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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): November 6, 2025

 
PRESTIGE CONSUMER HEALTHCARE INC.
(Exact Name of Registrant as Specified in Charter)
 
Delaware 001-32433 20-1297589
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

 
660 White Plains Road, Tarrytown, New York 10591
(Address of Principal Executive Offices) (Zip Code)
 
(914) 524-6800
(Registrant's telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, par value $0.01 per share PBH New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 2.02 Results of Operations and Financial Condition.
 
On November 6, 2025, Prestige Consumer Healthcare Inc. (the “Company”) announced financial results for the fiscal quarter and six months ended September 30, 2025. A copy of the press release announcing the Company's earnings results for the fiscal quarter and six months ended September 30, 2025 is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On November 6, 2025, representatives of the Company began making presentations to investors regarding the Company's financial results for the quarter and six months ended September 30, 2025 using slides attached to this Current Report on Form 8-K as Exhibit 99.2 (the “Investor Presentation”) and incorporated herein by reference.  The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during the fiscal year ended March 31, 2026.
 
By furnishing the information contained in this Item 7.01, the Company makes no admission as to the materiality of any information that is required to be disclosed solely by reason of Regulation FD.
 
The information contained in the Investor Presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time.  The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted.  Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

The information presented in Items 2.02 and 7.01 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.
 
(d)    Exhibits.
 
See Exhibit Index immediately following the signature page.

 




SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated: November 6, 2025 PRESTIGE CONSUMER HEALTHCARE INC.  
       
  By: /s/ Christine Sacco  
    Christine Sacco  
    Chief Financial Officer & Chief Operating Officer  




 
EXHIBIT INDEX
 
Exhibit Description
99.1
99.2
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

EX-99.1 2 exhibit991fy26-q2earningsr.htm EX-99.1 Document

Exhibit 99.1


Prestige Consumer Healthcare Inc. Reports Second Quarter and First Half Fiscal 2026 Results

•Revenue of $274.1 million in Q2, ahead of outlook
•Diluted EPS of $0.86 in Q2 and Adjusted Diluted EPS of $1.07, versus prior year Q2 Diluted EPS of $1.09
•Repurchased approximately 1.1 million shares opportunistically in Q2
•Fiscal 2026 revenue outlook unchanged; Adjusted Diluted EPS outlook updated to $4.54 to $4.58, high end of previous range

TARRYTOWN, N.Y.--(GLOBE NEWSWIRE)-November 6, 2025-- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its second quarter and first six months ended September 30, 2025.

“Our second quarter results surpassed our sales and earnings expectations helped primarily by Clear Eyes® supply timing and the timing of certain retailer orders. We remain pleased with the performance of the remainder of our business, where we continue to focus on brand-building behind our diverse portfolio of leading brands and maintaining our leading financial profile. This proven formula continues to generate robust free cash flow, which enabled us to repurchase over one million in shares during the second quarter to further enhance shareholder value,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare.

Second Fiscal Quarter Ended September 30, 2025

Reported revenues in the second quarter of fiscal 2026 of $274.1 million decreased 3.4% from $283.8 million in the second quarter of fiscal 2025 and decreased 3.3% excluding the impact of foreign currency. The revenue decline versus the prior year comparable period was primarily driven by lower Ear & Eye Care category sales from limited ability to supply demand for Clear Eyes.

Reported net income for the second quarter of fiscal 2026 totaled $42.2 million and non-GAAP adjusted net income totaled $52.5 million, compared to the prior year second quarter’s net income of $54.4 million. Diluted earnings per share of $0.86 and non-GAAP adjusted diluted earnings per share of $1.07 for the second quarter of fiscal 2026 compared to $1.09 diluted earnings per share in the prior year comparable period.

The adjustment to the second quarter of fiscal 2026 relates to a discrete tax item pertaining to establishing a taxable presence in a new state.

Six Months Ended September 30, 2025

Reported revenues for the first six months of fiscal 2026 totaled $523.6 million and compared to revenues of $550.9 million for the first six months of fiscal 2025. Revenues decreased 5.0% versus the prior year comparable period and 4.8% excluding the impact of foreign currency. The revenue performance for the first six months reflected the anticipated limited ability to supply strong demand for Clear Eyes as well as the Q1 headwind associated with accelerated order timing in Q4 of the prior year.

Reported net income for the first six months of fiscal 2026 totaled $89.7 million versus the prior year comparable period net income of $103.4 million. Non-GAAP adjusted net income for the first six months of fiscal 2026 totaled $99.9 million versus the prior year comparable period’s adjusted net income of $99.4 million.








Diluted earnings per share were $1.81 for the first six months of fiscal 2026 compared to $2.06 per share in the prior year comparable period. Non-GAAP adjusted diluted earnings per share of $2.02 for the first six months of fiscal 2026 increased over the prior year comparable period’s adjusted earnings per share of $1.98.

