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    Henry Schein Reports First Quarter 2025 Financial Results

    5/5/25 6:00:00 AM ET
    $HSIC
    Medical Specialities
    Health Care
    Get the next $HSIC alert in real time by email
    • First-quarter 2025 GAAP diluted EPS of $0.88, growth of 22% compared to the first quarter of 2024
    • First-quarter 2025 non-GAAP diluted EPS of $1.15, growth of 4.5% compared to the first quarter of 2024
    • Maintains guidance for 2025 non-GAAP diluted EPS of $4.80 to $4.94, mid-single digit 2025 Adjusted EBITDA growth, and sales growth of 2% to 4%
    • Repurchased $161 million of common stock, or approximately 2.3 million shares

    Henry Schein, Inc. (NASDAQ:HSIC), the world's largest provider of health care solutions to office-based dental and medical practitioners, today reported financial results for the first quarter ended March 29, 2025.

    "We are pleased with our first quarter financial results as well as the momentum we are seeing heading into the second quarter and remain confident in the fundamentals of our business," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein.

    "We are advancing our BOLD+1 Strategic Plan, which has been refreshed for 2025 to 2027, with our team focused on growing the distribution business through increasing operational efficiency and enhancing customer experience, growing our dental and medical specialty businesses and corporate brand products, and further developing our digital footprint and digital solutions. We remain committed to our long-term financial goal of high-single-digit to low-double-digit earnings growth by continuing to successfully execute against this strategy," Mr. Bergman added.

    First Quarter 2025 Financial Results

    • Total net sales for the quarter were $3.2 billion:
      • Constant currency total net sales increased 1.4% compared with the first quarter of 2024. Excluding the impact of personal protective equipment (PPE) and COVID test kits, constant currency sales growth was 2.0%.
      • As-reported total net sales decreased 0.1% due to a stronger U.S. dollar versus the first quarter of last year.
    • Global Distribution and Value-Added Services sales for the quarter increased 0.8% in constant currencies compared with the first quarter of 2024, and increased 1.5% excluding the impact of PPE and COVID test kits. As-reported sales decreased 0.7%. The main components include:
      • Global Dental Distribution merchandise sales for the quarter increased 0.4% in constant currencies compared with the first quarter of 2024, and increased 0.9% excluding the impact of PPE and COVID test kits. Monthly sales growth accelerated throughout the quarter after a slow start in January primarily as a result of weather-related events in the U.S. As-reported sales decreased 2.1%.
      • Global Dental Distribution equipment sales for the quarter decreased 2.4% in constant currencies compared with the first quarter of 2024. Sales growth was impacted by a deferral of sales from the fourth quarter of 2023 to the first quarter of 2024, resulting in a more difficult year-over-year comparison. Adjusting for this, global dental equipment sales growth in constant currencies was approximately flat to prior year. As-reported sales decreased 4.5%.
      • Global Medical Distribution sales for the quarter increased 3.0% in constant currencies compared with the first quarter of 2024, and increased 4.4% excluding the impact of PPE and COVID test kits, reflecting increased patient traffic to physician offices, strong growth in our home solutions business and growth from acquisitions. As-reported sales increased 2.9%.
    • Global Specialty Products sales for the quarter increased 4.3% in constant currencies compared with the first quarter of 2024, reflecting continued growth in implant and biomaterial sales and acquisition growth. As-reported sales increased 2.0%.
    • Global Technology sales for the quarter increased 3.4% in constant currencies compared with the first quarter of 2024. Strong sales growth in practice management systems, including Dentrix Ascend and Dentally cloud-based solutions, as well as in revenue cycle management products, was partially offset by lower sales of certain legacy products that are being sunset. As-reported sales increased 2.9%.

    First-quarter sales growth is detailed in Exhibit A1.

    • GAAP net income2 for the quarter was $110 million, or $0.88 per diluted share4, and compares with first-quarter 2024 GAAP net income of $93 million, or $0.72 per diluted share.
    • Non-GAAP net income2 for the quarter was $143 million, or $1.15 per diluted share4, and compares with first-quarter 2024 non-GAAP net income of $143 million, or $1.10 per diluted share.
    • Adjusted EBITDA3 for the quarter was $259 million and compares with first-quarter 2024 Adjusted EBITDA of $255 million.

