Full Press Release Details
HENRY SCHEIN REPORTS SOLID FIRST-QUARTER
2024 FINANCIAL RESULTS
First-quarter 2024 sales growth of 3.7%, GAAP diluted EPS of $0.72 and non-GAAP diluted EPS of
Tightens total sales growth guidance range to 8% to 10%, reflecting
continued recovery from last year's cyber
incident and a strong pipeline of new specialty products and software innovation
Affirms 2024 non-GAAP diluted EPS guidance of $5.00 to $5.16 and 2024 Adjusted EBITDA growth of more
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 30,
"Our first-quarter financial results reflect solid earnings driven by gross margin expansion and a strong recovery
from last quarter's cyber incident," said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer
Schein. "We continue
to make good progress on executing our
BOLD+1 Strategic Plan and are pleased with the contribution
from our recent acquisitions."
our expectations for 2024 non-GAAP diluted EPS and 2024 Adjusted EBITDA growth and
tightening our expectations for 2024 total sales growth.
Our projected sales growth reflects continued recovery from last
year's cyber incident and a strong pipeline of new specialty products and software innovation." Mr.
First-Quarter 2024 Financial Results
for the quarter were $3.2 billion, an increase of 3.7% compared with the first quarter of 2023. Internal
an approximate 300 to 400 basis points decrease in sales from the residual impact of last year's cyber
a 60 basis point decrease in sales due to lower personal protective equipment (PPE) sales, primarily due to
lower glove pricing.
First-quarter sales and internal sales growth are summarized below and detailed in Exhibit A
Note: items may not sum due to rounding
for the quarter was $93 million, or $0.72 per diluted share
, and compares with first-quarter 2023
GAAP net income of $121 million, or $0.91 per diluted share.
for the quarter was $143 million, or $1.10
, and compares with first-
quarter 2023 non-GAAP net income of $161 million, or $1.21 per diluted share.
for the quarter was $255 million, consistent with the first-quarter 2023 Adjusted EBITDA of
During the first quarter of 2024, the Company repurchased approximately 1 million shares of its common stock at an
average price of $75.10 per share, for a total of approximately $75 million. The impact of the share repurchases on first-
quarter diluted EPS was immaterial.
At quarter-end, Henry Schein had approximately $190 million authorized and available for future stock repurchases.
2024 Financial Guidance
Guidance is for current continuing operations as well as acquisitions that have closed and does not include the impact
of future share repurchases, potential future acquisitions, restructuring and integration expenses, amortization expense of
acquired intangible assets, contingent consideration revaluation adjustments, certain expenses directly associated with the
See Exhibit A for details of sales growth. Internal sales growth is calculated from total net sales using constant foreign
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.
cybersecurity incident or any potential insurance claim recovery.
This guidance also assumes that foreign currency exchange
rates remain generally consistent with current levels and that end markets remain consistent with current market conditions:
2024 non-GAAP diluted EPS attributable to Henry Schein, Inc. is expected to be $5.00 to $5.16, unchanged from
prior guidance, reflecting growth of 11% to 15% compared with 2023 non-GAAP diluted EPS
2024 total sales growth is now expected to be approximately 8% to 10% over 2023, compared with prior guidance of
8% to 12% growth. This reflects continued recovery from last year's cyber incident and a strong pipeline of new
specialty products and software innovation.
2024 Adjusted EBITDA
is expected to increase by more than 15% compared with 2023, unchanged from prior
Adjustments to 2024 GAAP Net Income and Diluted EPS
The Company is providing guidance for 2024 diluted EPS on a non-GAAP basis and for 2024 Adjusted EBITDA, as
noted above. The Company is not providing a reconciliation of its 2024 non-GAAP guidance to its projected 2024 diluted
EPS prepared on a GAAP basis, or its projected 2024 Adjusted EBITDA to net income prepared on a GAAP basis. This is
because the Company is unable to provide without unreasonable effort an estimate of integration and restructuring costs
related to an ongoing initiative to drive operating efficiencies,
including the corresponding tax effect, that will be included in
the Company's 2024 diluted EPS and net income
prepared on a GAAP basis. The inability to provide this reconciliation is
due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact and timing
Management does not believe these items are representative of the Company's
underlying business performance. For
the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be
material to future results.
First-Quarter 2024 Conference Call Webcast
The Company will hold a conference call to discuss first-quarter 2024 financial results today,
beginning at 10:00 a.m.
Eastern time. Individual investors are invited to listen to the conference call through Henry Schein's
In addition, a replay will be available beginning shortly after the call has ended for a
The Company will be posting slides that provide a summary of its first-quarter 2024 financial results on its website at
-presentations.aspx.
About Henry Schein, Inc.
Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of
people and technology. With
more than 25,000 Team Schein Members worldwide,
the Company's network of trusted
advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational
success and clinical outcomes. Our Business, Clinical, Technology
and Supply Chain solutions help office-based dental and
medical practitioners work more efficiently so they can provide quality care more effectively.
These solutions also support
dental laboratories, government and institutional health care clinics, as well as other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, with a selection of more than
300,000 branded products and Henry Schein corporate brand products in our main distribution centers.
A FORTUNE 500 Company and a member of the S&P 500
index, Henry Schein is headquartered in Melville,
and has operations or affiliates in 33 countries and territories. The Company's sales reached $12.3 billion in 2023,
have grown at a compound annual rate of approximately 11.5 percent since Henry Schein became a public
For more information, visit Henry Schein at www.henryschein.com
, Facebook.com/HenrySchein,
Instagram.com/HenrySchein,