Press release
Henry Schein Reports Record Third Quarter 2020 Financial Results From Continuing Operations
Internal sales growth in local currencies of 13.0% driven by personal protective equipment and COVID-19-related products GAAP diluted EPS from continuing
About this update from Henry Schein, Inc.
[{"type":"text","content":"\n\nInternal sales growth in local currencies of 13.0% driven by personal protective equipment and COVID-19-related products\n\n\nGAAP diluted EPS from continuing operations of $0.99 versus prior-year GAAP diluted EPS from continuing operations of $0.91\n\n\nNon-GAAP diluted EPS from continuing operations of $1.03 versus prior-year non-GAAP diluted EPS from continuing operations of $0.90\n\n\nStrong balance sheet bolstered by quarterly cash flow from operations of $261.3 million\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 third quarter 2020 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\nNet sales for the quarter ended September 26, 2020, were $2.8 billion, an increase of 13.2% compared with the third quarter of 2019. The 13.2% increase included 13.0% internal growth in local currencies, 0.1% growth from acquisitions and 0.1% growth related to foreign currency exchange. (See Exhibit A for details of sales growth and a reconciliation of this non-GAAP measure to GAAP sales).\n\nGAAP net income attributable to Henry Schein, Inc. from continuing operations for the third quarter of 2020 was $141.7 million, or $0.99 per diluted share, compared with prior-year GAAP net income from continuing operations of $134.9 million, or $0.91 per diluted share. Non-GAAP net income from continuing operations for the third quarter of 2020 was $147.0 million, or $1.03 per diluted share, compared with prior-year non-GAAP net income from continuing operations of $134.3 million, or $0.90 per diluted share. Non-GAAP results for the third quarter of 2020 and 2019 exclude certain items noted in Exhibit B, which provides a reconciliation of GAAP net income from continuing operations and diluted EPS from continuing operations to non-GAAP net income and diluted EPS from continuing operations. Both GAAP and non-GAAP net income for the third quarter 2020 were favorably impacted by a U.S. federal income tax settlement reached during the quarter, which lowered income tax expense by approximately $15.6 mi...