awkward. You're not here here to produce. >> I'm at Harvard Business School.I'm in a nameless like the Spangler. I'm in Spangler. >> Remember Spangler.>> No, I don't. >> Let's get the opening bell on the CNBC real time exchange. The big board.It is HP celebrating its 10th anniversary as a standalone company. Happiness Henry Shine been in the news this week. provider of products and services to dental and medical practitioners celebrating its 30th anniversary as we get this Wednesday session underway.Jim, so ...

Core Insights - VideaHealth, a leading dental AI platform, has launched the Impact Panel in collaboration with Henry Schein One, enhancing the Detect AI experience for Dentrix® and Dentrix Ascend® users [1] Company Developments - The Impact Panel integrates VideaHealth's real-time AI findings and patient education tools into Henry Schein One's imaging workflows [1] - This integration aims to improve clinician communication and guide patients towards confident treatment discussions [1]

Market Overview - The S&P 500 and Nasdaq experienced their largest one-day percentage drop since October 10, with the S&P 500 falling 80.42 points (1.17%) to 6,771.55 and the Nasdaq dropping 486.09 points (2.04%) to 23,348.64 [1][4][5] - The Dow Jones Industrial Average decreased by 251.44 points (0.53%) to 47,085.24 [4][5] - Tech shares significantly impacted the Nasdaq, with six of the "Magnificent Seven" AI-related stocks declining [1][5] Sector Performance - The Philadelphia SE Semiconductor index fell by 4.0% [1] - The technology sector was the worst performer among the 11 major sectors in the S&P 500, declining by 2.3% [5] - Financials were the leading gainers during this trading session [5] Company-Specific Movements - Palantir Technologies saw an 8.0% drop despite a better-than-expected fourth-quarter revenue forecast, although its stock has increased by over 152% this year [5] - Uber's stock fell by 5.1% following a quarterly profit miss [5] - Henry Schein's stock rose by 10.8% after raising its annual profit forecast [5] - Spotify and Shopify's U.S.-listed shares decreased by 2.3% and 6.9%, respectively, after their quarterly results [5] Market Sentiment - Concerns over stretched valuations have led to profit-taking, as indicated by comments from investment analysts [1][5] - The U.S. government shutdown is nearing a record duration, resulting in a lack of official economic data and increased reliance on private sources for economic indicators [1][5] - The market is closely monitoring comments from Federal Reserve officials for insights into future monetary policy amid the absence of crucial economic data [1][5] Trading Volume and Market Breadth - Trading volume on U.S. exchanges was 19.82 billion shares, below the 21.04 billion average over the last 20 trading days [5] - On the NYSE, declining issues outnumbered advancers by a ratio of 2.45-to-1, with 68 new highs and 178 new lows [4][5] - On the Nasdaq, 1,134 stocks rose while 3,578 fell, resulting in a declining issues to advancers ratio of 3.16-to-1 [4][5] - The S&P 500 recorded 13 new 52-week highs and 19 new lows, while the Nasdaq Composite had 54 new highs and 260 new lows [5]

Core Insights - Henry Schein Inc. reported third-quarter adjusted earnings of $1.38, a 13.1% increase year over year, surpassing the consensus estimate of $1.28 [1] - The company's sales totaled $3.34 billion, exceeding the consensus estimate of $3.28 billion, with a net sales increase of 5.2% compared to the third quarter of 2024 [2] Financial Performance - Global Distribution and Value-Added Services sales reached $2.84 billion, up 4.8% [3] - Global Specialty Products sales were $369 million, reflecting a 5.9% increase driven by strong growth in dental implant and endodontics sales [3] - Global Technology sales increased by 9.7% to $173 million, with a 9.0% increase in constant currencies, attributed to the adoption of cloud-based software and new revenue cycle management solutions [4] Share Repurchase and Strategic Moves - During the third quarter, the company repurchased approximately 3.3 million shares at an average price of $68.62 per share, totaling $229 million [5] - Henry Schein has $980 million authorized for future stock repurchases [5] - An amendment to the Strategic Partnership Agreement allows KKR & Co to increase its ownership in Henry Schein stock up to 19.9% through open market purchases [6] Guidance and Future Outlook - The company raised its fiscal 2025 adjusted earnings guidance to a range of $4.88 to $4.96 per share, compared to the previous guidance of $4.80 to $4.94 [7] - Sales guidance was increased from $12.425 billion to $13.180 billion, reflecting a projected sales growth of approximately 3% to 4% over 2024 [7] - Adjusted EBITDA growth for 2025 is expected to increase in the mid-single digits compared to 2024, remaining unchanged [8] Stock Performance - Henry Schein shares rose by 9.48% to $70.77 at the time of publication [8]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Core Insights - Henry Schein reported revenue of $3.34 billion for the quarter ended September 2025, reflecting a year-over-year increase of 5.2% and an EPS of $1.38, up from $1.22 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate by 2.02%, while the EPS surpassed the consensus estimate by 8.66% [1] Financial Performance Metrics - International Distribution and Value-Added Services - Medical revenue was $27 million, exceeding