Dentalcorp Holdings Ltd., Canada’s largest dental network, reported record results for the first quarter of 2025, with revenues reaching $409.4 million, up 10% from the first quarter of 2024. Adjusted EBITDA increased 11% to $75.9 million, with the company achieving its fourth consecutive quarter of margin expansion, reaching 18.5%.
Adjusted free cash flow hit a record high of $44.3 million, up 26% year-over-year. Dentalcorp also reported continued deleveraging, with its net debt to forecast adjusted EBITDA after rent improving to 3.77x.
The company added 12 new clinics in the quarter and has completed 70% of its annual acquisition target. Dentalcorp reaffirmed its full-year 2025 guidance, expecting strong same-store revenue growth, continued EBITDA margin expansion, and more than $25 million in acquisition-driven EBITDA.
With respect to the Canadian Dental Health Plan, the company has treated more than 95,000 patients to date, with 95% of its practices participating, and demand is expected to grow further as the 18 to 64 age group becomes eligible from June 1, 2025.
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