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Henry Schein Inc. (symbol: HSIC) is the world's largest provider of healthcare products and services to office-based dental, animal health, and medical practitioners. As a Fortune 500® company and a member of the S&P 500® and NASDAQ 100® indexes, Henry Schein employs more than 18,000 team members and serves over one million customers globally. The company's offerings extend to dental laboratories, government and institutional healthcare clinics, and other alternate care sites.
Henry Schein operates through a centralized and automated distribution network, offering a comprehensive selection of more than 100,000 branded products and private-label products, as well as over 150,000 additional products available as special-order items.
The company is organized into two main segments: Healthcare Distribution and Technology & Value-Added Services. The Healthcare Distribution segment focuses on distributing consumable products, small equipment, and laboratory products. The Technology & Value-Added Services segment provides innovative software solutions and other technology services designed to help healthcare practitioners run their practices more efficiently and deliver high-quality care.
In recent years, Henry Schein has achieved significant milestones, including expanding its product range and forming strategic partnerships to enhance its service offerings. The company continues to innovate with exclusive technology solutions aimed at improving practice management and patient care.
Henry Schein (Nasdaq: HSIC) has secured an exclusive distribution agreement with Swiss company vVARDIS for their Curodont™ Repair Fluoride Plus product to larger dental service organizations (DSOs) in the U.S. This innovative, drill-free solution addresses early-stage tooth decay, aiding in preventive treatment of cavity progression.
The partnership aims to expand patient care with a non-invasive approach, as nearly 80% of patients show signs of early decay. Henry Schein's CEO, Stanley M. Bergman, emphasized the product's ability to treat early-stage caries non-invasively and on the same day. The agreement complements Henry Schein One's Dentrix® Detect AI, an AI-enabled X-ray analysis tool introduced in late 2022, which can detect incipient carious lesions more accurately than the naked eye.
Henry Schein (Nasdaq: HSIC) will participate in the FDI World Dental Congress 2024 in Istanbul, Turkey, from September 12-15, 2024. Key highlights include:
1. Unveiling of FDI's Electronic Health Record (EHR) Task Team's Consensus Statement on EHR interoperability.
2. Presentation on 'Interprofessional Collaboration: Reforming Health Systems Through Electronic Health Records' by Dr. Ryan Hungate, Chief Clinical Officer at Henry Schein One.
3. Second edition of the Young Dentists Forum, supporting the next generation of dental professionals.
4. Full-day learning and networking session by the FDI Section of Women Dentists Worldwide.
5. Panel discussion on the economic benefits of investing in oral health, as part of the World Economic Forum's Oral Health Affinity Group initiative.
Henry Schein One has introduced two new insurance eligibility verification tools for dental practices: Eligibility Essentials and Eligibility Pro. These solutions are designed to simplify the insurance verification process, reducing administrative burden and enhancing patient care.
Eligibility Essentials streamlines access to accurate insurance data within Dentrix, while Eligibility Pro provides additional benefits data from payor portals. Both tools aim to save time for dental staff by eliminating the need for manual data gathering and portal logins.
The new offerings are expected to improve treatment plan acceptance by providing patients with better understanding of their coverage and out-of-pocket expenses. Beta testing at Dawson Family Dentistry has shown positive results, with patient processing time cut in half and improved workflow efficiency.
Henry Schein (Nasdaq: HSIC), the National Dental Association, and the Schattner Foundation completed the second year of their S.M.I.L.E. Healthcare Pathway Program. This initiative aims to inspire students from underrepresented backgrounds to pursue dental careers. The 2024 program, held at Meharry Medical College School of Dentistry, included 35 ninth and tenth-grade students from diverse backgrounds.
The program expanded to include Hispanic, Alaska Native, American Indian, and Indigenous students. It offered mentorship, hands-on learning, career exposure, and a capstone project. The initiative addresses the disparity in dental workforce diversity, with Black or African American dentists representing only 3.8% of the total, despite making up 14% of the general population.
Henry Schein, Inc. (Nasdaq: HSIC), the world's largest provider of health care solutions to office-based dental and medical practitioners, has announced its participation in two upcoming investor conferences in September 2024:
- The Morgan Stanley 22nd Annual Global Healthcare Conference in New York on September 5, 2024, at 11:30 a.m. Eastern time.
- The Baird 2024 Global Healthcare Conference in New York on September 10, 2024, at 10:15 a.m. Eastern time.
Interested parties can access live webcasts of Henry Schein's presentations at www.henryschein.com/IRwebcasts. Replays will be available on the company's website following the presentations.
Henry Schein (Nasdaq: HSIC) has launched its 27th annual 'Back to School' program, a global initiative under Henry Schein Cares. This year, Team Schein Members at 40 locations across the U.S., Canada, U.K., and Ireland are helping 5,300 students prepare for the academic year. The program involves packing backpacks with school supplies and dental kits for underserved children.
On August 7, the company hosted an event at its Melville, N.Y. headquarters, providing 400 pre-identified children with backpacks, gift cards for school outfits, and various activities. Since its inception in 1998, the program has served over 65,000 children globally. Henry Schein partnered with 10 Long Island-based social service organizations for the Melville event, demonstrating its commitment to educational equity and community support.
Henry Schein (Nasdaq: HSIC) reported Q2 2024 financial results with total net sales of $3.1 billion, up 1.1% from Q2 2023. GAAP diluted EPS was $0.80, while non-GAAP diluted EPS reached $1.23. The company updated its 2024 guidance, now expecting total sales growth of 4% to 6% and non-GAAP diluted EPS between $4.70 and $4.82. Henry Schein announced a new restructuring plan targeting $75-$100 million in annual run-rate savings and increased its share repurchase authorization by $500 million. The company reported strong operating cash flow of $296 million for Q2 and $493 million year-to-date, up $192 million compared to 2023.
Henry Schein (Nasdaq: HSIC) has released its 2023 CARES Report on Sustainability and Corporate Citizenship, highlighting progress in five key areas: health care access, policies and innovation, relationship-building, employee empowerment, and environmental sustainability. The company has:
- Committed to Net Zero by 2050
- Increased North American distribution recycling by 28.8%
- Expanded Diversity and Inclusion education
- Donated over $40 million to global charitable partners
- Increased board diversity
- Updated business standards and data protection principles
- Launched a Corporate Citizenship Barometer
CEO Stanley M. Bergman emphasized the company's 92-year history of corporate citizenship and its commitment to creating a sustainable, healthier future.
Henry Schein, the world's largest provider of healthcare solutions to office-based dental and medical practitioners, celebrated the opening of its new 811,000-square-foot Southwestern Distribution Center in Fort Worth, Texas. This facility is the largest in the company's global network and aims to enhance supply chain efficiency and customer service. The ribbon-cutting ceremony was attended by approximately 300 people, including company leaders, supplier partners, and elected officials. The center is 30% larger than Henry Schein's next biggest distribution site and houses 255 employees. The new facility replaces the 242,000-square-foot Grapevine, Texas center, with over 95% of Grapevine's staff relocating. This expansion reflects Henry Schein's commitment to innovation, reliability, and meeting customer needs.
Henry Schein (Nasdaq: HSIC) will release its second quarter 2024 financial results on August 6, 2024, before the stock market opens. The company, a leading provider of healthcare solutions for dental and medical practitioners, will also host a live webcast of its earnings conference call at 10:00 a.m. ET on the same day. Key speakers will include Stanley M. Bergman, Chairman and CEO, and Ronald N. South, Senior VP and CFO. The webcast can be accessed at the company's investor relations website, with a replay available post-event.
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