Henry Schein Reports Second Quarter 2024 Financial Results and Updates 2024 Financial Guidance
Henry Schein (Nasdaq: HSIC) reported Q2 2024 financial results with total net sales of $3.1 billion, up 1.1% from Q2 2023. GAAP diluted EPS was $0.80, while non-GAAP diluted EPS reached $1.23. The company updated its 2024 guidance, now expecting total sales growth of 4% to 6% and non-GAAP diluted EPS between $4.70 and $4.82. Henry Schein announced a new restructuring plan targeting $75-$100 million in annual run-rate savings and increased its share repurchase authorization by $500 million. The company reported strong operating cash flow of $296 million for Q2 and $493 million year-to-date, up $192 million compared to 2023.
Henry Schein (Nasdaq: HSIC) ha riportato i risultati finanziari del secondo trimestre 2024 con vendite nette totali di 3,1 miliardi di dollari, in aumento dell'1,1% rispetto al secondo trimestre 2023. EPS diluito GAAP è stato di 0,80 dollari, mentre l'EPS diluito non GAAP ha raggiunto 1,23 dollari. L'azienda ha aggiornato le sue previsioni per il 2024, ora prevedendo una crescita delle vendite totali del 4% al 6% e un EPS diluito non GAAP compreso tra 4,70 e 4,82 dollari. Henry Schein ha annunciato un nuovo piano di ristrutturazione mirante a risparmi annuali tra 75 e 100 milioni di dollari e ha aumentato la sua autorizzazione per il riacquisto delle azioni di 500 milioni di dollari. L'azienda ha riportato un solido flusso di cassa operativo di 296 milioni di dollari per il secondo trimestre e 493 milioni di dollari da inizio anno, con un aumento di 192 milioni rispetto al 2023.
Henry Schein (Nasdaq: HSIC) reportó los resultados financieros del segundo trimestre de 2024, con ventas netas totales de 3.1 mil millones de dólares, un aumento del 1.1% en comparación con el segundo trimestre de 2023. El EPS diluido GAAP fue de 0.80 dólares, mientras que el EPS diluido no GAAP alcanzó 1.23 dólares. La compañía actualizó su guía para 2024, esperando ahora un crecimiento de ventas totales del 4% al 6% y un EPS diluido no GAAP de entre 4.70 y 4.82 dólares. Henry Schein anunció un nuevo plan de reestructuración con un objetivo de ahorros anuales de entre 75 y 100 millones de dólares e incrementó su autorización de recompra de acciones en 500 millones de dólares. La compañía reportó un fuerte flujo de efectivo operativo de 296 millones de dólares para el segundo trimestre y 493 millones de dólares en lo que va del año, un aumento de 192 millones en comparación con 2023.
헨리 쉰(Henry Schein)(Nasdaq: HSIC)은 2024년 2분기 재무 결과를 발표하며 총 순매출이 31억 달러, 2023년 2분기 대비 1.1% 증가했다고 밝혔습니다. GAAP 희석 EPS는 0.80 달러였으며, 비 GAAP 희석 EPS는 1.23 달러에 달했습니다. 회사는 2024년 전망을 업데이트하여 총 판매 성장이 4%에서 6%로 예상되며, 비 GAAP 희석 EPS는 4.70에서 4.82 달러 사이가 될 것으로 보고했습니다. 헨리 쉰은 연간 7500만에서 1억 달러의 절감을 목표로 하는 새로운 구조조정 계획을 발표하고 자사주매입 승인 금액을 5억 달러 증액했습니다. 회사는 2분기 운영 현금 흐름이 2억 9600만 달러이며, 올해 누적 4억 9300만 달러로, 2023년 대비 1억 9200만 달러 증가했다고 보고했습니다.
Henry Schein (Nasdaq: HSIC) a annoncé les résultats financiers du deuxième trimestre 2024, avec des ventes nettes totales de 3,1 milliards de dollars, en hausse de 1,1 % par rapport au deuxième trimestre 2023. Le BPA dilué GAAP était de 0,80 dollar, tandis que le BPA dilué non GAAP a atteint 1,23 dollar. L'entreprise a mis à jour ses prévisions pour 2024, s'attendant désormais à une croissance des ventes totale de 4 % à 6 % et à un BPA dilué non GAAP compris entre 4,70 et 4,82 dollars. Henry Schein a annoncé un nouveau plan de restructuration visant à réaliser des économies annuelles de 75 à 100 millions de dollars et a augmenté son autorisation de rachat d'actions de 500 millions de dollars. L'entreprise a rapporté un solide flux de trésorerie opérationnel de 296 millions de dollars pour le deuxième trimestre et 493 millions de dollars depuis le début de l'année, soit une augmentation de 192 millions par rapport à 2023.