the average estimate of $26.73 million, representing an 8% year-over-year increase [4] - International Distribution and Value-Added Services - Dental revenue reached $833 million, surpassing the average estimate of $816.14 million, with a year-over-year change of 9.2% [4] - U.S. Distribution and Value-Added Services revenue was $1.98 billion, above the average estimate of $1.93 billion, but showed a decline of 8.6% year-over-year [4] - U.S. Distribution and Value-Added Services - Dental Merchandise revenue was $607 million, exceeding the average estimate of $593.39 million, with a significant year-over-year decline of 26.3% [4] - Global Specialty Products net sales were $369 million, slightly above the average estimate of $365.31 million [4] - Global Technology net sales were $173 million, exceeding the average estimate of $164.61 million, but reflecting a year-over-year decline of 21.7% [4] - Global Distribution and Value-Added Services net sales totaled $2.84 billion, surpassing the average estimate of $2.78 billion, with a year-over-year decline of 3.8% [4] - Global Distribution and Value-Added Services - Global Dental revenue was $1.71 billion, exceeding the average estimate of $1.68 billion, with a year-over-year decline of 7.5% [4] - Global Distribution and Value-Added Services - Global Medical revenue was $1.13 billion, above the average estimate of $1.1 billion, showing a year-over-year increase of 2.3% [4] - International Distribution and Value-Added Services revenue was $860 million, exceeding the average estimate of $842.87 million [4] - Global Distribution and Value-Added Services - Global Dental - Global Equipment revenue was $440 million, surpassing the average estimate of $425.27 million, with a year-over-year increase of 2.8% [4] Stock Performance - Henry Schein's shares have returned -2.1% over the past month, while the Zacks S&P 500 composite has increased by 2.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Henry Schein, Inc. (HSIC) reported third-quarter 2025 adjusted earnings per share (EPS) of $1.38, reflecting a 13.1% increase year over year and surpassing the Zacks Consensus Estimate by 8.7% [1][8] - The company achieved net sales of $3.34 billion, a 5.4% year-over-year increase, also exceeding the Zacks Consensus Estimate by 2% [2][8] - HSIC raised its full-year 2025 adjusted EPS forecast to a range of $4.88 to $4.96, up from the previous range of $4.80 to $4.94, indicating confidence in future performance [12][14] Financial Performance - Adjusted operating profit for the quarter was $266 million, down 1.1% year over year, with an adjusted operating margin of 8%, contracting by 51 basis points [9] - Gross profit totaled $1.03 billion, a 3.3% increase year over year, but gross margin contracted by 56 basis points to 30.7% due to a 6% rise in the cost of sales [7][9] Revenue Breakdown - Global Distribution and Value-Added Services segment sales rose 4.8% year over year to $2.84 billion, exceeding the forecast of $2.77 billion [3] - Global Dental Distribution merchandise sales increased by 2.9% in constant currencies, while equipment sales grew by 3.4% [4] - Global Medical Distribution sales jumped 4.6% in constant currencies, driven by strong growth in medical products and pharmaceuticals [4] Segment Performance - Global Specialty Products segment sales reached $369 million, up 5.9% on a reported basis, reflecting strong growth in dental implants and endodontics [5] - Global Technology segment sales totaled $173 million, a 9.7% increase on a reported basis, driven by cloud-based software adoption and new revenue cycle management solutions [6] Strategic Initiatives - The company successfully executed its BOLD+1 strategic plan, focusing on operational efficiency, enhancing customer experience, and expanding its digital solutions [14] - Henry Schein announced value creation initiatives expected to deliver over $200 million in operating income improvement over the next few years [13] Liquidity and Share Repurchase - At the end of Q3 2025, Henry Schein had cash and cash equivalents of $136 million, down from $145 million at the end of Q2 [10] - The company repurchased approximately 3.3 million shares at an average price of $68.62 per share, totaling around $229 million, with $980 million authorized for future repurchases [11]

Financial Data and Key Metrics Changes - Global sales for the third quarter were $3.3 billion, reflecting a sales growth of 5.2% compared to the third quarter of 2024, with constant currency sales growth of 4.0% [17][22] - GAAP operating margin for the third quarter was 4.88%, a decrease of six basis points year-over-year, while non-GAAP operating margin improved to 7.83%, an increase of 19 basis points [18][19] - Third quarter GAAP net income was $101 million, or $0.84 per diluted share, compared to $99 million, or $0.78 per diluted share in the prior year [20] - Non-GAAP net income for the third quarter was $167 million, or $1.38 per diluted share, compared to $155 million, or $1.22 per diluted share in the prior year [20] Business Line Data and Key Metrics Changes - Global distribution and value-added services group sales grew by 4.8%, with U.S. dental merchandise sales increasing by 3.3% and U.S. dental equipment sales growing by 1.2% [22] - Global specialty products group sales grew by 5.9%, with strong performance in implants and biomaterials, particularly in the value segment [23] - Global technology group sales