Slide 1: Q1 2025 Earnings Conference Call
Q1 2025 Earnings Conference Call Financial Results & Outlook May 5, 2025 1
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information
Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could ca
Slide 3: Key Takeaways
Key Takeaways We are pleased with our first quarter financial results as well as the momentum we are seeing heading into the second quarter and remain confident in the fundamentals of our business. We are maintaining our 2025 guidance: Non-GAAP EPS $4.80 to $4.94 Adjusted EBITDA Growth in the Mid-Si
Slide 4: Q1 Financial Highlights
Q1 Financial Highlights Non-GAAP Diluted EPS* Total Global Sales Growth** Adjusted EBITDA $1.15 +2.0% $259M This compares with first quarter of 2024 Adjusted Sales growth accelerated throughout the Compares with $1.10 in Q1 2024 EBITDA of $255M quarter Global Distribution and Value-Added Global Spec
Slide 5: Consolidated Results
Q1 2025 Consolidated Results* (in millions of USD Q1 2025 Q1 2025 Q1 2025 Q1 2024 y/y ∆ y/y ∆ except EPS) (GAAP) (GAAP) (Non-GAAP) (Non-GAAP) Sales: Sales decline of 0.1% reflected Total Sales $3,168 $3,172 -0.1% $3,168 $3,172 -0.1% 0.2% LCI sales growth, 1.2% sales growth from acquisitions 9%and a
Slide 6: Henry Schein Sales Performance
Q1 2025 Henry Schein Sales Performance CC Growth % Sales Total Sales LCI Products Excl. PPE & Commentary ($’million) Growth % Growth % COVID Test Kits • U.S. dental merchandise sales grew 0.7% when excluding PPE products. Product pricing was overall in-line with last year and our sales growth theref
Slide 7: Global Distribution & Value-Added Services Group
Q1 2025 Global Distribution & Value-Added Services Group We believe our markets were stable and we gained market share in both merchandise and equipment Sales Growth (%) 3.00% 2.0% 2.00% 1.00% 0.3% 0.3% 0.8% Sales: 9% -0.7% 0.00% Rest of the Constant currency Worldincluding acquisition sales -1.00%
Slide 8: Global Specialty Products Group
Q1 2025 Global Specialty Products Group Our implant and biomaterial business experienced good growth in Q1 Sales Growth (%) 5.00% 4.3% 4.00% Sales: 3.00% Constant currency sales growth was 4.3%, 2.00% 2.0% benefitting from good growth in our implant 1.00% and biomaterial business, as well acquisitio
Slide 9: Global Technology Group
Q1 2025 Global Technology Group Strong sales growth in practice management systems Sales Growth (%) Sales: 5.00% Constant currency sales growth of 3.4%. 4.00% 3.4% 2.9% Strong sales growth in practice 3.00% management systems, including Dentrix 2.00% Ascend and Dentally cloud-based solutions, 1.00%
Slide 10: Value Creation Through Focused M&A
Value Creation Through Focused M&A Expands complementary Invests for growth Annual high-growth software, in core Acquisition Strategic Rationale Expected Outcome Revenue specialty and services distribution businesses business • Expand upon our national Entrance into business that delivers homecare s
Slide 11: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy Disciplined Approach to Balance Sheet Management $37M Q1 2025 Operating 2.6x Debt-to-Adjusted EBITDA ratio as of March 29, 2025 $718M* Cashflow Remaining share Maintain investment repurchase grade balance sheet authorization at the end of Q1 Acquisitions $51M 1 I
Slide 12: Q1 Highlights Advancing our BOLD+1 Strategy