    Restructuring Plan

    During the first quarter of 2025, the Company recorded $25 million in restructuring costs and expects to achieve annual run-rate savings at the high end of its $75 million to $100 million goal by the end of 2025.

    Share Repurchases

    During the first quarter of 2025, the Company repurchased approximately 2.3 million shares of its common stock at an average price of $71.58 per share, for a total of $161 million. The impact of these share repurchases on first-quarter diluted EPS was immaterial.

    At the end of the quarter, Henry Schein had $718 million authorized and available for future stock repurchases.

    2025 Financial Guidance

    Henry Schein today maintained its financial guidance for 2025. Guidance is for current continuing operations as well as acquisitions that have closed and does not include the impact of restructuring and integration expenses, amortization expense of acquired intangible assets, the insurance claim recovery associated with the cybersecurity incident and costs associated with shareholder advisory matters. This guidance also assumes that foreign currency exchange rates remain generally consistent with current levels and that additional tariffs will not be introduced.

    • 2025 non-GAAP diluted EPS attributable to Henry Schein, Inc. is unchanged and is expected to be $4.80 to $4.94, reflecting growth of 1% to 4% compared with 2024 non-GAAP diluted EPS of $4.74.
    • 2025 total sales growth is unchanged and is expected to be approximately 2% to 4% over 2024.
    • 2025 Adjusted EBITDA3 growth is unchanged and is expected to increase mid-single digits compared with 2024.

    Adjustments to 2025 GAAP Net Income and Diluted EPS

    The Company is providing guidance for 2025 diluted EPS on a non-GAAP basis and for 2025 Adjusted EBITDA, as noted above. The Company is not providing a reconciliation of its 2025 non-GAAP diluted EPS guidance to its projected 2025 diluted EPS prepared on a GAAP basis, or its 2025 Adjusted EBITDA guidance to net income prepared on a GAAP basis. This is because the Company is unable to provide without unreasonable effort an estimate of restructuring costs related to an ongoing initiative to drive operating efficiencies, including the corresponding tax effect, which will be included in the Company's 2025 diluted EPS and net income, prepared on a GAAP basis. The inability to provide this reconciliation is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact and timing of related costs.

    Management does not believe these items are representative of the Company's underlying business performance. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

    First-Quarter 2025 Conference Call Webcast

    The Company will hold a conference call to discuss first-quarter 2025 financial results today, beginning at 8:00 a.m. Eastern time. Individual investors are invited to listen to the conference call through Henry Schein's website by visiting https://investor.henryschein.com/webcasts. In addition, a replay will be available beginning shortly after the call has ended for a period of one week.

    The Company will be posting slides that provide a summary of its first-quarter 2025 financial results on its website at https://www.henryschein.com/us-en/Corporate/investor-presentations.aspx.

    About Henry Schein, Inc.

    Henry Schein, Inc. (NASDAQ:HSIC) is a solutions company for health care professionals powered by a network of people and technology. With approximately 25,000 Team Schein Members worldwide, the Company's network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.

    Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein corporate brand products in our main distribution centers.

    A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 33 countries and territories. The Company's sales reached $12.7 billion in 2024, and have grown at a compound annual rate of approximately 11.2 percent since Henry Schein became a public company in 1995.

    For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, Instagram.com/HenrySchein, and @HenrySchein on X.

    Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information

    In accordance with the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein. All forward-looking statements made by us are subject to risks and uncertainties and are not guarantees of future performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

    These statements include total sales growth, EPS and Adjusted EBITDA guidance and are generally identified by the use of such terms as "may," "could," "expect," "intend," "believe," "plan," "estimate," "forecast," "project," "anticipate," "to be," "to make" or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in documents we have filed with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K, and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.

    Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: our dependence on third parties for the manufacture and supply of our products and where we manufacture products, our dependence on third parties for raw materials or purchased components; risks relating to the achievement of our strategic growth objectives; risks related to the Strategic Partnership Agreement with KKR Hawaii Aggregator L.P. entered into in January 2025; our ability to develop or acquire and maintain and protect new products (particularly technology products) and services and utilize new technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions, dispositions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; risks related to activist investors; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; changes in the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers, and increases in fuel and energy costs; changes in laws and policies governing manufacturing, development and investment in territories and countries where we do business; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, unemployment (and corresponding increase in under-insured populations), consumer confidence, sovereign debt levels, ongoing wars, fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies, changes to other economic indicators and international trade agreements; the threat or outbreak of war, terrorism or public unrest (including, without limitation, the war in Ukraine, the Israel-Gaza war and other unrest and threats in the Middle East and the possibility of a wider European or global conflict); changes to laws and policies governing foreign trade, tariffs and sanctions, including the current imposition of additional new tariffs by the U.S. on numerous countries, retaliatory tariffs and potential for additional retaliatory tariffs; greater restrictions on imports and exports; supply chain disruption; geopolitical wars; failure to comply with existing and future regulatory requirements, including relating to health care; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation, changes in tax rates and availability of certain tax deductions; risks related to product liability, intellectual property and other claims; risks associated with customs policies or legislative import restrictions; risks associated with disease outbreaks, epidemics, pandemics (such as the COVID-19 pandemic), or similar wide-spread public health concerns and other natural or man-made disasters; risks associated with our global operations; litigation risks; new or unanticipated litigation developments and the status of litigation matters; our dependence on our senior management, employee hiring and retention, increases in labor costs or health care costs, and our relationships with customers, suppliers and manufacturers; and disruptions in financial markets. The order in which these factors appear should not be construed to indicate their relative importance or priority.

    We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements except as required by law.

    Included within the press release are non-GAAP financial measures that supplement the Company's Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company's actual results prepared under GAAP to exclude certain items. In the schedule attached to the press release, the non-GAAP measures have been reconciled to and should be considered together with the Consolidated Statements of Income. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. The impact of certain items that are excluded include integration and restructuring costs, and amortization of acquisition-related assets, because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate and occur on an unpredictable basis. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.

    1 See Exhibit A for details of sales growth. Internal sales growth is calculated from total net sales using constant foreign currency exchange rates and excludes sales from acquisitions.

    2 See Exhibit B for a reconciliation of GAAP net income and diluted EPS to non-GAAP net income and diluted EPS.

    3 See Exhibit C for a reconciliation of GAAP net income to Adjusted EBITDA.

    4 References to diluted EPS refer to diluted EPS attributable to Henry Schein, Inc.

    (TABLES TO FOLLOW)

     

    HENRY SCHEIN, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (in millions, except share and per share data)

    (unaudited)

     

     

    Three Months Ended

     

    March 29,

     

    March 30,

     

    2025

     

    2024

     

     

     

     

     

     

    Net sales

    $

    3,168

     

     

    $

    3,172

     

    Cost of sales

     

    2,168

     

     

     

    2,160

     

    Gross profit

     

    1,000

     

     

     

    1,012

     

    Operating expenses:

     

     

     

     

     

    Selling, general and administrative

     

    738

     

     

     

    791

     

    Depreciation and amortization

     

    62

     

     

     

    61

     

    Restructuring costs

     

    25

     

     

     

    10

     

    Operating income

     

    175

     

     

     

    150

     

    Other income (expense):

     

     

     

     

     

    Interest income

     

    6

     

     

     

    5

     

    Interest expense

     

    (35

    )

     

     

    (30

    )

    Other, net

     

    (1

    )

     

     

    2

     

    Income before taxes, equity in earnings of affiliates and noncontrolling interests

     

    145

     

     

     

    127

     

    Income taxes

     

    (35

    )

     

     

    (32

    )

    Equity in earnings of affiliates, net of tax

     

    3

     

     

     

    3

     

    Net income

     

    113

     

     

     

    98

     

    Less: Net income attributable to noncontrolling interests

     

    (3

    )

     

     

    (5

    )

    Net income attributable to Henry Schein, Inc.

