Press release
Henry Schein Reports First-Quarter 2023 Financial Results
First-quarter 2023 net sales of $3.1 billion decreased 3.8% compared with first-quarter 2022; internal sales increased 6.3% in local currencies excluding
About this update from Henry Schein, Inc.
[{"type":"text","content":"\n\nFirst-quarter 2023 net sales of $3.1 billion decreased 3.8% compared with first-quarter 2022; internal sales increased 6.3% in local currencies excluding sales of personal protective equipment (PPE) products and COVID-19 test kits\n\n\n\nFirst-quarter GAAP diluted EPS of $0.91 compared with first-quarter 2022 GAAP diluted EPS of $1.30\n\n\n\nFirst-quarter non-GAAP diluted EPS of $1.21 compared with first-quarter 2022 non-GAAP diluted EPS of $1.44\n\n\n\nUpdating full-year 2023 non-GAAP diluted EPS guidance to $5.18 to $5.35, reflecting an estimated $0.05 to $0.10 first year dilution from the Biotech Dental acquisition\n\n\n\n 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 reported financial results for the first quarter ended April 1, 2023.\n\n\n“We are pleased to report solid financial results for the first quarter of 2023 that are in-line with the expectations we provided at the beginning of the year and reflect the good earnings momentum in our underlying core businesses. Market trends stayed consistent with those we discussed during the previous quarter’s conference call, and as anticipated, our results continued to be impacted by decreased sales of PPE products and COVID-19 test kits. Excluding these product categories, we achieved strong internal sales growth of 6.3% in local currencies. Our financial results were also adversely impacted by acquisition related expenses and foreign exchange,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We are executing well on our BOLD +1 Strategic Plan, and the underlying fundamentals of our core business remain solid.\n\n\n“First quarter sales growth in our Dental business, excluding PPE products, reflects stable patient traffic. Dental merchandise sales were very good, and our dental equipment sales were solid. Traditional equipment sales grew well, while digital equipment sales continued to decrease.\n\n\n“Our Technology and Value-Added Services business had an excellent quarter. Growth in North America continued to be driven by Dentrix and Dentrix Ascend cloud-based solutions and customers upgraded from our Easy Dental product. International growth was supported by Dentally, our cloud-based solution for...