Group 1 - Henry Schein, Inc. will release its third quarter 2025 financial results before the stock market opens on November 4, 2025 [1] - A live webcast of the earnings conference call will take place on the same day at 8:00 a.m. Eastern time [1] - Stanley M. Bergman, Chairman of the Board, will be among the speakers on the call [1]

Core Insights - Biomerica has entered a marketing services arrangement with Henry Schein to promote its inFoods® IBS test across the U.S., excluding New York, marking a significant step in its commercialization strategy [1][2][3] Company Overview - Biomerica, Inc. is a global biomedical technology company focused on developing diagnostic and therapeutic products for gastrointestinal and inflammatory diseases [13] - Henry Schein, Inc. is the largest provider of health care solutions to office-based dental and medical practitioners, with over $12 billion in annual sales in 2024 and a strong distribution network [2][11] Product Details - The inFoods® IBS test is a diagnostic-guided therapy that identifies food triggers for IBS symptoms, allowing for personalized dietary recommendations [6] - The test has shown significant efficacy in clinical studies, particularly for IBS-M patients, with 59.6% of patients in the treatment group achieving the FDA's endpoint for abdominal pain reduction [4][7] Market Context - IBS affects approximately 10% to 15% of adults in the U.S., leading to a lower quality of life and decreased work productivity for those affected [5] - The partnership with Henry Schein is expected to enhance the adoption of this non-drug therapy, addressing a significant unmet need in the IBS market [2][3]

Core Insights - The Aspen Group (TAG) has announced a partnership with Planmeca to enhance digital imaging technology across its Aspen Dental locations nationwide [1][2][6]. Partnership Details - Planmeca's Viso and ProMax CBCT imaging units, along with ProX™, ProSensor HD, and ProX™ GO 2D intraoral imaging systems, will be integrated into over 1,100 Aspen Dental locations [2]. - The imaging units feature Planmeca CALM technology, which reduces retakes due to patient movement, providing a more efficient experience [3]. Support and Integration - Henry Schein, a key partner of TAG, will assist in the installation and integration of the new equipment across Aspen Dental's practices, leveraging a network of over 900 technicians [4]. - Aspen Dental will also utilize Planmeca's Romexis software platform and Planmeca Insights™ for real-time device data monitoring, enhancing operational efficiency and patient care workflows [5]. Commitment to Quality - The partnership aims to equip Aspen Dental practices with advanced imaging solutions that improve diagnostic precision and streamline clinical workflows [6]. - Planmeca's imaging units are recognized for their performance and reliability, supporting accurate diagnostics and optimizing treatment planning [7]. Company Background - TAG operates over 1,400 healthcare locations across 46 states, serving more than 35,000 patients daily and over nine million annually [8]. - Planmeca is a leading manufacturer in the dental equipment market, serving 120 countries worldwide [9].

Company Overview - Henry Schein, Inc. (HSIC) is valued at a market cap of $8.2 billion and is a leading global provider of healthcare products and services, focusing on office-based dental and medical practitioners [1] - The company operates in 33 countries and territories, employing over 25,000 Team Schein members worldwide [1][2] - Henry Schein offers more than 120,000 branded products and private-label offerings, supporting over 1 million customers globally [2] Stock Performance - HSIC currently trades 17.9% below its 52-week high of $82.49 recorded on February 5 [3] - The stock has dropped 6.8% over the past three months, underperforming the Health Care Select Sector SPDR Fund (XLV), which rose by 2% in the same period [3] - Year-to-date, HSIC's stock has declined by 2.1%, while XLV has decreased marginally [4] - Over the past 52 weeks, HSIC shares have slumped 4.2%, significantly underperforming XLV's 11.5% returns [4] - The stock has slipped below its 50-day and 200-day moving averages since the end of July, indicating a downtrend [4] Recent Earnings Report - On August 5, HSIC shares fell 7.4% after the company reported Q2 2025 earnings [5] - The adjusted EPS of $1.10 fell short of Wall Street forecasts, while revenue of $3.2 billion exceeded expectations [5] - The earnings miss was attributed to sluggish demand for U.S. dental products, influenced by high interest rates, inflation, and reduced spending on non-urgent procedures [5] Competitive Landscape - In the healthcare sector, Cardinal Health, Inc. (CAH) has notably outperformed HSIC stock, with CAH shares gaining 30.7% year-to-date and climbing 40.3% over the past 52 weeks [6]

