Full Press Release Details
HENRY SCHEIN REPORTS RECORD SECOND-QUARTER 2022 FINANCIAL RESULTS
Second-quarter net sales of $3.0 billion up 2.1% compared with second-quarter
internal sales up 6.7%
in local currencies when excluding sales of PPE and other COVID-19 related products
GAAP diluted EPS of $1.16 compared with second-quarter 2021 GAAP diluted EPS
of $1.10 and second-
quarter 2021 non-GAAP diluted EPS of $1.11
Affirms full-year 2022 GAAP diluted EPS guidance range of $4.75
to $4.91, reflecting growth of 7% to 10%
over full-year 2021 GAAP diluted EPS and growth of 5% to 9% over full-year 2021 non-GAAP
Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health care
solutions to office-based dental and medical practitioners, today reported record second-quarter
"We are pleased to report record second-quarter financial results that reflect good underlying momentum in the
business and execution of our strategy," said Stanley M. Bergman, Chairman
of the Board and Chief Executive Officer of
Henry Schein. "Our solid operational execution this quarter and our results demonstrate
the strength of our business.
we are maintaining our full-year 2022 diluted EPS guidance range of $4.75
we are adjusting our expectations for
full-year sales growth to reflect changes including a continued strengthening
of the U.S. dollar and declining demand for
"Our Global Dental business once again was driven by strong equipment
sales as dentists continued to invest in their
practices. Consumable merchandise internal sales growth in local
currencies excluding personal protective equipment (PPE)
and COVID-19 related products was impacted by an increase in patient
appointment cancellations and staff shortages, which
we believe were related to COVID-19 infections.
"Our Global Medical business had another excellent quarter with double-digit
internal sales growth in local
currencies when excluding PPE and COVID-19 related products. During
we had strong sales of point-of-
care diagnostic tests including flu test kits, as well as generic pharmaceuticals
and equipment. Patient traffic was bolstered by
a high number of visits for seasonal influenza.
"We are pleased with the good growth in our Technology & Value
-Added Services business where,
North America and International sales increased by double-digit percentages. Henry
Schein One sales growth accelerated
compared with prior-year growth, and we are seeing healthy demand
from our national DSO accounts for these solutions,"
concluded Mr. Bergman.
Second-Quarter Financial Results
for the quarter ended June 25, 2022,
were $3.0 billion, up 2.1% compared with the second quarter of
2021. The 2.1% increase included 2.4% internal growth in local currencies,
2.1% growth from acquisitions, and a
2.4% decrease related to foreign currency exchange. (See Exhibit
A for details of sales growth.)
internal sales growth in local currencies excluding sales of PPE and COVID-19
related products was 6.7% compared
with the prior year.
attributable to Henry Schein, Inc. for the second quarter of 2022
was $160 million, or $1.16 per
diluted share, compared with second-quarter 2021 GAAP net income
attributable to Henry Schein, Inc. of $156
million, or $1.10 per diluted share, and second-quarter 2021 non-GAAP
net income attributable to Henry Schein, Inc.
of $157 million, or $1.11 per diluted share. (See Exhibit B for a reconciliation of GAAP net income and diluted
to non-GAAP net income and diluted EPS.)
for the second quarter of 2022 of $1.9 billion decreased 3.1%
compared with the prior-year
period. Internally generated sales in local currencies decreased 0.3%, with 0.7%
growth from acquisitions and a 3.5%
decrease related to foreign currency exchange. The 0.3% internal sales decrease
in local currencies included a 1.1%
decrease in North America and 1.0% growth internationally.
Global Dental consumable merchandise internal sales
decreased by 2.2% in local currencies.
sales of PPE and COVID-19 related products, internal sales growth in
local currencies was 2.4%.
Dental equipment internal sales growth
was 7.0% in local currencies.
North America dental consumable merchandise internal sales in local currencies
increased 2.2% when excluding sales of PPE and COVID-19 related products. North
equipment internal sales in local currencies increased 8.1%.
International dental consumable merchandise internal sales in
local currencies decreased 0.3% and
increased 2.7% when excluding sales of PPE and COVID-19 related products. International
equipment internal sales in local currencies increased 5.5%.
Global Medical sales
for the second quarter of 2022 of $1.0 billion increased 10.3%
compared with the same period
last year. Internally generated sales in local currencies increased 6.7%, with 3.9%
growth from acquisitions and a
0.3% decrease related to foreign currency exchange. Internal sales
in local currencies increased 13.6% excluding
sales of PPE and COVID-19 related products.
Global Technology and Value
-Added Services sales
of $181 million increased 18.1% compared with the prior-
driven by Henry Schein One.
This included 10.8% internal sales growth in local currencies,
growth from acquisitions, and a 1.5% decline related to foreign
-to-Date Financial Results
for the first half of 2022 were $6.2 billion, an increase of 5.4%
compared with the first half of 2021.
The 5.4% increase included 5.0% internal growth in local currencies, 2.3%
growth from acquisitions,
decrease related to foreign currency exchange.