Full Press Release Details
HENRY SCHEIN REPORTS SECOND
QUARTER 2025 FINANCIAL RESULTS
Second-quarter 2025 GAAP diluted EPS of $0.70, compared to $0.80 GAAP diluted EPS in the second quarter
Second-quarter 2025 non-GAAP diluted EPS of $1.10, compared to $1.23 non-GAAP diluted EPS in the
second quarter of 2024
Maintains guidance for 2025 non-GAAP diluted EPS of $4.80 to $4.94, mid-single digit 2025 Adjusted
and sales growth of 2% to 4%
next steps in collaboration with KKR to pursue additional opportunities to create shareholder
Henry Schein, Inc. (Nasdaq: HSIC), the world's largest
care solutions to office-based dental and medical practitioners, today reported financial results for the second quarter ended
"We had good sales growth
in our Global Distribution Group this quarter while experiencing lower margins
U.S. versus the prior year primarily resulting from lower glove pricing as well as time-limited targeted sales initiatives. We
are pleased with the results from these initiatives and have returned to normal levels of promotional activity.
Products and Technology
Groups continued to deliver strong results, driven primarily by sales from innovative products and
and cost efficiencies," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of
Schein. "Our full-year guidance, which we are maintaining, continues to reflect earnings weighted to the second half of the
expect 2025 to be the base year from which to grow and achieve our previously provided long-term goal of high-
single digit to low-double digit earnings growth."
"Partnering with KKR Capstone,
we have engaged two leading global management consulting firms to support our
efforts to enhance distribution gross margins,
including accelerating sales of our owned-products portfolio,
ongoing company-wide initiatives to increase efficiencies. We
expect these projects, which expand on our BOLD+1 strategy,
to start producing results towards the beginning of 2026, and will support our ongoing initiatives to drive superior customer
satisfaction and our financial goal of high-single digit to low-double digit earnings growth," Mr.
Second Quarter 2025 Financial Results
for the quarter were $3.2 billion. As-reported total net sales increased 3.3% and reflects 1.9% internal
sales growth, 0.8% sales growth from acquisitions, and a 0.6% sales increase resulting from foreign currency
exchange. Second-quarter sales growth is detailed in Exhibit A
Global Distribution and Value
-Added Services sales
for the quarter increased 2.9%, and by 2.4% in constant
currencies compared with the second quarter of 2024. The main components include:
Global Dental Distribution merchandise sales
for the quarter increased 0.3% and decreased 0.4% in
constant currencies compared with the second quarter of 2024. U.S. volume increased at lower average
selling prices compared with the second quarter of 2024, partly due to glove pricing and time-limited
targeted sales initiatives. International sales were impacted by the timing of Easter.
Global Dental Distribution equipment sales
for the quarter increased 3.0%, and by 1.6% in constant
currencies compared with the second quarter of 2024. Sales growth was strong internationally and offset by
lower sales in the U.S., resulting from a slow-down in orders beginning in May due to short-term economic
uncertainty resulting from tariffs,
which then returned to normal by the end of the quarter.
Global Medical Distribution sales
for the quarter increased 6.1%, and by 6.0% in constant currencies
compared with the second quarter of 2024, reflecting increased patient traffic to physician offices
growth in our home solutions business, and growth from acquisitions.
-added Services sales
quarter increased 3.6%, and by 3.7% in constant currencies
compared with the second quarter of 2024. Sales growth was impacted this quarter by lower sales in our
practice transitions business as a result of a high prior year comparable.
Global Specialty Products sales
for the quarter increased 4.2%, and by 3.3% in constant currencies compared with
the second quarter of 2024, reflecting continued growth in implant and biomaterial sales as well as endodontic
consumables, offset in part by lower orthodontic sales.
for the quarter increased 7.4%, and by 6.6% in constant currencies compared with the
second quarter of 2024, reflecting strong sales growth in practice management systems, including Dentrix Ascend
and Dentally cloud-based solutions, as well as in revenue cycle management products.
for the quarter was $86 million, or $0.70 per diluted share
, and compares with second-quarter
2024 GAAP net income of $104 million, or $0.80 per diluted share.
for the quarter was $135 million, or $1.10
, and compares with second-
quarter 2024 non-GAAP net income of $158 million, or $1.23 per diluted share.
for the quarter was $256 million and compares with second-quarter 2024 Adjusted EBITDA of
-to-Date Financial Results
for the first half of 2025 were $6.4 billion. As-reported total net sales for the first half of 2025
increased 1.6% and reflects 1.1% internal sales growth, 1.0% sales growth from acquisitions, and a 0.5% sales
decrease resulting from foreign currency exchange. Year
-to-date sales growth is detailed in Exhibit A
for the first half of the year was $196 million, or $1.58 per diluted share
first half of 2024 GAAP net income of $197 million, or $1.52 per diluted share.
for the first half of the year was $278 million, or $2.25
with first half 2024 non-GAAP net income of $301 million, or $2.33 per diluted share.
for the first half of 2025 was $515 million, and compares with first half 2024 Adjusted EBITDA
During the second quarter of 2025, the Company recorded $23 million in restructuring costs and expects to achieve
annual run-rate savings of over $100 million by the end of 2025,
which is when the current plan is expected to have been
During the second quarter of 2025, the Company repurchased approximately 3.7 million shares of common stock at
an average price of $70.88 per share for a total of $259 million.
This included approximately 3.1 million shares of its common stock under its previously announced Accelerated
Stock Repurchase plan (ASR) at an average price of $71.60 per share, for a total of $223 million, which followed the
Company's sale of 3.3 million shares of common stock at an average
price of $76.10 per share for a total of $250 million, to
KKR. The ASR plan was completed in July.
In addition, the Company repurchased approximately 0.5 million shares of common stock at an average price of
$67.36 per share, for a total of $36 million. The impact of these share repurchases on second-quarter diluted EPS was
At the end of the quarter, Henry Schein had $432 million authorized and available for
future stock repurchases, plus a
further $27 million authorized under the ASR.
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 expenses, amortization expense of acquired
intangible assets, the insurance claim recovery associated with the cybersecurity incident, changes in contingent
consideration, costs associated with shareholder advisory matters and select value creation consulting costs, and litigation
settlements. This guidance also assumes that foreign currency exchange rates will remain generally consistent with current