The adjustment to the first six months of fiscal 2026 relates to a discrete tax item pertaining to establishing a taxable presence in a new state. The adjustment to the first six months of fiscal 2025 relates to a discrete tax item in the first quarter pertaining to the release of a reserve for an uncertain tax position due to the statute of limitations expiring.

Free Cash Flow and Balance Sheet

The Company's net cash provided by operating activities for the first six months of fiscal 2026 was $136.5 million, compared to $124.6 million during the prior year comparable period. Non-GAAP free cash flow in the first six months of fiscal 2026 was $133.6 million compared to $121.4 million in the prior year comparable period.

In the second quarter fiscal 2026, the Company opportunistically repurchased approximately 1.1 million shares at a total investment of approximately $75.0 million. For the first six months fiscal 2026, the total shares repurchased were approximately 1.6 million at a total cost of approximately $109.8 million.

The Company's net debt position as of September 30, 2025 was approximately $0.9 billion, resulting in a covenant-defined leverage ratio of 2.4x.

Segment Review

North American OTC Healthcare: Segment revenues of $230.8 million for the second quarter fiscal 2026 decreased compared to the prior year comparable quarter's segment revenues of $239.8 million. The revenue decrease was primarily attributable to lower Eye & Ear Care category sales, driven primarily by limited ability to supply demand for Clear Eyes.

For the first six months of the current fiscal year, reported revenues for the North American OTC segment were $443.3 million, which compared to $472.1 million in the prior year comparable period. The revenue decrease was primarily attributable to lower Eye & Ear Care category sales, driven by limited ability to supply demand for Clear Eyes as well as the expected headwind associated with accelerated order timing in Q4 of the prior year.

International OTC Healthcare: Fiscal second quarter 2026 revenues of $43.4 million compared to $44.0 million reported in the prior year comparable period. The lower revenue performance was driven by lower Eye & Ear Care category sales and the timing of distributor orders.

For the first six months of the current fiscal year, reported revenues for the International OTC Healthcare segment were $80.3 million, an increase of approximately 2% over the prior year comparable period’s revenues of $78.8 million, or an increase of approximately 3% excluding the effects of foreign currency.

Updated Fiscal 2026 Outlook









“Looking ahead, for the full-year, we remain committed to rebuilding long-term supply chain capacity in Clear Eyes and expect to close the Pillar5 transaction as planned. We are reaffirming our fiscal 2026 net sales outlook which anticipates eye care supply improvements in second half thanks to these long-term capacity efforts. For profitability, we are now expecting earnings per share at the higher end of our previous range as well as free cash flow of $245 million or more, driven by our strong financial profile and share repurchases executed in the second quarter,” he continued.

“We continue to remain focused on long-term brand-building that drives long-term organic growth, alongside disciplined capital allocation that helps generate superior shareholder value creation over time,” Mr. Lombardi concluded.
Prior Fiscal 2026 Outlook
Current Fiscal 2026 Outlook
Revenue
$1,100 to $1,115 million $1,100 to $1,115 million
Organic Revenue Growth
Approximate 1.5% to 3.0% decrease Approximate 1.5% to 3.0% decrease
Adjusted Diluted E.P.S.
$4.50 to $4.58 $4.54 to $4.58
Free Cash Flow
$245 million or more $245 million or more


Second Quarter Fiscal 2026 Conference Call, Accompanying Slide Presentation and Replay

The Company will host a conference call to review its second quarter and first half fiscal 2026 results today, November 6, 2025 at 8:30 a.m. ET. The Company provides a live Internet webcast, a slide presentation to accompany the call, as well as an archived replay, all of which can be accessed from the Investor Relations page of the Company's website at http://www.prestigeconsumerhealthcare.com/. To participate in the conference call via phone, participants may register for the call here to receive dial-in details and a unique pin. While not required, it is recommended to join 10 minutes prior to the event start. The slide presentation can be accessed from the Investor Relations page of the Company’s website by clicking on Webcasts and Presentations.

A conference call replay will be available for approximately one week following completion of the live call and can be accessed on the Company’s Investor Relations page.

Non-GAAP and Other Financial Information

In addition to financial results reported in accordance with generally accepted accounting principles (GAAP), we have provided certain non-GAAP financial information in this release to aid investors in understanding the Company's performance. Each non-GAAP financial measure is defined and reconciled to its most closely related GAAP financial measure in the “About Non-GAAP Financial Measures” section at the end of this earnings release.

Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as “on track,” "outlook," "may," "will," "would," “believe,” "expect," “look forward,” "anticipate,” “positioned,” or "continue" (or the negative or other derivatives of each of these terms) or similar terminology.








