Henry Schein, Inc. Reports Third Quarter 2024 Financial Results
Henry Schein, Inc. (NASDAQ: HSIC), the leading provider of healthcare solutions for office-based dental and medical practitioners, has announced its financial results for the third quarter ended September 28, 2024.
Key Financial Metrics
| Financial Metric | Q3 2024 | Q3 2023 | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Total Revenue | $3.2B | $3.19B | +0.4% | $3.24B |
| GAAP Diluted EPS | $0.78 | $1.05 | -25.7% | |
| Non-GAAP Diluted EPS | $1.22 | $1.32 | -7.6% | $1.17 |
Interpretation: The financial performance of Henry Schein shows slight growth in total revenue, with a 0.4% year-over-year increase, which was below the Wall Street consensus estimate of $3.24 billion. This indicates less robust revenue generation compared to expectations. However, non-GAAP EPS exceeded the consensus, showcasing better-than-expected profit efficiency.
Key Developments and Operational Highlights
- Successful implementation of the BOLD+1 Strategic Plan contributed to overall performance.
- Strong performance in high-growth, high-margin products and services.
- Dental equipment stable in North America with investment increase in Europe, Australia, and New Zealand.
- Growth in implant and endodontic products, especially with the U.S. launch of the BioHorizons Tapered Pro Conical implant.
- Continued share repurchase activities, with approximately 2.0 million shares repurchased in Q3.
Comments from Leadership
Stanley M. Bergman, Chairman and CEO, highlighted the successful execution of the strategic plan and growth in key product lines. He noted market share gains in the dental and medical distribution sectors. Acquisitions and new product launches are delivering strong financial outcomes, supporting enhanced shareholder returns through buybacks.
Dividends or Share Repurchase Program
During Q3 2024, Henry Schein repurchased around 2.0 million shares at an average price of $69.09, totaling $135 million. The company has $455 million remaining for future stock repurchases.
Forward Guidance
Henry Schein has updated its full-year 2024 guidance: - Anticipates 4% to 5% total sales growth over 2023. - Non-GAAP EPS is projected in the range of $4.74 to $4.82, upgraded from the previous $4.70 to $4.82.
Stock Price Movement
Post-earnings release, Henry Schein's stock increased by 2.79%, reflecting a positive market reaction to their financial results and updated guidance.
This results summary reflects Henry Schein's strategic execution and operational adjustments to drive growth and efficiency in a challenging market landscape.
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