HENRY SCHEIN (HSIC) Company Report

Over the past five years—including COVID-19 disruptions and an October 2023 cyberattack—Henry Schein’s Bold plus One initiative has grown high-growth, high-margin products and services to ~50% of profits and OEM brands to ~10%, effectively doubling profit contribution from company-controlled offerings.
Private equity partner KKR has increased its stake to 15% (with a right to reach 20%) and added two board members—one leading KKR’s North American healthcare practice and a former Danaher dental executive—strengthening board expertise in healthcare distribution and manufacturing.
The U.S. dental market is characterized as stable-plus, with patient traffic levels steady, market share gains in Q3, and growth driven by specialty franchises and digital equipment (intraoral scanners, 3D printing), where volume growth offsets average selling price declines.
Ongoing value creation initiatives aim for >$200 million in operating income improvements over the next few years, with net benefits expected in 2026, complemented by extended restructuring actions initiated in 2024.

3 days ago

Transcript

Henry Schein discusses strategy and market outlook at Piper Sandler Healthcare Conference

HSIC

Reflecting on the past five years, Henry Schein navigated the COVID-19 downturn, a significant October 2023 cyber incident, and advanced its BOLD+1 initiative, boosting high-growth, high-margin products and services to approximately 50% of company profits.
Private equity firm KKR increased its stake from 12% to 15% with rights to reach 20%, and gained two board seats to bolster healthcare and dental expertise.
The dental market is characterized as “stable plus,” with steady patient traffic, specialty segment growth, and Q3 marking the highest market-share gains in many quarters post-cyber recovery.
Growth is driven by digital equipment and software integration—Henry Schein emphasizes comprehensive clinical solutions and partnerships with AWS and Google to enhance practice efficiency and care delivery.

3 days ago

Transcript

Henry Schein discusses strategic initiatives and guidance planning at Piper Sandler conference

HSIC

Guidance Update

Revenue Acceleration/Inflection

CEO Stanley Bergman highlighted recovery from COVID and a cyber incident, noting the BOLD+1 initiative now drives about 50% of profits and has nearly doubled own-brand profit contribution over five years.
Financial sponsor KKR has increased its stake to 15% (with the potential to reach 20%), securing two board seats and signaling confidence in Schein’s dental distribution and manufacturing businesses.
The dental market is seen as “stable plus,” with Q3 delivering the strongest growth in many quarters; volume gains in digital equipment (imaging, scanners, 3D printing) are expected to offset ASP declines and drive Q4 equipment growth.
Pricing remains steady with modest tariff-driven inflation, mitigated by shifts toward private-label and own-brand products.
CFO Ron South is preparing 2026 guidance based on market growth, recent market-share gains, and net savings from restructuring and >$200 million in value-creation initiatives.

3 days ago

Transcript

Henry Schein outlines strategic priorities and market trends

HSIC

Board succession: Henry Schein’s Board is conducting a deliberate CEO succession process, evaluating both internal and external candidates to lead the next phase of growth.
KKR investment: KKR has increased its stake to 15% (with option to reach 20%), adding two directors to strengthen governance and signal confidence in the dental market.
Stable dental market: The dental market remains “stable plus,” with patient traffic steady and specialty segments driving market-share gains; Q3 marked the highest growth in several quarters.
Profit diversification: Through the BOLD+1 initiative, high-growth, high-margin products and services now generate ~50% of profits (up from ~30%), and owned brands have nearly doubled their profit contribution.
Digital equipment growth: Digital tools—such as imaging, intraoral scanners, and 3D printing—are fueling equipment segment growth, offsetting macroeconomic headwinds.

3 days ago

Transcript

Henry Schein outlines transition plan and strategic updates at Jefferies London Healthcare Conference 2025

HSIC

CEO Change

New Projects/Investments

CEO Stan Bergman confirmed his retirement, with a successor to be named by year-end and to assume duties in January, and highlighted stability and growth across distribution, software, and own-brand segments.
Distribution margins have stabilized following normalized glove prices, and a shift toward Henry Schein’s private brands is enhancing overall profitability.
The new HenrySchein.com e-commerce platform rollout in the UK and Ireland has driven revenue and efficiency gains, with a measured expansion into the US and Canada underway.
Global technology business grew 9% in Q3, fueled by a transition to SaaS practice management software and the introduction of AI-driven value-added services.

