Henry Schein Inc, Melville, NY, a provider of health care products and services to office-based dental, animal health, and medical practitioners, recently reported record financial results for the quarter that ended September 28, 2013.
Net sales for the third quarter of 2013 were $2.3 billion, an increase of 5.3% compared with the third quarter of 2012. This consisted of 5.2% growth in local currencies and 0.1% growth related to foreign currency exchange. In local currencies, internally generated sales increased 3.4% and acquisition growth was 1.8%.
Net income attributable to Henry Schein for the third quarter of 2013 was $107.4 million or $1.23 per diluted share. Excluding certain one-time items, adjusted net income attributable to Henry Schein for the third quarter of 2013 was $106.5 million or $1.22 per diluted share, an increase of 10.1% and 13.0%, respectively, compared with the third quarter of 2012.
“Solid growth in sales and earnings during the quarter reflects our strategy of organic growth complemented by strategic acquisitions and our ongoing commitment to controlling expenses,” said Stanley M. Bergman, chairman of the board and CEO of Henry Schein. “We are pleased to be affirming 2013 financial guidance while introducing guidance for 2014 diluted EPS that represents growth of 10% to 12% compared with the midpoint of our 2013 range.”
Global Dental sales of $1.2 billion increased 5.7%, consisting of 5.2% growth in local currencies and 0.5% growth related to foreign currency exchange. In local currencies, internally generated sales increased 3.0% and acquisition growth was 2.2%. The 3.0% internal growth in local currencies included 4.8% growth in North America and a 0.1% decline in International.
“North America Dental sales gains were highlighted by nearly 10% internal growth in local currencies for equipment sales and service revenue. Consumable merchandise growth was in line with the previous quarter when considering the timing of various holidays,” Bergman commented. “International Dental equipment internal sales in local currencies increased slightly following a strong quarter that benefitted from the biennial International Dental Show (IDS) in Germany.”
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