Full Press Release Details
HENRY SCHEIN REPORTS RECORD FIRST-QUARTER
2022 FINANCIAL RESULTS
Total first-quarter 2022 net sales of $3.2 billion up 8.7% compared with first-quarter 2021
GAAP diluted EPS of $1.30 compared with first-quarter 2021 GAAP diluted
EPS of $1.16 and first-quarter
2021 non-GAAP diluted EPS of $1.24
Affirms full-year 2022 GAAP diluted EPS guidance 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 diluted EPS
Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health care solutions
to office-based dental and medical practitioners, today reported record first-quarter financial
"2022 is off to a strong start with record first-quarter financial results as we successfully
execute on our new 2022-
2024 strategic plan," said Stanley M. Bergman, Chairman of the Board and Chief Executive
Officer of Henry Schein. "We
are affirming our full-year 2022 GAAP diluted EPS guidance of $4.75 to $4.91, reflecting
the solid growth and stability of
"First-quarter growth in our dental business was driven by strong global
equipment sales as dentists continued to
invest in their practices,
and consumable merchandise sales recovered well during the second
half of the quarter," said Mr.
"In North America, we believe consumable merchandise sales
were impacted by lower patient traffic in January as
a result of COVID-19 but were progressively stronger in February and March.
Our international consumable merchandise
sales were impacted by similar trends as in North America.
"Global Medical sales were excellent as we achieved further penetration into
existing customer accounts.
sales growth in local currencies,
excluding personal protective equipment (PPE) and COVID-19
"Growth within Henry Schein One continues to be driven primarily
by a recovery in patient traffic to dental offices,
which generates demand for our revenue cycle management solutions,
and from cloud-based solutions that create flexible,
scalable services to drive greater efficiency and engagement," said Mr. Bergman.
First-Quarter Results
for the quarter ended March 26, 2022, were $3.2 billion, up 8.7%
compared with the first quarter of
2021. The 8.7% increase included 7.7% internal growth in local currencies,
2.4% growth from acquisitions and a
1.4% decline related to foreign currency exchange. (See Exhibit A for details
First-quarter internal
sales growth in local currencies when excluding sales of PPE and COVID-19
related products was 8.9% compared
with the prior year.
attributable to Henry Schein, Inc. for the first quarter of 2022 was $181
million, or $1.30 per
diluted share, compared with first-quarter 2021 GAAP net income
attributable to Henry Schein, Inc. of $166 million,
or $1.16 per diluted share,
and first-quarter 2021 non-GAAP net income attributable to Henry Schein,
million, or $1.24 per diluted share. (See Exhibit B for a reconciliation of GAAP
and diluted EPS to non-
GAAP net income and diluted EPS.)
for the first quarter of 2022 of $1.8 billion increased 2.2% compared with
the prior-year period.
Internally generated sales in local currencies increased 3.5% with 0.9%
growth from acquisitions and a 2.2%
related to foreign currency exchange. The 3.5% internal growth in
local currencies included growth of 4.8% in North
America and 1.8% internationally.
Global Dental consumable merchandise internal sales growth
was 1.3% in local currencies.
sales of PPE and COVID-19 related products, internal sales growth
in local currencies was 4.7%.
Dental equipment internal sales growth
was 11.9% in local currencies.
North America dental consumable merchandise internal sales in local
currencies increased 2.6%, or
7.3% when excluding sales of PPE and COVID-19 related products.
North America dental
equipment internal sales in local currencies increased 13.2%.
Internationally, dental consumable merchandise internal sales in local currencies decreased 0.5% and
increased 1.3% when excluding sales of PPE and COVID-19 related products.
International dental
equipment internal sales in local currencies increased 10.1%.
Global Medical sales
for the first quarter of 2022 of $1.2 billion increased 18.3% compared
period last year. Internally generated sales in local currencies increased 14.7% as Henry Schein achieved further
penetration into existing accounts, with 3.8% growth from acquisitions
and a 0.2% decline related to foreign currency
exchange. While this growth was bolstered by sales of COVID-19
test kits, internal sales in local currencies
when excluding sales of PPE and COVID-19 related products.
Global Technology and Value
-Added Services sales
of $179 million, driven by the strength of Henry Schein One,
compared with the prior-year quarter and included 11.1%
internal sales growth in local currencies,
13.0% growth from acquisitions,
and a 0.7% decline related to foreign currency exchange.
Stock Repurchase Plan
During the first quarter of 2022, the Company did not repurchase any
shares of its common stock. At quarter-end,
Henry Schein had approximately $200 million authorized and available for
future share repurchases.
Henry Schein today affirms guidance for 2022 GAAP diluted EPS.
Financial guidance is as follows: