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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