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What were the key takeaways from Prestige Consumer Healthcare's earnings call?

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Did Prestige Consumer Healthcare beat or miss consensus estimates last quarter?

- **Revenue Beat with Supply Constraints**: Q2 revenue of $274 million (-3.4% YoY) exceeded expectations due to Clear Eyes supply timing and e-commerce acceleration. Q3 expected to decline further due to $5 million shipment delay.
- **Clear Eyes Recovery Plan**: Two new suppliers and Pillar Five's high-speed line to improve production in Q3/Q4, with acquisition closing in Q3.
- **Strong Financial Health**: Adjusted EPS of $1.07, 10% YoY free cash flow growth to $134 million, and $110 million in share buybacks.
- **Strategic Growth Drivers**: DenTek dental guards gain 5% market share; e-commerce consumption up double digits YoY.
- **Capital Allocation Focus**: M&A (Pillar Five), share repurchases, and disciplined cost management.

**【Management Opening Remarks】**
- Thilo Terpolilli provided an overview of the call, emphasizing the business environment's challenges, including supply chain constraints, inflation, and geopolitical risks. He highlighted the importance of reviewing risk factors in SEC filings.

**【CEO Summary Section】**
- **Q2 Results**: Revenue of $274 million declined 3.4% YoY due to Clear Eyes supply constraints and lower cough/cold sales. Adjusted EPS of $1.07 beat expectations, driven by sales timing and cost control.
- **Clear Eyes Update**: Supply improvements expected in Q3 and Q4, with two new suppliers and a high-speed line at Pillar Five. Q3 revenue impact from delayed shipments estimated at $5 million.
- **E-commerce Growth**: Double-digit consumption growth, benefiting from long-term investments in digital channels.
- **DenTek Brand**: Market share in dental guards exceeds 50%, with a successful Fantasy Football marketing campaign boosting engagement.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income of $420 million, Non-GAAP EPS of $1.08 (up 1.9% YoY). Gross margin 55.7% (up 60bps YoY), driven by cost savings and mix improvements.
- **Cash Flow**: Free cash flow of $134 million (10% YoY increase), with $245 million+ expected for FY2026. Share buybacks of 1.6 million shares ($110 million) in H1.
- **Strategic Acquisitions**: $100 million Pillar Five acquisition expected to close in Q3, enhancing control over sterile eye care supply.

**【Q&A Key Highlights】**
- **Clear Eyes Recovery**: Sequential improvement in Q3 and Q4, with focus on regaining shelf space and consumer trust. Pillar Five's new line to support production.
- **Inventory Health**: Retail inventories stable outside e-commerce volatility; focus on service levels during peaks/valleys.
- **Women's Health Performance**: TTM growth despite quarterly noise, driven by brand positioning and innovation.
- **Capital Allocation**: Prioritize M&A (e.g., Pillar Five), share buybacks, and disciplined cash management. No immediate plans for increased A&M spend beyond current strategy.
- **Macro Environment**: Resilience in needs-based categories; no significant impact from broader consumer slowdown.

Prestige Consumer Healthcare Inc. (PBH) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

Other Cost

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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PBH

PBH fundamentals

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