Henry Schein (Nasdaq: HSIC) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht und Gesamtumsätze von 3,1 Milliarden Dollar gemeldet, was einem Anstieg von 1,1% im Vergleich zum zweiten Quartal 2023 entspricht. GAAP verwässertes EPS betrug 0,80 Dollar, während nicht-GAAP verwässertes EPS 1,23 Dollar erreichte. Das Unternehmen hat seine Prognose für 2024 aktualisiert und erwartet nun eine Umsatzwachstum von 4% bis 6% sowie ein nicht-GAAP verwässertes EPS zwischen 4,70 und 4,82 Dollar. Henry Schein kündigte einen neuen Restrukturierungsplan an, der jährliche Einsparungen von 75 bis 100 Millionen Dollar anstrebt und erhöhte die Genehmigung für den Aktienrückkauf um 500 Millionen Dollar. Das Unternehmen berichtete über einen starken operativen Cashflow von 296 Millionen Dollar für das zweite Quartal und 493 Millionen Dollar seit Jahresbeginn, was einem Anstieg von 192 Millionen Dollar im Vergleich zu 2023 entspricht.
- Total net sales increased by 1.1% to $3.1 billion in Q2 2024
- Non-GAAP diluted EPS of $1.23 in Q2 2024
- Operating cash flow of $296 million for Q2, up $22 million from Q2 2023
- Year-to-date operating cash flow of $493 million, up $192 million from 2023
- New restructuring plan targeting $75-$100 million in annual run-rate savings
- Share repurchase authorization increased by $500 million
- Gross margin continued to increase due to expansion of high-growth, high-margin products and services
- GAAP net income decreased to $104 million in Q2 2024 from $140 million in Q2 2023
- GAAP diluted EPS decreased to $0.80 in Q2 2024 from $1.06 in Q2 2023
- Internal sales decreased by 2.4% in Q2 2024
- Slower than anticipated recovery from the cyber incident late last year
- Updated 2024 guidance with lower total sales growth and non-GAAP diluted EPS expectations
- Global Dental sales decreased by 1.7% in Q2 2024
- Global Medical internal sales decreased by 4.3% in Q2 2024
Insights
Henry Schein's Q2 2024 results present a mixed picture. While total net sales increased by
The company's updated 2024 guidance reflects challenges, with total sales growth now expected at
The announcement of a new restructuring plan targeting
Henry Schein's Q2 results reveal shifting market dynamics in the healthcare solutions sector. The dental segment, representing about
The
The updated guidance and restructuring plans signal a cautious outlook, reflecting broader economic uncertainties and the need for operational optimization in a challenging market environment.
The lingering impact of last year's cyber incident on Henry Schein's recovery pace is a critical concern. It underscores the far-reaching consequences of cybersecurity breaches in the healthcare sector. The slower-than-expected recovery suggests potential ongoing challenges in restoring full operational efficiency and customer trust.
The
The new restructuring plan, while not explicitly tech-focused, likely involves technological upgrades to achieve the targeted
Highlights:
-
Second-quarter 2024 GAAP diluted EPS of
$0.80 $1.23 -
Operating cash flow of
$296 million $493 million $192 million -
2024 full-year non-GAAP EPS guidance updated to
$4.70 $4.82 -
New restructuring plan targeting
$75 million $100 million -
Share repurchase authorization increased by
$500 million
“We delivered solid second quarter financial results, including strong operating cash flow, that reflected stable end markets. Gross margin continued to increase, driven by our strategies to expand our high-growth, high-margin products and services and by the successful performance of our recent acquisitions. We are experiencing improving sales trends in our distribution businesses, however, the pace of recovery in these businesses since the cyber incident late last year has been slower than anticipated,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein.
“Given the challenging economic environment in certain markets, as well as this delay in recovery from the cyber incident, we are updating our 2024 full-year financial guidance.
“We remain committed to our long-term financial goals through advancement of the BOLD+1 Strategic Plan, supported by our strong balance sheet and new restructuring plan, as we continue to generate synergies by connecting our distribution businesses, specialty products, and technology and value-added services,” Mr. Bergman added.
