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]

Financial Data and Key Metrics Changes - Global sales for the second quarter were $3.2 billion, reflecting a sales growth of 3.3% compared to 2024, with constant currency sales growing by 2.7% [24][25] - GAAP operating margin for 2025 was 4.67%, a decrease of 42 basis points year-over-year, while non-GAAP operating margin was 6.96%, down 79 basis points [25][26] - GAAP net income for the second quarter was $86 million or $0.70 per diluted share, compared to $104 million or $0.80 per diluted share in the prior year [26][27] Business Line Data and Key Metrics Changes - U.S. Dental merchandise sales declined by 1.2% due to increased volume offset by lower product pricing, while U.S. Dental equipment sales fell by 4.7% due to economic uncertainty [28][29] - U.S. Medical Distribution business sales grew by 6.3%, driven by increased patient traffic and strong performance in the Home Solutions business [29] - Global Specialty Products Group sales grew by 4.2%, with solid growth in the implant and biomaterial business, including double-digit growth in value implants [30][31] Market Data and Key Metrics Changes - International Dental merchandise sales grew by 1.9%, impacted by the timing of Easter, while international Dental equipment sales grew by 12.1%, driven by strong sales in Canada and Europe [29][30] - The U.S. Dental market growth is still impacted by staffing challenges, but practice productivity is increasing as dentists invest in devices [48][49] - Patient traffic in the dental distribution business is reported to be stable globally, with some regions showing positive trends [46][51] Company Strategy and Development Direction - The company is maintaining its full-year guidance, expecting earnings to be weighted towards the second half of the year, aiming for high single-digit to low double-digit earnings growth [7][39] - The company is partnering with KKR's Capstone and engaging global management consulting firms to enhance distribution gross margins and increase efficiencies [7][8] - The Bold plus One strategy is being advanced, focusing on customer satisfaction and financial goals [8][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to high single-digit to low double-digit earnings growth, supported by strong July sales and targeted sales initiatives [39][40] - The company is confident in the stability of patient traffic and the potential for growth in the second half of the year, particularly in the dental equipment sector [66][67] - Management acknowledged macroeconomic uncertainties but remains positive about the overall market conditions and growth opportunities [66][67] Other Important Information - The company expects to achieve annual run rate savings of over $100 million by the end of 2025 from restructuring efforts [33][34] - The company repurchased approximately 3.7 million shares of common stock at an average price of $70.88 per share during 2025 [34][35] - The CEO announced plans to retire at the end of the year, transitioning to the role of Chairman of the Board [21][22] Q&A Session Summary Question: Can you provide insights on the dental business and patient traffic? - Management reported positive trends in July sales, with stable patient traffic and confidence in sustaining these trends moving forward [46][49] Question: What is the current state of the engagement with consulting firms? - The company is focusing on gross profit enhancement and restructuring, with expectations for positive results in 2026 [55][59] Question: How should we think about EPS cadence in the second half of the year? - EPS is expected to grow in the third quarter, with further growth anticipated in the fourth quarter, supported by targeted sales initiatives [65][66] Question: Can you comment on the orthodontic business and its turnaround? - The orthodontic business is small but showing signs of improvement, with efforts to stabilize and enhance profitability [70][73] Question: What is the outlook for DSOs and new office design projects? - DSOs are generally moving in a positive direction, with funding available for expansion and consistent growth in new office design projects [80][83]

