The following is a summary of the Henry Schein, Inc. (HSIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Henry Schein reported Q1 global sales of $3.2 billion, up by 3.7%.

• Q1 GAAP net income was $93 million or $0.72 per diluted share, a decrease from the prior year's GAAP net income.

• Non-GAAP net income for Q1 was $143 million or $1.10 per diluted share, lower than the prior year's figure.

• The company expects non-GAAP diluted EPS for 2024 to be in the range of $5 to $5.16 per share, up by 11% to 15% from the 2023 figure of $4.50.

• Sales decrease was primarily due to lower glove prices but the reduced impact on sales growth from PPE is anticipated throughout the year.

Business Progress:

• Significant recovery from a prior cyber incident.

• The company's THRIVE Signature program saw about 2,000 new members in Q1.

• Increased growth in dental specialties across oral surgical products, endodontics, and orthodontics due to acquisitions.

• Henry Schein One saw a 36% increase in its customer base for cloud-based solutions.

• Henry Schein completed the acquisition of TriMed.

• The company is well-positioned to expand in the competitive implant market with planned product launches.

• Stable margins were maintained in their dental businesses despite some pricing pressures.

• The company is accelerating normal operations post-cybersecurity incident with new software products.

• CEO Stanley Bergman sees a stable and growth-oriented global dental market.

More details: Henry Schein IR

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