PresentationJeffrey JohnsonSenior Research Analyst All right. We're going to get started here. Good afternoon. My name is Jeff Johnson. I'm the senior medical technology analyst at Baird. And our next presentation this morning is from Henry Schein, the largest distributor of health care products and services to office-based practitioners in North America and Europe. With us today from Henry Schein, we're very happy and pleased to have Chairman and CEO, Stanley Bergman. I think this is, if I'm counting right ...

Henry Schein (NasdaqGS:HSIC) 2025 Conference September 10, 2025 10:50 AM ET Company ParticipantsAndrea Albertini - CEO - Global Distribution & TechnologyTom Popeck - CEO - Henry Schein Products GroupStanley Bergman - Chairman & CEORonald South - SVP & CFOConference Call ParticipantsJeffrey Johnson - Senior Research AnalystJeffrey JohnsonAll right, we're going to get started here. Good afternoon. My name is Jeff Johnson. I'm the Senior Medical Technology Analyst at Baird, and our next presentation this morni ...

MELVILLE, N.Y.--(BUSINESS WIRE)--Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health care products and services to office-based dental and medical practitioners, announced today that its Board of Directors has authorized the repurchase of up to $750 million of shares of the Company's common stock. This program is in addition to the $500 million repurchase program announced in January 2025, which is anticipated to be fully executed by the end of the first quarter of 2026. T. ...

Full-Service Laboratory Management Firm Helps Elevate Clinical Lab Operations "Clinical laboratories today face increasing financial pressures and regulatory demand, which can oftentimes be a struggle to balance," said Emily Jimenez, Director of Solution Sales at Henry Schein Medical. "By adding Colaborate to our SolutionsHub, we are continuing our mission to help our customers improve patient outcomes, increase profitability, and run a more efficient business." Henry Schein and Colaborate are uniquely posi ...

Question-and-Answer SessionRonald SouthSenior VP & CFO Yes, certainly, Vik. I think as people are probably aware, our results were a little less than what was expected. We did see a little pressure on the stock that day. But since then, the stock price has recovered to a level that is back to where we were prior to our release. I think it's an indication that as investors had the opportunity to kind of digest our message, indicate why we were holding our -- maintaining our guidance for the balance of the ye ...

Henry Schein (HSIC) FY 2025 Conference September 04, 2025 11:00 AM ET Company ParticipantsRonald South - Senior VP & CFOConference Call ParticipantsVik Chopra - Equity Research AnalystVik ChopraOkay. Good morning, everyone. My name is Sid Chopra. I am one of the medical device analysts at Wells Fargo. I'm take the time for discussion the Ron, thanks for being here.Ronald SouthCertainly. Thank you, Vic.Vik ChopraLet's just get into the second quarter reported Q2 results about a month ago. Just curious what i ...

Financial Data and Key Metrics Changes - The company's Q2 results were slightly below expectations, leading to initial stock pressure, but the stock price has since recovered to pre-release levels, indicating improved investor understanding of the company's guidance for the year [3][4] - EPS guidance suggests significant increases in Q3 and Q4 compared to Q2, driven by improvements in equipment sales and technology business performance, with over 30% operating income growth in the technology segment [9][10] Business Line Data and Key Metrics Changes - Equipment sales faced pressure in the first half of the year due to macroeconomic uncertainties, but there is confidence in equipment growth in the second half, supported by a healthy backlog and customer ordering patterns [6][8] - The technology segment showed strong momentum, with targeted investments leading to significant operating income growth [9] Market Data and Key Metrics Changes - The U.S. dental market has been relatively flat, with low single-digit growth, influenced by factors such as retirements and patient churn during the pandemic [11][12] - There is optimism for future growth in the dental market as interest rates potentially decline, which could accelerate the opening of new dental practices and increase demand for equipment [13][15] Company Strategy and Development Direction - The company is focusing on value creation projects aimed at optimizing gross profits and G&A costs, with expectations to provide updates on these initiatives in the upcoming Q3 earnings release [22][25] - M&A activity is primarily focused on the medical side, with successful integration of home solutions businesses and potential acquisitions in technology to enhance service offerings [35][38] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the need to understand market growth opportunities and the impact of tariffs on pricing and negotiations [21][22] - There is a belief that the dental market will see increased investment as economic conditions improve, particularly with declining interest rates [14][15] Other Important Information - The company is in the assessment phase for value creation projects, with expectations for both short-term and long-term benefits [26] - The new e-commerce platform has received positive feedback, enhancing customer experience and potentially increasing order sizes and margins [49][51] Q&A Session Summary Question: What are investors focused on post Q2? - Investors are focused on understanding initiatives to accelerate earnings and the company's guidance for the remainder of the year [3][4] Question: How do you see the rest of the year playing out from a revenue perspective? - Q4 is expected to be stronger than Q3 due to seasonal equipment buying and improved customer ordering patterns [6][8] Question: What are the potential headwinds and tailwinds for 2025? - The dental market has been flat, but potential interest rate declines could lead to growth in new practices and equipment demand [11][13] Question: Can you elaborate on the value creation projects? - The company is currently assessing opportunities for optimizing gross profits and G&A costs, with updates expected in the Q3 earnings release [22][25] Question: What is the status of the CEO search? - The board is leading the search for a new CEO, emphasizing the importance of finding an effective leader [43][44] Question: Are you seeing differences in capital demand between DSO and non-DSO customers? - DSOs show more appetite for equipment investment compared to private practices, influenced by their access to capital [45] Question: What feedback did you receive from the e-commerce platform launch in Europe? - Customers appreciated the smooth transition and improved functionality of the new platform, enhancing their overall experience [52][53]

