NEW YORK (TheStreet) --Patterson (PDCO) - Get Patterson Companies, Inc. Report shares are down 2.9% to $47.61 in mid-morning trading on Thursday, following the release of the dental, veterinary and rehabilitation supply market distributor's fiscal 2016 first quarter earnings results.

The Saint Paul, MN-based company reported first quarter earnings of 47 cents per share, excluding earnings per share from discontinued operations of $0.10, on revenue that increased 21.7% year over year to $1.14 billion.

The company said that it stripped out 10 cents of EPS following the sale of its medical business in order to conform with accounting rules.

Analysts on average were expecting the company to report earnings of 54 cents per share on revenue of $1.19 billion.

For the full fiscal year Patterson has issued earnings guidance in a range between $2.40 and $2.50 per share, in line with analysts' consensus expectations of $2.47 per share.

"During the quarter, we began the process of unifying Animal Health International with our legacy veterinary operations and moved forward with the sale of non-core Patterson Medical. Our performance was in line with our internal plan and we remain confident in both the market opportunities we face and our ability to capitalize on them," said CEO Scott Anderson.

TheStreet Recommends

Separately, TheStreet Ratings team rates PATTERSON COMPANIES INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate PATTERSON COMPANIES INC (PDCO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company shows low profit margins."

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