Financial Data and Key Metrics Changes - Global sales for the second quarter were $3.2 billion, reflecting a sales growth of 3.3% compared to the previous year, with constant currency sales growing by 2.7% [26][27] - GAAP operating margin decreased to 4.67%, down 42 basis points year-over-year, while non-GAAP operating margin was 6.96%, a decrease of 79 basis points [27] - GAAP net income for the second quarter was $86 million or $0.70 per diluted share, compared to $104 million or $0.80 per diluted share in the prior year [28] - Non-GAAP net income was $135 million or $1.10 per diluted share, down from $158 million or $1.23 per diluted share year-over-year [28] Business Line Data and Key Metrics Changes - U.S. Dental merchandise sales declined by 1.2% due to lower product pricing, while U.S. Dental equipment sales fell by 4.7% due to economic uncertainty [30] - U.S. Medical Distribution business sales grew by 6.3%, driven by increased patient traffic and strong performance in the Home Solutions business [31] - Global Specialty Products Group sales increased by 4.2%, with solid growth in the implant and biomaterial business, including double-digit growth in value implants [32][33] - Global Technology Group sales grew by 7.4%, driven by strong growth in practice management software and revenue cycle management solutions [33] Market Data and Key Metrics Changes - International Dental merchandise sales grew by 1.9%, impacted by the timing of Easter, while international Dental equipment sales grew by 12.1% [31] - Sales growth in Brazil was particularly strong, and international sales growth was also noted in Canada and Europe [14][15] Company Strategy and Development Direction - The company is maintaining its full-year guidance, expecting earnings to be weighted towards the second half of the year, aiming for high single-digit to low double-digit earnings growth [7][8] - The company is partnering with KKR's Capstone and engaging global management consulting firms to enhance distribution gross margins and increase efficiencies [7][9] - The Bold plus One strategy is being expanded to drive superior customer satisfaction and financial goals [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to high single-digit to low double-digit earnings growth, supported by strong July sales and targeted sales initiatives [41][42] - The management noted that patient traffic in dental markets remains stable, with dentists investing in productivity-enhancing devices [50][51] - The company is focused on enhancing gross margins through pricing strategies and improving operational efficiencies [61][62] Other Important Information - The CEO announced plans to retire at the end of the year, transitioning to the role of Chairman of the Board, emphasizing the company's growth and development over the past 45 years [22][24] - The company has initiated restructuring efforts expected to yield annual run rate savings of over $100 million by the end of 2025 [35] Q&A Session Summary Question: Insights on July sales and patient traffic - Management reported positive trends in July sales, with stable patient traffic and a return to normal merchandise pricing [48][50] Question: Current state of consulting engagements - Management highlighted two key areas of focus with consulting firms: driving gross profit and restructuring for efficiency [58][60] Question: EPS cadence in the second half of the year - Management expects EPS growth to be more weighted towards the second half of the year, driven by targeted sales initiatives and backlog improvements [69][70] Question: Updates on orthodontics and aligner integration - Management noted that the orthodontics business is small but stabilizing, with efforts to improve profitability and product offerings [75][78] Question: Impact of targeted sales initiatives - Management indicated that targeted sales initiatives successfully addressed lost sales and improved customer engagement [90][92] Question: Competitive balance and RFPs from larger customers - Management acknowledged that RFPs are normal for larger customers, and the company remains a trusted supplier, working collaboratively to mitigate tariff impacts [96][99]

Henry Schein (HSIC) came out with quarterly earnings of $1.1 per share, missing the Zacks Consensus Estimate of $1.18 per share. This compares to earnings of $1.23 per share a year ago. These figures are adjusted for non-recurring items. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations hav ...

Financial Performance - Q2 2025 - Total sales increased by 3.3% to $3.24 billion[18, 54], with constant currency growth of 2.7%[15, 19, 22] - Non-GAAP diluted EPS was $1.10, a decrease of 10.6% compared to $1.23 in Q2 2024[15, 18, 54] - Adjusted EBITDA was $256 million, a decrease of 4.8% compared to $268 million in Q2 2024[15, 18, 57] - Global Distribution and Value-Added Services Group sales grew by 2.4% in constant currency[15, 22] - Global Specialty Products Group sales grew by 3.3%[15, 22] - Global Technology Group sales grew by 6.6%[15, 22] Segment Performance - U S dental merchandise sales decreased 1.2%[22] - International dental merchandise constant currency sales grew 0.5%[22] - U S Medical sales grew 6.3% including acquisitions[22] Guidance and Strategy - The company maintains 2025 non-GAAP diluted EPS guidance of $4.80 to $4.94[12, 46, 48] - 2025 Adjusted EBITDA is expected to grow in the mid-single digits versus 2024 Adjusted EBITDA of $1.1 billion[46] - Total sales growth for 2025 is projected to be between 2% and 4%[12, 