experienced a total growth of 9.7%, driven by practice management software and revenue cycle management solutions [23][14] Market Data and Key Metrics Changes - U.S. medical distribution sales grew by 4.7%, driven by strong demand for medical products and pharmaceuticals, particularly in the dialysis business [10][22] - International dental merchandise sales grew by 6.0%, with notable growth in Brazil, Canada, Italy, Spain, and Australia [22] - International implant sales increased by high single digits, particularly in the Dutch region and Latin America [13] Company Strategy and Development Direction - The company is focused on executing the BOLD+1 strategy, aiming for over 50% of non-GAAP operating income to come from high-growth, high-margin businesses by the end of 2027 [8] - A $750 million increase in the share repurchase program was approved, with expectations to continue buybacks at a similar pace [8][25] - The company is rolling out a new global e-commerce platform, with a phased launch in North America expected to follow the successful launch in the U.K. and Ireland [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to high single-digit to low double-digit earnings growth, supported by ongoing value creation initiatives targeting over $200 million in operating income improvements [7][24] - The cyber incident is now behind the company, and management is optimistic about sales momentum and market share gains [39][32] - The overall market is described as stable, with some inflationary pressures, but the company is gaining market share in key segments [51][49] Other Important Information - The company recorded restructuring expenses of $34 million during the third quarter, with expectations of achieving annual run-rate savings of over $100 million from the restructuring program [24] - The effective tax rate for the third quarter on a non-GAAP basis was 22.9%, reflecting a decrease from the prior year [20] Q&A Session Summary Question: Future earnings growth and restructuring benefits - Management indicated that the $200 million operating income improvement is a multi-year plan, with expectations for some operating improvements in 2026 [40][41] Question: Clarification on EPS guidance and market conditions - The midpoint in 2025 EPS guidance increased by $0.05, reflecting both the remeasurement gain and sales momentum [44][47] Question: Specialty products operating profit and margin dynamics - Specialty products' operating profit was impacted by a strong prior-year comparison and a shift in sales mix towards lower-margin value implants [66] Question: Growth trajectory for specialty products - Continued growth in premium implants and endodontic sales is necessary for EBIT dollar growth in the specialty business [71] Question: Market share gains and competitive landscape - Management noted confidence in gaining market share, particularly in the dental and medical segments, despite a stable market environment [49][85]

Financial Data and Key Metrics Changes - Global sales for the third quarter were $3.3 billion, reflecting a sales growth of 5.2% compared to the third quarter of 2024, with constant currency sales growth of 4.0% [17][22] - GAAP operating margin for the third quarter was 4.88%, a decrease of six basis points year-over-year, while non-GAAP operating margin increased to 7.83%, up 19 basis points [18][19] - Third quarter GAAP net income was $101 million, or $0.84 per diluted share, compared to $99 million, or $0.78 per diluted share in the prior year [20] - Non-GAAP net income for the third quarter was $167 million, or $1.38 per diluted share, compared to $155 million, or $1.22 per diluted share in the prior year [20] Business Line Data and Key Metrics Changes - Global distribution and value-added services group sales grew by 4.8%, with U.S. dental merchandise sales increasing by 3.3% and U.S. dental equipment sales growing by 1.2% [22] - Global specialty products group sales grew by 5.9%, with strong performance in implants and biomaterials, particularly in the value segment [23][12] - Global technology group sales grew by 9.7%, driven by practice management software and revenue cycle management solutions [23][14] Market Data and Key Metrics Changes - U.S. medical distribution sales grew by 4.7%, reflecting strong demand for medical products, particularly in the dialysis business [10][22] - International dental merchandise sales grew by 6.0%, driven by sales growth in Brazil, Canada, Italy, Spain, and Australia [22] - International implant sales increased by high single digits, particularly in the Dutch region and Latin America [13] Company Strategy and Development Direction - The company is focused on executing the BOLD+1 strategy, aiming for over 50% of non-GAAP operating income to come from high-growth, high-margin businesses by the end of 2027 [8][6] - A $750 million increase in the share repurchase program was approved, with expectations to continue buybacks at a similar pace [8][25] - The company is rolling out a new global e-commerce platform, with a phased launch in North America expected to follow the successful launch in the U.K. and Ireland [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to high single-digit to low double-digit earnings growth, supported by ongoing value creation initiatives [7][24] - The cyber incident is now behind the company, allowing sales teams to focus on growth [39][6] - The management team remains optimistic