Second-Quarter 2024 Financial Results
-
Total net sales for the quarter were
$3.1 billion 1.1% compared with the second quarter of 2023. This reflects4.0% sales growth from acquisitions, a0.5% sales decrease resulting from foreign exchange rates, a0.5% sales decrease from lower sales of personal protective equipment (PPE), primarily the result of lower glove pricing, and the pace of recovery from the cyber incident late last year. -
Internal sales for the quarter decreased
2.4% , which includes a0.5% decrease from lower PPE sales.
Second-quarter sales and internal sales growth are summarized below and detailed in Exhibit A1.
|
Sales
|
Total
(%) |
Internal
|
Global Dental |
|
( |
( |
Merchandise |
|
( |
( |
Equipment |
|
( |
( |
Global Medical |
|
|
( |
Global Technology and Value-Added Services |
|
|
|
|
|
|
|
TOTAL SALES |
|
|
( |
Note: items may not sum due to rounding |
-
GAAP net income2 for the quarter was
$104 million $0.80 $140 million $1.06 -
Non-GAAP net income2 for the quarter was
$158 million $1.23 $173 million $1.31 -
Operating cash flow for the quarter of
$296 million $22 million -
Adjusted EBITDA3 for the quarter was
$268 million $279 million
Year-to-Date Financial Results
-
Total net sales for the first half of 2024 were
$6.3 billion 2.4% compared with the first half of 2023. This reflects4.5% sales growth from acquisitions, a0.7% sales decrease from lower sales of personal protective equipment, and the pace of recovery from the cyber incident late last year. The impact from foreign exchange rates was not significant. -
Internal sales for the first half of 2024 decreased
2.1% , which includes a0.7% decrease from lower PPE sales.
First half of 2024 sales and internal sales growth are summarized below and detailed in Exhibit A1.
|
Sales
|
Total
(%) |
Internal
(%) |
Global Dental |
|
( |
( |
Merchandise |
|
( |
( |
Equipment |
|
|
( |
Global Medical |
|
|
( |
Global Technology and Value-Added Services |
|
|
|
|
|
|
|
TOTAL SALES |
|
|
( |
Note: items may not sum due to rounding |
|
|
|
-
GAAP net income2 for the first half of 2024 was
$197 million $1.52 $261 million $1.97 -
Non-GAAP net income2 for the first half of 2024 was
$301 million $2.33 $334 million $2.52 -
Operating cash flow for the first half of
$493 million $192 million -
Adjusted EBITDA3 for the first half of 2024 was
$523 million $535 million
Restructuring Plan
Henry Schein is today announcing a restructuring plan to integrate recent acquisitions, right-size operations and further increase efficiencies, targeting
The Company expects to record restructuring charges in the second half of 2024 and in 2025; however, an estimate of the amount of these charges has not yet been determined as plans are still being finalized. Restructuring charges are expected primarily to include severance pay and facility-related costs.
The restructuring plan announced in the third quarter of 2022 was completed on July 31, 2024.
Share Repurchases
During the second quarter of 2024, the Company repurchased approximately 1.4 million shares of its common stock at an average price of
At quarter-end, Henry Schein had approximately
An additional
2024 Financial Guidance
Henry Schein is updating full-year 2024 financial guidance, as described below. Guidance is for current continuing operations as well as acquisitions that have closed and does not include the impact of potential future acquisitions, restructuring and integration expenses, amortization expense of acquired intangible assets, contingent consideration revaluation adjustments, certain expenses directly associated with the cyber incident or any related insurance claim recovery. This guidance also assumes that foreign currency exchange rates remain generally consistent with current levels and that end markets remain consistent with current market conditions.
-
2024 total sales growth is now expected to be approximately
4% to6% over 2023, compared with prior guidance of8% to10% growth. The previous guidance anticipated a stronger economy as well as a faster recovery from the cyber incident. -
2024 non-GAAP diluted EPS attributable to Henry Schein, Inc. is now expected to be
$4.70 $4.82 $5.00 $5.16 4% to7% compared with 2023 non-GAAP diluted EPS of$4.50 -
2024 Adjusted EBITDA is expected to grow in the low double-digit percentages versus 2023 Adjusted EBITDA and compares with prior guidance of more than
15% .
Adjustments to 2024 GAAP Net Income and Diluted EPS
The Company is providing guidance for 2024 diluted EPS on a non-GAAP basis and for 2024 Adjusted EBITDA, as noted above. The Company is not providing a reconciliation of its 2024 non-GAAP guidance to its projected 2024 diluted EPS prepared on a GAAP basis, or its projected 2024 Adjusted EBITDA 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, that will be included in the Company’s 2024 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.