The "forward-looking statements" include, without limitation, statements regarding the Company's future operating results including revenues, organic growth, diluted earnings per share, and free cash flow; the Company’s ability to maintain its financial profile; improvements in eye care supply and the impact of acquiring Pillar5 on the supply of eye care products; and the Company’s ability to enhance shareholder value through its brand-building focus and disciplined capital allocation. These statements are based on management's estimates and assumptions with respect to future events and financial performance and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results could differ materially from those expected as a result of a variety of factors, including the impact of business and economic conditions, including as a result of evolving U.S. and international tariffs and trade actions, labor shortages, inflation and geopolitical instability, consumer trends, the impact of the Company’s advertising and marketing and new product development initiatives, customer inventory management initiatives, fluctuating foreign exchange rates, competitive pressures, the ability to meet Pillar5 closing conditions, and the ability of the Company’s manufacturing operations and third party manufacturers and logistics providers and suppliers to meet demand for its products and to avoid inflationary cost increases and disruption. A discussion of other factors that could cause results to vary is included in the Company's Annual Report on Form 10-K for the year ended March 31, 2025 and other periodic reports filed with the Securities and Exchange Commission.

About Prestige Consumer Healthcare Inc.

Prestige Consumer Healthcare is a leading consumer healthcare products company with sales throughout the U.S. and Canada, Australia, and in certain other international markets. The Company’s diverse portfolio of brands include Monistat® and Summer’s Eve® women's health products, BC® and Goody's® pain relievers, Clear Eyes® and TheraTears® eye care products, DenTek® specialty oral care products, Dramamine® motion sickness treatments, Fleet® enemas and glycerin suppositories, Chloraseptic® and Luden's® sore throat treatments and drops, Compound W® wart treatments, Little Remedies® pediatric over-the-counter products, Boudreaux’s Butt Paste® diaper rash ointments, Nix® lice treatment, Debrox® earwax remover, Gaviscon® antacid in Canada, and Hydralyte® rehydration products and the Fess® line of nasal and sinus care products in Australia. Visit the Company's website at www.prestigeconsumerhealthcare.com.










Prestige Consumer Healthcare Inc.
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)

  Three Months Ended September 30, Six Months Ended September 30,
(In thousands, except per share data) 2025   2024 2025   2024
Total Revenues $ 274,114    $ 283,785  $ 523,644  $ 550,927 
Cost of Sales      
Cost of sales excluding depreciation 120,043    124,041  226,758    242,738 
Cost of sales depreciation 2,492  2,362  4,976  4,785 
Cost of sales 122,535  126,403  231,734  247,523 
Gross profit 151,579    157,382  291,910    303,404 
Operating Expenses      
Advertising and marketing 38,701    41,409  73,638    80,774 
General and administrative 28,037    26,067  56,493    54,977 
Depreciation and amortization 5,171    5,567  10,353    11,268 
Total operating expenses 71,909    73,043  140,484    147,019 
Operating income 79,670    84,339  151,426    156,385 
Other expense      
Interest expense, net 10,036  12,281  20,239  25,418 
Other expense, net 501  395  277  891 
Total other expense, net 10,537    12,676  20,516    26,309 
Income before income taxes 69,133  71,663  130,910  130,076 
Provision for income taxes 26,922    17,286  41,233    26,631 
          Net income $ 42,211    $ 54,377  $ 89,677    $ 103,445 
Earnings per share:      
Basic $ 0.86    $ 1.10  $ 1.82    $ 2.08 
Diluted $ 0.86    $ 1.09  $ 1.81    $ 2.06 
Weighted average shares outstanding:      
Basic 49,025    49,652  49,249    49,768 
Diluted 49,264    49,998  49,547    50,132 
Comprehensive income, net of tax:
Currency translation adjustments 655  4,799  6,059  7,959 
Total other comprehensive income 655  4,799  6,059  7,959 
Comprehensive income $ 42,866  $ 59,176  $ 95,736  $ 111,404 









Prestige Consumer Healthcare Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30, 2025 March 31, 2025
Assets
Current assets
Cash and cash equivalents $ 119,106  $ 97,884 
     Accounts receivable, net of allowance of $19,003 and $16,314, respectively
199,000  194,293 
Inventories 158,996  147,709 
Prepaid expenses and other current assets 20,309  8,442 
Total current assets 497,411  448,328 
Property, plant and equipment, net 73,100  74,548 
Operating lease right-of-use assets 25,427  28,238 
Finance lease right-of-use assets, net 23,416  25,056 
Goodwill 528,411  527,425 
Intangible assets, net 2,291,073  2,295,350 
Other long-term assets 3,442  3,273 
Total Assets $ 3,442,280  $ 3,402,218 
Liabilities and Stockholders' Equity    
Current liabilities    
Accounts payable 41,924  18,925 
Accrued interest payable 15,578  15,703 
Operating lease liabilities, current portion 6,048  6,047 
Finance lease liabilities, current portion 2,572  2,490 
Other accrued liabilities 68,482  63,458 
Total current liabilities 134,604  106,623 
Long-term debt, net 993,146  992,357 
Deferred income tax liabilities 444,924  419,594 
Long-term operating lease liabilities, net of current portion 19,939  22,732 
Long-term finance lease liabilities, net of current portion 19,319  20,624 
Other long-term liabilities 5,379  5,391 
Total Liabilities 1,617,311  1,567,321 
Total Stockholders' Equity 1,824,969  1,834,897 
Total Liabilities and Stockholders' Equity $ 3,442,280  $ 3,402,218 
