about the future, emphasizing the importance of customer partnerships and innovation [32][33] Other Important Information - The company recorded restructuring expenses of $34 million during the third quarter, with expectations of achieving annual run-rate savings of over $100 million from the restructuring program [24] - The effective tax rate for the third quarter was 22.9%, lower than the previous year's rate of 24.9% [20] Q&A Session Summary Question: Future earnings growth and restructuring benefits - Management indicated that the $200 million operating income improvement is a multi-year plan, with some benefits expected in 2026 [40][41] Question: Clarification on EPS guidance and market conditions - The midpoint of 2025 EPS guidance increased by $0.05, reflecting momentum in sales growth and a remeasurement gain [44][46] Question: Specialty products operating profit and margin dynamics - Specialty products operating profit was impacted by a strong prior-year comparison and a shift in sales mix towards lower-margin value implants [66][67] Question: Growth trajectory for specialty products - Continued growth in premium implants and improvements in endodontics are necessary for EBIT growth in the specialty business [70][71] Question: Share gains and market conditions - Management noted stable market conditions with some share gains, particularly in the dental and medical sectors [51][52]

Financial Data and Key Metrics Changes - Global sales for Q3 2025 were $3.3 billion, reflecting a sales growth of 5.2% compared to Q3 2024, with constant currency sales growth of 4.0% [17] - GAAP operating margin for Q3 2025 was 4.88%, a decrease of six basis points year-over-year, while non-GAAP operating margin was 7.83%, an increase of 19 basis points [18] - GAAP net income for Q3 2025 was $101 million, or $0.84 per diluted share, compared to $99 million, or $0.78 per diluted share in the prior year [19] - Non-GAAP net income for Q3 2025 was $167 million, or $1.38 per diluted share, compared to $155 million, or $1.22 per diluted share in Q3 2024 [19] Business Line Data and Key Metrics Changes - Global distribution and value-added services group sales grew by 4.8%, with U.S. dental merchandise sales increasing by 3.3% and U.S. dental equipment sales growing by 1.2% [22] - Global specialty products group sales grew by 5.9%, with strong performance in implants and biomaterials, particularly in the value segment [23] - Global technology group sales grew by 9.7%, driven by practice management software and revenue cycle management solutions [23] Market Data and Key Metrics Changes - U.S. medical distribution sales grew by 4.7%, despite lower demand for influenza vaccines and respiratory diagnostic products [22] - International dental merchandise sales grew by 6.0%, with strong performance in Brazil, Canada, Italy, Spain, and Australia [22] - International implant sales increased by high single digits, particularly in the Dutch region and Latin America [12] Company Strategy and Development Direction - The company is focused on executing the BOLD+1 strategy, aiming for over 50% of non-GAAP operating income to come from high-growth, high-margin businesses by the end of 2027 [8] - A $750 million increase in the share repurchase program was approved, with expectations to continue buybacks at a similar pace [8] - The company is rolling out a new global e-commerce platform, with a phased launch in North America expected [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to long-term goals of high single-digit to low double-digit earnings growth, supported by ongoing value creation initiatives [6][24] - The cyber incident is now behind the company, and management is optimistic about sales momentum and market share gains [36] - The effective tax rate for Q3 2025 was 22.9%, with expectations to return to a range of 24-25% in Q4 [19] Other Important Information - The company recorded restructuring expenses of $34 million in Q3 2025, with expectations of achieving annual run-rate savings of over $100 million from the restructuring program [24] - The company generated strong operating cash flow of $174 million in Q3 2025, compared to $151 million in Q3 2024 [25] - The company celebrated its 30th anniversary since its IPO, highlighting significant growth over the years [28] Q&A Session Summary Question: Comments on future earnings growth and restructuring benefits - Management indicated that the $200 million operating income improvement from value creation initiatives is a multi-year plan, with some benefits expected in 2026 [36][38] Question: Clarification on EPS guidance and remeasurement gain - The midpoint of 2025 EPS guidance increased by $0.05, reflecting stable markets and sales momentum, with the remeasurement gain contributing $0.08 [39][40] Question: Market stability and share gains - Management noted that the market is generally stable, with some inflation, and that the company is gaining market share in distribution and specialty products [41][42] Question: Specialty products operating profit and margin dynamics - Management acknowledged that while specialty products' operating profit was up, the growth in value implants diluted margins compared to premium implants [49][50] Question: Phasing of the $200 million operating income improvement - Management stated that the $200 million is a net opportunity for operating income improvement, with some reinvestments expected [56][57]