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Henry Schein Inc. (symbol: HSIC) is the world's largest provider of healthcare products and services to office-based dental, animal health, and medical practitioners. As a Fortune 500® company and a member of the S&P 500® and NASDAQ 100® indexes, Henry Schein employs more than 18,000 team members and serves over one million customers globally. The company's offerings extend to dental laboratories, government and institutional healthcare clinics, and other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, offering a comprehensive selection of more than 100,000 branded products and private-label products, as well as over 150,000 additional products available as special-order items.
The company is organized into two main segments: Healthcare Distribution and Technology & Value-Added Services. The Healthcare Distribution segment focuses on distributing consumable products, small equipment, and laboratory products. The Technology & Value-Added Services segment provides innovative software solutions and other technology services designed to help healthcare practitioners run their practices more efficiently and deliver high-quality care.
In recent years, Henry Schein has achieved significant milestones, including expanding its product range and forming strategic partnerships to enhance its service offerings. The company continues to innovate with exclusive technology solutions aimed at improving practice management and patient care.
Henry Schein (Nasdaq: HSIC) has acquired a 70% stake in eAssist Dental Solutions, a leading virtual dental billing service. This strategic move aims to enhance operational efficiency in dental practices and allows them to focus on patient care. eAssist generated approximately $31 million in sales in 2020. While the acquisition is expected to be slightly dilutive to Henry Schein’s 2021 financial results, it's anticipated to become accretive thereafter. Dr. James Anderson will remain CEO of eAssist, driving growth through enhanced resources and technology.
Henry Schein was awarded a $53.4 million contract by the U.S. Department of Health and Human Services for the storage and distribution of 80,000 pallets of personal protective equipment (PPE) and COVID-19 products to enhance the Strategic National Stockpile (SNS). This initiative supports ASPR's goal to optimize public health responses to emergencies. The company has a proven track record in providing essential medical supplies during the pandemic and emphasizes the importance of adequate emergency medical stock at care points.
Henry Schein One has acquired an 80% stake in Jarvis Analytics, a company developing data analytics tools for dental practices. This partnership aims to enhance decision-making and business performance for dental teams by utilizing data from various management systems. The financial impact from Jarvis Analytics is expected to be neutral to Henry Schein's earnings in 2021 but accretive thereafter. Stanley M. Bergman commented on the commitment to tech advancements, while Jarvis Analytics remains agnostic to practice management systems, expanding integration with Henry Schein's offerings.
Henry Schein, the largest health care solutions provider for dental and medical practitioners, will present at four investor conferences in June 2021. The schedule includes:
- Stifel 2021 Annual Dental & Veterinary Conference on June 2 at 2:00 p.m. ET.
- Jefferies 2021 Virtual Healthcare Conference on June 3 at 2:00 p.m. ET.
- Goldman Sachs 42nd Annual Global Healthcare Conference on June 10 at 1:20 p.m. ET.
- Baird Healthcare ESG Symposium on June 17 at 1:20 p.m. ET.
Live webcasts for the first three conferences are available on their website, with replays following the presentations.
Henry Schein, Inc. (Nasdaq: HSIC) has elected Reed V. Tuckson, M.D., FACP, to its Board of Directors. Dr. Tuckson brings over 35 years of healthcare leadership, having previously served as Executive Vice President at UnitedHealth Group. He is known for his work with the Black Coalition Against COVID-19 and several advisory committees. Stanley M. Bergman, CEO, expressed confidence in Dr. Tuckson's ability to drive health equity and innovation. With this addition, HSIC aims to enhance its commitment to a socially responsible future and address disparities in health access.
Henry Schein (Nasdaq: HSIC) has authorized a share repurchase program worth $400 million, complementing the remaining $33 million from a previous buyback initiated in October 2019. This new program represents approximately 4.0 percent of its 140 million outstanding shares. Executive VP Steven Paladino emphasized that this decision demonstrates the company's commitment to strategic priorities and solid cash flow generation, allowing for a balanced capital allocation strategy that supports growth and acquisitions.
Henry Schein One has launched a new software module named Consistency of Care designed to integrate dental and medical patient records. This initiative responds to the increased demand from health care providers for comprehensive patient services. Developed by Exan Software, the module enhances interoperability, allowing dental schools to share patient records with medical schools. Penn Dental Medicine is the first to adopt this module. The integration aims to improve patient care, ensure accurate health records, and streamline data management, thereby enhancing overall patient outcomes and efficiency.
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