Press release
Henry Schein Acquires Majority Interest in Prism Medical Products, Enters Home Medical Supply Market
MELVILLE, N.Y.--(BUSINESS WIRE)-- Henry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical
About this update from Henry Schein, Inc.
[{"type":"text","content":" MELVILLE, N.Y.--(BUSINESS WIRE)--\nHenry Schein, Inc. (Nasdaq: HSIC), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today announced the acquisition of a majority ownership position in Prism Medical Products, LLC (PRISM), a nationwide provider of specialty home medical supplies with a core competency in advanced wound care products. With this transaction, Henry Schein Medical, the U.S. medical division of Henry Schein, Inc., enters an established and growing multibillion-dollar market for home medical equipment and supplies.\n\nPRISM is a privately held company founded in 2006 with headquarters in Elkin, North Carolina, as well as an operations office in Las Vegas, Nevada, and 10 fulfillment centers located across the U.S. The company has more than 200 team members and had net revenue for the 12 months ended September 30, 2020, of approximately $52 million. PRISM is expected to be neutral to Henry Schein's 2021 earnings per diluted share and accretive thereafter. Financial terms were not disclosed.\n\nPRISM will operate as a subsidiary of Henry Schein Medical and will be managed separately as an individual division by Chris Cartwright, Founder and President of Prism Medical Products.\n\n“Expanding beyond our core base of office-based physicians and entering the home health market has been a long-standing strategic goal of Henry Schein’s medical business, and with PRISM we have the ideal partner with a strong brand and a complementary business model,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “This partnership expands Henry Schein Medical’s continuum-of-care delivery model and allows us to move closer and to interact directly with patients. It also strengthens our relationships with the physicians who prescribe home medical supplies.\n\n“Importantly, PRISM and its management team is tightly aligned with Henry Schein’s strategy and culture, and we look forward to a smooth integration of this business,” Mr. Bergman said. “We welcome our new colleagues to Team Schein and look forward to continued success together.”\n\nPRISM serves a broad and loyal referral network of nationally affiliated and independently operated wound care clinics, as well as specialist practices and clinics in primary care, ostomy, podiatry, rehabilitatio...