Park Dental Partners (NASDAQ:PARK) used its fourth-quarter and full-year 2025 earnings call to highlight a “record year” for revenue and adjusted EBITDA, discuss its early-December IPO, and outline a growth strategy centered on adding more doctors through a mix of hiring, acquisitions, and new (de novo) locations.
Business overview and operating model
Chief Executive Officer and Board Chair Pete Swenson emphasized the company’s long-term orientation and clinician-led approach, noting that affiliated practices trace their combined operations back to 1972. Swenson said Park Dental Partners provides business support services—such as administration, scheduling and billing, collections, and facilities—so clinicians can focus on patient care.
2025 growth strategy and market expansion
Swenson described the company’s long-term growth strategy as increasing the number of doctors serving patients via three channels:
- Adding doctors to existing practices
- Acquiring additional practices
- Opening de novo practices
He said the organization has 214 doctors across three states and sees opportunity for continued expansion in a fragmented U.S. dental services market. He added that the company aims to build market density to unlock operating efficiencies, expand integrated specialty services, and strengthen brands, while maintaining a “disciplined” M&A approach focused on cultural fit and long-term value creation.
During 2025, the company opened one multi-specialty de novo practice in Rochester, Minnesota, and completed three acquisitions—two in Minnesota and one in Phoenix, Arizona—which Swenson said marked entry into a third state. Swenson said that as of January the company had entered both the Phoenix and Tucson markets and intends to pursue a “land and expand” approach in Arizona. On the Q&A portion of the call, Swenson said there was “good momentum” in the acquisition pipeline coming into 2026, pointing to late-2025 closings and an acquisition in Tucson in January.
Fourth-quarter and full-year financial results
Chief Financial Officer CJ Bernander reported fourth-quarter revenue of $61.2 million, up 7.5% year-over-year. General practice revenue increased 6.2% to $44.7 million, while multi-specialty practice revenue rose 11.3% to $16.5 million. Same-practice revenue growth was 6.3% in the quarter, which Bernander attributed to increased patient visits and clinical hours, along with fee and reimbursement growth.
For the full year, Bernander said revenue totaled $244.5 million, representing 6.4% year-over-year growth. General practice revenue increased 4.8% to $179.0 million, while specialty practice revenue grew 11% to $65.5 million. Same-practice revenue growth was 5.8% for the year.
Bernander added several context points for the year’s revenue comparisons, including that two of the three acquisitions completed in 2025 had “no material impact” on 2025 revenue because they closed on December 31. He also noted that 2025 had one fewer working day than 2024; normalizing for operating days, he said 2025 revenue growth would have been 6.9% on an “apples-to-apples” basis.
Swenson highlighted patient retention of 89.9%, which he said reflected strong relationships between affiliated doctors and their patients.
Investments in people and technology
Management described 2025 investments in employee development and technology. Swenson said the company launched three learning and development platforms: Polished Patient Experience (focused on patient interaction skills), Charting Your Course (to support new graduate doctors transitioning to clinical practice), and a career development tool aimed at supporting team member retention.
On technology, Swenson said the company completed implementation of an AI tool called Overjet to assist doctors in reading radiographs and diagnosing care. He also said the workforce management system was upgraded to UKG, which management expects will enhance productivity and improve workforce planning. Swenson added that the company sees future opportunities to improve administrative efficiency by applying advanced technologies, including AI, in areas such as documentation support and revenue cycle processes, while approaching adoption responsibly with a focus on security, compliance, and patient care.
In response to an analyst question, Bernander said the company is not evaluating external commercialization of its software and technology stack, emphasizing that the focus is on internal deployment while also viewing the tools as helpful in conversations with potential acquisition partners.
IPO-related costs, capital structure, and 2026 outlook
Bernander discussed several IPO-related items affecting results. He said IPO transaction costs totaled $2.7 million in 2025 and were included in G&A, adding that they are an add-back for adjusted EBITDA. He also noted $8.8 million in non-cash share-based compensation expense recorded in the fourth quarter related to vesting of pre-IPO restricted shares. Bernander said approximately 30% of the pre-IPO restricted shares vested upon the IPO date, with the remainder vesting over the next 12 quarters based on continued employment of doctors and management. He said share-based compensation and increased shares outstanding were the drivers of year-over-year EPS decline.
On share count, Bernander said the company ended 2025 with 4.25 million shares outstanding, including 1.5 million shares from the IPO. Pre-IPO shares that were unvested as of year-end totaled 2.36 million. Looking ahead, he said that if all pre-IPO shares fully vest over the next three years, outstanding shares would be approximately 6.6 million by the end of 2028, excluding any future events.
Bernander reported operating cash flow of $17.6 million in 2025. Cash and cash equivalents were $25.2 million as of December 31, including $18.4 million of net IPO proceeds. Long-term debt was $10.1 million, down $1.9 million from the prior year, and the company had a $15 million undrawn line of credit. He said the credit facility was recently amended to extend the term to March 2029 and to modify covenants, including allowing share-based compensation as an add-back in covenant calculations.
For 2026, management provided guidance that includes only same-practice growth and completed acquisitions, citing the unpredictability of M&A timing. The outlook includes the three acquisitions and one de novo practice completed in 2025, plus one additional acquisition announced so far in 2026. Bernander said the company expects:
- Full-year 2026 revenue of $254 million to $258 million
- Same-practice revenue growth of 3.5% to 5%
- Adjusted EBITDA of $21 million to $23 million (8.3% to 8.9% of revenue)
Swenson said becoming a public company is a milestone but “the beginning of our next chapter,” and management said it plans to update outlook quarterly as acquisitions close. Bernander added that the company anticipates filing its first 10-K in mid to late March.
About Park Dental Partners (NASDAQ:PARK)
Park Dental Partners (NASDAQ: PARK) is a dental support organization that provides business and administrative services to affiliated dental practices. The company focuses on enabling dental clinicians to concentrate on patient care by delivering centralized non-clinical functions that support day-to-day operations and practice growth.
Services typically offered by Park Dental Partners include practice management, billing and revenue cycle management, procurement and supply-chain support, information technology, human resources, marketing and patient acquisition, and regulatory and compliance assistance.