1 See Exhibit A for details of sales growth. Internal sales growth is calculated from total net sales using constant foreign 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.
Second-Quarter 2024 Conference Call Webcast
The Company will hold a conference call to discuss second-quarter 2024 financial results today, beginning at 10:00 a.m. Eastern time. Individual investors are invited to listen to the conference call through Henry Schein’s website by visiting www.henryschein.com/IRwebcasts. 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 second-quarter 2024 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 more than 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
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; our ability to develop or acquire and maintain and protect new products (particularly technology products) and 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; 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; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, ongoing wars, fluctuations in energy pricing and the value of the
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 schedules 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.
(TABLES TO FOLLOW)
HENRY SCHEIN, INC.
|
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 29, |
|
July 1, |
|
June 29, |
|
July 1, |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
3,136 |
|
$ |
3,100 |
|
$ |
6,308 |
|
$ |
6,160 |
Cost of sales |
|
|
2,118 |
|
|
2,125 |
|
|
4,278 |
|
|
4,219 |
Gross profit |
|
|
1,018 |
|
|
975 |
|
|
2,030 |
|
|
1,941 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
781 |
|
|
707 |
|
|
1,572 |
|
|
1,424 |
Depreciation and amortization |
|
|
63 |
|
|
49 |
|
|
124 |
|
|
93 |
Restructuring costs |
|
|
15 |
|
|
18 |
|
|
25 |
|
|
48 |
Operating income |
|
|
159 |
|
|
201 |
|
|
309 |
|
|
376 |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
6 |
|
|
3 |
|
|
11 |
|
|
6 |
Interest expense |
|
|
(32) |
|
|
(19) |
|
|
(62) |
|
|
(33) |
Other, net |
|
|
(1) |
|
|
1 |
|
|
1 |
|
|
- |
Income before taxes, equity in earnings of affiliates and noncontrolling interests |
|
|
132 |
|
|
186 |
|
|
259 |
|
|
349 |
Income taxes |
|
|
(33) |
|
|
(41) |
|
|
(65) |
|
|
(80) |
Equity in earnings of affiliates, net of tax |
|
|
6 |
|
|
3 |
|
|
9 |
|
|
7 |
Net income |
|
|
105 |
|
|
148 |
|
|
203 |
|
|
276 |
Less: Net income attributable to noncontrolling interests |
|
|
(1) |
|
|
(8) |
|
|
(6) |
|
|
(15) |
Net income attributable to Henry Schein, Inc. |
|
$ |
104 |
|
$ |
140 |
|
$ |
197 |
|
$ |
261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to Henry Schein, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.81 |
|
$ |
1.07 |
|
$ |
1.53 |
|
$ |
1.99 |
Diluted |
|
$ |
0.80 |
|
$ |
1.06 |
|
$ |
1.52 |
|
$ |
1.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
127,784,380 |
|
|
130,905,899 |
|
|
128,252,628 |
|
|
131,136,450 |
Diluted |
|
|
128,646,506 |
|
|
131,873,174 |
|
|
129,206,780 |
|
|
132,465,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
HENRY SCHEIN, INC.