48]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) Henry Schein reported **3.3%** Q2 2025 net sales growth to **$3.2 billion**, but profitability declined, with GAAP diluted EPS at **$0.70** and non-GAAP at **$1.10** Q2 2025 Key Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Net Sales | $3.2 billion | $3.1 billion | +3.3% | | GAAP Diluted EPS | $0.70 | $0.80 | -12.5% | | Non-GAAP Diluted EPS | $1.10 | $1.23 | -10.6% | - The CEO noted good sales growth in the Global Distribution Group, but lower U.S. margins primarily due to reduced glove pricing and targeted sales initiatives, while Specialty Products and Technology Groups delivered strong results[4](index=4&type=chunk) - The company is partnering with KKR Capstone and two global management consulting firms to enhance distribution gross margins and increase company-wide efficiencies, expanding on its BOLD+1 strategy[4](index=4&type=chunk) - Full-year 2025 guidance is maintained, with earnings expected to be weighted towards the second half of the year, viewing 2025 as a base year for future growth[4](index=4&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) Q2 and H1 2025 saw mixed financial results, with total net sales growth driven by medical distribution and technology, but overall profitability declined [Second Quarter 2025 Results](index=1&type=section&id=Second%20Quarter%202025%20Results) Q2 2025 net sales reached **$3.2 billion**, a **3.3%** increase YoY, reflecting **1.9%** internal growth, but profitability was challenged with diluted EPS declines Q2 2025 vs. Q2 2024 Financial Summary | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Net Sales | $3.2 billion | $3.1 billion | | GAAP Net Income | $86 million | $104 million | | Non-GAAP Net Income | $135 million | $158 million | | GAAP Diluted EPS | $0.70 | $0.80 | | Non-GAAP Diluted EPS | $1.10 | $1.23 | | Adjusted EBITDA | $256 million | $268 million | [Year-to-Date 2025 Results](index=2&type=section&id=Year-to-Date%202025%20Results) For H1 2025, total net sales were **$6.4 billion**, up **1.6%**, with GAAP net income flat at **$196 million** and non-GAAP net income decreasing to **$278 million** First Half 2025 vs. First Half 2024 Financial Summary | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Net Sales | $6.4 billion | $6.3 billion | | GAAP Net Income | $196 million | $197 million | | Non-GAAP Net Income | $278 million | $301 million | | GAAP Diluted EPS | $1.58 | $1.52 | | Non-GAAP Diluted EPS | $2.25 | $2.33 | | Adjusted EBITDA | $515 million | $523 million | [Segment Performance Analysis (Q2 2025)](index=2&type=section&id=Segment%20Performance%20Analysis%20%28Q2%202025%29) Q2 saw strong sales growth in Global Medical Distribution (**6.1%**) and Global Technology (**7.4%**), while Global Dental Distribution faced U.S. pricing pressure Q2 2025 Sales Growth vs. Q2 2024 | Segment | As-Reported Growth | Constant Currency Growth | | :--- | :--- | :--- | | Global Distribution & Value-Added Services | +2.9% | +2.4% | | Global Specialty Products | +4.2% | +3.3% | | Global Technology | +7.4% | +6.6% | - Global Dental Distribution merchandise sales were impacted by lower average selling prices in the U.S. due to glove pricing and sales initiatives, while equipment sales saw strong international growth offset by lower U.S. sales[8](index=8&type=chunk) - Global Medical Distribution growth was driven by increased patient traffic, strong performance in the home solutions business, and contributions from acquisitions[8](index=8&type=chunk) - Global Technology sales growth was fueled by strong demand for practice management systems, including cloud-based solutions like Dentrix Ascend and Dentally[8](index=8&type=chunk) [Corporate Developments & Strategy](index=3&type=section&id=Corporate%20Developments%20%26%20Strategy) The company is pursuing a restructuring plan for over **$100 million** in annual savings by year-end 2025 and repurchased **$259 million** in shares [Restructuring Plan](index=3&type=section&id=Restructuring%20Plan) In Q2 2025, **$23 million** in restructuring costs were recorded, with the plan expected to yield over **$100 million** in annual run-rate savings by year-end 2025 - The company recorded **$23 million** in restructuring costs during Q2 2025[9](index=9&type=chunk) - The current plan is expected to achieve annual run-rate savings of over **$100 million** by the end of 2025[9](index=9&type=chunk) [Share Repurchases](index=3&type=section&id=Share%20Repurchases) Henry Schein repurchased approximately **3.7 million** shares for **$259 million** in Q2 2025, including an ASR plan, with **$432 million** remaining authorized Q2 2025 Share Repurchase Activity | Program | Shares Repurchased (approx.) | Average Price | Total Cost | | :--- | :--- | :--- | :--- | | ASR Plan | 3.1 million | $71.60 | $223 million | | Open Market | 0.5 million | $67.36 | $36 million | | **Total** | **3.7 