard, "Dog Blood Bank Closes Following Allegations of Neglect," The Washington Post, 27 October 2017.
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