|
||||||
|
|
June 29, |
|
December 30, |
||
|
|
2024 |
|
2023 |
||
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
138 |
|
$ |
171 |
Accounts receivable, net of allowance for credit losses of |
|
|
1,559 |
|
|
1,863 |
Inventories, net of reserves of |
|
|
1,657 |
|
|
1,815 |
Prepaid expenses and other |
|
|
587 |
|
|
639 |
Total current assets |
|
|
3,941 |
|
|
4,488 |
Property and equipment, net |
|
|
518 |
|
|
498 |
Operating lease right-of-use assets |
|
|
304 |
|
|
325 |
Goodwill |
|
|
3,905 |
|
|
3,875 |
Other intangibles, net |
|
|
1,081 |
|
|
916 |
Investments and other |
|
|
502 |
|
|
471 |
Total assets |
|
$ |
10,251 |
|
$ |
10,573 |
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
867 |
|
$ |
1,020 |
Bank credit lines |
|
|
505 |
|
|
264 |
Current maturities of long-term debt |
|
|
106 |
|
|
150 |
Operating lease liabilities |
|
|
75 |
|
|
80 |
Accrued expenses: |
|
|
|
|
|
|
Payroll and related |
|
|
279 |
|
|
332 |
Taxes |
|
|
150 |
|
|
137 |
Other |
|
|
567 |
|
|
700 |
Total current liabilities |
|
|
2,549 |
|
|
2,683 |
Long-term debt |
|
|
1,891 |
|
|
1,937 |
Deferred income taxes |
|
|
115 |
|
|
54 |
Operating lease liabilities |
|
|
261 |
|
|
310 |
Other liabilities |
|
|
431 |
|
|
436 |
Total liabilities |
|
|
5,247 |
|
|
5,420 |
|
|
|
|
|
|
|
Redeemable noncontrolling interests |
|
|
856 |
|
|
864 |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Preferred stock, |
|
|
|
|
|
|
none outstanding |
|
|
- |
|
|
- |
Common stock, |
|
|
|
|
|
|
127,080,545 outstanding on June 29, 2024 and |
|
|
|
|
|
|
129,247,765 outstanding on December 30, 2023 |
|
|
1 |
|
|
1 |
Additional paid-in capital |
|
|
- |
|
|
- |
Retained earnings |
|
|
3,803 |
|
|
3,860 |
Accumulated other comprehensive loss |
|
|
(292) |
|
|
(206) |
Total Henry Schein, Inc. stockholders' equity |
|
|
3,512 |
|
|
3,655 |
Noncontrolling interests |
|
|
636 |
|
|
634 |
Total stockholders' equity |
|
|
4,148 |
|
|
4,289 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity |
|
$ |
10,251 |
|
$ |
10,573 |
|
|
|
|
|
|
|
HENRY SCHEIN, INC.
|
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
June 29, |
|
July 1, |
|
June 29, |
|
July 1, |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
105 |
|
$ |
148 |
|
$ |
203 |
|
$ |
276 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
74 |
|
|
59 |
|
|
147 |
|
|
111 |
Non-cash restructuring charges |
|
|
5 |
|
|
3 |
|
|
6 |
|
|
10 |
Stock-based compensation expense |
|
|
12 |
|
|
14 |
|
|
20 |
|
|
24 |
Provision for losses on trade and other accounts receivable |
|
|
2 |
|
|
1 |
|
|
7 |
|
|
2 |
Benefit from deferred income taxes |
|
|
(21) |
|
|
(5) |
|
|
(19) |
|
|
(3) |
Equity in earnings of affiliates |
|
|
(6) |
|
|
(3) |
|
|
(9) |
|
|
(7) |
Distributions from equity affiliates |
|
|
7 |
|
|
7 |
|
|
9 |
|
|
9 |
Changes in unrecognized tax benefits |
|
|
1 |
|
|
2 |
|
|
3 |
|
|
3 |
Other |
|
|
(3) |
|
|
(8) |
|
|
(9) |
|
|
(9) |
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
80 |
|
|
38 |
|
|
270 |
|
|
18 |
Inventories |
|
|
33 |
|
|
100 |
|
|
107 |
|
|
163 |
Other current assets |
|
|
9 |
|
|
(30) |
|
|
50 |
|
|
(1) |
Accounts payable and accrued expenses |
|
|
(2) |
|
|
(52) |
|
|
(292) |
|
|
(295) |
Net cash provided by operating activities |
|
|
296 |
|
|
274 |
|
|
493 |
|
|
301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(37) |
|
|
(37) |
|
|
(78) |
|
|
(68) |
Payments related to equity investments and business acquisitions, |
|
|
|
|
|
|
|
|
|
|
|
|
net of cash acquired |
|
|
(161) |
|
|
(250) |
|
|
(181) |
|
|
(251) |
Proceeds from loan to affiliate |
|
|
2 |
|
|
1 |
|
|
3 |
|
|
3 |
Capitalized software costs |
|
|
(11) |
|
|
(11) |
|
|
(20) |
|
|
(20) |
Other |
|
|
(2) |
|
|
(4) |
|
|
(5) |
|
|
(4) |
Net cash used in investing activities |
|
|
(209) |
|
|
(301) |
|
|
(281) |
|
|
(340) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net change in bank credit lines |
|
|
242 |
|
|
86 |
|
|
242 |
|
|
218 |
Proceeds from issuance of long-term debt |
|
|
- |
|
|
377 |
|
|
90 |
|
|
408 |
