Full Press Release Details
HENRY SCHEIN REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS
First-quarter 2025 GAAP diluted EPS of $0.88, growth of 22% compared to the first quarter of
First-quarter 2025 non-GAAP diluted EPS of $1.15, growth of 4.5% compared to the first
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%
Repurchased $161 million of common stock, or approximately 2.3 million shares
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 first quarter ended March 29, 2025.
"We are pleased with our first quarter financial results as well as the momentum we are seeing heading into the
second quarter and remain confident in the fundamentals of our business,"
said Stanley M. Bergman, Chairman of the Board
and Chief Executive Officer of Henry Schein.
"We are advancing our BOLD+1 Strategic Plan, which has been refreshed for 2025 to 2027,
with our team focused
on growing the distribution business through increasing operational efficiency and enhancing
customer experience, growing
our dental and medical specialty businesses and corporate brand
products, and further developing our digital footprint and
We remain committed to our long-term financial goal of high-single-digit to low-double-digit earnings
growth by continuing to successfully execute against this strategy," Mr. Bergman added.
for the quarter were $3.2 billion:
Constant currency total net sales increased 1.4% compared with the first
quarter of 2024. Excluding the
impact of personal protective equipment (PPE) and COVID
test kits, constant currency sales growth was
As-reported total net sales decreased 0.1% due to a stronger U.S. dollar versus
the first quarter of last year.
Global Distribution and Value-Added Services sales
for the quarter increased 0.8% in constant currencies
compared with the first quarter of 2024, and increased 1.5% excluding
the impact of PPE and COVID test kits. As-
reported sales decreased 0.7%. The main components include:
Global Dental Distribution merchandise sales
for the quarter increased 0.4% in constant currencies
compared with the first quarter of 2024, and increased 0.9% excluding the
impact of PPE and COVID test
kits. Monthly sales growth accelerated throughout the quarter after a slow start
in January primarily as a
result of weather-related events in the U.S. As-reported sales decreased
Global Dental Distribution equipment sales
for the quarter decreased
2.4% in constant currencies
compared with the first quarter of 2024. Sales growth was impacted by a
deferral of sales from the fourth
quarter of 2023 to the first quarter of 2024,
resulting in a more difficult year-over-year comparison.
Adjusting for this, global dental equipment sales growth in constant currencies
was approximately flat to
prior year. As-reported sales decreased 4.5%.
Global Medical Distribution sales
for the quarter increased 3.0% in constant currencies compared with
first quarter of 2024, and increased 4.4%
excluding the impact of PPE and COVID test kits, reflecting
increased patient traffic to physician offices,
strong growth in our home solutions business and growth from
acquisitions. As-reported sales increased 2.9%.
Global Specialty Products sales
for the quarter increased 4.3% in constant currencies compared with
quarter of 2024, reflecting continued growth in implant and biomaterial sales
and acquisition growth. As-reported
sales increased 2.0%.
Global Technology sales
for the quarter increased 3.4% in constant currencies compared with
the first quarter of
2024. Strong sales growth in practice management systems, including Dentrix Ascend
and Dentally cloud-based
solutions, as well as in revenue cycle management products, was partially
offset by lower sales of certain legacy
products that are being sunset.
As-reported sales increased 2.9%.
First-quarter sales growth is detailed in Exhibit A
for the quarter was $110 million, or $0.88 per diluted share
, and compares with first-quarter
2024 GAAP net income of $93 million, or $0.72 per diluted share.
for the quarter was $143 million, or $1.15
, and compares with first-
quarter 2024 non-GAAP net income of $143 million, or $1.10 per diluted
for the quarter was $259 million and compares
with first-quarter 2024
During the first quarter of 2025, the Company recorded $25 million in
restructuring costs and expects to achieve
annual run-rate savings at the high end of its $75 million to $100 million goal
During the first quarter of 2025, the Company repurchased approximately
2.3 million shares of its common stock at
an average price of $71.58 per share,
for a total of $161 million. The impact of these share repurchases on
diluted EPS was immaterial.
At the end of the quarter,
Henry Schein had $718 million authorized and available for future stock
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
and integration expenses, amortization
expense of acquired intangible assets, the insurance claim recovery associated with
the cybersecurity incident and costs
associated with shareholder advisory matters.
This guidance also assumes that foreign currency exchange rates