Macro Environment Overview - The macro environment in the dental industry has remained relatively stable, with patient traffic data indicating consistent levels throughout the year [1] - Patient traffic is considered a key indicator for merchandise sales and inventory turnover [1] Impact of Interest Rate Changes - The recent cuts in U.S. interest rates are viewed as a significant macroeconomic factor that may provide short-term opportunities for increased equipment sales [2] - Larger dollar equipment sales are often financed through leasing or other financing methods, suggesting potential for growth in this area due to lower interest rates [2]

Summary of Henry Schein 2025 Conference Call Company Overview - **Company**: Henry Schein (NasdaqGS: HSIC) - **Date of Conference**: September 24, 2025 Key Industry Insights - **Macro Environment**: The U.S. is experiencing a reduction in interest rates, which is expected to positively impact equipment sales and the establishment of new dental practices, particularly by Dental Service Organizations (DSOs) [4][5][22] - **Patient Traffic**: Patient traffic in dental practices has remained stable, serving as a key indicator for merchandise sales [3][4] - **International Growth**: There is a slight uptick in international business, especially in Mainland Europe, following a period of energy price increases [7] Core Company Strategies and Performance - **Sales Growth**: Promotional activities in Q2 have started to yield positive results, with double-digit growth in customer engagement and sales [11][9] - **Customer Retention**: Efforts to engage episodic customers through field sales consultants are aimed at increasing market share and customer loyalty [12][14] - **Field Sales Force**: The addition of experienced sales representatives is ongoing, with expectations of ramping up to full productivity within 12 months [15][16][17] Financial Outlook - **EPS Growth**: The company aims for high single-digit EPS growth in 2026, with various macroeconomic factors influencing this target, including interest rates and unemployment [19][20][22] - **Cost Optimization**: Henry Schein is undertaking value creation projects to optimize gross profit and general & administrative costs, with expected benefits starting in 2026 [23][25][26] Market Dynamics - **Pricing and Tariffs**: The company is navigating the impact of tariffs on private label products, which may necessitate price increases while maintaining competitiveness [31][32] - **Implant Market**: The value implant market is growing faster than the premium segment in the U.S., with DSOs increasingly adopting value implants for straightforward procedures [34][38][46] Medical Segment Insights - **Vaccine Demand**: The flu vaccine remains a significant product, with expectations for normal demand levels. The COVID vaccine is less impactful due to low margins [56][58] - **Medical Business Growth**: The medical segment has seen a 6% growth, driven by pharmaceuticals and point-of-care diagnostic kits, with a notable home health business growing at a faster pace [64][65] Technology Business Performance - **Growth Rates**: The core practice management systems are performing well, but peripheral products are dragging down overall growth. Consolidation of brands is expected to improve growth rates [66][68][70] Capital Deployment Strategy - **Share Repurchase Program**: A $750 million share repurchase program has been announced, indicating a strategic focus on capital deployment while remaining opportunistic regarding M&A [71][73] Additional Considerations - **Market Expansion**: The company is optimistic about the expansion of the market for dental practices, particularly with the potential for new practice builds as interest rates decline [5][6] - **Customer Engagement**: The focus on educating customers about profitability and operational efficiency is seen as a key driver for long-term relationships and market share growth [12][14]

Group 1 - Henry Schein, Inc. is at a pivotal juncture with CEO Stanley Bergman's impending retirement and KKR's strategic entry, holding a 14.5% stake and two board seats [2] - The company is projected to achieve $12.7 billion in sales for 2024 and has an $8.5 billion market cap, operating through three main segments: Global Distribution & Value-Added Services, Global Technology, and Global Specialty Products [2] - HSIC has historically underperformed relative to peers due to margin pressures, supply chain disruptions, and rising SG&A and restructuring costs, with revenue growing at a 5% CAGR from 2020 to 2024 [3] Group 2 - KKR's involvement includes a $250 million strategic investment aimed at restructuring, consolidating headquarters, and enhancing e-commerce and SaaS growth, targeting $75–100 million in cost savings by 2025 [4] - The company is expected to transition into a growth-focused enterprise through high-margin SaaS adoption, operational improvements, and strategic asset rationalization, creating an attractive risk/reward setup for investors over the next 18 months [5] - Activist investor Ananym Capital has called for sharper cost control and divestment of non-core assets, which could unlock substantial shareholder value [3][6]