Principal payments for long-term debt |
|
|
(117) |
|
|
(365) |
|
|
(177) |
|
|
(366) |
Proceeds from issuance of stock upon exercise of stock options |
|
|
1 |
|
|
- |
|
|
2 |
|
|
1 |
Payments for repurchases and retirement of common stock |
|
|
(100) |
|
|
(50) |
|
|
(175) |
|
|
(150) |
Payments for taxes related to shares withheld for employee taxes |
|
|
(1) |
|
|
(3) |
|
|
(8) |
|
|
(33) |
Distributions to noncontrolling shareholders |
|
|
(22) |
|
|
(2) |
|
|
(28) |
|
|
(6) |
Acquisitions of noncontrolling interests in subsidiaries |
|
|
(117) |
|
|
(5) |
|
|
(211) |
|
|
(13) |
Net cash provided by (used in) financing activities |
|
|
(114) |
|
|
38 |
|
|
(265) |
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
6 |
|
|
- |
|
|
20 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
(21) |
|
|
11 |
|
|
(33) |
|
|
20 |
Cash and cash equivalents, beginning of period |
|
|
159 |
|
|
126 |
|
|
171 |
|
|
117 |
Cash and cash equivalents, end of period |
|
$ |
138 |
|
$ |
137 |
|
$ |
138 |
|
$ |
137 |
Exhibit A - Second Quarter Sales |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein, Inc. |
|||||||||||||||
2024 Second Quarter |
|||||||||||||||
Sales Summary |
|||||||||||||||
(in millions) |
|||||||||||||||
(unaudited) |
|||||||||||||||
Q2 2024 over Q2 2023 |
|||||||||||||||
|
|||||||||||||||
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||
Global |
Q2 2024 |
|
Q2 2023 |
|
Local Internal
|
|
Acquisition
|
|
Total Local
|
|
Foreign
|
|
Total Sales
|
||
Dental Merchandise |
$ |
1,484 |
|
$ |
1,514 |
|
- |
|
|
|
- |
|
- |
|
- |
Dental Equipment |
|
440 |
|
|
443 |
|
- |
|
|
|
- |
|
- |
|
- |
Total Dental |
|
1,924 |
|
|
1,957 |
|
- |
|
|
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
998 |
|
|
950 |
|
- |
|
|
|
|
|
|
|
|
Total Health Care Distribution |
|
2,922 |
|
|
2,907 |
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
214 |
|
|
193 |
|
|
|
|
|
|
|
- |
|
|
Total Global |
$ |
3,136 |
|
$ |
3,100 |
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||
|
Q2 2024 |
|
Q2 2023 |
|
Local Internal
|
|
Acquisition
|
|
Total Local
|
|
Foreign
|
|
Total Sales
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
849 |
|
$ |
897 |
|
- |
|
|
|
- |
|
- |
|
- |
Dental Equipment |
|
280 |
|
|
272 |
|
|
|
|
|
|
|
- |
|
|
Total Dental |
|
1,129 |
|
|
1,169 |
|
- |
|
|
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
970 |
|
|
925 |
|
- |
|
|
|
|
|
|
|
|
Total Health Care Distribution |
|
2,099 |
|
|
2,094 |
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
186 |
|
|
168 |
|
|
|
|
|
|
|
|
|
|
Total |
$ |
2,285 |
|
$ |
2,262 |
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
||
International |
Q2 2024 |
|
Q2 2023 |
|
Local Internal
|
|
Acquisition
|
|
Total Local
|
|
Foreign
|
|
Total Sales
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
635 |
|
$ |
617 |
|
|
|
|
|
|
|
- |
|
|
Dental Equipment |
|
160 |
|
|
171 |
|
- |
|
|
|
- |
|
- |
|
- |
Total Dental |
|
795 |
|
|
788 |
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
28 |
|
|
25 |
|
- |
|
|
|
|
|
- |
|
|
Total Health Care Distribution |
|
823 |
|
|
813 |
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
28 |
|
|
25 |
|
|
|
|
|
|
|
- |
|
|
Total International |
$ |
851 |
|
$ |
838 |
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit A - Year-to-Date Sales |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein, Inc. |
||||||||||||||||
2024 Second Quarter Year-to-Date |
||||||||||||||||
Sales Summary |
||||||||||||||||
(in millions) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2024 Year-to Date over Q2 2023 Year-to-Date |
||||||||||||||||
|
||||||||||||||||
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
|||
Global |
Q2 2024 |
|
Q2 2023 |
|
Local
|
|
Acquisition
|
|
|
Total Local
|
|
Foreign
|
|
Total Sales
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
2,983 |
|
$ |
3,001 |
|
- |
|
|
|
|
- |
|
|
|
- |
Dental Equipment |
|
855 |
|
|
854 |
|
- |
|
|
|
|
|
|
|
|
|
Total Dental |
|
3,838 |
|
|
3,855 |
|
- |
|
|
|
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
