Press release
Henry Schein Reports Record Fourth Quarter 2019 Financial Results From Continuing Operations
GAAP diluted EPS from continuing operations of $2.25, up 192.2% over prior-year quarter, reflecting, among other things, a net gain on sale of equity
About this update from Henry Schein, Inc.
[{"type":"text","content":"\n\nGAAP diluted EPS from continuing operations of $2.25, up 192.2% over prior-year quarter, reflecting, among other things, a net gain on sale of equity investments\n\n\nNon-GAAP diluted EPS from continuing operations of $0.97, up 9.0% over prior-year quarter\n\n\nAffirms guidance range for 2020 non-GAAP diluted EPS from continuing operations of $3.65 to $3.75\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 record fourth quarter financial results from continuing operations. Results from continuing operations exclude contributions from Henry Schein’s former Animal Health business, which was spun off in February 2019 to form a new publicly traded company, Covetrus (Nasdaq: CVET).\n\n\nNet sales from continuing operations for the quarter ended December 28, 2019, were $2.7 billion, an increase of 7.9% compared with the fourth quarter of 2018. The 7.9% increase included 8.9% growth in local currencies and a 1.0% decline related to foreign currency exchange. In local currencies, internally generated sales increased 5.8% and growth from acquisitions was 3.1%. Excluding sales to Covetrus under the transition services agreement entered into in connection with the Animal Health spin-off, internal sales growth in local currencies was approximately 4.9% (see Exhibit A for details of sales growth).\n\n\nNet income attributable to Henry Schein, Inc. from continuing operations for the fourth quarter of 2019 was $330.6 million, or $2.25 per diluted share, compared with prior-year net income from continuing operations of $117.8 million, or $0.77 per diluted share. Fourth quarter 2019 results include a net gain on sale of equity investments of approximately $186.8 million, or $1.27 per diluted share, as well as a reduction in estimated restructuring costs of $1.1 million, or $0.01 per diluted share. Excluding these items, non-GAAP net income from continuing operations for the fourth quarter of 2019 was $143.0 million, or $0.97 per diluted share, compared with non-GAAP net income from continuing operations of $136.2 million, or $0.89 per diluted share, for the fourth quarter of 2018. Exhibit B provides a reconciliation of GAAP net income and diluted EPS from continuing operations to non-GAAP net income...