    $

    110

     

     

    $

    93

     

     

     

     

     

     

     

    Earnings per share attributable to Henry Schein, Inc.:

     

     

     

     

     

     

     

     

     

     

     

    Basic

    $

    0.89

     

     

    $

    0.72

     

    Diluted

    $

    0.88

     

     

    $

    0.72

     

     

     

     

     

     

     

    Weighted-average common shares outstanding:

     

     

     

     

     

    Basic

     

    123,776,073

     

     

     

    128,720,661

     

    Diluted

     

    124,848,221

     

     

     

    129,769,580

     

     

    HENRY SCHEIN, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in millions, except share data)

     

     

    March 29,

     

    December 28,

     

    2025

     

    2024

     

    (unaudited)

     

     

     

    ASSETS

     

     

     

     

     

    Current assets:

     

     

     

     

     

    Cash and cash equivalents

    $

    127

     

     

    $

    122

     

    Accounts receivable, net of allowance for credit losses of $81 and $78

     

    1,578

     

     

     

    1,482

     

    Inventories, net

     

    1,842

     

     

     

    1,810

     

    Prepaid expenses and other

     

    490

     

     

     

    569

     

    Total current assets

     

    4,037

     

     

     

    3,983

     

    Property and equipment, net

     

    556

     

     

     

    531

     

    Operating lease right-of-use assets

     

    294

     

     

     

    293

     

    Goodwill

     

    3,956

     

     

     

    3,887

     

    Other intangibles, net

     

    1,028

     

     

     

    1,023

     

    Investments and other

     

    609

     

     

     

    501

     

    Total assets

    $

    10,480

     

     

    $

    10,218

     

     

     

     

     

     

     

    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

    Accounts payable

    $

    908

     

     

    $

    962

     

    Bank credit lines

     

    867

     

     

     

    650

     

    Current maturities of long-term debt

     

    56

     

     

     

    56

     

    Operating lease liabilities

     

    77

     

     

     

    75

     

    Accrued expenses:

     

     

     

     

     

    Payroll and related

     

    243

     

     

     

    303

     

    Taxes

     

    160

     

     

     

    139

     

    Other

     

    606

     

     

     

    618

     

    Total current liabilities

     

    2,917

     

     

     

    2,803

     

    Long-term debt

     

    1,968

     

     

     

    1,830

     

    Deferred income taxes

     

    135

     

     

     

    102

     

    Operating lease liabilities

     

    256

     

     

     

    259

     

    Other liabilities

     

    485

     

     

     

    387

     

    Total liabilities

     

    5,761

     

     

     

    5,381

     

     

     

     

     

     

     

    Redeemable noncontrolling interests

     

    765

     

     

     

    806

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

    Preferred stock, $0.01 par value, 1,000,000 shares authorized,

     

     

     

     

     

    none outstanding

     

    -

     

     

     

    -

     

    Common stock, $0.01 par value, 480,000,000 shares authorized,

     

     

     

     

     

    122,243,683 outstanding on March 29, 2025 and

     

     

     

     

     

    124,155,884 outstanding on December 28, 2024

     

    1

     

     

     

    1

     

    Additional paid-in capital

     

    -

     

     

     

    -

     

    Retained earnings

     

    3,626

     

     

     

    3,771

     

    Accumulated other comprehensive loss

     

    (317

    )

     

     

    (379

    )

    Total Henry Schein, Inc. stockholders' equity

     

    3,310

     

     

     

    3,393

     

    Noncontrolling interests

     

    644

     

     

     

    638

     

    Total stockholders' equity

     

    3,954

     

     

     

    4,031

     

    Total liabilities, redeemable noncontrolling interests and stockholders' equity

    $

    10,480

     

     

    $

    10,218

     

     

     

     

     

     

     

     

    HENRY SCHEIN, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in millions)/(unaudited)

     

     

    Three Months Ended

     

    March 29,

     

    March 30,

     

    2025

     

    2024

     

     

     

     

     

     

    Cash flows from operating activities:

     

     

     

     

     

    Net income

    $

    113

     

     

    $

    98

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

    Depreciation and amortization

     

    73

     

     

     

    73

     

    Impairment charge on intangible assets

     

    1

     

     

     

    -

     

    Non-cash restructuring charges

     

    1

     

     

     

    1

     

    Stock-based compensation expense

     

    5

     

     

     

    8

     

    Provision for losses on trade and other accounts receivable

     

    2

     

     

     

    5

     

