Full Press Release Details
HENRY SCHEIN REPORTS RECORD NON-GAAP THIRD-QUARTER 2022 DILUTED EPS
Net sales of $3.1 billion decreased 3.5% compared with the third-quarter 2021;
internal sales increased 6.8%
in local currencies when excluding sales of PPE and COVID-19 test kits
GAAP diluted EPS of $1.09 compared with third-quarter 2021 GAAP diluted
Non-GAAP diluted EPS of $1.15 compared with third-quarter 2021 non-GAAP
diluted EPS of $1.10
Full-year 2022 non-GAAP diluted EPS guidance of $4.79 to $4.87
Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health care
solutions to office-based dental and medical practitioners, today reported record non-GAAP
financial results for the third
quarter ended September 24, 2022.
"Our financial results for the third quarter of 2022 reflect solid underlying
growth across our business and in most
geographies. We grew our non-GAAP diluted EPS compared with the third quarter of 2021, despite currency headwinds
lower sales of personal protective equipment (PPE) and COVID-19
test kits," said Stanley M. Bergman, Chairman of the
Board and Chief Executive Officer of Henry Schein.
our 2022 non-GAAP diluted EPS guidance
range, which reflects our confidence in the underlying strength and stability
of our business. Overall, we feel very good about
the outlook for the company and remain highly focused on delivering on
our BOLD+1 strategy, as we continue to increase
the sustainable profitability of the business.
"Internal growth in local currencies of global dental sales, excluding PPE,
Consumable merchandise
growth, excluding PPE, was solid, and we were especially pleased with excellent
growth in our North America equipment
business and continued strength in our global equipment order book.
"Sales growth in local currencies in our Medical business continued
to be excellent during the third quarter when
excluding PPE and COVID-19 test kits, as we continue to deepen our
relationships with existing large IDN customers while
nicely growing our other medical businesses.
Our focus on equipment, pharmaceutical products,
diagnostics remain bright spots in this business.
"Our Technology & Value
-Added Services businesses had good underlying sales growth.
Henry Schein One once
again posted solid sales growth domestically and internationally,
driven by our Dentrix practice management software, and
our Dentrix Ascend and Dentally cloud-based solutions," concluded
Third-Quarter Financial Results
for the quarter were $3.1 billion, a decrease of 3.5% compared with
the third quarter of 2021. The
3.5% decrease included a 2.4%
decrease in local currencies excluding acquisitions,
1.8% growth from acquisitions
decrease related to foreign currency exchange
. Sales of PPE and COVID-19 test kits in the third quarter
were $244 million, which is $260 million lower than the prior-year period. When excluding
COVID-19 test kits, our third-quarter internal sales growth in local currencies
was 6.8% compared with the prior-
for the quarter was $150 million, or $1.09 per diluted share, compared with
GAAP net income of $162 million, or $1.15 per diluted share.
for the quarter was $157 million, or $1.15 per diluted share, compared with
2021 non-GAAP net income of $155 million, or $1.10 per diluted share
Integration and restructuring expenses for the quarter were $10 million pre-tax,
or $0.05 per diluted share.
were $1.8 billion for the quarter, a decrease of 2.1% compared with the prior-year period.
Internally generated sales increased 1.2% in local currencies and acquisitions
contributed 1.4% growth. This growth
was offset by a 4.7% decrease related to foreign currency exchange. The 1.2%
internal sales increase in local
currencies reflects a 0.1%
decrease in North America and 3.3% growth internationally.
Global Dental consumable merchandise internal sales
decreased by 0.8% in local currencies. Excluding
sales of PPE, internal sales growth was 5.1% in local currencies.
Global Dental equipment internal sales
was 8.0% in local currencies.
North America dental consumable merchandise internal sales decreased
3.6% in local currencies,
and increased 3.8% when excluding sales of PPE. North America dental
equipment internal sales
increased 12.8% in local currencies.
International dental consumable merchandise internal sales increased
3.9% in local currencies, and
increased 6.9% when excluding sales of PPE. International dental equipment
internal sales increased
1.4% in local currencies.
Global Medical sales
were $1.1 billion for the quarter, a decrease of 6.7% compared with the prior-year period.
Internally generated sales decreased 8.8% in local currencies and
acquisitions contributed 2.4% growth, while foreign
currency exchange resulted in a decrease of 0.3%. Internal sales increased
9.3% in local currencies when excluding
sales of PPE and COVID-19 test kits.
See Exhibit A for details of sales growth.
See Exhibit B for a reconciliation of GAAP net income and diluted
EPS to non-GAAP net income and diluted EPS.
Global Technology and Value
-Added Services sales
were $176 million for the quarter, an increase of 3.8%
compared with the prior-year period,
driven by the strength of Henry Schein One.
This included 4.2% internal sales
growth in local currencies and 1.4% growth from acquisitions,
offset by a 1.8% decline related to foreign currency
-to-Date Financial Results