Prestige Consumer Healthcare Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
  Six Months Ended September 30,
(In thousands) 2025   2024
Operating Activities  
Net income $ 89,677  $ 103,445 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 15,329  16,053 
Loss on disposal of property and equipment 131  83 
Deferred and other income taxes 23,211  4,364 
Amortization of debt origination costs 889  882 
Stock-based compensation costs 5,449  5,559 
Non-cash operating lease cost 3,879  3,430 
Changes in operating assets and liabilities:
Accounts receivable (2,580) 15,191 
Inventories (10,277) (16,471)
Prepaid expenses and other current assets (11,767) 3,787 
Accounts payable 22,545  (7,596)
Accrued liabilities 3,923  584 
Operating lease liabilities (3,839) (3,771)
Other (71) (964)
Net cash provided by operating activities 136,499    124,576 
Investing Activities      
Purchases of property, plant and equipment (2,940) (3,179)
Other (1,927) (978)
Net cash (used in) investing activities (4,867)   (4,157)
Financing Activities      
Term loan repayments —  (75,000)
Payments of finance leases (1,147) (1,688)
Proceeds from exercise of stock options 3,907  3,592 
Fair value of shares surrendered as payment of tax withholding (4,216) (5,832)
Repurchase of common stock (109,775) (37,794)
Net cash (used in) financing activities (111,231)   (116,722)
Effects of exchange rate changes on cash and cash equivalents 821  1,374 
Increase in cash and cash equivalents 21,222    5,071 
Cash and cash equivalents - beginning of period 97,884  46,469 
Cash and cash equivalents - end of period $ 119,106    $ 51,540 
Interest paid $ 21,879  $ 25,551 
Income taxes paid $ 25,088  $ 18,691 








Prestige Consumer Healthcare Inc.
Condensed Consolidated Statements of Income
Business Segments
(Unaudited)

  Three Months Ended September 30, 2025
(In thousands) North American OTC Healthcare International OTC Healthcare Consolidated
Total segment revenues* $ 230,756  $ 43,358  $ 274,114 
Cost of sales 102,348  20,187  122,535 
Gross profit 128,408  23,171  151,579 
Advertising and marketing 32,033  6,668  38,701 
Contribution margin $ 96,375  $ 16,503  $ 112,878 
Other operating expenses   33,208 
Operating income   $ 79,670 
*Intersegment revenues of $0.6 million were eliminated from the North American OTC Healthcare segment.

  Six Months Ended September 30, 2025
(In thousands) North American OTC Healthcare International OTC Healthcare Consolidated
Total segment revenues* $ 443,334  $ 80,310  $ 523,644 
Cost of sales 194,526  37,208  231,734 
Gross profit 248,808  43,102  291,910 
Advertising and marketing 60,987  12,651  73,638 
Contribution margin $ 187,821  $ 30,451  $ 218,272 
Other operating expenses   66,846 
Operating income   $ 151,426 
*Intersegment revenues of $1.2 million were eliminated from the North American OTC Healthcare segment.


























 
Three Months Ended September 30, 2024
(In thousands) North American OTC Healthcare International OTC Healthcare Consolidated
Total segment revenues* $ 239,811  $ 43,974  $ 283,785 
Cost of sales 107,782  18,621  126,403 
Gross profit 132,029  25,353  157,382 
Advertising and marketing 34,889  6,520  41,409 
Contribution margin $ 97,140  $ 18,833  $ 115,973 
Other operating expenses   31,634 
Operating income   $ 84,339 
* Intersegment revenues of $0.9 million were eliminated from the North American OTC Healthcare segment.

 
Six Months Ended September 30, 2024
(In thousands) North American OTC Healthcare International OTC Healthcare Consolidated
Total segment revenues* $ 472,127  $ 78,800  $ 550,927 
Cost of sales 213,341  34,182  247,523 
Gross profit 258,786  44,618  303,404 
Advertising and marketing 68,642  12,132  80,774 
Contribution margin $ 190,144  $ 32,486  $ 222,630 
Other operating expenses   66,245 
Operating income   $ 156,385 
* Intersegment revenues of $1.6 million were eliminated from the North American OTC Healthcare segment.










