Park Dental Partners Reports Record Full-Year 2025 Revenue of $244.49 Million, Up 6.4% YoY

Image source: Park Dental Partners Announces Fourth Quarter and Full-Year Results

Q4 Revenue Up 7.5% YoY / Full-Year Revenue Hits Record High / 2026 Same-Store Sales Growth Guidance: 3.5%-5.0%

DentalGoodNews | U.S. dental DSO public company Park Dental Partners, Inc. released its Q4 2025 and full-year results on February 25, 2026. The company's Q4 2025 revenue reached $61.208 million (approximately RMB 419 million), up 7.5% year-over-year; full-year revenue hit a record high of $244.49 million (approximately RMB 1.673 billion), up 6.4% year-over-year. Full-year growth was primarily driven by increased patient visit volume and improved fee and reimbursement levels.

Image source: Park Dental Partners Announces Fourth Quarter and Full-Year Results

In terms of profitability, Q4 gross profit was $2.472 million (approximately RMB 16 million), with a gross margin of 4.0%, down 950 basis points from the prior-year period's 13.5%; full-year gross profit was $33.671 million (approximately RMB 230 million), with a gross margin of 13.8%, down 170 basis points year-over-year. Impacted by IPO-related share-based compensation expenses and other factors, Q4 net loss was $5.745 million (approximately RMB 39 million), compared to a net loss of $0.243 million (approximately RMB 1.663 million) in the prior-year period; full-year net loss was $0.358 million (approximately RMB 2.4502 million), compared to net income of $4.363 million (approximately RMB 298.615 million) in 2024. Q4 diluted EPS was -$2.31 (approximately RMB -15.81), and full-year diluted EPS was -$0.18 (approximately RMB -1.23).

Image source: Park Dental Partners Announces Fourth Quarter and Full-Year Results

Excluding non-recurring items such as share-based compensation, restructuring, and deferred compensation, Q4 Adjusted EBITDA was $3.732 million (approximately RMB 26 million), down 1.9% year-over-year; Adjusted EBITDA margin was 6.1%, down 60 basis points from the prior-year period. Full-year Adjusted EBITDA was $22.048 million (approximately RMB 151 million), up 13.7% year-over-year; Adjusted EBITDA margin was 9.0%, up 60 basis points from the prior year. In terms of adjusted diluted EPS, Q4 was $0.30 (approximately RMB 2.05), compared to -$0.02 (approximately RMB -0.14) in the prior-year period; full-year adjusted diluted EPS was $2.44 (approximately RMB 16.70), below 2024's $3.17 (approximately RMB 21.70).

From a business structure perspective, Q4 general practice revenue grew 6.2% to $44.70 million (approximately RMB 306 million), while multi-specialty practice revenue grew 11.3% to $16.50 million (approximately RMB 113 million). Full-year general practice revenue grew 4.8% to $179 million (approximately RMB 1.225 billion), and multi-specialty practice revenue grew 11.0% to $65.50 million (approximately RMB 448 million). Q4 same-store revenue grew 6.3%, and full-year same-store revenue grew 5.8%.

Image source: Park Dental Partners Announces Fourth Quarter and Full-Year Results

In terms of cash flow and capital structure, full-year operating cash flow was $17.630 million (approximately RMB 121 million), up from $16.469 million (approximately RMB 113 million) in the prior year. In December 2025, the company completed its initial public offering (IPO), issuing 1,535,000 shares of common stock at a price of $13.00 per share (approximately RMB 88.98 per share), raising total gross proceeds of $20 million (approximately RMB 137 million). As of year-end 2025, the company held cash and cash equivalents of $25.185 million (approximately RMB 172 million) and long-term debt of $10.10 million (approximately RMB 69 million).

Image source: Park Dental Partners Announces Fourth Quarter and Full-Year Results

In terms of operating metrics, total patient visits for full-year 2025 reached 719,295, up from 713,112 in the prior year. As of December 31, 2025, the company supported 86 affiliated dental offices, 214 practicing dentists, and maintained a patient retention rate of 89.9%.

Looking ahead to 2026, the company expects full-year revenue in the range of $254 million to $258 million (approximately RMB 1.738-1.766 billion), representing approximately 4.7% growth year-over-year at the midpoint; Adjusted EBITDA is expected in the range of $21 million to $23 million (approximately RMB 144-157 million), corresponding to a margin range of 8.3%-8.9%. Assuming stable patient demand and a steady reimbursement environment, the company expects same-store revenue growth of 3.5%-5.0%.