    Provision for (benefit from) deferred income taxes

     

    (7

    )

     

     

    2

     

    Equity in earnings of affiliates

     

    (3

    )

     

     

    (3

    )

    Distributions from equity affiliates

     

    2

     

     

     

    2

     

    Changes in unrecognized tax benefits

     

    2

     

     

     

    2

     

    Other

     

    (27

    )

     

     

    (6

    )

    Changes in operating assets and liabilities, net of acquisitions:

     

     

     

     

     

    Accounts receivable

     

    (74

    )

     

     

    190

     

    Inventories

     

    (14

    )

     

     

    74

     

    Other current assets

     

    75

     

     

     

    41

     

    Accounts payable and accrued expenses

     

    (112

    )

     

     

    (290

    )

    Net cash provided by operating activities

     

    37

     

     

     

    197

     

     

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

     

     

    Purchases of property and equipment

     

    (31

    )

     

     

    (41

    )

    Payments related to equity investments and business acquisitions,

     

     

     

     

     

    net of cash acquired

     

    (51

    )

     

     

    (20

    )

    Proceeds from loan to affiliate

     

    -

     

     

     

    1

     

    Capitalized software costs

     

    (12

    )

     

     

    (9

    )

    Other

     

    (5

    )

     

     

    (3

    )

    Net cash used in investing activities

     

    (99

    )

     

     

    (72

    )

     

     

     

     

     

     

    Cash flows from financing activities:

     

     

     

     

     

    Net change in bank credit lines

     

    215

     

     

     

    -

     

    Proceeds from issuance of long-term debt

     

    150

     

     

     

    90

     

    Principal payments for long-term debt

     

    (15

    )

     

     

    (60

    )

    Proceeds from issuance of stock upon exercise of stock options

     

    1

     

     

     

    1

     

    Payments for repurchases and retirement of common stock

     

    (161

    )

     

     

    (75

    )

    Payments for taxes related to shares withheld for employee taxes

     

    (12

    )

     

     

    (7

    )

    Distributions to noncontrolling shareholders

     

    (4

    )

     

     

    (6

    )

    Payments for contingent consideration

     

    (12

    )

     

     

    -

     

    Acquisitions of noncontrolling interests in subsidiaries

     

    (73

    )

     

     

    (94

    )

    Net cash provided by (used in) financing activities

     

    89

     

     

     

    (151

    )

     

     

     

     

     

     

    Effect of exchange rate changes on cash and cash equivalents

     

    (22

    )

     

     

    14

     

     

     

     

     

     

     

    Net change in cash and cash equivalents

     

    5

     

     

     

    (12

    )

    Cash and cash equivalents, beginning of period

     

    122

     

     

     

    171

     

    Cash and cash equivalents, end of period

    $

    127

     

     

    $

    159

     

     

    Exhibit A - First Quarter Sales

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Henry Schein, Inc.

    2025 First Quarter

    Sales Summary

    (in millions)

    (unaudited)

    Q1 2025 over Q1 2024

               

     

     

     

     

     

     

     

    Constant Currency Growth

     

     

     

     

     

     

    Q1 2025

     

    Q1 2024

     

    Local Internal Growth

     

    Acquisition Growth

     

    Total Constant Currency Growth

     

    Foreign Exchange Impact

     

    Total Sales Growth

    U.S. Distribution and Value-Added Services

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Merchandise

    $

    591

     

     

    $

    592

     

     

    -0.2

    %

     

    0.0

    %

     

    -0.2

    %

     

    0.0

    %

     

    -0.2

    %

    Equipment

     

    187

     

     

     

    205

     

     

    -8.9

    %

     

    0.0

    %

     

    -8.9

    %

     

    0.0

    %

     

    -8.9

    %

    Value-Added Services

     

    45

     

     

     

    52

     

     

    -15.7

    %

     

    2.3

    %

     

    -13.4

    %

     

    0.0

    %

     

    -13.4

    %

    Total Dental

     

    823

     

     

     

    849

     

     

    -3.3

    %

     

    0.2

    %

     

    -3.1

    %

     

    0.0

    %

     

    -3.1

    %

    Medical

     

    1,030

     

     

     

    998

     

     

    2.0

    %

     

