Park Dental Partners Inc 2025年度报告

PARK DENTAL PARTNERS, INC.TABLE OF CONTENTS PagePartIItem1.Business3Item1A.Risk Factors19Item1B.Unresolved Staff Comments41Item1C.Cybersecurity41Item2.Properties44Item3.Legal Proceedings44Item4.Mine Safety Disclosures44PartIIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities44Item6.Reserved46Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations46Item7A.Quantitative and Qualitative Disclosures About Market Risk61Item8.Financial Statements and Supplementary Data62Item9.Changes in and Disagreements With Accountants on Accounting and FinancialDisclosure88Item9A.Controls and Procedures88Item9B.Other Information89Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections89PartIIIItem10.Directors, Executive Officers and Corporate Governance90Item11.Executive Compensation90Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters90Item13.Certain Relationships and Related Transactions, and Director Independence90Item14.Principal Accountant Fees and Services90PartIVItem15.Exhibits and Financial Statement Schedules91Item16.Form10-K Summary93Signatures94 SPECIAL NOTEABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form10-K contains forward-looking statements. Forward-looking statementsrelate to future events or our future financial performance. We generally identify forward-lookingstatements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,”“intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or“continue” or the negative of these terms or other similar words, although not all forward-lookingstatements contain these words. These statements are only predictions. Any forward-looking statements contained in this Annual Report on Form10-K are based upon ourhistorical performance and on our current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates orexpectations contemplated by us will be achieved. Such forward-looking statements are subject to variousrisks and uncertainties and assumptions relating to our operations, financial results, financial condition,business, prospects, growth strategy and liquidity. If one or more of these or other risks or uncertaintiesmaterialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materiallyfrom those indicated in these statements: ●Changes in the economy, inflation, interest rates, or patient demand can significantly affectbusiness performance, including risks related to economic downturns, shifts in consumerbehavior, or instability in financial markets;●Market competition, technological innovation, or shifts in dental industry trends can threatengrowth;●Changes in government regulations, tax laws, dental practice standards, and compliancerequirements may impact operations; and●Reputational harm affecting our affiliated dental brands could impact financial performance. These factors should not be construed as exhaustive and should be read in conjunction with the othercautionary statements that are included in this Annual Report. The forward-looking statements made in thisAnnual Report relate only to events as of the date on which the statements are made. We undertake noobligation to update any forward-looking statement to reflect events or circumstances after the date onwhich the statement is made or to reflect the occurrence of unanticipated events. This Annual Report on Form10-K also contains estimates and other statistical data made byindependent parties and by us relating to market size and growth and other industry data. This datainvolves a number of assumptions and limitations, and you are cautioned not to give undue weight to suchestimates. PARTI ITEM1.BUSINESS Overview As a dental resource organization (“DRO”), Park Dental Partners,Inc. provides comprehensivebusiness support services including clinical team members, administrative personnel, facilities andequipment to our affiliated general and multi-specialty dental practices in Minnesota, Wisconsin andArizona. Our network of affiliated dental practices employs 214 dentists, and consists of 990 hygienists,dental assistants, and patient care coordinators that support affiliated dentists in operating their dentalpractices across 86 practice locations. Our network of affiliated dental practices has been operating forover fiftyyears, beginning with the establishment of the general dentistry group in 1972. The mission ofour affiliated dental practices since inception has been to ensure patients enjoy the benefits of a lifetime ofgood oral health. This mission continues to be the driving force behind our organization today. Our network of affiliated dental practices provides both general and specialty dental services,inc