Summary: Henry Schein reported a 3.7% sales growth for Q1 2024, with global dental sales totaling $19 billion, up by 0.8%. The company revised its 2024 sales growth forecast to 8%-10%, citing recovery from a previous cyberattack and new product introductions.
Key Takeaways:
- Henry Schein’s recovery from a cyber incident is negatively impacting its financial projections.
- The company adjusted its growth expectations due to contributions from recent acquisitions and new specialty products.
Henry Schein reported its financial results for the first quarter of 2024 with a modest sales growth of 3.7%.
Modest Sales Growth
“Our first-quarter financial results reflect solid earnings driven by gross margin expansion and a strong recovery from last quarter’s cyber incident,” said Stanley M. Bergman, chairman of the board and chief executive officer of Henry Schein. “We continue to make good progress on executing our BOLD+1 Strategic Plan and are pleased with the contribution from our recent acquisitions.”
Henry Schein’s global dental sales hit 19 billion for the quarter, with a slight 0.8% total increase.
Henry Schein Cyberattack Impact
The company tightened the total company sales growth guidance for 2024 to a range to 8% to 10%, attributing the revision to a continued recovery from last year’s cyber incident and a pipeline of new specialty products and software.
Originally, the company had given total sales growth guidance of 8% to 12% over 2023. Late last year, Henry Schein was hit with a cyberattack that caused a disruption to its manufacturing and distribution businesses and the company had to shut down its ecommerce platform. The ecommerce platform was restored more than a month later.