    1.2

    %

     

    3.2

    %

     

    0.0

    %

     

    3.2

    %

    Total U.S. Distribution and Value-Added Services

     

    1,853

     

     

     

    1,847

     

     

    -0.4

    %

     

    0.7

    %

     

    0.3

    %

     

    0.0

    %

     

    0.3

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    International Distribution and Value-Added Services

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Merchandise

     

    594

     

     

     

    618

     

     

    0.2

    %

     

    0.9

    %

     

    1.1

    %

     

    -5.0

    %

     

    -3.9

    %

    Equipment

     

    197

     

     

     

    197

     

     

    2.9

    %

     

    1.4

    %

     

    4.3

    %

     

    -4.2

    %

     

    0.1

    %

    Value-Added Services

     

    7

     

     

     

    4

     

     

    1.3

    %

     

    69.8

    %

     

    71.1

    %

     

    -12.4

    %

     

    58.7

    %

    Total Dental

     

    798

     

     

     

    819

     

     

    0.8

    %

     

    1.4

    %

     

    2.2

    %

     

    -4.8

    %

     

    -2.6

    %

    Medical

     

    25

     

     

     

    27

     

     

    -4.1

    %

     

    0.0

    %

     

    -4.1

    %

     

    -3.5

    %

     

    -7.6

    %

    Total International Distribution and Value-Added Services

     

    823

     

     

     

    846

     

     

    0.7

    %

     

    1.3

    %

     

    2.0

    %

     

    -4.8

    %

     

    -2.8

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Distribution and Value-Added Services

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Merchandise

     

    1,185

     

     

     

    1,210

     

     

    0.0

    %

     

    0.4

    %

     

    0.4

    %

     

    -2.5

    %

     

    -2.1

    %

    Global Equipment

     

    384

     

     

     

    402

     

     

    -3.2

    %

     

    0.8

    %

     

    -2.4

    %

     

    -2.1

    %

     

    -4.5

    %

    Global Value-Added Services

     

    52

     

     

     

    56

     

     

    -14.4

    %

     

    7.2

    %

     

    -7.2

    %

     

    -0.9

    %

     

    -8.1

    %

    Global Dental

     

    1,621

     

     

     

    1,668

     

     

    -1.3

    %

     

    0.8

    %

     

    -0.5

    %

     

    -2.4

    %

     

    -2.9

    %

    Global Medical

     

    1,055

     

     

     

    1,025

     

     

    1.8

    %

     

    1.2

    %

     

    3.0

    %

     

    -0.1

    %

     

    2.9

    %

    Total Global Distribution and Value-Added Services

     

    2,676

     

     

     

    2,693

     

     

    -0.1

    %

     

    0.9

    %

     

    0.8

    %

     

    -1.5

    %

     

    -0.7

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Specialty Products

     

    367

     

     

     

    360

     

     

    0.3

    %

     

    4.0

    %

     

    4.3

    %

     

    -2.3

    %

     

    2.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Global Technology

     

    162

     

     

     

    157

     

     

    3.4

    %

     

    0.0

    %

     

    3.4

    %

     

    -0.5

    %

     

    2.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Eliminations

     

    (37

    )

     

     

    (38

    )

     

    n/a

     

     

    n/a

     

     

    n/a

     

     

    n/a

     

     

    n/a

     

    Total Global

    $

    3,168

     

     

    $

    3,172

     

     

    0.2

    %

     

    1.2

    %

     

    1.4

    %

     

    -1.5

    %

     

    -0.1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Note: Prior period amounts have been reclassified to conform to the current period presentation.

     

    Exhibit B

     

     

     

     

     

     

     

     

     

     

     

     

     

    Henry Schein, Inc.

    2025 First Quarter

    Reconciliation of reported GAAP net income and diluted EPS attributable to Henry Schein, Inc.

    to non-GAAP net income and diluted EPS attributable to Henry Schein, Inc.

    (in millions, except per share data)

    (unaudited)

     

     

    First Quarter

     

     

     

     

     

     

    %

     

     

    2025

     

    2024

    Growth

     

    Net income attributable to Henry Schein, Inc.

    $

    110

     

    $

    93

    17.7

    %

    Diluted EPS attributable to Henry Schein, Inc.