Group 1 - The company focuses on owning businesses that demonstrate growth, are supported by strong tailwinds, can implement price hikes, and possess robust balance sheets [1] - The investment strategy is conservative yet opportunistic, emphasizing value investing since 2005, with a reliance on financial data for assessing company health [1] - Qualitative analysis is used to complement financial data, providing a comprehensive view of a company's growth prospects [1] Group 2 - The company publishes research on platforms like Seeking Alpha and FAST Graphs, engaging with readers through questions and comments [1] - There is an indication of potential future investment activity in HSIC, with plans to initiate a long position within 72 hours [2] - The article expresses personal opinions of the author and does not involve compensation from any mentioned companies [2]

Core Insights - Henry Schein reported $3.24 billion in revenue for the quarter ended June 2025, a year-over-year increase of 3.3% [1] - The EPS for the same period was $1.10, down from $1.23 a year ago, indicating a decline in earnings [1] - The reported revenue exceeded the Zacks Consensus Estimate of $3.22 billion by 0.6%, while the EPS fell short of the consensus estimate of $1.18 by 6.78% [1] Revenue Breakdown - International Distribution and Value-Added Services - Dental generated $843 million, surpassing the average estimate of $812.72 million, reflecting a 6% year-over-year increase [4] - International Distribution and Value-Added Services - Medical reported $28 million, slightly above the average estimate of $26.36 million, with no year-over-year change [4] - U.S. Distribution and Value-Added Services totaled $1.86 billion, matching analyst estimates but showing an 11.4% decline compared to the previous year [4] - U.S. Distribution and Value-Added Services - Dental Merchandise recorded $602 million, exceeding the average estimate of $595.03 million, but down 29.1% year-over-year [4] - Global Specialty Products net sales were $386 million, slightly above the estimate of $382.44 million [4] - Global Technology net sales were $167 million, compared to the estimate of $161.25 million, reflecting a 22% year-over-year decline [4] - Global Distribution and Value-Added Services net sales reached $2.73 billion, exceeding the estimate of $2.71 billion, but down 6.5% year-over-year [4] - Global Distribution and Value-Added Services - Global Dental reported $1.72 billion, surpassing the estimate of $1.67 billion, with a 10.9% year-over-year decline [4] - Global Distribution and Value-Added Services - Global Medical generated $1.02 billion, slightly below the estimate of $1.03 billion, with a 1.8% year-over-year increase [4] - International Distribution and Value-Added Services totaled $871 million, exceeding the estimate of $839.08 million [4] - Global Distribution and Value-Added Services - Global Dental - Global Equipment reported $439 million, above the estimate of $424.06 million, with a minor 0.2% year-over-year decline [4] Stock Performance - Henry Schein's shares have returned -4.7% over the past month, contrasting with the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Insights - Henry Schein, Inc. (HSIC) reported second-quarter 2025 adjusted earnings per share (EPS) of $1.10, a decrease of 10.6% year-over-year, and missed the Zacks Consensus Estimate by 6.8% [1][9] - The company achieved net sales of $3.24 billion, reflecting a year-over-year increase of 3.2%, and exceeded the Zacks Consensus Estimate by 0.6% [2][9] Revenue Breakdown - Global Distribution and Value-Added Services segment sales rose 2.9% year-over-year to $2.73 billion, surpassing the forecast of $2.66 billion [3] - Global Dental Distribution merchandise sales fell 0.4% in constant currencies, while equipment sales increased by 1.6% [4] - Global Medical Distribution sales jumped 6% in constant currencies, driven by increased patient traffic and growth from acquisitions [4] - Global Specialty Products sales totaled $386 million, up 4.2% year-over-year, reflecting growth in implant and biomaterial sales [6] - Global Technology segment sales reached $167 million, a 7.4% increase, led by strong growth in practice management systems [7] Margin Performance - Gross profit for the quarter was $1.02 billion, a 0.2% decrease year-over-year, with gross margin contracting by 110 basis points to 31.4% due to a 5% rise in the cost of sales [8][9] - SG&A expenses declined by 0.4% to $778 million, while adjusted operating profit increased by 0.4% year-over-year to $238 million [10] Liquidity and Share Repurchase - At the end of Q2 2025, the company had cash and cash equivalents of $145 million, up from $127 million at the end of Q1 [11] - Cumulative net cash provided by operating activities was $157 million, down from $493 million year-over-year, with nearly 3.7 million shares repurchased at an average price of $70.88 per share [12] Guidance - The company maintained its adjusted EPS forecast for 2025 in the range of $4.80-$4.94, indicating 1-4% growth from 2024 [13] - Projected revenue growth for 2025 remains unchanged at nearly 2-4% compared to the previous year [13] Strategic Outlook - The company is advancing its BOLD+1 Strategic Plan for 2025 to 2027, focusing on operational efficiency, enhancing customer experience, and growing its digital footprint [15]