million** | **$70.88** | **$259 million** | - At the end of Q2 2025, the company had **$432 million** authorized and available for future stock repurchases, plus an additional **$27 million** under the ASR plan[12](index=12&type=chunk) [2025 Financial Guidance](index=3&type=section&id=2025%20Financial%20Guidance) Henry Schein maintained its full-year 2025 guidance, projecting non-GAAP diluted EPS between **$4.80** and **$4.94** (1% to 4% growth) and **2% to 4%** total sales growth Full-Year 2025 Guidance | Metric | Guidance Range / Growth | | :--- | :--- | | Non-GAAP Diluted EPS | $4.80 to $4.94 (1% to 4% growth) | | Total Sales Growth | 2% to 4% over 2024 | | Adjusted EBITDA Growth | Mid-single digits vs. 2024 | - Guidance is for current continuing operations and closed acquisitions, and excludes the impact of restructuring expenses, amortization of acquired intangible assets, and other specified items[13](index=13&type=chunk) - The company is not providing a reconciliation of its 2025 non-GAAP guidance to projected GAAP results due to the uncertainty and difficulty of predicting certain excluded items, such as restructuring costs[16](index=16&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three and six months ended June 28, 2025, detailing financial position and performance [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q2 2025 net sales were **$3.24 billion** and net income **$86 million**, a decline from Q2 2024, driven by lower gross profit and increased restructuring costs Income Statement Highlights (Q2 2025 vs. Q2 2024) | Line Item (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $3,240 | $3,136 | | Gross profit | $1,016 | $1,018 | | Operating income | $151 | $159 | | Net income attributable to Henry Schein, Inc. | $86 | $104 | | Diluted EPS | $0.70 | $0.80 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 28, 2025, total assets were **$10.91 billion** and total liabilities **$6.01 billion**, reflecting increases in receivables, inventories, goodwill, and long-term debt Balance Sheet Highlights (in millions) | Line Item | June 28, 2025 | Dec 28, 2024 | | :--- | :--- | :--- | | Total current assets | $4,243 | $3,983 | | Total assets | $10,906 | $10,218 | | Total current liabilities | $3,007 | $2,803 | | Total liabilities | $6,007 | $5,381 | | Total stockholders' equity | $4,088 | $4,031 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 net cash from operations was **$157 million**, a significant decrease from **$493 million** in H1 2024, primarily due to working capital changes Cash Flow Highlights - Six Months Ended (in millions) | Line Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $157 | $493 | | Net cash used in investing activities | ($197) | ($281) | | Net cash provided by (used in) financing activities | $145 | ($265) | | Net change in cash and cash equivalents | $23 | ($33) | [Supplemental Information & Reconciliations](index=10&type=section&id=Supplemental%20Information%20%26%20Reconciliations) This section provides detailed supplemental schedules (Exhibits A, B, and C) that break down sales growth by segment and geography, and reconcile GAAP financial results to non-GAAP measures, offering greater clarity on the company's underlying performance [Sales Summary (Exhibit A)](index=10&type=section&id=Sales%20Summary%20%28Exhibit%20A%29) Exhibit A details Q2 and H1 2025 sales, showing **3.3%** total global growth in Q2, with strong International Dental Equipment and Global Medical, but U.S. Dental declined Q2 2025 Total Sales Growth vs. Q2 2024 | Segment | Total Sales Growth | | :--- | :--- | | Global Dental | 1.1% | | Global Medical | 6.1% | | Global Specialty Products | 4.2% | | Global Technology | 7.4% | | **Total Global** | **3.3%** | YTD 2025 Total Sales Growth vs. YTD 2024 | Segment | Total Sales Growth | | :--- | :--- | | Global Dental | -0.9% | | Global Medical | 4.4% | | Global Specialty Products | 3.1% | | Global Technology | 5.1% | | **Total Global** | **1.6%** | [Reconciliation of GAAP to Non-GAAP Measures (Exhibit B)](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures%20%28Exhibit%20B%29) Exhibit B reconciles Q2 2025 GAAP net income of **$86 million** to non-GAAP net income of **$135 million**, adjusting for restructuring costs and intangible amortization Q2 2025 GAAP to Non-GAAP Reconciliation (in millions) | Line Item | Amount | | :--- | :--- | | GAAP Net Income | $86 | | Restructuring costs | $16 | | Acquisition intangible amortization | $27 | | Other adjustments | $6 | | **Non-GAAP Net Income** | **$135** | - Major non-GAAP adjustments for Q2 2025 included restructuring costs, acquisition intangible amortization, costs associated with shareholder advisory matters, and litigation settlements[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) [Reconciliation of GAAP Net Income to Adjusted EBITDA (Exhibit