Full Press Release Details
HENRY SCHEIN REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS
AND INCREASES 2024 FINANCIAL GUIDANCE
Third-quarter 2024 GAAP diluted EPS of $0.78 and non-GAAP diluted
Operating cash flow of $151 million for the third quarter of 2024;
year-to-date operating cash flow of $644
million, up $112 million compared with year-to-date 2023
Increases 2024 full-year non-GAAP EPS guidance to $4.74 to $4.82 from $4.70 to $4.82
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 third quarter ended
"Our businesses performed well during the third quarter,
driven by the continued successful implementation of our
BOLD+1 Strategic Plan that is resulting in growth and efficiency throughout the business,
and a strong contribution from
high-growth, high-margin products and services," said Stanley M. Bergman, Chairman of the Board
Officer of Henry Schein. "We believe we continued to steadily gain market share in our dental and medical distribution
businesses following last year's cyber incident. Our dental equipment business is
showing ongoing stability in North America
and increased investment by customers in Europe,
Australia and New Zealand. Implant and endodontic products had good
growth in Europe and Brazil,
as well as North America following the successful launch of the BioHorizons
Conical implant in the U.S.," Mr. Bergman added.
"Acquisitions made during our 2022 to 2024 strategic planning cycle, along
with new product launches, are
delivering strong financial results, and our restructuring plan is on target. We also continue to return capital to shareholders
through our share repurchase program.
As a result, we exceeded our financial expectations for
the quarter, and so today we
are increasing our non-GAAP EPS guidance to $4.74 to $4.82," Mr. Bergman concluded.
Third-Quarter 2024 Financial Results
for the quarter were $3.2 billion, an increase of 0.4% compared with
the third quarter of 2023. This
reflects 3.2% sales growth from acquisitions, a 0.2% sales decrease resulting
from foreign currency exchange rates, a
0.4% 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.
for the quarter decreased 2.6%, which includes a 0.4% decrease
from lower PPE sales.
Third-quarter sales and internal sales growth are summarized below and detailed
Global Technology and Value
Note: items may not sum due to rounding
for the quarter was $99 million, or $0.78 per diluted share
, and compares with third-quarter
2023 GAAP net income of $137 million, or $1.05 per diluted share.
for the quarter was $155 million, or $1.22
, and compares with third-
quarter 2023 non-GAAP net income of $173 million, or $1.32 per diluted
share. GAAP and non-GAAP diluted EPS
included a remeasurement gain of $0.11 resulting from the purchase of a controlling interest of a previously
non-controlling equity investment.
for the quarter was $151 million and compares
with operating cash flow in the third-quarter
2023 of $231 million.
for the quarter was $268 million and compares
with third-quarter 2023 Adjusted EBITDA of
-to-Date Financial Results
for the first nine months of 2024 were $9.5 billion, an increase
of 1.7% compared with the first nine
months of 2023. This reflects 4.1% sales growth from acquisitions, a 0.1%
sales decrease resulting from foreign
currency exchange rates, a 0.6% sales decrease from lower sales of personal
protective equipment, and the pace of
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.
See Exhibit B for a reconciliation of GAAP net income and diluted
EPS to non-GAAP net income and diluted EPS.
See Exhibit C for a reconciliation of GAAP net income to Adjusted EBITDA.
References to diluted EPS refer to diluted EPS attributable to Henry Schein, Inc.
recovery from the cyber incident late last year.
for the first nine months of 2024 decreased 2.3%, which
includes a 0.6% decrease from lower PPE
First nine months of 2024 sales and internal sales growth are summarized
below and detailed in Exhibit A
Global Technology and Value
Note: items may not sum due to rounding
for the first nine months of 2024 was $296 million, or $2.30 per diluted share
with first nine months of 2023
GAAP net income of $398 million, or $3.02 per diluted share.
for the first nine months of 2024 was $456 million, or $3.55
compares with first nine months of 2023
non-GAAP net income of $507 million, or $3.84 per diluted share.
and non-GAAP diluted EPS for the first nine months included a
remeasurement gain of $0.11 resulting from the
purchase of a controlling interest of a previously held equity investment
and compares with a remeasurement gain of
$0.10 recorded in the second quarter of 2023.
for the first nine months of 2024 was $644 million, an
increase of $112 million compared
the first nine months of 2023.
for the first nine months of 2024 was $791 million and compares with
first nine months of 2023
Adjusted EBITDA of $813 million.
During the third quarter of 2024, the Company recorded $48
million in restructuring costs.
This includes $12 million
incurred as part of the plan announced in the third quarter of 2022,
which was completed on July 31, 2024,