Henry Schein Inc, Melville, NY, yesterday reported record financial results for the quarter ending June 28, 2014.
Net sales for the second quarter of 2014 were $2.6 billion, an increase of 9.3% compared with the second quarter of 2013. This consisted of 7.9% growth in local currencies and 1.4% growth related to foreign currency exchange. In local currencies, internally generated sales increased 4.3% and acquisition growth was 3.6%
“Sales growth was solid during the second quarter with internal sales growth in local currencies the highest we have reported in the past year and a half. Domestic sales rebounded from the effects of severe winter weather in the preceding quarter,” said Stanley M. Bergman, chairman of the board and CEO of Henry Schein. “We are also pleased to be raising the lower end of our 2014 financial guidance range.”
Henry Schein is the world’s largest provider of health care products and services to office-based dental, animal health, and medical practitioners.
Dental sales of $1.4 billion increased 8.6%, consisting of 7.5% growth in local currencies and 1.1% growth related to foreign currency exchange. In local currencies, internally generated sales increased 2.6% and acquisition growth was 4.9%. The 2.6% internal growth in local currencies included 4.3% growth in North America while International sales were flat.
“North America internal dental merchandise sales growth was bolstered by strategic acquisitions, and equipment sales and service revenue growth was nearly 11% in local currencies,” said Bergman. “International Dental growth also reflects strategic acquisitions, while internal equipment sales and service revenue in local currencies declined from a strong prior-year comparison that included the biennial IDS in Germany. Through strategic dental transactions during the quarter, we expanded our reach in France and entered Brazil, our first operation in South America.”