About Non-GAAP Financial Measures
In addition to financial results reported in accordance with GAAP, we disclose certain Non-GAAP financial measures ("NGFMs"), including, but not limited to, Non-GAAP Organic Revenues, Non-GAAP Organic Revenue Change Percentage, Non-GAAP EBITDA, Non-GAAP EBITDA Margin, Non-GAAP Adjusted Net Income, Non-GAAP Adjusted Diluted EPS, Non-GAAP Free Cash Flow, and Net Debt. We use these NGFMs internally, along with GAAP information, in evaluating our operating performance and in making financial and operational decisions. We believe that the presentation of these NGFMs provides investors with greater transparency, and provides a more complete understanding of our business than could be obtained absent these disclosures, because the supplemental data relating to our financial condition and results of operations provides additional ways to view our operation when considered with both our GAAP results and the reconciliations below. In addition, we believe that the presentation of each of these NGFMs is useful to investors for period-to-period comparisons of results in assessing shareholder value, and we use these NGFMs internally to evaluate the performance of our personnel and also to evaluate our operating performance and compare our performance to that of our competitors.
These NGFMs are not in accordance with GAAP, should not be considered as a measure of profitability or liquidity, and may not be directly comparable to similarly titled NGFMs reported by other companies. These NGFMs have limitations and they should not be considered in isolation from or as an alternative to their most closely related GAAP measures reconciled below. Investors should not rely on any single financial measure when evaluating our business. We recommend investors review the GAAP financial measures included in this earnings release. When viewed in conjunction with our GAAP results and the reconciliations below, we believe these NGFMs provide greater transparency and a more complete understanding of factors affecting our business than GAAP measures alone.
NGFMs Defined
We define our NGFMs presented herein as follows:
•Non-GAAP Organic Revenues: GAAP Total Revenues excluding the impact of foreign currency exchange rates in the periods presented.
•Non-GAAP Organic Revenue Change Percentage: Calculated as the change in Non-GAAP Organic Revenues from prior year divided by prior year Non-GAAP Organic Revenues.
•Non-GAAP EBITDA: GAAP Net Income before interest expense, net, provision for income taxes, and depreciation and amortization.
•Non-GAAP EBITDA Margin: Calculated as Non-GAAP EBITDA divided by GAAP Total Revenues.
•Non-GAAP Adjusted Net Income: GAAP Net Income adjusted for a normalized tax rate.
•Non-GAAP Adjusted Diluted EPS: Calculated as Non-GAAP Adjusted Net Income, divided by the diluted
weighted average number of shares outstanding during the period.
•Non-GAAP Free Cash Flow: Calculated as GAAP Net cash provided by operating activities less cash paid for capital expenditures.
•Net Debt: Calculated as total principal amount of debt outstanding ($1,000,000 at September 30, 2025) less cash and cash equivalents ($119,106 at September 30, 2025). Amounts in thousands.

The following tables set forth the reconciliations of each of our NGFMs (other than Net Debt, which is reconciled above) to their most directly comparable financial measures presented in accordance with GAAP.









Reconciliation of GAAP Total Revenues to Non-GAAP Organic Revenues and related Non-GAAP Organic Revenue Change percentage:
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
(In thousands)
GAAP Total Revenues $ 274,114  $ 283,785  $ 523,644  $ 550,927 
Revenue Change (3.4) % (5.0) %
Adjustments:
Impact of foreign currency exchange rates —  (370) —  (1,040)
Total adjustments —  (370) —  (1,040)
Non-GAAP Organic Revenues $ 274,114  $ 283,415  $ 523,644  $ 549,887 
Non-GAAP Organic Revenue Change (3.3) % (4.8) %
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and related Non-GAAP EBITDA Margin:
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
(In thousands)
GAAP Net Income $ 42,211    $ 54,377  $ 89,677    $ 103,445 
Interest expense, net 10,036  12,281  20,239  25,418 
Provision for income taxes 26,922    17,286  41,233    26,631 
Depreciation and amortization 7,663  7,929  15,329  16,053 
Non-GAAP EBITDA $ 86,832  $ 91,873  $ 166,478  $ 171,547 
Non-GAAP EBITDA Margin 31.7  % 32.4  % 31.8  % 31.1  %

Reconciliation of GAAP Net Income and GAAP Diluted Earnings Per Share to Non-GAAP Adjusted Net Income and related Non-GAAP Adjusted Diluted Earnings Per Share:
Three Months Ended September 30, Six Months Ended September 30,
2025 2025 Diluted EPS 2024 2024 Diluted EPS 2025 2025 Diluted EPS 2024 2024 Diluted EPS
(In thousands, except per share data)
GAAP Net Income and Diluted EPS $ 42,211  $ 0.86  $ 54,377  $ 1.09  $ 89,677  $ 1.81  $ 103,445  $ 2.06 
Adjustments:
Normalized tax rate adjustment (1)
10,261  0.21  —  —  10,261  0.21  (4,030) $ (0.08)
Total adjustments 10,261  0.21  —  —  10,261  0.21  (4,030) (0.08)
Non-GAAP Adjusted Net Income and Adjusted Diluted EPS $ 52,472  $ 1.07  $ 54,377  $ 1.09  $ 99,938  $ 2.02  $ 99,415  $ 1.98 
(1) Income tax adjustment to adjust for discrete income tax items.









Reconciliation of GAAP Net Income to Non-GAAP Free Cash Flow:
Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
(In thousands)
GAAP Net Income $ 42,211    $ 54,377  $ 89,677    $ 103,445 
Adjustments:
Adjustments to reconcile net income to net cash provided by operating activities as shown in the Statement of Cash Flows 29,324  16,045  48,888  30,371 
Changes in operating assets and liabilities as shown in the Statement of Cash Flows (14,049) (622) (2,066) (9,240)
Total adjustments 15,275  15,423  46,822  21,131 
GAAP Net cash provided by operating activities 57,486  69,800  136,499  124,576 
Purchases of property and equipment (2,102) (2,027) (2,940) (3,179)
Non-GAAP Free Cash Flow $ 55,384  $ 67,773  $ 133,559  $ 121,397 

Outlook for Fiscal Year 2026:
Reconciliation of Projected GAAP Net cash provided by operating activities to Projected Non-GAAP Free Cash Flow:
(In millions)
Projected FY'26 GAAP Net cash provided by operating activities $ 255 
Additions to property and equipment for cash (10)
Projected FY'26 Non-GAAP Free Cash Flow $ 245 


Reconciliation of Projected GAAP Diluted EPS to Projected Non-GAAP Adjusted Diluted EPS:
Low High
Projected FY'26 GAAP Diluted EPS $ 4.33  $ 4.37 
Adjustments:
Normalized tax rate adjustment (1)
0.21 0.21
Projected FY'26 Non-GAAP Adjusted Diluted EPS $ 4.54  $ 4.58 
(1) Income tax adjustment to adjust for discrete income tax items.






EX-99.2 3 pbh_fy26xq2exhibit992.htm EX-99.2 pbh_fy26xq2exhibit992
Second Quarter FY 26 Results November 6, 2025 Exhibit 99.2


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Safe Harbor Disclosure This presentation contains certain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the Company’s expected financial performance, including revenues, organic revenue growth, diluted adjusted EPS, and free cash flow; the Company’s ability to execute on its brand-building strategy and to maximize shareholder value; the Company’s capital allocation strategy and optionality; the timing of closing of the Pillar5 acquisition; and the Company’s ability to, and timing to, obtain adequate supply of Clear Eyes inventory. Words such as “anticipate,” “continue,” “expect,” “enable,” “outlook,” “can,” “will,” “may,” “should,” “could,” “would,” and similar expressions identify forward-looking statements. Such forward-looking statements represent the Company’s expectations and beliefs and involve a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others, the ability to meet the Pillar5 closing conditions, the ability to rapidly increase the supply of Clear Eyes from Pillar5 and other suppliers; the ability of the Company’s manufacturing operations and third party manufacturers and logistics providers and suppliers to meet demand for its other products and to avoid inflationary cost increases and supply disruption; the impact of economic and business conditions; consumer trends; competitive pressures; the impact of the Company’s advertising and promotional and new product development initiatives; customer inventory management initiatives; the ability to pass along rising costs to customers without impacting sales; fluctuating foreign exchange rates; evolving U.S. and international tariffs; and other risks set forth in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended March 31, 2025. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this presentation. Except to the extent required by applicable law, the Company undertakes no obligation to update any forward-looking statement contained in this presentation, whether as a result of new information, future events, or otherwise. All adjusted GAAP numbers presented are footnoted and reconciled to their closest GAAP measurement in the attached reconciliation schedule and in our November 6, 2025 earnings release in the “About Non-GAAP Financial Measures” section. We have italicized our trademarks and trade names, which are the property of the Company or its subsidiaries, when they appear in this presentation.


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Agenda for Today’s Discussion I. Performance Update II. Financial Overview III. FY 26 Outlook 3


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S I. Performance Update


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Q2 FY 26 Performance Update ◼ Quarterly Revenue of $274.1 million ◼ Revenue better than forecast, due to Clear Eyes supply timing and retail order timing ◼ eCommerce sales continue to benefit from long-term investments ◼ Gross Margin of 55.3%, as expected and approximately flat to prior year ◼ Adjusted Diluted EPS(2) of $1.07 vs. $1.09 prior year, ahead of expectations ◼ Free Cash Flow(2) year to date of $134 million, up 10% vs. prior year ◼ Leverage of 2.4x(3) continues to enable capital allocation optionality ◼ Opportunistic share repurchases in Q2 of $75 million ◼ Optimal capital allocation levers remain unchanged Q2 FY 26 Sales Drivers Disciplined Capital Allocation Superior Earnings and FCF 5


