Q3 2024 Henry Schein Inc Earnings Call Transcript
Key Points
- Henry Schein Inc (HSIC) exceeded its financial expectations for the third quarter and increased its non-GAAP EPS guidance range to $4.74 to $4.82.
- The company reported strong growth in high-growth, high-margin products and services, contributing over 40% of total non-GAAP operating income.
- Henry Schein Inc (HSIC) successfully launched its global e-commerce platform in the UK and Ireland, with plans to expand to the United States next year.
- The dental equipment business showed stability in North America and increased investment in Europe, Australia, and New Zealand.
- The company continues to return capital to shareholders through its share repurchase program, repurchasing approximately 2 million shares in the third quarter.
- Global sales growth was only 0.4% compared to the third quarter of 2023, with a decrease in LCI sales of 2.6%.
- The GAAP operating margin for the third quarter declined by 140 basis points compared to the prior year.
- There was a decrease in distribution business sales due to lower sales following last year's cyber incident.
- The orthodontic business experienced lower sales due to restructuring and transitioning to the Smilers brand clear aligner.
- The medical sales were impacted by less demand for respiratory diagnostic products and flu and COVID vaccines, along with a shift to generic alternatives for certain branded pharmaceuticals.
Good morning, ladies and gentlemen, and welcome to Henry Schein's third-quarter 2024 earnings conference call. (Operator Instructions) And as a reminder, this call is being recorded.
I would now like to introduce your host for today's call, Graham Stanley, Henry Schein's Vice President of Investor Relations and Strategic Financial Project Officer. Thank you. Please go ahead, Graham.
Thank you, operator, and thanks to each of you for joining us to discuss Henry Schein's financial results for the third quarter of 2024. With me on today's call are Stanley Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein; and Ron South, Senior Vice President and Chief Financial Officer.
Before we begin, I'd like to state that certain comments made during this call will include information that is forward-looking. Risks and uncertainties involved in the company's business may affect the matters referred to in forward-looking
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