Henry Schein Reports Strong Second Quarter Results

Henry Schein reported strong overall second-quarter financial results despite a slight decrease in its global dental sales.

Henry Schein reported record second-quarter financial results with net sales of $3 billion, up 2.1% compared with second-quarter 2021.

Internal sales were up 6.7% in local currencies when excluding sales of PPE and other COVID-19 related products.

“We are pleased to report record second-quarter financial results that reflect good underlying momentum in the business and execution of our strategy,” said Stanley M. Bergman, chairman of the board and chief executive officer of Henry Schein. “Our solid operational execution this quarter and our results demonstrate the strength of our business.”

Total net sales for the first half of 2022 were $6.2 billion, an increase of 5.4% compared with the first half of 2021. The 5.4% increase included 5.0% internal growth in local currencies, 2.3% growth from acquisitions, and a 1.9% decrease related to foreign currency exchange. First-half internal sales growth in local currencies excluding sales of PPE and COVID-19 related products was 7.5% compared with the prior year.

Global dental sales for the second quarter of 2022 of $1.9 billion decreased 3.1% compared with the prior-year period. Internally generated sales in local currencies decreased 0.3%, with 0.7% growth from acquisitions and a 3.5% decrease related to foreign currency exchange.

“Our global dental business once again was driven by strong equipment sales as dentists continued to invest in their practices. Consumable merchandise internal sales growth in local currencies excluding personal protective equipment (PPE) and COVID-19 related products was impacted by an increase in patient appointment cancellations and staff shortages, which we believe were related to COVID-19 infections.”

Henry Schein is today also announcing a company-wide restructuring plan that is focused on funding the priorities of the strategic plan and streamlining operations and other initiatives to increase efficiency.

“We are pleased with the good growth in our Technology & Value-Added Services business where, once again, North America and International sales increased by double-digit percentages. Henry Schein One sales growth accelerated compared with prior-year growth, and we are seeing healthy demand from our national DSO accounts for these solutions,” concluded Mr. Bergman.