August 2, 2022 – Henry Schein, the world’s largest provider of health care solutions to office-based dental and medical practitioners, reported record second-quarter financial results.
“We are pleased to report record second-quarter financial results that reflect good underlying momentum in the business and execution of our strategy,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “Our solid operational execution this quarter and our results demonstrate the strength of our business. While we are maintaining our full-year 2022 diluted EPS guidance range of $4.75 to $4.91, we are adjusting our expectations for full-year sales growth to reflect changes including a continued strengthening of the U.S. dollar and declining demand for COVID-19 test kits.
Total net sales for the quarter ended June 25, 2022, were $3.0 billion, up 2.1% compared with the second quarter of 2021. The 2.1% increase included 2.4% internal growth in local currencies, 2.1% growth from acquisitions, and a 2.4% decrease related to foreign currency exchange. (See Exhibit A for details of sales growth.) Second-quarter internal sales growth in local currencies excluding sales of PPE and COVID-19 related products was 6.7% compared with the prior year.
GAAP net income attributable to Henry Schein, Inc. for the second quarter of 2022 was $160 million, or $1.16 per diluted share, compared with second-quarter 2021 GAAP net income attributable to Henry Schein, Inc. of $156 million, or $1.10 per diluted share, and second-quarter 2021 non-GAAP net income attributable to Henry Schein, Inc. of $157 million, or $1.11 per diluted share. (See Exhibit B for a reconciliation of GAAP net income and diluted EPS to non-GAAP net income and diluted EPS.)
Global Medical sales for the second quarter of 2022 of $1.0 billion increased 10.3% compared with the same period last year. Internally generated sales in local currencies increased 6.7%, with 3.9% growth from acquisitions and a 0.3% decrease related to foreign currency exchange. Internal sales in local currencies increased 13.6% excluding sales of PPE and COVID-19 related products.
Global Technology and Value-Added Services sales of $181 million increased 18.1% compared with the prior-year quarter, driven by Henry Schein One. This included 10.8% internal sales growth in local currencies, 8.8% growth from acquisitions, and a 1.5% decline related to foreign currency exchange.