Pacific Smiles Group trading update

Pacific Smiles Group Limited (ASX: $PSQ) has provided an update on its trading performance, confirming the guidance range for Patient Fees and Underlying EBITDA for the financial year ending 30 June 2024. As of the close of business on 23rd June 2024, the company reported Patient Fees of $285.4m, showing a 7.9% Year on Year (YOY) increase. However, the second half of FY23 experienced a tapering in trading compared to the first half, impacting YoY growth in patient fees, attributed to a weakening macroeconomic environment affecting demand for dental services.

Executive commentary on trading update

Management has actively managed operational efficiency and productivity to insulate earnings, despite patient fees falling below full year guidance expectations. The company forecasts Underlying EBITDA to be towards the middle of the previous guidance range of $26m to $28m, and Patient Fees to fall just below the bottom end of the previous guidance range of $293m to $297m. The full year results for FY24 are expected to be released in the last week of August 2024, subject to the timing and outcome of the Scheme of Arrangement with National Dental Care.

Summary of Pacific Smiles Group trading update

Pacific Smiles Group Limited (ASX: $PSQ) has updated its trading performance and guidance for the financial year ending 30 June 2024. Despite a tapering in trading in the second half of FY23, the company reported a 7.9% Year on Year (YOY) increase in Patient Fees. Management attributes the softening in trading to the weakening macroeconomic environment impacting demand for dental services. The company forecasts Underlying EBITDA to be towards the middle of the previous guidance range and Patient Fees to fall just below the previous guidance range. The full year results for FY24 are expected to be released in the last week of August 2024, subject to the timing and outcome of the Scheme of Arrangement with National Dental Care. Pacific Smiles Group does not undertake any obligation to update or review any forward-looking statements.