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Dental Guards – A Strategic Focus Area ◼ Awareness driven by high-impact omnichannel activations ◼ Culturally relevant storytelling driving brand visibility and engagement “Fantasy Guards” Campaign Fueling Category Growth via Time-Tested Brand-Building 6 Agile Marketing Playbook Accelerating Growth 1+ Billion Estimated Impressions 5+ Pts Guards Market Share Point Increase* Brand-Building through Iconic Campaigns * Circana MULO+ 4 weeks ended 10/5/25 #2 brand Others Private label ◼ Investment in attractive guards category has led to 50%+ market share ◼ Guards now represent the largest portion of DenTek’s revenue 50%+ Market Share* Social Media & Influencers Sponsored Brand Video & Ads SponsorshipPodcasts PR & Earned Media National TV


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S II. Financial Overview


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Q2 FY 26 Performance Highlights Q2 FY 26 Q2 FY 25 Dollar values in millions, except per share data. $274.1 $86.8 $1.07 $283.8 $91.9 $1.09 Revenue EBITDA Adj. Diluted EPS (3.4%) (5.5%) (1.8%) Revenue of $274.1 million, down 3.3% vs. prior year excluding foreign currency(1) Adjusted Diluted EPS(2) of $1.07 down 1.8% vs. prior year EBITDA(2) of $86.8 million vs. $91.9 million prior year 8 (2) (2)


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S 3 Months Ended 1H Comments FY 26 Second Quarter and 1H Consolidated Financial Summary ◼ Organic Revenue(1) down 4.8% vs. prior year – Sales declines due to Clear Eyes supply constraints, retail order timing – International segment up ~3% excluding foreign currency(1) – Double-digit consumption growth in eCommerce ◼ Gross Margin of 55.7%, as expected ◼ A&M of 14.1% of Revenue, as expected ◼ G&A of 10.8% of Revenue, as expected ◼ Adjusted Diluted EPS(2) up vs. prior year due to higher gross margin and lower interest expense Dollar values in millions, except per share data; 9 6 Months Ended Q2 FY 26 Q2 FY 25 % Chg 1H FY 26 1H FY 25 % Chg Total Revenue 274.1$ 283.8$ (3.4%) 523.6$ 550.9$ (5.0%) Gross Profit 151.6 157.4 (3.7%) 291.9 303.4 (3.8%) % Margin 55.3% 55.5% 55.7% 55.1% A&M 38.7 41.4 (6.5%) 73.6 80.8 (8.9%) % Total Revenue 14.1% 14.6% 14.1% 14.7% G&A 28.0 26.1 7.3% 56.5 55.0 2.7% % Total Revenue 10.2% 9.2% 10.8% 10.0% D&A (ex. COGS D&A) 5.2 5.6 (7.1%) 10.4 11.3 (8.0%) Operating Income 79.7$ 84.3$ (5.5%) 151.4$ 156.3$ (3.1%) % Margin 29.1% 29.7% 28.9% 28.4% Adj. Earnings Per Share (2) 1.07$ 1.09$ (1.8%) 2.02$ 1.98$ 2.0% EBITDA (2) 86.8$ 91.9$ (5.5%) 166.5$ 171.5$ (3.0%) % Margin 31.7% 32.4% 31.8% 31.1%


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Free Cash Flow(2) Comments ◼ Total 1H Free Cash Flow(2) of $133.6 million up 10% vs. prior year – Full-year free cash flow outlook(5) of $245 million or more unchanged – Strong business attributes continue to drive Free Cash Flow ◼ Net Debt at September 30 of $0.9 billion(2); leverage ratio(3) of 2.4x at end of Q2 ◼ Repurchased ~ 1.6 million shares in 1H for ~ $110 million, $75 million of which in Q2 ◼ Still anticipate PIllar5 close in Q3 for ~$100 million Industry Leading Free Cash Flow Trends Dollar values in millions 10 $55.4 $133.6 $67.8 $121.4 Free Cash Flow Free Cash Flow Q2 FY 26 Q2 FY 25 1H FY 26 1H FY 25


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S III. FY 26 Outlook


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S FY 26 Outlook ◼ Benefitting from well-diversified portfolio and brand-building playbook ◼ Revenues of $1,100 to $1,115 million — Expected organic revenue down approximately (1.5%) to (3.0%) — Continue to anticipate higher Clear Eyes shipments in 2H via strategic actions ◼ Adjusted Diluted EPS(4) of $4.54 to $4.58 ◼ Expect earnings growth to reaccelerate as revenue improves ◼ Free Cash Flow(5) of $245 million or more unchanged ◼ Capital allocation decisions focused on maximizing shareholder value Top Line Trends Free Cash Flow & Allocation EPS 12