Q1 Highlights Advancing our BOLD+1 Strategy Continued to launch several new products and solutions in our specialty products and technology businesses. We broadened our Home Solutions platform with the acquisition of Acentus, a U.S. national distributor of continuous glucose monitors to the home
Slide 13: Financial Guidance – FY2025
Financial Guidance – FY2025 Maintaining guidance for 2025 non-GAAP diluted EPS of $4.80 to $4.94 and that it is expected to be more heavily weighted to the second half of the year. Guidance for 2025 Adjusted EBITDA is expected to grow in the mid-single digits As of May 5, 2025* versus 2024 Adjusted
Slide 14: Appendix
Appendix 14
Slide 15: Q1 2025 Worldwide Financial Results
Q1 2025 Worldwide Financial Results* Q1 2025 Q1 2024 (in millions of USD except EPS) y/y ∆ (Non-GAAP) (Non-GAAP) Total sales $3,168 $3,172 -0.1% Gross profit 1,000 1,012 -1.2% Gross margin 31.55% 31.89% -34 bps Operating expenses (Non-GAAP)** 770 786 -2.1% Operating income (Non-GAAP)** $230 $226 1.9
Slide 16: Adjusted EBITDA
Adjusted EBITDA (in millions of USD) Q1 2025 Q1 2024 Net Income attributable to Henry Schein, Inc. (GAAP) $110 $93 Income attributable to noncontrolling interests 3 5 Net Income (GAAP) 113 98 Interest income (6) (5) Interest expense 35 30 Income taxes 35 32 Depreciation and amortization 73 73 Restru
Slide 17: Sales Summary: Global Distribution and Value-Added Services Group
Q1 2025 Sales Summary Global Distribution and Value-Added Services Group (in millions of USD) Q1 2025 Q1 2024 y/y ∆ y/y CC* ∆ Merchandise $591 $592 -0.2% -0.2% Equipment 187 205 -8.9% -8.9% Value-Added Services 45 52 -13.4% -13.4% Total Dental 823 849 -3.1% -3.1% Medical 1,030 998 3.2% 3.2% Total U.
Slide 18: Sales Summary: Global Specialty Products Group
Q1 2025 Sales Summary Global Specialty Products Group* (in millions of USD) Q1 2025 Q1 2024 y/y ∆ y/y CC** ∆ Global Specialty Products Group $367 $360 2.0% 4.3% *Global Specialty Products Group includes certain expenses related to managing owned-brands that support sales in the distribution business
Slide 19: Sales Summary: Global Technology Group
Q1 2025 Sales Summary Global Technology Group* (in millions of USD) Q1 2025 Q1 2024 y/y ∆ y/y CC* ∆ U.S. HS One $123 $121 1.2% 1.2% International HS One 32 30 6.5% 8.9% Global HS One 155 151 2.2% 2.7% Other 7 6 20.4% 20.4% Global Technology Group $162 $157 2.9% 3.4% *CC growth rates reflect year-ove
Slide 20: GAAP to Non-GAAP Income Statements
Q1 2025 GAAP to Non-GAAP Income Statements Cyber Incident- Insurance Acquisition Change in Impairment of Costs Associated Q1 2025 Restructuring Proceeds, Net Q1 2024 (in millions of USD except EPS) GAAP Costs Intangible of Third-Party Contingent Intangible with Shareholder Non-GAAP Amortization Cons
Slide 21: GAAP & Non-GAAP Reconciliations: Q1 2025 Financial Highlights
GAAP & Non-GAAP Reconciliations Q1 2025 Financial Highlights Henry Schein, Inc. First Quarter 2025 Analyst Presentation Q1 2025 - Financial Highlights (in millions, except per share data) Reconciling Items Cyber Incident- Insurance Proceeds, Costs Associated with Acquisition Intangible Net of Third-
Slide 22: GAAP & Non-GAAP Reconciliations: 2024 Financial Highlights
GAAP & Non-GAAP Reconciliations 2024 Financial Highlights Henry Schein, Inc. First Quarter 2025 Analyst Presentation Full Year 2024 Financial Highlights (in millions, except per share data) Reconciling Items Cyber Incident- Acquisition Insurance Proceeds, Change in Costs Associated Intangible Net of