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Jul 01, 2023
Henry Schein Q2 2023 Earnings Report
Reported solid results in the second quarter of 2023, driven by North America dental businesses and strength in technology and value-added services.
Key Takeaways
Henry Schein reported a 2.3% increase in total net sales for Q2 2023, reaching $3.1 billion. GAAP diluted EPS was $1.06, while non-GAAP diluted EPS was $1.31. The company affirms its 2023 non-GAAP diluted EPS guidance of $5.18 to $5.35.
Total net sales increased by 2.3% to $3.1 billion compared to Q2 2022.
GAAP net income was $140 million, or $1.06 per diluted share.
Non-GAAP net income was $173 million, or $1.31 per diluted share.
Global Dental sales increased by 5.6% to $2.0 billion, driven by North America.
Henry Schein
Henry Schein
Henry Schein Revenue by Segment
Henry Schein Revenue by Geographic Location
Revenue by Segment
Global Dental Revenue
CapyFin.comGlobal Medical Revenue
CapyFin.comRevenue by Geographic Location
U.S. Distribution and Value-Added Services Revenue
CapyFin.comInternational Distribution and Value-Added Services Revenue
CapyFin.com Forward Guidance
The company expects 2023 sales growth of approximately 1% to 3% over 2022. Sales of PPE products are expected to decrease about 25% to 30%, and COVID-19 test kits are expected to decrease by approximately 70% to 80%.
Challenges Ahead
- 2023 sales of PPE products are now expected to decrease about 25% to 30%
- 2023 sales of COVID-19 test kits are now expected to decrease by approximately 70% to 80%
- 2023 non-GAAP operating margin is expected to be 10 to 15 basis points below 2022 non-GAAP operating margin of 8.2%, largely a result of lower PPE products and COVID-19 test kit sales and profits.
- The impact on 2023 non-GAAP diluted EPS from lower contributions to earnings from sales of PPE products and COVID-19 test kits is estimated to be $0.35 to $0.40
- 2023 non-GAAP diluted EPS3:●Remains unchanged at $5.18 to $5.35, which is -4% to -1% compared with 2022 non-GAAP diluted EPS of $5.38
Revenue & Expenses
Visualization of income flow from segment revenue to net income