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Q&A


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Appendix (1) Organic Revenue is a Non-GAAP financial measure and is reconciled to the most closely related GAAP financial measures in the attached Reconciliation Schedules and / or our earnings release dated November 6, 2025 in the “About Non-GAAP Financial Measures” section. (2) EBITDA & EBITDA Margin, Adjusted Diluted EPS, Free Cash Flow, and Net Debt are Non-GAAP financial measures and are reconciled to their most closely related GAAP financial measures in the attached Reconciliation Schedules and / or in our earnings release dated November 6, 2025 in the “About Non GAAP Financial Measures” section. (3) Leverage ratio reflects covenant defined Net Debt / EBITDA. (4) Adjusted Diluted EPS for FY 26 is a projected Non-GAAP financial measure, is reconciled to projected GAAP Diluted EPS in the attached Reconciliation Schedules and/or in our earnings release dated November 6, 2025 in the “About Non-GAAP Financial Measures” section and is calculated based on projected GAAP Diluted EPS adjusted for certain discrete tax items. (5) Free Cash Flow for FY 26 is a projected Non-GAAP financial measure, is reconciled to projected GAAP Net Cash Provided by Operating Activities in the attached Reconciliation Schedules and / or in our earnings release dated November 6, 2025 in the “About Non-GAAP Financial Measures” section and is calculated based on projected Net Cash Provided by Operating Activities less projected capital expenditures. 14


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S EBITDA and EBITDA Margin 15 Reconciliation Schedules Organic Revenue Change Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 (In Thousands) GAAP Total Revenues 274,114$ 283,785$ 523,644$ 550,927$ Revenue Change (3.4%) (5.0%) Adjustments: Impact of foreign currency exchange rates - (370) - (1,040) Total adjustments -$ (370)$ -$ (1,040)$ Non-GAAP Organic Revenues 274,114$ 283,415$ 523,644$ 549,887$ Non-GAAP Organic Revenue Change (3.3%) (4.8%) Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 (In Thousands) GAAP Net Income 42,211$ 54,377$ 89,677$ 103,445$ Interest expense, net 10,036 12,281 20,239 25,418 Provision for income taxes 26,922 17,286 41,233 26,631 Depreciation and amortization 7,663 7,929 15,329 16,053 Non-GAAP EBITDA 86,832$ 91,873$ 166,478$ 171,547$ Non-GAAP EBITDA Margin 31.7% 32.4% 31.8% 31.1%


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Free Cash Flow 16 Reconciliation Schedules (continued) Adjusted Diluted EPS Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 (In Thousands) GAAP Net Income 42,211$ 54,377$ 89,677$ 103,445$ Adjustments: Adjustments to reconcile net income to net cash provided by operating activities 29,324 16,045 48,888 30,371 Changes in operating assets and liabilities (14,049) (622) (2,066) (9,240) Total adjustments 15,275 15,423 46,822 21,131 GAAP Net cash provided by operating activities 57,486 69,800 136,499 124,576 Purchases of property and equipment (2,102) (2,027) (2,940) (3,179) Non-GAAP Free Cash Flow 55,384$ 67,773$ 133,559$ 121,397$ (a) Income tax adjustment to adjust for discrete income tax items. Three Months Ended September 30, Six Months Ended September 30, 2025 2024 2025 2024 Net Income Adjusted EPS Net Income Adjusted EPS Net Income Adjusted EPS Net Income Adjusted EPS (In Thousands, except per share data) GAAP Net Income and Diluted EPS 42,211$ 0.86$ 54,377$ 1.09$ 89,677$ 1.81$ 103,445$ 2.06$ Adjustments: Normalized tax rate adjustment (a) 10,261 0.21 2,236 0.21 1,983 (0.08) Total Adjustments 10,261 0.21 - - 2,236 0.21 1,983 (0.08) Non-GAAP Adjusted Net Income and Adjusted Diluted EPS 52,472$ 1.07$ 54,377$ 1.09$ 91,913$ 2.02$ 105,428$ 1.98$


 
S E C O N D Q U A R T E R F Y 2 6 R E S U L T S Projected Free Cash Flow 17 Reconciliation Schedules (continued) Projected Adjusted Diluted EPS (In millions)Projected FY 26 GAAP Net Cash provided by operating activities 255$ Additions to property and equipment for cash (10) Projected FY 26 Non-GAAP Free Cash Flow 245$ Low High Projected FY'26 GAAP Diluted EPS 4.33$ 4.37$ Adjustments: Normalized tax rate adjustment (a) 0.21 0.21 Projected FY'26 Non-GAAP Adjusted Diluted EPS 4.54$ 4.58$ (a) Income tax adjustment to adjust for discrete income tax items.


 
P C H C O N F I D E N T I A L A N D P R O P R I E T A R Y I N F O R M A T I O N