    $

    0.88

     

    $

    0.72

    22.2

    %

     

     

     

     

     

     

     

    Non-GAAP Adjustments, net of tax and attribution to noncontrolling interests

     

     

     

     

     

     

    Restructuring costs (1)

    $

    17

     

    $

    7

     

     

    Acquisition intangible amortization (2)

     

    27

     

     

    28

     

     

    Cyber incident-insurance proceeds, net of third-party advisory expenses (3)

     

    (15

    )

     

    4

     

     

    Change in contingent consideration (4)

     

    (2

    )

     

    11

     

     

    Costs associated with shareholder advisory matters (5)

     

    6

     

     

    -

     

     

    Non-GAAP adjustments to net income

    $

    33

     

    $

    50

     

     

     

     

     

     

     

     

     

    Non-GAAP adjustments to diluted EPS

    $

    0.27

     

    $

    0.38

     

     

     

     

     

     

     

     

     

    Non-GAAP net income attributable to Henry Schein, Inc.

    $

    143

     

    $

    143

    0.5

    %

    Non-GAAP diluted EPS attributable to Henry Schein, Inc.

    $

    1.15

     

    $

    1.10

    4.5

    %

     

     

     

     

     

     

     

    Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures. Net income growth rates are based on actual values and may not recalculate due to rounding. Amounts may not sum due to rounding.

     

    (1)

    Restructuring Costs

     

     

     

     

     

     

     

     

     

     

     

    The following table presents details of our restructuring costs:

     

     

     

     

     

    First Quarter

     

     

    2025

     

    2024

     

    Restructuring costs - pre-tax, as reported

    $

    25

     

     

    $

    10

     

     

    Income tax benefit

     

    (7

    )

     

     

    (3

    )

     

    Amount attributable to noncontrolling interests

     

    (1

    )

     

     

    -

     

     

    Restructuring costs, net

    $

    17

     

     

    $

    7

     

    (2)

    Acquisition Intangible Amortization

     

     

     

     

     

     

     

     

     

     

     

     

    The following table presents details of amortization of acquired intangible assets:

     

     

    First Quarter

     

     

    2025

     

     

    2024

     

    Acquisition intangible amortization - pre-tax, as reported

    $

    43

     

     

    $

    46

     

     

    Income tax benefit

     

    (10

    )

     

     

    (11

    )

     

    Amount attributable to noncontrolling interests

     

    (6

    )

     

     

    (7

    )

     

    Acquisition intangible amortization, net

    $

    27

     

     

    $

    28

     

    (3)

    Represents cyber insurance proceeds, net of one time professional and other fees related to remediation of our Q4 2023 cyber incident. During Q1 2025, we received insurance proceeds of $20 million ($15 million, net of taxes) under this policy representing the remaining insurance recovery of losses related to the cyber incident.

    (4)

    Represents a change in the fair value of contingent consideration of $2 million ($2 million, net of taxes) and $15 million ($11 million, net of taxes) recorded during Q1 2025 and Q1 2024, respectively, related to our acquisitions.

    (5)

    Represents costs associated with shareholder advisory matters of $8 million ($6 million, net of taxes) recorded during Q1 2025.

     

    Exhibit C

     

     

     

     

     

     

     

     

     

    Henry Schein, Inc.

    2025 First Quarter

    Reconciliation of reported GAAP net income to Adjusted EBITDA

    (in millions)

    (unaudited)

     

     

     

     

     

     

    First Quarter

     

    2025

     

    2024

    Net income attributable to Henry Schein, Inc. (GAAP)

    $

    110

     

    $

    93

     

    Income attributable to noncontrolling interests

     

    3

     

     

    5

     

    Net income (GAAP)

     

    113

     

     

    98

     

    Definitional adjustments:

     

     

     

     

    Interest income

     

    (6

    )

     

    (5

    )

    Interest expense

     

    35

     

     

    30

     

    Income taxes

     

    35

     

     

    32

     

    Depreciation and amortization

     

    73

     

     

    73

     

    Non-GAAP adjustments:

     

     

     

     

    Restructuring costs

     

    25

     

     

    10

     