Core Insights - Pearl has joined the Henry Schein One API Exchange, which indicates a strategic partnership aimed at enhancing dental practice efficiency through technology integration [1] Company Summary - Pearl is integrating its AI tools with Dentrix and Dentrix Ascend, which are platforms provided by Henry Schein One, to deliver secure artificial intelligence solutions [1] - The collaboration is expected to boost operational efficiency and improve patient care within dental practices [1]

Company Overview - Henry Schein is the largest distributor of health care products and services to office-based practitioners in North America and Europe [1]. Leadership - The presentation features key executives from Henry Schein, including Chairman and CEO Stanley Bergman, CFO Ron South, CEO of Global Distribution and Technologies Andrea Albertini, and CEO of Henry Schein Products Group Tom Popeck [2]. Conference Context - This marks the 22nd or 23rd conference that the CEO Stanley Bergman has participated in with the senior medical technology analyst at Baird, indicating a long-standing relationship and ongoing dialogue [2].

Summary of Henry Schein 2025 Conference Call Company Overview - **Company**: Henry Schein (NasdaqGS:HSIC) - **Industry**: Healthcare products and services distribution, specifically dental and medical sectors - **Key Executives Present**: Stanley Bergman (Chairman and CEO), Ron South (CFO), Andrea Albertini (CEO of Global Distribution and Technologies), Tom Popeck (CEO of Henry Schein Products Group) [1][5][6] Core Points and Arguments - **Company Performance**: Henry Schein is in good shape, with high growth and high margin products contributing nearly 60% of operating income [5] - **Cyber Incident Recovery**: The company has largely recovered from a cyber incident that occurred in October 2023 [5] - **Historical Growth**: Transitioned from a catalog company with $200 million in revenue to $13 billion overall, with $8 billion in dental revenue [6] - **Customer Base**: Serves over a million customers globally, focusing on operational efficiency and clinical care [9] - **Market Stability**: The dental market is stable, with signs of recovery in Europe and a bounce back in the U.S. after tariff-related uncertainties [13][15] - **Technology Adoption**: Continued adoption of technology is seen as a tailwind for growth, especially in improving practice efficiency [15] Specialty Business Insights - **Specialty Demand**: The specialty business, particularly in dental implants and endodontics, is growing faster than the general business, with strong performance noted in Europe and Latin America [19] - **Endodontics Resilience**: The endodontic segment remained stable during COVID-19, as it involves urgent care [19] Pricing and Tariff Strategies - **Price Increase Mitigation**: The company is working with suppliers to mitigate the impact of tariffs rather than automatically passing price increases to customers [20][23] - **Cost Management**: Strategies are in place to manage costs effectively, with some price increases already implemented in certain product categories [23] Future Guidance and Growth Projections - **2026 Growth Expectations**: The company aims for upper single to low double-digit growth rates, with 2025 serving as a baseline year [30][34] - **Value Creation Projects**: Initiatives are underway to optimize gross profit and operational efficiency, with expected benefits starting in 2026 [34][40] Leadership Transition - **CEO Transition**: Stanley Bergman will transition to Chairman of the Board at the end of the year, with a focus on finding a successor who understands the complexities of the healthcare distribution business [52][54] Innovation and R&D Concerns - **Need for Innovation**: There is a concern regarding the lack of new product innovation in the dental market, with a call for more R&D from manufacturing partners [70][72] - **Technology Focus**: Emphasis on leveraging technology, particularly AI, to drive operational efficiency and clinical optimization [72] Financial Updates - **Share Repurchase Authorization**: A new $750 million share repurchase authorization was announced, providing flexibility for capital allocation [83][87] Additional Insights - **Supplier Relationships**: Overall good relationships with suppliers, though there are concerns about innovation and the need for new products [65][70] - **Market Demand**: There is a strong demand for dental services, with a focus on improving efficiency and cost of care through innovative materials and technologies [81][82]