News

Patterson Companies, Inc.’s PDCO subsidiary, Patterson Dental Supply, Inc., recently announced new integration features within Weave and the Patterson Dental practice management software solutions Fuse, Eaglesoft and Dolphin Management. Per the company, a focus on deeper integrations will likely aid offices to streamline their patient experience to a greater extent.

The latest announcement is expected to significantly boost Patterson Companies’ Dental business unit.

Significance of the Announcement

Per Patterson Companies, these new integrations are currently the deepest and most complete data exchange available in the market. These have the ability to read and write patient data, appointment data and confirmations, and read and write to the ledger to facilitate payment collection.

Per management, the company’s practice management software customers are expected to be able to further streamline processes for everything from phones to online scheduling, missed call texts, online payments and more with Weave.

Weave’s management believes that by integrating the Weave experience platform with Patterson Dental practice management software, dental practices may enhance patient experience and grow their business by automating more tasks, improved data accuracy and streamlined payment workflows.

Industry Prospects

Per a report by Grand View Research, the global dental practice management software market was estimated at $2.6 billion in 2023 and is anticipated to witness a CAGR of approximately 10.2% between 2024 and 2030. Factors like increasing dental visits and the growing adoption of healthcare IT solutions in oral practice procedures are likely to drive the market.

Given the market potential, the latest integration is expected to solidify Patterson Companies’ foothold in the niche space.

Notable Developments

Last month, Patterson Companies reported its fourth-quarter fiscal 2024 results, wherein it registered a strong year-over-year growth in internal sales of dental consumables.

The same month, Patterson Dental Supply announced the availability of new integrations with DentalXChange. The integrations are available for Fuse, Eaglesoft, Dolphin Management and Dolphin Blue practice management customers.

In May, Patterson Dental Supply announced a new product, Patterson CarePay+. The product is available to new and existing Eaglesoft practice management software customers.

Price Performance

Patterson Companies’ stock has lost 24.2% over the past year compared with the industry’s 3.7% decline. The S&P 500 has witnessed 25.1% growth in the said time frame.

Image Source: Zacks Investment Research

Zacks Rank & Stocks to Consider

Currently, Patterson Companies carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the broader medical space are DaVita Inc. DVA, Stryker Corporation SYK and Elevance Health, Inc. ELV.

DaVita, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 13.6%. DVA’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 29.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

DaVita’s shares have gained 35.9% compared with the industry’s 11.5% rise in the past year.

Stryker, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 10.6%. SYK’s earnings surpassed estimates in each of the trailing four quarters, with the average being 4.9%.

Stryker has gained 12.4% against the industry’s 0.8% decline in the past year.

Elevance Health, carrying a Zacks Rank of 2 at present, has an estimated long-term growth rate of 12.2%. ELV’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 2.8%.

Elevance Health’s shares have rallied 22.1% compared with the industry’s 5.5% rise in the past year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Stryker Corporation (SYK) : Free Stock Analysis Report

DaVita Inc. (DVA) : Free Stock Analysis Report

Patterson Companies, Inc. (PDCO) : Free Stock Analysis Report

Elevance Health, Inc. (ELV) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.