$PARK

Park Dental Partners, Inc.

CIK:0002069604|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
REVENUE	$ 66,212	$ 62,998	$ 128,907	$ 122,035
COST OF SERVICES
Salaries and benefits	42,114	37,096	84,009	72,733
Dental supplies and Laboratory fees	4,444	4,337	8,782	8,576
Office occupancy	4,375	4,086	8,660	8,090
Other practice expenses	3,836	3,610	7,670	7,015
Depreciation	1,928	1,963	3,891	3,859
TOTAL COST OF SERVICES	56,698	51,092	113,013	100,273
GROSS MARGIN	9,514	11,906	15,894	21,762
General and administrative expenses	7,836	7,380	15,676	14,308
Depreciation and amortization	422	374	842	752
OPERATING INCOME (LOSS)	1,256	4,152	(624)	6,702
INTEREST EXPENSE - NET	(137)	(334)	(258)	(671)
INCOME (LOSS) BEFORE TAX	1,119	3,818	(882)	6,031
PROVISION/(BENEFIT) FOR INCOME TAX	(230)	1,248	(1,841)	1,894
NET INCOME	$ 1,349	$ 2,570	$ 959	$ 4,136
Earnings per share:
Basic (in dollars per share)	$ 0.3	$ 1.45	$ 0.21	$ 2.33
Diluted (in dollars per share)	$ 0.22	$ 1.45	$ 0.16	$ 2.33
Basic weighted-average number of common shares outstanding (in shares)	4,571,346	1,772,662	4,478,159	1,777,942
Diluted weighted-average number of common shares outstanding (in shares)	6,235,305	1,772,662	6,091,899	1,777,942

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 959	$ 4,136
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	4,733	4,611
Deferred income taxes	(967)
Change in cash surrender value of life insurance	(1,274)	(786)
Loss on disposal of property and equipment	37	63
Noncash lease expense	(6)	(62)
Share based compensation	7,059
Changes in operating assets and liabilities
Accounts receivable	(932)	221
Income taxes receivable	(24)	(250)
Prepaid expenses and other current assets	(959)	(660)
Accounts payable and other accrued liabilities	(88)	996
Payroll, benefits and deferred compensation	790	429
Accrued taxes	87	265
Deferred revenue and other liabilities	301	270
Net cash flows from operating activities	9,716	9,233
NET CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment	(4,752)	(4,020)
Life insurance premiums paid	(407)	(978)
Payments for purchases of dental practices	(2,438)	(803)
Loans to related parties evidenced by promissory notes	(600)
Net cash flows used in investing activities	(8,197)	(5,801)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Gross borrowings on line of credit		14,903
Gross repayments on line of credit		(14,903)
Dental practice purchase payments on deferred notes	(134)	(333)
Net change in checks issued in excess of cash balances	(1,201)	(1,504)
Payments of long-term debt	(947)	(957)
Payments of capital lease obligation	(24)	(22)
Cash paid for share repurchase		(396)
Net cash flows used in financing activities	(2,306)	(3,212)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(787)	220
CASH AND CASH EQUIVALENTS - Beginning of period	25,185	2,672	$ 2,672
CASH AND CASH EQUIVALENTS - End of period	24,398	2,892	$ 25,185
Schedule of interest and income taxes paid (received):
Interest	549	658
Income taxes	(847)	2,056
Non-cash transactions:
Purchases of property and equipment in accounts payable	$ 689	$ 631

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 24,398	$ 25,185
Accounts receivable - net of allowance	7,923	6,991
Dental supplies	959	930
Income taxes receivable	2,854	2,830
Prepaid expenses and other current assets	3,515	1,966
Total current assets	39,649	37,902
OTHER ASSETS:
Property and equipment - net	30,041	29,286
Cash surrender value of life insurance	20,925	19,244
Intangible assets - net	13,255	11,182
Goodwill	17,336	17,178
Deferred income taxes	19,816	18,849
Lease right of use asset	45,245	44,542
Total other assets	146,618	140,281
TOTAL ASSETS	186,267	178,183
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities	5,041	6,291
Payroll, benefits and short-term deferred compensation	16,693	16,716
Accrued taxes	1,307	1,220
Current debt	1,896	1,895
Current portion of lease liability	6,947	6,711
Deferred revenue and other current liabilities	3,417	2,900
Total current liabilities	35,301	35,733
LONG-TERM LIABILITIES:
Lease liability	42,119	41,659
Deferred compensation	69,230	68,417
Long-term debt	9,137	10,085
Other long-term liabilities	659	486
Total long-term liabilities	121,145	120,647
Total liabilities	156,446	156,380
Commitments and contingencies (Note 13)
SHAREHOLDERS' EQUITY:
Common stock, $0.0001 par value, 100,000,000 shares authorized; 4,704,780 and 4,247,018 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	35,686	28,627
Treasury stock	(737)	(737)
Accumulated shareholders' deficit	(5,129)	(6,088)
Total shareholders' equity	29,821	21,803
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 186,267	$ 178,183