Henry Schein, Inc.


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Henry Schein delivered a mixed set of results in the recent quarter with revenues falling short of Wall Street expectations but above-par earnings. Strong equipment sales and steady general merchandise sales, along with continued strength in technology and value-added services, implants, biomaterials, and endodontic products, have contributed to this performance. The U.S. dental market’s underlying fundamentals remain robust, with increasing demand for dental services. The company also sees growing demand for its implant systems, endodontic products, and integrated software and services solutions, which enhance customer efficiency and experience. In the medical market, procedures are approaching normal levels, while primary care physician visits decreased year-over-year due to last year’s extended flu season. Sales of PPE and COVID test kits continue to decline but are stabilizing sequentially. The North American dental business exceeded expectations, while the medical business faced incremental COVID-related challenges. Significant acquisitions have been made to accelerate plan implementation, expand product offerings, and provide home care medical supplies directly to patients. The acquisition of Shield Healthcare is expected to create a substantial offering with over $300 million in annual revenue, meeting patient demand for home care services. Additionally, the launch of Henry Schein Thrive Service Plus program enhances the company’s ability to advise dental practices on larger transitions. The technology and value-added services business, including Henry Schein One, is experiencing global growth, driven by cloud-based practice management software and revenue cycle management services. In summary, Henry Schein’s core business fundamentals remain strong, and the management is executing well on its 2022-2024 BOLD+1 Strategic Plan.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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