Nov 18, 2025, 2:30 PM

Transcript

Henry Schein details CEO succession and growth strategies

HSIC

Management Change

CEO retirement announced, with Stan Bergman stepping down at year-end and a successor to be named before January to ensure an orderly transition.
Distribution business remains stable to positively leaning, as Q3 margins recovered with glove prices normalizing and ongoing value-creation initiatives supporting further improvements.
High-margin, high-growth segments—dental software (transitioning to SaaS and adding AI/value-added services) and proprietary specialty products (implants, endodontics, private brands)—now contribute roughly 60% of operating income.
Expanded implant portfolio via the SIN acquisition (~15 months ago) now offers both premium and lower-priced lines in the US and Europe, enhancing DSO coverage and share-gain opportunities.
HenrySchein.com e-commerce platform launched in the UK/Ireland and rolling out in North America, showing improved revenue, customer experience and operational efficiency, with features like product recommendations set to bolster margins.

Nov 18, 2025, 2:30 PM

Transcript

Henry Schein outlines CEO transition and growth strategy at Jefferies 2025 conference

HSIC

CEO Change

New Projects/Investments

CEO succession: Stan Bergman announced his retirement with a successor to be named before year-end and transition in January 2026.
Distribution & market share: Distribution remains the leader in dental consumables, with global markets “stable, leaning positive” and ongoing market share gains.
Growth drivers: High-margin segments—dental software & value-added services (SaaS, AI, revenue cycle management) and specialty products (implants, endodontics)—account for a significant portion of profits.
Value-creation & EPS targets: A $200 million net benefit from restructuring projects is expected to support long-term high-single to low-double-digit EPS growth amid modest market trends.
Digital initiatives: Global e-commerce rollout in the U.K. and Ireland shows revenue and efficiency gains; practice management software is shifting to SaaS with AI integrations, targeting high-single-digit growth in the tech business.

Nov 18, 2025, 2:30 PM

Transcript

Henry Schein details Q4 dental momentum and cost-optimization initiatives

HSIC

Guidance Update

Revenue Acceleration/Inflection

Henry Schein sees stable international vs. U.S. dental growth trends carrying into Q4, with equipment growth led by international markets and continued U.S. digital equipment strength supported by seasonal Q4 demand.
U.S. specialty products (e.g., clear aligners, implants) are showing improved momentum, and the distribution business continues to capture market share in a stable dental market.
A $200 million net cost-improvement program, developed with KKR/Capstone, will combine COGS and G&A initiatives, incur phased implementation costs, deliver initial benefits in 2026, and scale thereafter.
The implant value segment is outpacing premium growth; Taper Per Conical implants now represent one-third of U.S. implant revenue and are expected to reach 50% over time, supported by the upcoming Q4 launch of the Corvus Salus line.
Technology revenues are growing high single-digit, driven by cloud-based practice-management systems (Dentrix Ascend, Dentali) and new subscription solutions; the next-gen global e-commerce platform has launched in the U.K. and is rolling out in North America to enhance customer experience and margins.

Nov 12, 2025, 4:20 PM

Transcript

Henry Schein announces Q2 2025 results and maintains FY2025 guidance

HSIC

Earnings

Guidance Update

Total sales grew 3.3% year-over-year to $3.24 billion; non-GAAP diluted EPS was $1.10, down 10.6%
Global Distribution Group sales rose 2.4% constant currency, with U.S. distribution up 2.2%, while lower glove pricing weighed on margins
Specialty Products revenue increased 4.2% (3.3% cc) and Technology Group sales grew 7.4% (6.6% cc), driven by practice management platforms
FY2025 guidance maintained: non-GAAP EPS of $4.80–$4.94, sales growth of 2–4%, and mid-single-digit Adjusted EBITDA growth

Nov 4, 2025, 1:00 PM

Presentation

Henry Schein reports Q3 2025 results

HSIC

Earnings

Guidance Update

Share Buyback

Global sales of $3.3 billion, up 5.2% year-over-year (4.0% constant currency; acquisitions +0.7%).
Non-GAAP operating margin improved to 7.83% (+19 bps); non-GAAP EPS of $1.38 vs. $1.22 in Q3 2024.
Board approved a $750 million share-buyback increase; in Q3 repurchased 3.3 million shares for $229 million; targeting over $200 million of operating income improvements from value-creation programs.
Raised 2025 non-GAAP EPS guidance to $4.88–4.96, with full-year sales growth now expected at 3–4% and adjusted EBITDA to grow mid-single digits.

Nov 4, 2025, 1:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for HENRY SCHEIN.

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