Core Viewpoint - Henry Schein, Inc. is in the process of appointing a new CEO, expected by mid-January 2026, with the search nearing completion but not finalized before the end of the year [1]. Company Updates - The company is the world's largest provider of health care solutions to office-based dental and medical practitioners [1]. - Philip A. Laskawy, the Lead Director for Henry Schein, expressed satisfaction with the progress made in the CEO search [1].

Core Insights - Henry Schein, Inc. (HSIC) is a global provider of healthcare products and services with a market cap of $9 billion, serving dental and medical practitioners as well as alternate care sites worldwide [1][2] Financial Performance - HSIC shares have decreased 7.1% from its 52-week high of $82.49, but the stock has increased 13.7% over the past three months, outperforming the Health Care Select Sector SPDR Fund (XLV) which gained 12.1% in the same period [3] - Year-to-date, HSIC stock is up 10.7%, slightly lagging behind XLV's 11.8% increase, and has risen 4.7% over the past 52 weeks compared to XLV's 10.5% return [4] - On November 4, HSIC reported strong Q3 2025 results with adjusted EPS of $1.38, up from $1.22 a year earlier, and revenue of $3.34 billion, exceeding forecasts [5] Guidance and Analyst Outlook - The company raised its full-year 2025 adjusted EPS guidance to $4.88 - $4.96 and increased expected sales growth to 3% - 4% [5] - Despite underperformance relative to rivals like Quest Diagnostics (DGX), which returned 18.7% year-to-date, analysts maintain a moderately optimistic outlook for HSIC with a consensus rating of "Moderate Buy" and a mean price target of $77.64, representing a 1.3% premium to current levels [6]

分组1 - Two stocks in the health care sector are signaling potential warnings for momentum-focused investors as of December 16, 2025 [1] - The Relative Strength Index (RSI) is a key momentum indicator, with values above 70 indicating that a stock may be overbought [2] - Avidity Biosciences reported quarterly losses of $1.27 per share, missing the analyst consensus estimate of $1.11, but its quarterly sales of $12.475 million exceeded expectations of $1.932 million [5] - Avidity's stock has increased approximately 141% over the past six months, with a 52-week high of $71.90, and currently has an RSI value of 76 [5] - Henry Schein's stock has gained around 6% over the past five days, reaching a 52-week high of $82.49, with an RSI value of 71.1 [5] 分组2 - Avidity Biosciences has entered into a merger agreement with Novartis, which is expected to enhance value for investors and expand its neuroscience pipeline [5] - Barclays analyst initiated coverage on Henry Schein with an Overweight rating and a price target of $86 [5] - Avidity's stock closed at $71.86, while Henry Schein's shares closed at $77.39 on the same day [5]

Core Insights - Two stocks in the health care sector are signaling potential warnings for momentum-focused investors as of December 16, 2025 [1] Group 1: Avidity Biosciences Inc (NASDAQ:RNA) - Avidity Biosciences reported quarterly losses of $1.27 per share, missing the analyst consensus estimate of losses of $1.11 per share [5] - The company reported quarterly sales of $12.475 million, exceeding the analyst consensus estimate of $1.932 million [5] - Avidity's stock has gained approximately 141% over the past six months, with a 52-week high of $71.90 [5] - The RSI value for Avidity is 76, indicating it is considered overbought [5] - Avidity's shares closed at $71.86, with a momentum score of 95.79 [5] Group 2: Henry Schein Inc (NASDAQ:HSIC) - Barclays analyst Glen Santangelo initiated coverage on Henry Schein with an Overweight rating and set a price target of $86 [5] - Henry Schein's stock has increased around 6% over the past five days, reaching a 52-week high of $82.49 [5] - The RSI value for Henry Schein is 71.1, also indicating it is considered overbought [5] - Henry Schein's shares closed at $77.39, reflecting a 1.1% increase [5]

Core Thesis - Henry Schein, Inc. (HSIC) is viewed positively due to its potential growth catalysts, including the appointment of a new CEO, private-label expansion, cost optimization, and AI-driven growth opportunities in its dental software business [2][4][5] Financial Metrics - As of December 1st, HSIC's share price was $73.11, with trailing and forward P/E ratios of 23.06 and 13.95 respectively [1] - The stock trades at approximately 13 times EPS, indicating a depressed valuation due to stagnant end-market growth and disappointing organic growth and margins [2] Growth Potential - The company is expected to achieve consensus EPS of over $7 within the next two to three years, suggesting a potential stock valuation of under 10 times earnings if execution aligns with expectations [3] - Ongoing share repurchase programs and strategic initiatives are seen as levers to drive future earnings growth [3][4] Market Position - HSIC holds a dominant market position as the largest dental distributor in the U.S., supported by a robust distribution network [2][4] - The company is currently undervalued relative to its earnings trajectory and the strategic opportunities that may arise under new leadership, presenting a favorable risk/reward profile for investors [4]