2,039 |
|
|
1,921 |
|
- |
|
|
|
|
|
|
|
|
|
Total Health Care Distribution |
|
5,877 |
|
|
5,776 |
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
431 |
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
Total Global |
$ |
6,308 |
|
$ |
6,160 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
|||
|
Q2 2024 |
|
Q2 2023 |
|
Local
|
|
Acquisition
|
|
|
Total Local
|
|
Foreign
|
|
Total Sales
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
1,697 |
|
$ |
1,793 |
|
- |
|
|
|
|
- |
|
|
|
- |
Dental Equipment |
|
535 |
|
|
520 |
|
|
|
|
|
|
|
|
- |
|
|
Total Dental |
|
2,232 |
|
|
2,313 |
|
- |
|
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
1,984 |
|
|
1,876 |
|
- |
|
|
|
|
|
|
|
|
|
Total Health Care Distribution |
|
4,216 |
|
|
4,189 |
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
375 |
|
|
334 |
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
4,591 |
|
$ |
4,523 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Currency Growth |
|
|
|
|
|
|
|||
International |
Q2 2024 |
|
Q2 2023 |
|
Local
|
|
Acquisition
|
|
|
Total Local
|
|
Foreign
|
|
Total Sales
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dental Merchandise |
$ |
1,286 |
|
$ |
1,208 |
|
|
|
|
|
|
|
|
|
|
|
Dental Equipment |
|
320 |
|
|
334 |
|
- |
|
|
|
|
- |
|
|
|
- |
Total Dental |
|
1,606 |
|
|
1,542 |
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medical |
|
55 |
|
|
45 |
|
- |
|
|
|
|
|
|
- |
|
|
Total Health Care Distribution |
|
1,661 |
|
|
1,587 |
|
- |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and Value-Added Services |
|
56 |
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
Total International |
$ |
1,717 |
|
$ |
1,637 |
|
- |
|
|
|
|
|
|
|
|
|
Exhibit B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Schein, Inc. |
||||||||||||||||
2024 Second 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) |
||||||||||||||||
|
|
Second Quarter |
|
|
|
Year-to-Date |
|
|||||||||
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
% |
|
|
|
2024 |
|
|
2023 |
|
Growth |
|
|
|
2024 |
|
|
2023 |
Growth |
|
Net income attributable to Henry Schein, Inc. |
$ |
104 |
|
$ |
140 |
|
(25.8) |
% |
|
$ |
197 |
|
$ |
261 |
(24.6) |
% |
Diluted EPS attributable to Henry Schein, Inc. |
$ |
0.80 |
|
$ |
1.06 |
|
(24.5) |
% |
|
$ |
1.52 |
|
$ |
1.97 |
(22.8) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments, net of tax and attribution to noncontrolling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs (1) |
$ |
11 |
|
$ |
13 |
|
|
|
|
$ |
18 |
|
$ |
34 |
|
|
Acquisition intangible amortization (2) |
|
28 |
|
|
20 |
|
|
|
|
|
56 |
|
|
39 |
|
|
Cyber incident-insurance proceeds, net of third-party advisory expenses (3) |
|
(6) |
|
|
- |
|
|
|
|
|
(2) |
|
|
- |
|
|
Change in contingent consideration (4) |
|
17 |
|
|
- |
|
|
|
|
|
28 |
|
|
- |
|
|
Litigation settlements (5) |
|
4 |
|
|
- |
|
|
|
|
|
4 |
|
|
- |
|
|
Non-GAAP adjustments to net income |
$ |
54 |
|
$ |
33 |
|
|
|
|
$ |
104 |
|
$ |
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments to diluted EPS |
|
0.43 |
|
|
0.25 |
|
|
|
|
|
0.81 |
|
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to Henry Schein, Inc. |
$ |
158 |
|
$ |
173 |
|
(8.3) |
% |
|
$ |
301 |
|
$ |
334 |
(9.7) |
% |
Non-GAAP diluted EPS attributable to Henry Schein, Inc. |
$ |
1.23 |
|
$ |
1.31 |
|
(6.1) |
% |
|
$ |
2.33 |
|
$ |
2.52 |
(7.5) |
% |
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: |
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Second Quarter |
|
|
|
Full Year |
|||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Restructuring costs - pre-tax, as reported |
$ |
15 |
|
$ |
18 |
|
|
$ |
25 |
|
|
48 |
|
|
Income tax benefit |
|
(3) |
|
|
(4) |
|
|
|
(6) |
|
|
(12) |
|
|
Amount attributable to noncontrolling interests |
|
(1) |
|
|
(1) |
|
|
|
(1) |
|
|
(2) |
|
|
Restructuring costs, net |
$ |
11 |
|
$ |
13 |
|
|
$ |
18 |
|
$ |
34 |
|
Q2 2024 restructuring costs primarily consisted of employee severance and costs related to the exit of facilities.