    Cyber incident-insurance proceeds, net of third-party advisory expenses

     

    (20

    )

     

    5

     

    Impairment of intangible assets

     

    1

     

     

    -

     

    Change in contingent consideration

     

    (2

    )

     

    15

     

    Costs associated with shareholder advisory matters

     

    8

     

     

    -

     

    Other adjustments:

     

     

     

     

    Equity in earnings of affiliates, net of tax

     

    (3

    )

     

    (3

    )

    Adjusted EBITDA (non-GAAP)

    $

    259

     

    $

    255

     

     

     

     

     

     

    Adjusted EBITDA is a non-GAAP measure that we calculate in the manner reflected on Exhibit C. We define Adjusted EBITDA as net income, excluding (i) net income attributable to noncontrolling interests, (ii) interest income and expense, (iii) income taxes, (iv) depreciation and amortization, (v) restructuring costs, (vi) cyber incident-insurance proceeds, net of third-party advisory expenses, (vii) impairment of intangible assets, (viii) change in contingent consideration, (ix) costs associated with shareholder advisory matters, and (x) equity in earnings of affiliates, net of tax. Amounts may not sum due to rounding.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250502630706/en/

    Investors

    Ronald N. South

    Senior Vice President and Chief Financial Officer

    [email protected]

    (631) 843-5500

    Graham Stanley

    Vice President, Investor Relations and Strategic Financial Project Officer

    [email protected]

    (631) 843-5500

    Media

    Tim Vassilakos

    Executive Director, Global Corporate Communications

    [email protected]

    (516)-510-0926

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      Henry Schein, Inc. (NASDAQ:HSIC), the world's largest provider of health care solutions to office-based dental and medical practitioners, today announced the successful completion of a $250 million strategic investment by funds affiliated with KKR, a leading global investment firm. Upon the closing of this transaction, KKR has become the holder of approximately 12% of the common shares of Henry Schein. In connection with the investment, William K. "Dan" Daniel, Executive Advisor to KKR and former Executive Vice President of Danaher Corporation, has officially joined Henry Schein's Board of Directors as an independent director. He joins Max Lin, Partner at KKR and leader of the firm's Healt

      5/16/25 4:10:00 PM ET
      $HSIC
      $KKR
      Medical Specialities
      Health Care
      Investment Managers
      Finance
    • PureTech Founded Entity Seaport Therapeutics Appoints Robert J. Hombach to its Board of Directors as Audit Committee Chair

      Former Baxter and Baxalta Chief Financial Officer brings more than 30 years of biotech financial and operational experience PureTech Health plc (NASDAQ:PRTC, LSE: PRTC)) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company, noted that its Founded Entity, Seaport Therapeutics, ("Seaport") a clinical-stage biopharmaceutical company that is advancing novel neuropsychiatric medicines with a proven strategy and team, today announced that Robert "Bob" J. Hombach has been appointed to its Board of Directors and will serve as the Chair of the Audit Committee. Mr. Hombach is a seasoned financial and operational executive with three decades of high-level leadership in the healthca

      3/11/25 7:05:00 AM ET
      $BAX
      $BMRN
      $EMBC
      $HSIC
      Medical/Dental Instruments
      Health Care
      Biotechnology: Pharmaceutical Preparations
      Medical Specialities
    • Seaport Therapeutics Appoints Robert J. Hombach to its Board of Directors as Audit Committee Chair

      Former Baxter and Baxalta Chief Financial Officer brings more than 30 years of biotech financial and operational experience Seaport Therapeutics ("Seaport" or the "Company"), a clinical-stage biopharmaceutical company that is advancing novel neuropsychiatric medicines with a proven strategy and team, today announced that Robert "Bob" J. Hombach has been appointed to its Board of Directors and will serve as the Chair of the Audit Committee. Mr. Hombach is a seasoned financial and operational executive with three decades of high-level leadership in the healthcare sector. His experience includes serving on the Audit, Finance and Compensation Committees for several public and private Boards of

      3/11/25 7:00:00 AM ET
      $BAX
      $BMRN
      $EMBC
      $HSIC
      Medical/Dental Instruments
      Health Care
      Biotechnology: Pharmaceutical Preparations
      Medical Specialities