Press release
Henry Schein Reports Second Quarter 2024 Financial Results and Updates 2024 Financial Guidance
Highlights: Second-quarter 2024 GAAP diluted EPS of $0.80, and non-GAAP diluted EPS of $1.23 Operating cash flow of $296 million for the second quarter of
About this update from Henry Schein, Inc.
[{"type":"text","content":"\nHighlights:\n\n\n\nSecond-quarter 2024 GAAP diluted EPS of $0.80, and non-GAAP diluted EPS of $1.23\n\n\n\nOperating cash flow of $296 million for the second quarter of 2024, year-to-date operating cash flow of $493 million up $192 million compared with year-to-date 2023\n\n\n\n2024 full-year non-GAAP EPS guidance updated to $4.70 to $4.82\n\n\n\nNew restructuring plan targeting $75 million to $100 million in annual run-rate savings\n\n\n\nShare repurchase authorization increased by $500 million\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 second quarter ended June 29, 2024.\n\n\n“We delivered solid second quarter financial results, including strong operating cash flow, that reflected stable end markets. Gross margin continued to increase, driven by our strategies to expand our high-growth, high-margin products and services and by the successful performance of our recent acquisitions. We are experiencing improving sales trends in our distribution businesses, however, the pace of recovery in these businesses since the cyber incident late last year has been slower than anticipated,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein.\n\n\n“Given the challenging economic environment in certain markets, as well as this delay in recovery from the cyber incident, we are updating our 2024 full-year financial guidance.\n\n\n“We remain committed to our long-term financial goals through advancement of the BOLD+1 Strategic Plan, supported by our strong balance sheet and new restructuring plan, as we continue to generate synergies by connecting our distribution businesses, specialty products, and technology and value-added services,” Mr. Bergman added.\n\n\nSecond-Quarter 2024 Financial Results\n\n\n\nTotal net sales for the quarter were $3.1 billion, an increase of 1.1% compared with the second quarter of 2023. This reflects 4.0% sales growth from acquisitions, a 0.5% sales decrease resulting from foreign exchange rates, a 0.5% sales decrease from lower sales of personal protective equipment (PPE), primarily the result of lower glove pricing, and the pace of recovery from the cyber incident late last year.\n\n\n\nInternal s...