(2) |
Acquisition Intangible Amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
The following table presents details of amortization of acquired intangible assets: |
|
|
|
|
|
|
|
||||||
|
|
|
Second Quarter |
|
|
|
Full Year |
|||||||
|
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
Acquisition intangible amortization - pre-tax, as reported |
$ |
47 |
|
$ |
34 |
|
|
$ |
93 |
|
|
64 |
|
|
Income tax benefit |
|
(12) |
|
|
(9) |
|
|
|
(23) |
|
|
(16) |
|
|
Amount attributable to noncontrolling interests |
|
(7) |
|
|
(5) |
|
|
|
(14) |
|
|
(9) |
|
|
Acquisition intangible amortization, net |
$ |
28 |
|
$ |
20 |
|
|
$ |
56 |
|
$ |
39 |
|
(3) |
Represents cyber insurance proceeds, net of one time professional and other fees related to remediation of our Q4 2023 cyber incident. During Q2 2024, we received insurance proceeds of |
|
(4) |
Represents a change in the fair value of contingent consideration of |
|
(5) |
Represents settlement amounts for litigation related to the October 2023 cyber incident and settlement of certain opioid related lawsuits. |
|
Exhibit C |
||||||||||||
|
||||||||||||
Henry Schein, Inc. |
||||||||||||
2024 Second Quarter |
||||||||||||
Reconciliation of reported GAAP net income to Adjusted EBITDA |
||||||||||||
(in millions) |
||||||||||||
(unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
Full Year |
|||||||
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
Net income attributable to Henry Schein, Inc. (GAAP) |
$ |
104 |
|
$ |
140 |
|
|
$ |
197 |
|
|
261 |
Income attributable to noncontrolling interests |
|
1 |
|
|
8 |
|
|
|
6 |
|
|
15 |
Net income (GAAP) |
|
105 |
|
|
148 |
|
|
|
203 |
|
|
276 |
Definitional adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
(6) |
|
|
(3) |
|
|
|
(11) |
|
|
(6) |
Interest expense |
|
32 |
|
|
19 |
|
|
|
62 |
|
|
33 |
Income taxes |
|
33 |
|
|
41 |
|
|
|
65 |
|
|
80 |
Depreciation and amortization |
|
74 |
|
|
59 |
|
|
|
147 |
|
|
111 |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
15 |
|
|
18 |
|
|
|
25 |
|
|
48 |
Cyber incident-insurance proceeds, net of third-party advisory expenses |
|
(7) |
|
|
- |
|
|
|
(2) |
|
|
- |
Change in contingent consideration |
|
23 |
|
|
- |
|
|
|
38 |
|
|
- |
Litigation settlements |
|
5 |
|
|
- |
|
|
|
5 |
|
|
- |
Other adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of affiliates, net of tax |
|
(6) |
|
|
(3) |
|
|
|
(9) |
|
|
(7) |
Adjusted EBITDA (non-GAAP) |
$ |
268 |
|
$ |
279 |
|
|
$ |
523 |
|
$ |
535 |
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) change in contingent consideration, (viii) litigation settlements (ix) equity in earnings of affiliates. Amounts may not sum due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805490049/en/
Investors
Ronald N. South
Senior Vice President and Chief Financial Officer
ronald.south@henryschein.com
(631) 843-5500
Graham Stanley
Vice President, Investor Relations and Strategic Financial Project Officer
graham.stanley@henryschein.com
(631) 843-5500
Media
Ann Marie Gothard
Vice President, Global Corporate Media Relations
annmarie.gothard@henryschein.com
(631) 390-8169
Source: Henry Schein, Inc.
FAQ
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