Henry Schein Reports Q1 2023 Financial Results

Henry Schein reported a bump in dental sales growth compared to the previous year, with a 7.6% growth internationally in internal sales.

Henry Schein, a healthcare solutions provider to office-based dental and medical practitioners, reported its financial results for the first quarter, which ended April 1, 2023.

First-quarter 2023 net sales of $3.1 billion decreased by 3.8% compared with first-quarter 2022. Internal sales increased 6.3% in local currencies, excluding sales of personal protective equipment (PPE) products and COVID-19 test kits.

“We are pleased to report solid financial results for the first quarter of 2023 that are in line with the expectations we provided at the beginning of the year and reflect the good earnings momentum in our underlying core businesses,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “Market trends stayed consistent with those we discussed during the previous quarter’s conference call, and as anticipated, our results continued to be impacted by decreased sales of PPE products and COVID-19 test kits.”

Global Dental sales were $1.9 billion for the quarter, an increase of 3.8% compared with the prior-year period. Internally generated sales increased by 4.0% in local currencies, and acquisitions contributed to 2.3% growth.

The growth was offset by a 2.5% decrease related to foreign currency exchange. The 4.0% internal sales increase in local currencies reflects a 1.6% increase in North America and a 7.6% growth internationally.

“First quarter sales growth in our Dental business, excluding PPE products, reflects stable patient traffic,” said Bergman. “Dental merchandise sales were very good, and our dental equipment sales were solid. Traditional equipment sales grew well, while digital equipment sales continued to decrease.”

Global Dental consumable merchandise internal sales increased by 4.0% in local currencies. Excluding sales of PPE products, internal sales growth was 8.4% in local currencies. Global Dental equipment internal sales growth was 3.9% in local currencies.