Financial Performance - The company reported total sales of $3.168 billion in Q1 2025, a decrease of 0.1% compared to $3.172 billion in Q1 2024 [17, 56] - Non-GAAP diluted EPS increased by 4.5% from $1.10 in Q1 2024 to $1.15 in Q1 2025 [14, 56] - Adjusted EBITDA grew by 1.7% from $255 million in Q1 2024 to $259 million in Q1 2025 [14, 17, 59] - The company is maintaining its 2025 guidance, including Non-GAAP EPS of $4.80 to $4.94 and total sales growth of +2% to +4% [10, 50] Segment Performance - Global Distribution and Value-Added Services Group sales grew by 1.5% excluding PPE and COVID test kits [14, 24] - Global Specialty Products Group sales increased by 4.3% due to gains in implants and biomaterials [14, 27, 28] - Global Technology Group sales grew by 3.4%, driven by practice management systems [14, 33, 35] Strategic Initiatives - The company is advancing its BOLD+1 Strategic Plan, expecting high-growth, high-margin businesses to contribute over 50% of total operating income by 2027, plus over 10% from corporate brand products [10] - The company invested $31 million in capital expenditures and $51 million in acquisitions in Q1 2025 [41] - $161 million was used for share repurchases in Q1, with $718 million remaining under the share repurchase authorization [41]

2025 Outlook - The company projects revenue between $10.85 billion and $11.15 billion [7] - The company anticipates a gross margin between 20.75% and 21.25% [7] - Interest expense is estimated to be between $138 million and $142 million [7] - Gross capital expenditures are projected to be between $250 million and $270 million [7] - The adjusted effective tax rate is expected to be between 29.0% and 30.0% [7] - Diluted weighted average shares outstanding are estimated to be approximately 80 million [7] - Adjusted EBITDA is projected to be between $560 million and $590 million [7] - Adjusted EPS is expected to be between $1.60 and $1.85 [7] Assumptions and Caveats - The outlook excludes any potential impacts from the Rotech acquisition, the potential sale of the Products & Healthcare Services segment, and any future share repurchase activity [7] - The company is unable to forecast the most directly comparable GAAP measures without unreasonable effort due to unpredictable elements such as restructuring and acquisition charges [9] - Commodity prices are assumed to be stable, and foreign currency rates are as of December 31, 2024 [7]