C)](index=14&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20EBITDA%20%28Exhibit%20C%29) This exhibit reconciles Q2 2025 GAAP net income of **$94 million** to Adjusted EBITDA of **$256 million**, adjusting for interest, taxes, depreciation, and amortization Q2 2025 GAAP Net Income to Adjusted EBITDA Reconciliation (in millions) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net income (GAAP) | $94 | $105 | | Definitional & Non-GAAP adjustments | $162 | $163 | | **Adjusted EBITDA (non-GAAP)** | **$256** | **$268** | [Legal Disclosures](index=5&type=section&id=Legal%20Disclosures) This section includes a "Safe Harbor" statement on forward-looking statements and explains the use of non-GAAP financial measures for supplemental investor information - The report contains forward-looking statements subject to risks and uncertainties, which are not guarantees of future performance, identifiable by terms like "expect," "believe," "plan," etc[24](index=24&type=chunk)[25](index=25&type=chunk) - Key risk factors that could cause actual results to differ include dependence on third-party suppliers, competitive market pressures, cyberattacks, economic conditions, and regulatory changes[26](index=26&type=chunk) - Non-GAAP financial measures are used to supplement GAAP results, enabling comparison between periods by excluding certain items that may vary independent of business performance[28](index=28&type=chunk)[29](index=29&type=chunk)

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Henry Schein (HSIC) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectati ...

Core Viewpoint - Henry Schein, Inc. (HSIC) is set to release its second-quarter 2025 results on August 5, with expectations of revenue growth but a slight decline in earnings per share (EPS) compared to the previous year [1][2]. Group 1: Earnings and Revenue Estimates - The Zacks Consensus Estimate for revenues is $3.22 billion, indicating a year-over-year increase of 2.7% [2]. - The Zacks Consensus Estimate for EPS is $1.18, reflecting a year-over-year decrease of 4.1% [2]. - Estimates for second-quarter earnings have decreased by 1 cent to $1.18 over the past 30 days [3]. Group 2: Performance Factors - The Global Distribution and Value-Added Services segment is expected to have stable conditions in U.S. and international dental merchandise and equipment markets, with potential market share gains [4]. - U.S. dental merchandise sales are anticipated to be driven by volume growth, while dental equipment sales faced challenges due to a sales deferral from the previous quarter [5]. - The U.S. medical business is likely to benefit from strong performance in the Home Solutions sector and growth from acquisitions [6]. Group 3: International Sales and New Products - International dental merchandise sales are expected to remain strong in Canada, Central Europe, and Brazil, although softness in France may offset some growth [7]. - New products introduced at the 2025 International Dental Show, such as 3D printers and intraoral scanners, may contribute positively to sales [7]. Group 4: Segment Revenue Projections - The Global Distribution and Value-Added Services segment's revenues are projected to increase by 0.3%, reaching $2.67 billion [8]. - The Global Specialty Products segment is expected to see a 2% increase in revenues, driven by TriMed and implant sales in Europe [9][11]. - The Global Technology segment is anticipated to experience a 2.4% year-over-year improvement in revenues, supported by growth in cloud-based practice management software [12].

Financial Performance & Guidance - Henry Schein reported FY2022 global net sales of $12.6 billion[8] - In Q1, GAAP diluted EPS was $0.91, and non-GAAP diluted EPS was $1.21[14] - Total sales growth was -3.8% (LCI -3.7%), but excluding PPE & COVID-19 Test Kits, LCI sales growth was strong at 6.3%[18] - EPS was negatively impacted by an estimated $0.24 due to lower contribution from PPE products and COVID-19 Test Kits, $0.04 from acquisition-related expenses, and $0.02 from foreign exchange[18] Henry Schein One & Dental Technology Market - Henry Schein One's 2022 revenue from dental practice management was approximately $550 million[20, 21] - The estimated dental technology market size is $2.3 billion, with an estimated market growth rate of 8-12%[26] - Henry Schein One has 100,000 active dental customers[26] Strategic Priorities & Market Trends - Henry Schein's strategic priorities include building complementary software, specialty, and services, operationalizing One Distribution, leveraging One Schein, and driving digital transformation[9] - Industry trends driving demand for Henry Schein One solutions include payment & claims innovation (72% of dentists are concerned with declining insurance reimbursement rates), AI & clinical decision support, customer dynamics (consumerization of healthcare), and dental practice consolidation[29, 30]