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Core Viewpoint - Henry Schein, Inc. reported strong third-quarter earnings and raised its 2025 guidance, indicating positive momentum despite some downward estimate revisions in the market [2][12][15] Financial Performance - Adjusted EPS for Q3 2025 was $1.38, a 13.1% increase year-over-year, surpassing the Zacks Consensus Estimate by 8.7% [2] - Net sales reached $3.34 billion, reflecting a 5.4% year-over-year growth and beating the Zacks Consensus Estimate by 2% [3] - Gross profit totaled $1.03 billion, a 3.3% increase year-over-year, although gross margin contracted by 56 basis points to 30.7% due to a 6% rise in the cost of sales [8] Segment Analysis - Global Distribution and Value-Added Services sales rose 4.8% year-over-year to $2.84 billion, exceeding the forecast of $2.77 billion [4] - Global Dental Distribution merchandise sales increased by 2.9% in constant currencies, while equipment sales grew by 3.4% [5] - Global Specialty Products sales totaled $369 million, up 5.9% year-over-year, driven by strong dental implant and endodontics sales [6] - Global Technology segment sales reached $173 million, a 9.7% increase, attributed to cloud-based software adoption and new revenue cycle management solutions [7] Cost and Expenses - SG&A expenses increased by 5% to $760 million, with adjusted operating profit down 1.1% year-over-year to $266 million [9] Liquidity and Share Repurchase - Cash and cash equivalents at the end of Q3 were $136 million, down from $145 million in Q2, with cumulative net cash from operating activities at $331 million, significantly lower than the previous year's $644 million [10] - The company repurchased approximately 3.3 million shares at an average price of $68.62, totaling around $229 million, with $980 million authorized for future repurchases [11] Updated Guidance - The full-year 2025 adjusted EPS forecast was raised to a range of $4.88 to $4.96, with projected revenue growth increased to 3-4% [12] Market Position and Estimates - Despite strong performance, estimates have trended downward recently, leading to a Zacks Rank 3 (Hold) for the stock [13][15] - Henry Schein's VGM Score is C, with a subpar Growth Score of D and a better Momentum Score of C, indicating mixed investor sentiment [14]

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Summary of Henry Schein FY Conference Call - December 02, 2025 Company Overview - **Company**: Henry Schein (NasdaqGS: HSIC) - **Industry**: Dental and Medical Distribution Key Points Leadership and Company Performance - Stanley Bergman, the Chairman and CEO, reflected on the company's journey over the past five years, highlighting the impact of COVID-19 on the dental and medical businesses, including a significant increase in PPE sales during the pandemic [4][5][6] - The company faced a cyber incident in October 2023 but managed to recover without paying ransom, which allowed them to stabilize operations [5][6] - The "Bold plus One" initiative has successfully diversified income towards high-growth, high-margin products, now accounting for about 50% of the company's profits, up from approximately 30% [7] Succession Planning - The board is conducting a thorough search for a new CEO, with both internal and external candidates being considered [9][10] KKR Investment - KKR increased its stake in Henry Schein from 12% to 15%, with the potential to reach 20%. The partnership has been beneficial, with KKR adding experienced board members [11][12][14] Market Conditions - The dental market is currently characterized as "stable plus," with patient traffic remaining steady and some growth observed in specialty areas [16][17] - The company reported strong growth in Q3, the highest in many quarters, as they focused on customer recovery post-cyber incident [18][19] Pricing and Tariffs - Tariffs are expected to remain, but their impact on pricing has been manageable. The company has seen some price inflation but believes the market is stable [21][22][23] - Henry Schein offers a broad portfolio of branded and private label products, which helps mitigate tariff impacts [24][26] Future Guidance and Growth - The company aims for high single to low double-digit earnings growth in the future, with a focus on market share gains and value creation initiatives expected to yield over $200 million in operating income improvements by 2026 [27][29][30] - The restructuring plan initiated in 2024 is expected to complement value creation initiatives, leading to additional savings [31] Specialty Franchises and EBIT Goals - The goal is to achieve over 50% of EBIT from higher-margin specialty categories, with current figures around 45% [32][34] Relationships with Manufacturers and DSOs - Relationships with manufacturers are stable, and the company continues to maintain good partnerships with Dental Service Organizations (DSOs) [36][38] - Henry Schein emphasizes its comprehensive solutions, which include not just products but also services that enhance operational efficiency for dental practices [39][45] Equipment Market Outlook - The dental equipment market is expected to grow, driven by new practices opening and existing practices seeking efficiency through digital solutions [48][49] - Despite potential price declines in mature technologies, volume growth is anticipated to compensate for this [50] Excitement for 2026 - The focus for 2026 will be on providing clinical solutions that enhance practice efficiency and improve patient care, with an emphasis on integrating various technologies [51][52] Additional Insights - The company is positioned as a key player in the dental market, leveraging its extensive network and solutions to maintain a competitive edge [37][45]